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12 U.S.C. § 5511 — GAO study of financial regulations
Federal law — U.S. Code and appendices · legal_authorities
**(a) Study** Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of—
(1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules;
(2) efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of [section 5512(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5512/b/2&num=0&edition=prelim), information requests, and examinations; and
(3) other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate.
**(b) Report** Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
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Source location: Title 12, Chapter 53, § 5511; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Study** Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of—
(1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules;
(2) efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of [section 5512(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5512/b/2&num=0&edition=prelim), information requests, and examinations; and
(3) other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate.
**(b) Report** Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions**
(1) **In general** — As used in this section, unless the context otherwise requires—
(A) *Savings association* — The term “savings association” includes a savings bank or cooperative bank which is deemed by the appropriate Federal banking agency to be a savings association under subsection (l).
(B) *Uninsured institution* — The term “uninsured institution” means any depository institution the deposits of which are not insured by the Federal Deposit Insurance Corporation.
(C) *Company* — The term “company” means any corporation, partnership, trust, joint-stock company, or similar organization, but does not include the Federal Deposit Insurance Corporation, the Resolution Trust Corporation, any Federal home loan bank, or any company the majority of the shares of which is owned by the United States or any State, or by an instrumentality of the United States or any State.
(D) *Savings and loan holding company*
(i) *In general* — Except as provided in clause (ii), the term “savings and loan holding company” means any company that directly or indirectly controls a savings association or that controls any other company that is a savings and loan holding company.
(ii) *Exclusion* — The term “savings and loan holding company” does not include—
(I) a bank holding company that is registered under, and subject to, the Bank Holding Company Act of 1956 ([12 U.S.C. 1841](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim) et seq.), or to any company directly or indirectly controlled by such company (other than a savings association);
(II) a company that controls a savings association that functions solely in a trust or fiduciary capacity as described in section 2(c)(2)(D) of the
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1467a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Termination of insurance**
(1) **Voluntary termination** — Any insured depository institution which is not—
(A) a national member bank;
(B) a State member bank;
(C) a Federal branch;
(D) a Federal savings association; or
(E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim),
may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination.
(2) **Involuntary termination**
(A) *Notice to primary regulator* — If the Board of Directors determines that—
(i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution;
(ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or
(iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation,
the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1818
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** For purposes of this section:
(1) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System.
(2) **Functionally regulated subsidiary** — The term “functionally regulated subsidiary” has the same meaning as in section 1844(c)(5) 11 See References in Text note below. of this title.
(3) **Lead insured depository institution** — The term “lead insured depository institution” has the same meaning as in section 1841(o)(8) 1 of this title.
**(b) Examination requirements** Subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], the Board shall examine the activities of a nondepository institution subsidiary (other than a functionally regulated subsidiary or a subsidiary of a depository institution) of a depository institution holding company that are permissible for the insured depository institution subsidiaries of the depository institution holding company in the same manner, subject to the same standards, and with the same frequency as would be required if such activities were conducted in the lead insured depository institution of the depository institution holding company.
**(c) State coordination**
(1) **Consultation and coordination** — If a nondepository institution subsidiary is supervised by a State bank supervisor or other State regulatory authority, the Board, in conducting the examinations required in subsection (b), shall consult and coordinate with such State regulator.
(2) **Alternating examinations permitted** — The examinations required under subsection (b) may be conducted in joint or alternating manner with a State regulator, if the Board determines that an e
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Annual independent audit of private deposit insurers**
(1) **Audit required** — Any private deposit insurer shall obtain an annual audit from an independent auditor using generally accepted auditing standards. The audit shall include a determination of whether the private deposit insurer follows generally accepted accounting principles and has set aside sufficient reserves for losses.
(2) **Providing copies of audit report**
(A) *Private deposit insurer* — The private deposit insurer shall provide a copy of the audit report—
(i) to each depository institution the deposits of which are insured by the private deposit insurer, not later than 14 days after the audit is completed;
(ii) to the appropriate supervisory agency of each State in which such an institution receives deposits, not later than 7 days after the audit is completed; and
(iii) in the case of depository institutions described in subsection (e)(2)(A) the deposits of which are insured by the private insurer which are members of a Federal home loan bank, to the Federal Housing Finance Agency, not later than 7 days after the audit is completed.
(B) *Depository institution* — Any depository institution the deposits of which are insured by the private deposit insurer shall provide a copy of the audit report, upon request, to any current or prospective customer of the institution.
(3) **Enforcement by appropriate State supervisor** — Any appropriate State supervisor of a private deposit insurer, and any appropriate State supervisor of a depository institution which receives deposits that are insured by a private deposit insurer, may examine and enforce compliance with this subsection under the applicable regulatory authority of such supervisor.
**(b) Disclosure required** Any deposito
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Registration of bank holding company** Within one hundred and eighty days after May 9, 1956, or within one hundred and eighty days after becoming a bank holding company, whichever is later, each bank holding company shall register with the Board on forms prescribed by the Board, which shall include such information with respect to the financial condition and operations, management, and intercompany relationships of the bank holding company and its subsidiaries, and related matters, as the Board may deem necessary or appropriate to carry out the purposes of this chapter. The Board may, in its discretion, extend the time within which a bank holding company shall register and file the requisite information. A declaration filed in accordance with section 1843(l)(1)(C) 11 See References in Text note below. of this title shall satisfy the requirements of this subsection with regard to the registration of a bank holding company but not any requirement to file an application to acquire a bank pursuant to [section 1842 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1842&num=0&edition=prelim).
