12 U.S. Code § 5516 - Other banks, savings associations, and credit unions

(a) Scope of coverage
This section shall apply to any covered person that is—
(1) an insured depository institution with total assets of $10,000,000,000 or less; or
(2) an insured credit union with total assets of $10,000,000,000 or less.
(b) Reports
The Director may require reports from a person described in subsection (a), as necessary to support the role of the Bureau in implementing Federal consumer financial law, to support its examination activities under subsection (c), and to assess and detect risks to consumers and consumer financial markets.
(1) Use of existing reports
The Bureau shall, to the fullest extent possible, use—
(A) reports pertaining to a person described in subsection (a) that have been provided or required to have been provided to a Federal or State agency; and
(B) information that has been reported publicly.
(2) Preservation of authority
Nothing in this subsection may be construed as limiting the authority of the Director from requiring from a person described in subsection (a), as permitted under paragraph (1), information owned or under the control of such person, regardless of whether such information is maintained, stored, or processed by another person.
(3) Reports of tax law noncompliance
The Bureau shall provide the Commissioner of Internal Revenue with any report of examination or related information identifying possible tax law noncompliance.
(c) Examinations
(1) In general
The Bureau may, at its discretion, include examiners on a sampling basis of the examinations performed by the prudential regulator to assess compliance with the requirements of Federal consumer financial law of persons described in subsection (a).
(2) Agency coordination
The prudential regulator shall—
(A) provide all reports, records, and documentation related to the examination process for any institution included in the sample referred to in paragraph (1) to the Bureau on a timely and continual basis;
(B) involve such Bureau examiner in the entire examination process for such person; and
(C) consider input of the Bureau concerning the scope of an examination, conduct of the examination, the contents of the examination report, the designation of matters requiring attention, and examination ratings.
(d) Enforcement
(1) In general
Except for requiring reports under subsection (b), the prudential regulator is authorized to enforce the requirements of Federal consumer financial laws and, with respect to a covered person described in subsection (a), shall have exclusive authority (relative to the Bureau) to enforce such laws.
(2) Coordination with prudential regulator
(A) Referral
When the Bureau has reason to believe that a person described in subsection (a) has engaged in a material violation of a Federal consumer financial law, the Bureau shall notify the prudential regulator in writing and recommend appropriate action to respond.
(B) Response
Upon receiving a recommendation under subparagraph (A), the prudential regulator shall provide a written response to the Bureau not later than 60 days thereafter.
(e) Service providers
A service provider to a substantial number of persons described in subsection (a) shall be subject to the authority of the Bureau under section 5515 of this title to the same extent as if the Bureau were an appropriate Federal bank agency under section 1867 (c) of this title. When conducting any examination or requiring any report from a service provider subject to this subsection, the Bureau shall coordinate with the appropriate prudential regulator.

Source

(Pub. L. 111–203, title X, § 1026,July 21, 2010, 124 Stat. 1993.)
Effective Date

Section effective on the designated transfer date, see section 1029A ofPub. L. 111–203, set out as a note under section 5511 of this title.

The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.

The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013

An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.

12 USCDescription of ChangeSession YearPublic LawStatutes at Large

 

LII has no control over and does not endorse any external Internet site that contains links to or references LII.