---
kind: "section"
citation: "12 U.S.C. § 4586"
title: "12"
title_heading: "Banks and Banking"
number: "4586"
heading: "Public disclosure of final orders and agreements"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/4586"
units:
  - "Chapter 46 — Government Sponsored Enterprises"
  - "Subchapter I — Supervision and Regulation of Enterprises"
  - "Part B — Additional Authorities of the Director"
  - "Subpart 3 — enforcement"
---

# §4586. Public disclosure of final orders and agreements

- (a) **In general—** The [Director](/usc/12/4502.md?p=9) shall make available to the public—
  - (1) any written agreement or other written statement for which a [violation](/usc/12/4502.md?p=25) may be redressed by the [Director](/usc/12/4502.md?p=9) or any modification to or termination thereof, unless the [Director](/usc/12/4502.md?p=9), in the [Secretary](/usc/12/1715z–22a.md?p=4)’s[^1] discretion, determines that public disclosure would be contrary to the public interest or determines under [subsection (c)](#c) that public disclosure would seriously threaten the financial health or security of the [enterprise](/usc/12/4502.md?p=10);
  - (2) any order that is issued with respect to any administrative enforcement proceeding initiated by the [Director](/usc/12/4502.md?p=9) under this subpart and that has become final in accordance with sections [4582](/usc/12/4582.md) and [4583](/usc/12/4583.md) of this title; and
  - (3) any modification to or termination of any final order made public pursuant to this subsection.
- (b) **Hearings—** All hearings with respect to any notice of charges issued by the [Director](/usc/12/4502.md?p=9) shall be open to the public, unless the [Director](/usc/12/4502.md?p=9), in the [Secretary](/usc/12/1715z–22a.md?p=4)’s[^1] discretion, determines that holding an open hearing would be contrary to the public interest.
- (c) **Delay of public disclosure under exceptional circumstances—** If the [Director](/usc/12/4502.md?p=9) makes a determination in writing that the public disclosure of any final order pursuant to [subsection (a)](#a) would seriously threaten the financial soundness of the [enterprise](/usc/12/4502.md?p=10), the [Director](/usc/12/4502.md?p=9) may delay the public disclosure of such order for a reasonable time.
- (d) **Documents filed under seal in public enforcement hearings—** The [Director](/usc/12/4502.md?p=9) may file any document or part thereof under seal in any hearing under this subpart if the [Director](/usc/12/4502.md?p=9) determines in writing that disclosure thereof would be contrary to the public interest.
- (e) **Retention of documents—** The [Director](/usc/12/4502.md?p=9) shall keep and maintain a record, for not less than 6 years, of all documents described in [subsection (a)](#a) and all enforcement agreements and other supervisory actions and supporting documents issued with respect to or in connection with any enforcement proceeding initiated by the [Director](/usc/12/4502.md?p=9) under this subpart.
- (f) **Disclosures to Congress—** This section may not be construed to authorize the withholding, or to prohibit the disclosure, of any information to the Congress or any committee or subcommittee thereof.

## Footnotes

[^1]: So in original. Probably should be “Director’s”.

## Source credit

(Pub. L. 102–550, title XIII, § 1346, Oct. 28, 1992, 106 Stat. 3968; Pub. L. 110–289, div. A, title I, § 1130(e)(3)(C), July 30, 2008, 122 Stat. 2711.)

## Notes

### Editorial Notes

### Amendments

2008—Subsecs. (a) to (e). Pub. L. 110–289 substituted “Director” for “Secretary” wherever appearing.