Cease-and-desist order

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Cease-and-desist order

An order issued after notice and opportunity for hearing, requiring a depository institution, a holding company or a depository institution official to terminate unlawful, unsafe or unsound banking practices. Cease-and-desist orders are issued by the appropriate federal regulatory agencies under the Financial Institutions Supervisory Act and can be enforced directly by the courts.

Cease-and-Desist Order

An order from a government regulator to halt an action. Cease-and-desist orders are used to enforce licensing regulation, halt the sale of unregistered securities, or stop transactions believed to be fraudulent. The order states a period of time in which the recipient can contest it in court. If the recipient does not contest the order, or if the contest fails, the order becomes enforceable in a court of law.
References in periodicals archive ?
The Cease and Desist Orders also notified each respondent of their right to request a hearing within 30 days in response to the Order.
3 establishments ordered to 'cease and desist' for polluting Manila Bay !-- -- (philstar.com) - January 27, 2019 - 2:50pm MANILA, Philippines Three commercial establishments were slapped with cease and desist orders by the government for "generating and discharging pollutive wastewater"as the rehabilitation of the Manila Bay kicks off.
(https://www.upcounsel.com/cease-and-desist) Upcounsel , another website for legal advice, expalains that cease and desist letters, unlike cease and desist orders, have almost no legal standing.
Hence, we have agreed not to place the company under conservatorship and to issue cease and desist orders, Dooc said.
The financial crisis is causing a dramatic rise in the number of cease and desist orders by bank regulators, according to analysis by The Regulatory Fundamentals Group (RFG) LLC.
It includes data on standards for ensuring security, audit and examination guidelines, what new laws and regulations require and compliance actions that should be taken to avoid federal cease and desist orders.
Secretary of State Ruth Johnson announced that her office has issued cease and desist orders to two unregistered auto repair shops in Kent and Wayne counties.
Bill Ruberry, the Office of Thrift Supervision spokesman in Washington, said, 'We make our cease and desist orders public, and a copy is available on our Web site.
In March 2000, the Federal Reserve Board terminated temporary cease and desist orders that had been issued in 1998 against Banco Nacional de Mexico, Mexico City, Mexico; Banco Internacional, S.A., Mexico City, Mexico; and Banco Santander, Madrid, Spain.
In January 1991, the Board authorized a formal investigation with full discovery powers, made criminal referrals, and issued cease and desist orders upon consent, requiring the BCCI to divest shares of CCAH that it controls and to terminate its activities in the United States.
Open Bank, a community bank that is headquartered in Los Angeles, has announced that a cease and desist order that was in force against it has been lifted.
The Federal Reserve Board announced on February 2, 2005, the issuance of a consent cease and desist order against Banco de Chile, Santiago, Chile, and Banco de Chile's Miami branch.