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Can you summarize 12 CFR Part 264a?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > POST-EMPLOYMENT RESTRICTIONS FOR SENIOR EXAMINERS
Short Summary
This document governs the post-employment restrictions for senior examiners of the Federal Reserve who have been authorized by the Board to conduct examinations or inspections on behalf of the Board. The restrictions apply to senior examiners of state member banks, bank holding companies, foreign banks, and savings and loan holding companies. Senior examiners are prohibited from accepting compensation as an employee, officer, director, or consultant from the respective entities they examined for a period of one year after leaving the employment of the Federal Reserve. The specific restrictions vary depending on the type of entity examined. The document provides exemptions for individuals who ceased to be officers or employees of the Federal Reserve before December 17, 2005, or if the Chairman of the Board of Governors grants a waiver certifying that it would not affect the integrity of the Federal Reserve’s supervisory program. Violations of the post-employment restrictions can result in penalties such as removal from office, prohibition from participating in the affairs of relevant entities, prohibition from participating in the affairs of any insured depository institution, or imposition of a civil monetary penalty. It is important to note that the penalties described in this document are not exclusive, and additional administrative, civil, or criminal remedies or penalties may apply as provided in law.
Whom does it apply to?
Officers or employees of the Federal Reserve who have been authorized by the Board to conduct examinations or inspections on behalf of the Board and have been assigned continuing, broad and lead responsibility for examining or inspecting state member banks, bank holding companies, savings and loan holding companies, or foreign banks
What does it govern?
Post-employment restrictions for senior examiners
What are exemptions?
The post-employment restrictions do not apply to any officer or employee of the Federal Reserve who ceased to be an officer or employee before December 17, 2005, or if the Chairman of the Board of Governors certifies, in writing and on a case-by-case basis, that granting the individual a waiver of the restrictions would not affect the integrity of the Federal Reserve's supervisory program.
What are the Penalties?
The penalties for violating the post-employment restrictions include an order removing the individual from office or prohibiting further participation in the affairs of relevant entities for up to five years. The individual may also be prohibited from participating in the affairs of any insured depository institution for up to five years. Alternatively, a civil monetary penalty of not more than $250,000 may be imposed.
Jurisdiction
U.S. Federal Government