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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 12 - Banks and Banking |
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Chapter X—Bureau of Consumer Financial Protection |
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Part 1091 - Procedural Rule to Establish Supervisory Authority over Certain Nonbank Covered Persons Based on Risk Determination |
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Subpart B - Determination and Voluntary Consent Procedures |
§ 1091.205 - Supplemental oral response.
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§ 1091.205 Supplemental oral response.
(a) If the respondent makes a timely request in a response under § 1091.203 for the opportunity to present a supplemental oral response, the Director shall issue an order setting forth the date, time, and general information relating to the conduct of a supplemental oral response.
(b) There shall be no discovery permitted or witnesses called in connection with a supplemental oral response.
(c) If a respondent is a corporate or other entity, and not a natural person, the respondent shall be represented in any supplemental oral response by:
(1) An officer, managing or general member, or partner authorized to represent the respondent; or
(2) An attorney in good standing of the bar of the highest court of any State.
(d) If a respondent is a natural person, the respondent shall be represented in any supplemental oral response by:
(1) The respondent personally; or
(2) An attorney in good standing of the bar of the highest court of any State.
(e) The Director shall cause an audio recording of a supplemental oral response to be made by a court reporter or other designated person. A respondent may purchase a copy or transcript of the recording at the respondent's own expense.
(f) The initiating official may participate in any supplemental oral response conducted under this section.
(g) A respondent's failure to participate in a supplemental oral response scheduled by the Director shall constitute the respondent's waiver of the opportunity to present a supplemental oral response.