Administrative review of dismissal orders

A director or senior executive officer dismissed pursuant to an order under subsection (f)(2)(F)(ii) may obtain review of that order by filing a written petition for reinstatement with the appropriate Federal banking agency not later than 10 days after receiving notice of the dismissal.

(A) Hearing required The agency shall give the petitioner an opportunity to— (i) submit written materials in support of the petition; and (ii) appear, personally or through counsel, before 1 or more members of the agency or designated employees of the agency.

(B) Deadline for hearing The agency shall— (i) schedule the hearing referred to in subparagraph (A)(ii) promptly after the petition is filed; and (ii) hold the hearing not later than 30 days after the petition is filed, unless the petitioner requests that the hearing be held at a later time.

(C) Deadline for decision Not later than 60 days after the date of the hearing, the agency shall— (i) by order, grant or deny the petition; (ii) if the order is adverse to the petitioner, set forth the basis for the order; and (iii) notify the petitioner of the order.

The petitioner shall bear the burden of proving that the petitioner’s continued employment would materially strengthen the insured depository institution’s ability—

(A) to become adequately capitalized, to the extent that the order is based on the institution’s capital level or failure to submit or implement a capital restoration plan; and

(B) to correct the unsafe or unsound condition or unsafe or unsound practice, to the extent that the order is based on subsection (g)(1).