Section 28.24 - Termination of a Federal branch or agency(a)Grounds for termination. The OCC may revoke the authority of a foreign bank to operate a Federal branch or agency if:(1) The OCC determines that there is reasonable cause to believe that the foreign bank has violated or failed to comply with any of the provisions of the IBA, other applicable Federal laws or regulations, or orders of the OCC;(2) A conservator is appointed for the foreign bank, or a similar proceeding is initiated in the foreign bank's home country;(3) One or more grounds for receivership, including insolvency, as specified in 12 U.S.C. 3102(j) , exists;(4) One or more grounds for termination, including unsafe and unsound practices, insufficiency or dissipation of assets, concealment of books and records, a money laundering conviction, or other grounds as specified in 12 U.S.C. 191 , exists; or(5) The OCC receives a recommendation from the FRB, pursuant to 12 U.S.C. 3105(e)(5) , that the license of a Federal branch or agency be terminated.(b)Procedures -(1)Notice and hearing. Except as otherwise provided in this section, the OCC may issue an order to terminate the license of a Federal branch or agency after providing notice to the Federal branch or agency and after providing an opportunity for a hearing.(2)Procedures for hearing. The OCC shall conduct a hearing under this section pursuant to the OCC's Rules of Practice and Procedure in 12 CFR part 19.(3)Expedited procedure. The OCC may act without providing an opportunity for a hearing if it determines that expeditious action is necessary in order to protect the public interest. When the OCC finds that it is necessary to act without providing an opportunity for a hearing, the OCC in its sole discretion, may:(i) Provide the Federal branch or agency with notice of the intended termination order;(ii) Grant the Federal branch or agency an opportunity to present a written submission opposing issuance of the order; or(iii) Take any other action designed to provide the Federal branch or agency with notice and an opportunity to present its views concerning the termination order.61 FR 19532, May 2, 1996. Redesignated at 68 FR 70700 , Dec. 19, 2003