12 USC 5516 - Other banks, savings associations, and credit unions

U.S Code last checked for updates: May 06, 2024

§ 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

(3)

Reports of tax law noncompliance

(c)

Examinations

(1)

In general

(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

(2)

Coordination with prudential regulator

(A)

Referral

(B)

Response

(e)

Service providers

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

cite as: 12 USC 5516