12 CFR Part 796 — Post-Employment Restrictions for Certain NCUA Examiners

PART 796—POST-EMPLOYMENT RESTRICTIONS FOR CERTAIN NCUA EXAMINERS Authority: 12 U.S.C. 1786(w). Source: 70 FR 72703, Dec. 7, 2005, unless otherwise noted. § 796.1 What is the purpose and scope of this part? This part identifies those National Credit Union Administration (NCUA) employees who are subject to the special, post-employment restrictions in section 1786(w) of the Act and implements those restrictions as they apply to NCUA employees. § 796.2 Who is considered a senior examiner of the NCUA? For purposes of this part, an NCUA employee is considered to be the “senior examiner” for a federally insured credit union if the employee— (a) Has been authorized by NCUA to conduct examinations or inspections of federally insured credit unions on behalf of NCUA; (b) Has continuing, broad, and lead responsibility for examining or inspecting that federally insured credit union; (c) Routinely interacts with officers or employees of that federally insured credit union; and (d) Devotes a substantial portion of his or her time to supervising or examining that federally insured credit union. § 796.3 What special post-employment restrictions apply to senior examiners? (a) Senior examiners of federally insured credit unions. (b) Example. § 796.4 When do these special restrictions become effective and may they be waived? The post-employment restrictions in section 1786(w) of the Act and § 796.3 do not apply to any current or former NCUA employee, if: (a) The individual ceased to be an NCUA employee on or before December 17, 2005; or (b) The Chairman of the NCUA Board certifies in writing and on a case-by-case basis that granting the senior examiner a waiver of the restrictions would not affect the integrity of the NCUA's supervisory program. § 796.5 What are the penalties for violating these special post-employment restrictions? (a) Penalties under section 1786(w)(5) of the Act. (1) Removed from participating in the affairs of the relevant credit union and prohibited from participating in the affairs of any federally insured credit union for a period of up to five years; and, alternatively, or in addition, (2) Assessed a civil monetary penalty up to the amount specified in § 747.1001 of this chapter. (b) Other penalties. [70 FR 72703, Dec. 7, 2005, as amended at 80 FR 57289, Sept. 23, 2015] § 796.6 What other definitions and rules of construction apply for purposes of this part? For purposes of this part, a person shall be deemed to act as a “ consultant

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