106 STAT. 3986

PUBLIC LAW 102-550—OCT. 28, 1992

12 USC 4631.

(1) FILING OF PETITION.—-An enterprise that is not classified
as critically undercapitalized and is the subject of a classifica-
tion under section 1364 or a discretionary supervisory action
taken under this subtitle by the Director (other than action
to appoint a conservator under section 1366 or 1367 or action
under section 1369) may obtain review of the classification
or action by filing, within 10 days after receiving written notice
of the Director's action, a written petition requesting that the
classification or action of the Director be modified, terminated,
or set aside.

(2) PLACE FOR FILING.—A petition filed pursuant to this
subsection shall be filed in the United States Court of Appeals
for the District of Columbia Circuit.

(b) SCOPE OF REVIEW.—The Court may modify, terminate, or
set aside an action taken by the Director and reviewed by the
Court pursuant to this section only if the court finds, on the record
on which the Director acted, that the action of the Director was
arbitrary, capricious, an abuse of discretion, or otherwise not in
accordance with applicable laws.

(c) UNAVAILABILITY OF STAY.—The commencement of proceed-
ings for judicial review pursuant to this section shall not operate
as a stav of any action taken by the Director. Pending judicial
review of the action, the court shall not have jurisdiction to stay,
enjoin, or otherwise delay any supervisory action taken by the
Director with respect to an enterprise that is classified as signifi-
cantly or critically undercapitalized or any action of the Director
that results in the classification of an enterprise as significantly
or critically undercapitalized.

(d) LIMITATION ON JURISDICTION.—Except as provided in this
section, no court shall have jurisdiction to affect, by injunction
or otherwise, the issuance or effectiveness of any classification
or action of the Director under this subtitle (other than appointment
of a conservator under section 1366 or 1367 or action under section
1369) or to review, modify, suspend, terminate, or set aside such
classification or action.

Subtitle C—Enforcement Provisions

SEC. 1371. CEASE-AND-DESIST PROCEEDINGS.

(a) GROUNDS FOR ISSUANCE AGAINST ADEQUATELY CAPITALIZED
ENTERPRiSES.~The Director may issue and serve a notice of charges
under this section upon an enterprise that is classified (for purposes
of subtitle B) as adequately capitalized or upon any executive officer
or director of such an enterprise, if in the determination of the
Director, the enterprise, executive officer, or director is engaging
or has engaged, or the Director has reasonable cause to believe
that the enterprise, executive officer, or director is about to engage,
in—

(1) any conduct that threatens to cause a significant deple-
tion of the core capital of the enterprise;

(2) any conduct or violation that may result in the issuance
of an order described in subsection (dXD; or

(3) anv conduct that violates-y-

(A) any provision of this title, the Federal National
Mortgage Association Charter Act, the Federal Home Loan
Mortgage Corporation Act, or any order, rule, or regulation