**(b) Regulations and orders** The Board is authorized to issue such regulations and orders, including regulations and orders relating to the capital requirements for bank holding companies, as may be necessary to enable it to administer and carry out the purposes of this chapter and prevent evasions thereof. In establishing capital regulations pursuant to this subsection, the Board shall seek to make such requirements countercyclical, so that the amount of capital required to be maintained by a company increases in times of economic expansion and decreases in times of economic contraction, consistent with the safety and soundness of the co
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1844
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Business referrals** No person shall give and no person shall accept any fee, kickback, or thing of value pursuant to any agreement or understanding, oral or otherwise, that business incident to or a part of a real estate settlement service involving a federally related mortgage loan shall be referred to any person.
**(b) Splitting charges** No person shall give and no person shall accept any portion, split, or percentage of any charge made or received for the rendering of a real estate settlement service in connection with a transaction involving a federally related mortgage loan other than for services actually performed.
**(c) Fees, salaries, compensation, or other payments** Nothing in this section shall be construed as prohibiting (1) the payment of a fee (A) to attorneys at law for services actually rendered or (B) by a title company to its duly appointed agent for services actually performed in the issuance of a policy of title insurance or (C) by a lender to its duly appointed agent for services actually performed in the making of a loan, (2) the payment to any person of a bona fide salary or compensation or other payment for goods or facilities actually furnished or for services actually performed, (3) payments pursuant to cooperative brokerage and referral arrangements or agreements between real estate agents and brokers, (4) affiliated business arrangements so long as (A) a disclosure is made of the existence of such an arrangement to the person being referred and, in connection with such referral, such person is provided a written estimate of the charge or range of charges generally made by the provider to which the person is referred (i) in the case of a face-to-face referral or a referral made in writing or by electronic media, at or before the tim
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2607
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Regulations** The Bureau shall prescribe such regulations as may be necessary to carry out the purposes of this chapter. These regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary and proper to effectuate the purposes of this chapter, and prevent circumvention or evasion thereof, or to facilitate compliance therewith.
**(b) Powers of certain other agencies**
(1) **In general** — Subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], compliance with the requirements of this chapter shall be enforced—
(A) under [section 1818 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim), the appropriate Federal banking agency, as defined in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), with respect to—
(i) any national bank or Federal savings association, and any Federal branch or Federal agency of a foreign bank;
(ii) any member bank of the Federal Reserve System (other than a national bank), branch or agency of a foreign bank (other than a Federal branch, Federal agency, and insured State branch of a foreign bank), commercial lending company owned or controlled by a foreign bank, and any organization operating under section 25 or 25A of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq., 611 et seq.]; an
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2804
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], compliance with the requirements imposed under this chapter shall be enforced under—
(1) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)] by the appropriate Federal banking agency (as defined in section 3(q) of that Act [[12 U.S.C. 1813(q)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)]), with respect to—
(A) insured depository institutions (as defined in section 3(c)(2) of that Act [[12 U.S.C. 1813(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim)]);
(B) depository institutions described in clause (i), (ii), or (iii) of section 19(b)(1)(A) of the Federal Reserve Act [[12 U.S.C. 461(b)(1)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim)] which are not insured depository institutions (as defined in section 3(c)(2) of the Federal Deposit Insurance Act [[12 U.S.C. 1813(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim)]); and
(C) depository institutions described in clause (v) or (vi) of section 19(b)(1)(A) of the Federal Reserve Act [[12 U.S.C. 461(b)(1)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim)] which are not insured depository institutions (as defined in section 3(c)(2) of the Federal Deposit Insurance Act [[12 U
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4309
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], compliance with the requirements imposed under this chapter shall be enforced under—
(1) section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)], by the appropriate Federal banking agency (as defined in section 3(q) of that Act [[12 U.S.C. 1813(q)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)]), with respect to—
(A) insured depository institutions (as defined in section 3(c)(2) of that Act [[12 U.S.C. 1813(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim)]);
(B) depository institutions described in clause (i), (ii), or (iii) of section 19(b)(1)(A) of the Federal Reserve Act [[12 U.S.C. 461(b)(1)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim)] which are not insured depository institutions (as defined in section 3(c)(2) of the Federal Deposit Insurance Act [[12 U.S.C. 1813(c)(2)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/c/2&num=0&edition=prelim)]); and
(C) depository institutions described in clause (v) or (vi) of section 19(b)(1)(A) of the Federal Reserve Act [[12 U.S.C. 461(b)(1)(A)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section461/b/1/A&num=0&edition=prelim)] which are not insured depository institutions (as defined in section 3(c)(2) of the Federal Deposit Insurance Act [[12
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4909
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Bureau is authorized to exercise its authorities under Federal consumer financial law to administer, enforce, and otherwise implement the provisions of Federal consumer financial law.
**(b) Rulemaking, orders, and guidance**
(1) **General authority** — The Director may prescribe rules and issue orders and guidance, as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and objectives of the Federal consumer financial laws, and to prevent evasions thereof.
(2) **Standards for rulemaking** — In prescribing a rule under the Federal consumer financial laws—
(A) the Bureau shall consider—
(i) the potential benefits and costs to consumers and covered persons, including the potential reduction of access by consumers to consumer financial products or services resulting from such rule; and
(ii) the impact of proposed rules on covered persons, as described in [section 5516 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5516&num=0&edition=prelim), and the impact on consumers in rural areas;
(B) the Bureau shall consult with the appropriate prudential regulators or other Federal agencies prior to proposing a rule and during the comment process regarding consistency with prudential, market, or systemic objectives administered by such agencies; and
(C) if, during the consultation process described in subparagraph (B), a prudential regulator provides the Bureau with a written objection to the proposed rule of the Bureau or a portion thereof, the Bureau shall include in the adopting release a description of the objection and the basis for the Bureau decision, if any, regarding such objection, except that nothing in this clause shall be construed as altering
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5516
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