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15 U.S.C. § 9050 — Temporary relief for community banks

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

15 U.S.C. § 9050 — Temporary relief for community banks

**(a) Definitions** In this section— (1) the term “appropriate Federal banking agency” has the meaning given the term in section 2 of the Economic Growth, Regulatory Relief, and Consumer Protection Act ([12 U.S.C. 5365](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5365&num=0&edition=prelim) note); and (2) the terms “Community Bank Leverage Ratio” and “qualifying community bank” have the meanings given the terms in section 201(a) of the Economic Growth, Regulatory Relief, and Consumer Protection Act ([12 U.S.C. 5371](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5371&num=0&edition=prelim) note). **(b) Interim rule** (1) **In general** — Notwithstanding any other provision of law or regulation, the appropriate Federal banking agencies shall issue an interim final rule that provides that, for the purposes of section 201 of the Economic Growth, Regulatory Relief, and Consumer Protection Act ([12 U.S.C. 5371](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5371&num=0&edition=prelim) note)— (A) the Community Bank Leverage Ratio shall be 8 percent; and (B) a qualifying community bank that falls below the Community Bank Leverage Ratio established under subparagraph (A) shall have a reasonable grace period to satisfy the Community Bank Leverage Ratio. (2) **Effective period** — The interim rule issued under paragraph (1) shall be effective during the period beginning on the date on which the appropriate Federal banking agencies issue the rule and ending on the sooner of— (A) the termination date of the national emergency concerning the novel coronavirus disease (COVID–19) outbreak declared by the President on March 13, 2020 under the National Emergencies Act ([50 U.S.C. 1601](h

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Source location: Title 15, Chapter 116, § 9050; chapter-116-coronavirus-economic-stabilization-cares-act.md

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

12 U.S.C. § 5371 — Affiliations

**(a) Affiliations** Nothing in this part shall be construed to require a nonbank financial company supervised by the Board of Governors, or a company that controls a nonbank financial company supervised by the Board of Governors, to conform the activities thereof to the requirements of [section 1843 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843&num=0&edition=prelim). **(b) Requirement** (1) **In general** (A) *Board authority* — If a nonbank financial company supervised by the Board of Governors conducts activities other than those that are determined to be financial in nature or incidental thereto under [section 1843(k) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1843/k&num=0&edition=prelim), the Board of Governors may require such company to establish and conduct all or a portion of such activities that are determined to be financial in nature or incidental thereto in or through an intermediate holding company established pursuant to regulation of the Board of Governors, not later than 90 days (or such longer period as the Board of Governors may deem appropriate) after the date on which the nonbank financial company supervised by the Board of Governors is notified of the determination of the Board of Governors under this section. (B) *Necessary actions* — Notwithstanding subparagraph (A), the Board of Governors shall require a nonbank financial company supervised by the Board of Governors to establish an intermediate holding company if the Board of Governors makes a determination that the establishment of such intermediate holding company is necessary to— (i) appropriately supervise activities that are determined to be financial in nature or incidental theret

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

50 U.S.C. § 1601 — Termination of existing declared emergencies

**(a)** All powers and authorities possessed by the President, any other officer or employee of the Federal Government, or any executive agency, as defined in [section 105 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section105&num=0&edition=prelim), as a result of the existence of any declaration of national emergency in effect on September 14, 1976, are terminated two years from September 14, 1976. Such termination shall not affect— (1) any action taken or proceeding pending not finally concluded or determined on such date; (2) any action or proceeding based on any act committed prior to such date; or (3) any rights or duties that matured or penalties that were incurred prior to such date. **(b)** For the purpose of this section, the words “any national emergency in effect” means a general declaration of emergency made by the President.

