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12 U.S.C. § 5368 — Prohibition against management interlocks between certain financial companies

Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5368 — Prohibition against management interlocks between certain financial companies

A nonbank financial company supervised by the Board of Governors shall be treated as a bank holding company for purposes of the Depository Institutions 11 So in original. Probably should be “Institution”. Management Interlocks Act ([12 U.S.C. 3201](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3201&num=0&edition=prelim) et seq.), except that the Board of Governors shall not exercise the authority provided in section 7 22 So in original. There is no section 7 of such Act. of that Act ([12 U.S.C. 3207](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3207&num=0&edition=prelim)) to permit service by a management official of a nonbank financial company supervised by the Board of Governors as a management official of any bank holding company with total consolidated assets equal to or greater than $250,000,000,000, or other nonaffiliated nonbank financial company supervised by the Board of Governors (other than to provide a temporary exemption for interlocks resulting from a merger, acquisition, or consolidation).

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Source location: Title 12, Chapter 53, § 5368; chapter-053-wall-street-reform-and-consumer-protection.md

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3207 — Rules and regulations

Regulations to carry out this chapter, including regulations that permit service by a management official that would otherwise be prohibited by [section 3202 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3202&num=0&edition=prelim) or [section 3203 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3203&num=0&edition=prelim), if such service would not result in a monopoly or substantial lessening of competition, may be prescribed by— (1) the Comptroller of the Currency with respect to national banks and Federal savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), (2) the Board of Governors of the Federal Reserve System with respect to State banks which are members of the Federal Reserve System, bank holding companies, and savings and loan holding companies, (3) the Board of Directors of the Federal Deposit Insurance Corporation with respect to State banks which are not members of the Federal Reserve System but the deposits of which are insured by the Federal Deposit Insurance Corporation and State savings associations (the deposits of which are insured by the Federal Deposit Insurance Corporation), (4) the National Credit Union Administration with respect to credit unions the accounts of which are insured by the National Credit Union Administration.

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12 U.S.C. § 3201 — Definitions

As used in this chapter— (1) the term “depository institution” means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead association, a cooperative bank, an industrial bank, or a credit union; (2) the term “depository holding company” means a bank holding company as defined in [section 1841(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/a&num=0&edition=prelim), a company which would be a bank holding company as defined in [section 1841(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/a&num=0&edition=prelim) but for the exemption contained in subsection (a)(5)(F) thereof, or a savings and loan holding company as defined in section 1730a(a)(1)(D) 11 See References in Text note below. of this title; (3) the characterization of any corporation (including depository institutions and depository holding companies), as an “affiliate of,” or as “affiliated” with any other corporation means that— (A) one of the corporations is a depository holding company and the other is a subsidiary thereof, or both corporations are subsidiaries of the same depository holding company, as the term “subsidiary” is defined in either [section 1841(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841/d&num=0&edition=prelim) in the case of a bank holding company or section 1730a(a)(1)(H) 1 of this title in the case of a savings and loan holding company; or (B) more than 25 percent of the voting stock of one corporation is beneficially owned in the aggregate by one or more persons who also beneficially own in the aggregate more than 25 percent of the voting stock of the o

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5365 — Reports by and examinations of nonbank financial companies by the Board of Governors

**(a) Reports** (1) **In general** — The Board of Governors may require each nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, to submit reports under oath, to keep the Board of Governors informed as to— (A) the financial condition of the company or subsidiary, systems of the company or subsidiary for monitoring and controlling financial, operating, and other risks, and the extent to which the activities and operations of the company or subsidiary pose a threat to the financial stability of the United States; and (B) compliance by the company or subsidiary with the requirements of this subchapter. (2) **Use of existing reports and information** — In carrying out subsection (a), the Board of Governors shall, to the fullest extent possible, use— (A) reports and supervisory information that a nonbank financial company or subsidiary thereof has been required to provide to other Federal or State regulatory agencies; (B) information otherwise obtainable from Federal or State regulatory agencies; (C) information that is otherwise required to be reported publicly; and (D) externally audited financial statements of such company or subsidiary. (3) **Availability** — Upon the request of the Board of Governors, a nonbank financial company supervised by the Board of Governors, or a subsidiary thereof, shall promptly provide to the Board of Governors any information described in paragraph (2). (4) **Data standards for reports under this subsection** (A) *In general* — The Board of Governors shall adopt data standards for all information that, through a collection of information, is regularly filed with or submitted to the Board of Governors under this subsection by any nonbank financial company supervised by the Board

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12 U.S.C. § 3201 — Definitions

