106 STAT. 3982 PUBLIC LAW 102-550—OCT. 28, 1992

information regarding the affairs of the enterprise for
inspection to the Director upon request; or

(iv) the enterprise has willfully violated, or is will-
fully violating, a final cease-ana-desist order under
section 1371.

(2) CONSENT OF ENTERPRISE.—Notwithstanding paragraph
(1), the Director may appoint a conservator for an enterprise
if the enterprise, by an affirmative vote of a majority of the
members of its board of directors or by an affirmative vote
of a majority of its shareholders, consents to such appointment.

(3) NOTICE.—Upon making a determination under para-
graph (1) of this subsection or under section 1366 or 1367
to appoint a conservator for an enterprise, or upon consent
of the enterprise under paragraph (2) to such an appointment,
the Director shall provide written notice to the enterprise,
the Committee on Banking, Finance and Urban Affairs of the
House of Representatives, and the Committee on Banking,
Housing, and Urban Affairs of the Senate—

(A) that a conservator will be appointed for the
enterprise;

(B) stating the reasons for the appointment of the
conservator; and

(C) identifying the person or governmental agency that
the Director intends to appoint as conservator.

(4) QUALIFICATIONS.—The conservator shall be—

(A) the Director or any other governmental agency;
or

(B) any person that—

(i) has no claim against, or financial interest in,
the enterprise or other basis for a conflict of interest;
and

(ii) has the financial and management expertise
necessary to direct the operations and affairs of the
enterprise,
(b) JUDICIAL REVIEW.—

(1) TIMING AND JURISDICTION.—Except as provided in para-
graph (2), an enterprise for which a conservator is appointed
(pursuant to this section or section 1366 or 1367) may bring
an action in the United States District Court for the District
of Columbia for an order requiring the Director to terminate
the appointment of the conservator. The court, upon the merits,
shall dismiss such action or shall direct the Director to termi-
nate the appointment of the conservator. Such an action may
be commenced only during the 20-day period beginning upon
the appointment of the conservator.

(2) CONSENSUAL APPOINTMENTS.—Appointment of a con-
servator pursuant to consent of the enterprise under subsection
(aX2) shall not be subject to judicial review under this sub-
section.

(3) STANDARD OF REVIEW.—A decision of the Director to
appoint a conservator may be set aside under this subsection
only if the court finds that the decision was arbitrary, capri-
cious, an abuse of discretion, or otherwise not in accordance
with applicable laws.

(4) LIMITATION ON JURISDICTION.—Except as otherwise pro-
vided in this subsection, no court may take any action regarding