Section 223.19 - Treasury-initiated revocation proceedingsWhenever Treasury has reason to believe that a company is not complying with the requirements of 31 U.S.C. 9304 - 9308 and/or the regulations under this part, including but not limited to a failure to satisfy corporate and financial standards, Treasury shall:
(a) Notify the company of the facts or conduct which indicate such non-compliance, and provide the company an opportunity to respond, and(b) Revoke a company's certificate of authority after providing notice to the company if:(1) The company does not respond satisfactorily to Treasury's notification of non-compliance, or(2) The company responded, was provided an opportunity to demonstrate or achieve compliance, and failed to do so.79 FR 62001, Oct. 16, 2014