Whenever Treasury has reason to believe that a company is not complying with the requirements of 31 U.S.C. 9304-9308 and/or the regulations under this part, including but not limited to a failure to satisfy corporate and financial standards, Treasury shall:

1. (a) Notify the company of the facts or conduct which indicate such non-compliance, and provide the company an opportunity to respond, and

2. (b) Revoke a company's certificate of authority after providing notice to the company if:

   1. (1) The company does not respond satisfactorily to Treasury's notification of non-compliance, or
   2. (2) The company responded, was provided an opportunity to demonstrate or achieve compliance, and failed to do so.

[79 FR 62001, Oct. 16, 2014, as amended at 89 FR 48837, June 10, 2024]