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

12 U.S.C. § 5365 — Enhanced supervision and prudential

Page 1857 TITLE 12—BANKS AND BANKING § 5365 10, 1978, 92 Stat. 3672, which is classified principally to chapter 33 (§ 3201 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 3201 of this title and Tables. AMENDMENTS 2018—Pub. L. 115–174 substituted ‘‘$250,000,000,000’’ for ‘‘$50,000,000,000’’. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2018 AMENDMENT Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see sec- tion 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title. CONSTRUCTION OF 2018 AMENDMENT For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title. § 5365. Enhanced supervision and prudential standards for nonbank financial companies supervised by the Board of Governors and certain bank holding companies (a) In general (1) Purpose In order to prevent or mitigate risks to the financial stability of the United States that could arise from the material financial dis- tress or failure, or ongoing activities, of large, interconnected financial institutions, the Board of Governors shall, on its own or pursu- ant to recommendations by the Council under section 5325 of this title, establish prudential standards for nonbank financial companies su- pervised by the Board of Governors and bank holding companies with total consolidated as- sets equal to or greater than $250,000,000,000 that— (A) are more stringent than the standards and requirements applicable to nonbank fi- nancial companies and bank holding compa- nies that do not present similar risks to

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

12 U.S.C. § 5371 — Leverage and risk-based capital require-

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

15 U.S.C. § 9050 — Temporary relief for community banks

Page 2524 TITLE 15—COMMERCE AND TRADE § 9047 (A) section 4041(c) of title 26, or (B) section 4081 of title 26 (other than at the rate provided in subsection (a)(2)(B) thereof), and (2) section 6427(l) of title 26 shall be applied— (A) by treating such use as a nontaxable use, and (B) without regard to paragraph (4)(A)(ii) thereof. (c) Excise tax holiday period For purposes of this section, the term ‘‘excise tax holiday period’’ means the period beginning after March 27, 2020, and ending before January 1, 2021. (Pub. L. 116–136, div. A, title IV, § 4007, Mar. 27, 2020, 134 Stat. 477.) § 9047. Federal credit union transaction account guarantees Notwithstanding any other provision of law and in coordination with the Federal Deposit In- surance Corporation, the National Credit Union Administration Board may by a vote of the Board increase to unlimited, or such lower amount as the Board approves, the share insur- ance coverage provided by the National Credit Union Share Insurance Fund on any non- interest-bearing transaction account in any fed- erally insured credit union without exception, provided that any such increase shall terminate not later than December 31, 2020. (Pub. L. 116–136, div. A, title IV, § 4008(b), Mar. 27, 2020, 134 Stat. 478.) § 9048. Temporary Government in the Sunshine Act relief (a) In general Except as provided in subsection (b), notwith- standing any other provision of law, if the Chairman of the Board of Governors of the Fed- eral Reserve System determines, in writing, that unusual and exigent circumstances exist, the Board may conduct meetings without regard to the requirements of section 552b of title 5 dur- ing the period beginning on March 27, 2020, and ending on the earlier of— (1) the date on which the nation

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

50 U.S.C. § 1601 — Termination of existing declared emer-

Page 143 TITLE 50—WAR AND NATIONAL DEFENSE § 1601 nent involvement in hostilities is clearly indi- cated by the circumstances, against any coun- try, organization, or person pursuant to statu- tory or constitutional authorities other than Authorization for Use of Military Force, the President shall comply with the reporting re- quirements under— (1) this section to the same extent and in the same manner as if such actions had been taken under Authorization for Use of Military Force; (2) the War Powers Resolution (50 U.S.C. 1541 et seq.); and (3) any other applicable provision of law. (e) Briefings At least once during each 180-day period de- scribed in subsection (a), the President shall provide to the congressional defense commit- tees, the Committee on Foreign Relations of the Senate, and the Committee on Foreign Affairs of the House of Representatives a briefing on the matters covered by the report required under this section for such period. (Pub. L. 116–92, div. A, title XII, § 1285, Dec. 20, 2019, 133 Stat. 1709.) Editorial Notes REFERENCES IN TEXT The Authorization for Use of Military Force, referred to in text, is Pub. L. 107–40, Sept. 18, 2001, 115 Stat. 224, which is set out as a note under section 1541 of this title. The War Powers Resolution, referred to in subsec. (d)(2), is Pub. L. 93–148, Nov. 7, 1973, 87 Stat. 555, which is classified generally to this chapter. For complete classification of this Resolution to the Code, see Short Title note set out under section 1541 of this title and Tables. CODIFICATION Section was enacted as part of the National Defense Authorization Act for Fiscal Year 2020, and not as part of the War Powers Resolution which comprises this chapter. Statutory Notes and Related Subsidiaries ‘‘CONGRESSI

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