Page 1511 TITLE 12—BANKS AND BANKING § 3201 1 See References in Text note below. 2 So in original. The period probably should be a semicolon. Sec. 3205. Management official in position prior to No- vember 10, 1978. 3206. Administration and enforcement. 3207. Rules and regulations. 3208. Powers available to Attorney General for en- forcement. § 3201. Definitions As used in this chapter— (1) the term ‘‘depository institution’’ means a commercial bank, a savings bank, a trust company, a savings and loan association, a building and loan association, a homestead as- sociation, a cooperative bank, an industrial bank, or a credit union; (2) the term ‘‘depository holding company’’ means a bank holding company as defined in section 1841(a) of this title, a company which would be a bank holding company as defined in section 1841(a) of this title but for the ex- emption contained in subsection (a)(5)(F) thereof, or a savings and loan holding com- pany as defined in section 1730a(a)(1)(D) 1 of this title; (3) the characterization of any corporation (including depository institutions and deposi- tory holding companies), as an ‘‘affiliate of,’’ or as ‘‘affiliated’’ with any other corporation means that— (A) one of the corporations is a depository holding company and the other is a sub- sidiary thereof, or both corporations are sub- sidiaries of the same depository holding company, as the term ‘‘subsidiary’’ is de- fined in either section 1841(d) of this title in the case of a bank holding company or sec- tion 1730a(a)(1)(H) 1 of this title in the case of a savings and loan holding company; or (B) more than 25 percent of the voting stock of one corporation is beneficially owned in the aggregate by one or more per- sons who also beneficially own in the

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 3207 — Rules and regulations

Page 1515 TITLE 12—BANKS AND BANKING § 3208 1 See References in Text note below. as follows: ‘‘the Director of the Office of Thrift Super- vision with respect to a savings association (the depos- its of which are insured by the Federal Deposit Insur- ance Corporation) and savings and loan holding compa- nies,’’. Par. (5). Pub. L. 111–203, § 360(1)(E), (F), redesignated par. (6) as (5) and substituted ‘‘through (4)’’ for ‘‘through (5)’’. Former par. (5) redesignated (4). Par. (6). Pub. L. 111–203, § 360(1)(E), redesignated par. (6) as (5). Former par. (5) redesignated (4). 2004—Par. (1). Pub. L. 108–386 struck out ‘‘and banks located in the District of Columbia’’ after ‘‘national banks’’. 1989—Par. (4). Pub. L. 101–73 amended par. (4) gen- erally. Prior to amendment, par. (4) read as follows: ‘‘the Federal Home Loan Bank Board with respect to institutions the accounts of which are insured by the Federal Savings and Loan Insurance Corporation, and savings and loan holding companies,’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2010 AMENDMENT Amendment by Pub. L. 111–203 effective on the trans- fer date, see section 351 of Pub. L. 111–203, set out as a note under section 906 of Title 2, The Congress. EFFECTIVE DATE OF 2004 AMENDMENT Amendment by Pub. L. 108–386 effective Oct. 30, 2004, and, except as otherwise provided, applicable with re- spect to fiscal year 2005 and each succeeding fiscal year, see sections 8(i) and 9 of Pub. L. 108–386, set out as notes under section 321 of this title. EFFECTIVE DATE Section effective upon the expiration of 120 days after Nov. 10, 1978, see section 2101 of Pub. L. 95–630, set out as a note under section 375b of this title. § 3207. Rules and regulations Regulations to carry out this chapter,

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5368 — Regulations

Page 1865 TITLE 12—BANKS AND BANKING § 5371 873, which is classified generally to chapter 16 (§ 1811 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under sec- tion 1811 of this title and Tables. § 5368. Regulations The Board of Governors shall have authority to issue regulations to implement parts A and C and the amendments made thereunder. Except as otherwise specified in part A or C, not later than 18 months after the effective date of this Act, the Board of Governors shall issue final regulations to implement parts A and C, and the amendments made thereunder. (Pub. L. 111–203, title I, § 168, July 21, 2010, 124 Stat. 1434.) Editorial Notes REFERENCES IN TEXT Part C, referred to in text, was in the original ‘‘sub- title C’’, meaning subtitle C (§§ 161–176) of title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1420, which is classi- fied principally to this part. For complete classifica- tion of subtitle C to the Code, see Tables. The effective date of this Act, referred to in text, is 1 day after July 21, 2010, except as otherwise specifi- cally provided in Pub. L. 111–203, see section 4 of Pub. L. 111–203, set out as an Effective Date note under sec- tion 5301 of this title. § 5369. Avoiding duplication The Board of Governors shall take any action that the Board of Governors deems appropriate to avoid imposing requirements under this part that are duplicative of requirements applicable to bank holding companies and nonbank finan- cial companies under other provisions of law. (Pub. L. 111–203, title I, § 169, July 21, 2010, 124 Stat. 1434.) Editorial Notes REFERENCES IN TEXT This part, referred to in text, was in the original ‘‘this subtitle’’, meaning subtitle C (§§ 161–176) of

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