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12 U.S.C. § 5493 — Common framework for designated clearing entity risk management
Federal law — U.S. Code and appendices · legal_authorities
The Commodity Futures Trading Commission and the Commission shall coordinate with the Board of Governors to jointly develop risk management supervision programs for designated clearing entities. Not later than 1 year after July 21, 2010, the Commodity Futures Trading Commission, the Commission, and the Board of Governors shall submit a joint report to the Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry of the Senate, and the Committee on Financial Services and the Committee on Agriculture of the House of Representatives recommendations 11 So in original. Probably should be preceded by “with”. for—
(1) improving consistency in the designated clearing entity oversight programs of the Commission and the Commodity Futures Trading Commission;
(2) promoting robust risk management by designated clearing entities;
(3) promoting robust risk management oversight by regulators of designated clearing entities; and
(4) improving regulators’ ability to monitor the potential effects of designated clearing entity risk management on the stability of the financial system of the United States.
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Stable record: federal_law:legal_authorities:record_usc_0b11bfae85413a724943cbed
Source file: Laws/federal/codes/united-states-code/title-12/section-5493-common-framework-for-designated-clearing-entity-risk-management--65b4c8683e.md
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Source location: Title 12, Chapter 53, § 5493; chapter-053-wall-street-reform-and-consumer-protection.md
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The Commodity Futures Trading Commission and the Commission shall coordinate with the Board of Governors to jointly develop risk management supervision programs for designated clearing entities. Not later than 1 year after July 21, 2010, the Commodity Futures Trading Commission, the Commission, and the Board of Governors shall submit a joint report to the Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry of the Senate, and the Committee on Financial Services and the Committee on Agriculture of the House of Representatives recommendations 11 So in original. Probably should be preceded by “with”. for—
(1) improving consistency in the designated clearing entity oversight programs of the Commission and the Commodity Futures Trading Commission;
(2) promoting robust risk management by designated clearing entities;
(3) promoting robust risk management oversight by regulators of designated clearing entities; and
(4) improving regulators’ ability to monitor the potential effects of designated clearing entity risk management on the stability of the financial system of the United States.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Disclosures required for remittance transfers**
(1) **In general** — Each remittance transfer provider shall make disclosures as required under this section and in accordance with rules prescribed by the Bureau. Disclosures required under this section shall be in addition to any other disclosures applicable under this subchapter.
(2) **Disclosures** — Subject to rules prescribed by the Bureau, a remittance transfer provider shall provide, in writing and in a form that the sender may keep, to each sender requesting a remittance transfer, as applicable to the transaction—
(A) at the time at which the sender requests a remittance transfer to be initiated, and prior to the sender making any payment in connection with the remittance transfer, a disclosure describing—
(i) the amount of currency that will be received by the designated recipient, using the values of the currency into which the funds will be exchanged;
(ii) the amount of transfer and any other fees charged by the remittance transfer provider for the remittance transfer; and
(iii) any exchange rate to be used by the remittance transfer provider for the remittance transfer, to the nearest 1/100th of a point; and
(B) at the time at which the sender makes payment in connection with the remittance transfer—
(i) a receipt showing—
(I) the information described in subparagraph (A);
(II) the promised date of delivery to the designated recipient; and
(III) the name and either the telephone number or the address of the designated recipient, if either the telephone number or the address of the designated recipient is provided by the sender; and
(ii) a statement containing—
(I) information about the rights of the sender under this section regarding the resol
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1693o–1
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Federal law — U.S. Code and appendices · legal_authorities
Page 1946
TITLE 12—BANKS AND BANKING
§ 5493
1 See References in Text note below.
(c) Autonomy of the Bureau
(1) Coordination with the Board of Governors
Notwithstanding any other provision of law
applicable to the supervision or examination
of persons with respect to Federal consumer
financial laws, the Board of Governors may
delegate to the Bureau the authorities to ex-
amine persons subject to the jurisdiction of
the Board of Governors for compliance with
the Federal consumer financial laws.
(2) Autonomy
Notwithstanding the authorities granted to
the Board of Governors under the Federal Re-
serve Act [12 U.S.C. 221 et seq.], the Board of
Governors may not—
(A) intervene in any matter or proceeding
before the Director, including examinations
or enforcement actions, unless otherwise
specifically provided by law;
(B) appoint, direct, or remove any officer
or employee of the Bureau; or
(C) merge or consolidate the Bureau, or
any of the functions or responsibilities of
the Bureau, with any division or office of the
Board of Governors or the Federal reserve
banks.
(3) Rules and orders
No rule or order of the Bureau shall be sub-
ject to approval or review by the Board of
Governors. The Board of Governors may not
delay or prevent the issuance of any rule or
order of the Bureau.
(4) Recommendations and testimony
No officer or agency of the United States
shall have any authority to require the Direc-
tor or any other officer of the Bureau to sub-
mit legislative recommendations, or testi-
mony or comments on legislation, to any offi-
cer or agency of the United States for ap-
proval, comments, or review prior to the sub-
mission of such recommendations, testimony,
or comments to the Congress, if such rec-
ommendations, testimony, or comments to
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5493
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