Academic journal article Federal Reserve Bulletin

Order of Prohibition

Academic journal article Federal Reserve Bulletin

Order of Prohibition

Article excerpt

WHEREAS, pursuant to section 8(e) of the Federal Deposit Insurance Act, as amended ("FDI Act") (12 U.S.C. [section] 1818(e)), the Board of Governors of the Federal Reserve System ("Board") is of the opinion, for the reasons set forth in the accompanying Final Decision, that a final Order of Prohibition should issue against ADAM L. BENARROCH ("Benarroch"), a former employee and institution affiliated party, as defined in section 3(u) of the FDI Act (12 U.S.C. [section]1813(u)) of Midwest Bank and Trust, Elmwood Park, Illinois ("Midwest").

NOW, THEREFORE, IT IS HEREBY ORDERED, pursuant to section 8(e) of the FDI Act, 12 U.S.C. [section] 1818(e), that:

1. In the absence of prior written approval by the Board, and by any other Federal financial institution regulatory agency where necessary pursuant to section 8(e)(7)(B) of the FDI Act (12 U.S.C. [section] 1818(e)(7)(B)), Benarroch is hereby prohibited:

a. from participating in any manner in the conduct of the affairs of any institution or agency specified in section 8(e)(7)(A) of the FDI Act (12 U.S.C. [section] 1818(e)(7)(A)), including, but not limited to, any insured depository institution, any insured depository institution holding company or any U.S. branch or agency of a foreign banking organization;

b. from soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent or authorization with respect to any voting rights in any institution described in subsection 8(e)(7)(A) of the FDI Act (12 U. …

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