[Code of Federal Regulations]
[Title 12 Volume 1]
[Revised as of January 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 12CFR3.15]

[Page 17-18]
 
                       TITLE 12--BANKS AND BANKING
 
   CHAPTER I--COMPTROLLER OF THE CURRENCY, DEPARTMENT OF THE TREASURY
 
PART 3--MINIMUM CAPITAL RATIOS; ISSUANCE OF DIRECTIVES--Table of Contents
 
                   Subpart E--Issuance of a Directive
 
Sec. 3.15  Purpose and scope.


    This subpart is applicable to proceedings by the Office to issue a 
directive under 12 U.S.C. 3907(b)(2). A directive is an order issued to 
a bank that does not have or maintain capital at or above the minimum 
ratios set forth in Sec. 3.6, or established for the bank under subpart 
C, by a written agreement under 12 U.S.C. 1818(b), or as a condition for 
approval of an application. A directive may order the bank to:
    (a) Achieve the minimum capital ratios applicable to it by a 
specified date;
    (b) Adhere to a previously submitted plan to achieve the applicable 
capital ratios;
    (c) Submit and adhere to a plan acceptable to the Office describing 
the means and time schedule by which the bank shall achieve the 
applicable capital ratios;
    (d) Take other action, such as reduction of assets or the rate of 
growth of assets, or restrictions on the payment of dividends, to 
achieve the applicable capital ratios; or
    (e) A combination of any of these or similar actions.

A directive issued under this rule, including a plan submitted under a 
directive, is enforceable in the same manner and to the same extent as 
an effective and outstanding cease and desist order which has become 
final as defined in 12 U.S.C. 1818(k). Violation of a directive

[[Page 18]]

may result in assessment of civil money penalties in accordance with 12 
U.S.C. 3909(d).