Wyo. Code R. 021-0002-10
Banking Division
Chapter 10: Orders and Petitions
Effective Date: 04/18/2014 to Current
Rule Type: Current Rules & Regulations
Reference Number: 021.0002.10.04182014
This Chapter provides for matters that apply generally to the Commissioner’s involvement in petition proceedings before the Board. Because the Commissioner is directly and intrinsically involved such proceedings, this Chapter must be read in the context of Chapter 4 of the Board Regulations.
(a) As used in this Chapter:
“Actor” means a financial institution or holding company, or a director, officer, employee or agent of a financial institution or holding company.
“Affiliated entity” means the financial institution or holding company for which a director or officer serves.
“Appeal period” means the period of seven (7) days after the date on which an ordered person receives a notice of intent.
“Cease and desist order” means an order that instructs an actor to cease and desist from proscribed activity.
(v) 'Notice date” means the date on which the petitioner is served with a notice of intent, which shall conclusively be the date shown on the return receipt or other reliable report of service.
“Order” means an order issued by the Commissioner under the enforcement article, including a penalty order and a temporary order.
“Ordered person” means a person who or which is the subject of an order and upon whom or which the order is to operate directly.
“Penalty order” means an order, or such portion of an order, that imposes a civil monetary penalty.
“Petition” means the request for hearing that a petitioner may file pursuant to W.S. 13-10-201 through 13-10-209.
“Petitioner” means a person who files a petition. A petitioner may be a financial institution, a holding company, or an officer or director of a financial institution or a holding company.
(xi) “Principal actor” means a financial institution or holding company, or a director or an officer of a financial institution or holding company.
(xii) “Proscribed activity” means, as determined by the Commissioner, any action or inaction that:
(A) in the case of a financial institution,
(I) is or is about to become a violation of any state statute or rule relating to financial institutions;
(II) is or is about to become an unsafe and unsound practice;
(III) is or is about to become an unauthorized practice;
(B) in the case of a holding company,
(I) is or is about to become a violation of any federal statute or rule relating to holding companies;
(II) is or is about to become an unsafe and unsound practice relating to a financial institution that it owns or controls; or
(III) is or is about to become an unauthorized practice relating to a financial institution that it owns or controls; or
(C) in the case of an actor who is an individual, constitutes
(I) in the course of performing his duties, a violation of any state statute or rule relating to financial institutions;
(II) the engagement or participation in any unsafe and unsound practice in performing his duties; or
(III) his being convicted of, or pleading guilty or nolo contendere to, a crime involving dishonesty or breach of trust.
(xiii) “Receipt date” means the date on which the Commissioner is served with a petition.
(xiv) “Temporary order” means an order issued pursuant to W.S. 13-10-204 or W.S. 13-10-206.
(a) The Commissioner is empowered to issue orders under the enforcement article. All orders shall be in writing.
(b) All orders shall be delivered to the ordered person;
(i) by certified mail, addressed to the last known address of the ordered person, as shown on the records of the Division, or
(ii) in the manner provided for service of process under the Wyoming Rules of Civil Procedure.
(c) Each order, other than a temporary cease and desist order, shall be accompanied by a notice of intent.
(d) Temporary orders and penalty orders shall be issued only upon principal actors.
(a) A notice of intent shall include the following:
(i) The name and street mailing address of each ordered person.
(ii) If the ordered person is an officer or director of a financial institution or a holding company, the name and street mailing address of the financial institution or a holding company with which he is affiliated.
(iii) The effective date of the order, unless specified in the proposed order.
(iv) If the order includes a penalty order or is issued simultaneously with a penalty order, a statement as to the amount of the civil penalty for each proscribed activity and the total amount of the civil penalty to be assessed (which total may be expressed as a maximum amount that will accrue daily for so long as the proscribed activity continues).
(v) A statement of the grounds for issuing the order, including citation to the statute or rule involved, if any.
(vi) A statement of the facts in support of the allegations contained in the grounds for issuing the order.
(vii) A statement informing the ordered person that it has the right to a hearing on the order before the Board in accordance with the Board Regulations and these Regulations and that failure to request a hearing within the appeal period will result in the order becoming final.
(viii) A copy of the proposed order.
(b) An order shall include:
(i) The name of the ordered person, identified with reasonable particularity, such as by residence address, social security number or employment status.
(ii) A brief statement, explaining the basis for the issuance of the order.
(iii) If applicable, the effective date of the order, which may be immediately upon issuance.
(iv) In the case of a cease and desist order, a statement directing the actor to discontinue the proscribed activity, directing it to correct the effects of or the steps leading to the proscribed activity, or both.
(v) In the case of a removal order, a statement describing the proscribed activity that requires the removal of the actor.
(vi) In the case of a temporary order, the determination by the Commissioner that the proscribed activity described in the proposed order poses an immediate threat to the safety and soundness of the financial institution or to the interests of the depositors, creditors or shareholders of the financial institution.
(vii) In the case of a penalty order, the determination by the Commissioner:
(A) that the actor has engaged in a proscribed activity or that the actor violated or failed to comply fully with any provision of a lawful order, and
(B) as to his consideration of the factors listed in W.S. 13-10-207(c).
(a) A proposed order shall become effective upon the later to occur of
(i) the date specified in the order;
(ii) the date of the order, if no effective date is specified in the order;
(iii) the date on which the order is delivered to the ordered person, if no effective date is specified in the order and the order is undated; or
(iv) the date specified by the Board, if any.
(b) A proposed order shall be final upon the last to occur of
(i) in the case of an order for which the ordered person has petitioned the Board for review within the applicable deadline, the date upon which the order, containing any modifications required by the Board, is delivered to the ordered person in accordance with Section 3(b); or
(ii) in all other cases, upon the expiration of the appeal period.
(a) To request that the Board review and dismiss or modify a proposed order, the petitioner shall file with the Commissioner a petition. Each petition shall be in writing and include the information set forth in Section 1 of Chapter 4 of the Board Regulations.
(b) The petitioner shall serve the petition on the Commissioner by certified mail within seven (7) days after the notice date.
(c) Promptly after the receipt date, the Commissioner shall deliver a copy of the petition to the Chairman and the other members of the Board.
(d) Filing a petition shall not stay or otherwise affect the full and immediate legal operation and effect of a temporary order.
In the case of a petition regarding an order confirmed by the Board or a penalty order not modified by the Board, the Commissioner shall serve the final order in accordance with W.S. 13-10-208.