12 USC 5515 - Supervision of very large banks, savings associations, and credit unions

U.S Code last checked for updates: Nov 22, 2024

§ 5515.

Supervision of very large 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 more than $10,000,000,000 and any affiliate thereof; or

(2)

an insured credit union with total assets of more than $10,000,000,000 and any affiliate thereof.

(b)

Supervision

(1)

In general

The Bureau shall have exclusive authority to require reports and conduct examinations on a periodic basis of persons described in subsection (a) for purposes of—

(A)

assessing compliance with the requirements of Federal consumer financial laws;

(B)

obtaining information about the activities subject to such laws and the associated compliance systems or procedures of such persons; and

(C)

detecting and assessing associated risks to consumers and to markets for consumer financial products and services.

(2)

Coordination

(3)

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.

(4)

Preservation of authority

(5)

Reports of tax law noncompliance

(c)

Primary enforcement authority

(1)

The Bureau to have primary enforcement authority

(2)

Referral

(3)

Backup enforcement authority of other Federal agency

(d)

Service providers

(e)

Simultaneous and coordinated supervisory action

(1)

Examinations

A prudential regulator and the Bureau shall, with respect to each insured depository institution, insured credit union, or other covered person described in subsection (a) that is supervised by the prudential regulator and the Bureau, respectively—

(A)

coordinate the scheduling of examinations of the insured depository institution, insured credit union, or other covered person described in subsection (a);

(B)

conduct simultaneous examinations of each insured depository institution or insured credit union, unless such institution requests examinations to be conducted separately;

(C)

share each draft report of examination with the other agency and permit the receiving agency a reasonable opportunity (which shall not be less than a period of 30 days after the date of receipt) to comment on the draft report before such report is made final; and

(D)

prior to issuing a final report of examination or taking supervisory action, take into consideration concerns, if any, raised in the comments made by the other agency.

(2)

Coordination with State bank supervisors

(3)

Avoidance of conflict in supervision

(A)

Request

(B)

Joint statement

(4)

Appeals to governing panel

(A)

In general

(B)

Composition of governing panel

The governing panel for an appeal under this paragraph shall be composed of—

(i)

a representative from the Bureau and a representative of the prudential regulator, both of whom—

(I)

have not participated in the material supervisory determinations under appeal; and

(II)

do not directly or indirectly report to the person who participated materially in the supervisory determinations under appeal; and

(ii)

one individual representative, to be determined on a rotating basis, from among the Board of Governors, the Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency, other than any agency involved in the subject dispute.

(C)

Conduct of appeal

In an appeal under this paragraph—

(i)

the insured depository institution, insured credit union, or other covered person described in subsection (a)—

(I)

shall include in its appeal all the facts and legal arguments pertaining to the matter; and

(II)

may, through counsel, employees, or representatives, appear before the governing panel in person or by telephone; and

(ii)

the governing panel—

(I)

may request the insured depository institution, insured credit union, or other covered person described in subsection (a), the Bureau, or the prudential regulator to produce additional information relevant to the appeal; and

(II)

by a majority vote of its members, shall provide a final determination, in writing, not later than 30 days after the date of filing of an informationally complete appeal, or such longer period as the panel and the insured depository institution, insured credit union, or other covered person described in subsection (a) may jointly agree.

(D)

Public availability of determinations

(E)

Prohibition against retaliation

(F)

Limitation

(G)

Effect on other authority

(Pub. L. 111–203, title X, § 1025, July 21, 2010, 124 Stat. 1990.)

cite as: 12 USC 5515