(a) The Commissioner shall formally initiate an investigation of a violation or an unsafe or unsound practice by issuing a notice of charges. The notice of charges shall contain a statement of facts describing the alleged violation or unsafe or unsound practice that the financial institution or its subsidiary or affiliate has engaged, or may engage, in.
(b) The notice of charges shall set a date, time, and place at which a hearing shall be held to determine whether the alleged violation or unsafe or unsound practice has occurred, or may occur, and whether a cease and desist order should be issued against the financial institution, or its subsidiary or affiliate. The hearing date shall be no earlier than 30 days, and no later than 60 days, after the date of service of the notice of charges; provided, that the hearing date may be set earlier or later if it is determined under rules issued by the Commissioner that there are emergency circumstances or that it is impractical to hold the hearing during the prescribed period.
(c) A hearing under this section shall be held in the District, unless otherwise specified by the Commissioner, and shall be held before the Commissioner or a person that the Commissioner appoints.
(d) The Commissioner may issue a subpoena to compel the attendance of a witness at a hearing or to compel the production of any document, paper, book, record, or other evidence for the investigation.
(e) The Commissioner or the Commissioner’s appointee may administer an oath and take the testimony of any person under oath in the conduct of the investigation.
(f) A hearing under this section shall be conducted in accordance with Chapter 5 of Title 2.
(g) A hearing conducted under this section shall be open to the public, unless the Commissioner determines that it is necessary or appropriate to hold a private hearing to protect the public interest.
(h) Within 90 days after the conclusion of a hearing under this section, the Commissioner shall issue a final decision and order, in writing, and shall serve the final decision and order on each party to the investigatory proceeding.