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12 U.S.C. § 5363 — Funding

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

12 U.S.C. § 5363 — Funding

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Stable record: federal_law:legal_authorities:record_usc_6cfceeb0138fcc1c251d2911
Source file: Laws/federal/codes/united-states-code/title-12/section-5363-funding--72a68212bd.md
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Source location: Title 12, Chapter 53, § 5363; chapter-053-wall-street-reform-and-consumer-protection.md

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**(a) Financial Research Fund** (1) **Fund established** — There is established in the Treasury of the United States a separate fund to be known as the “Financial Research Fund”. (2) **Fund receipts** — All amounts provided to the Office under subsection (c),11 So in original. Comma probably should not appear. and all assessments that the Office receives under subsection (d) shall be deposited into the Financial Research Fund. (3) **Investments authorized** (A) *Amounts in fund may be invested* — The Director may request the Secretary to invest the portion of the Financial Research Fund that is not, in the judgment of the Director, required to meet the needs of the Office. (B) *Eligible investments* — Investments shall be made by the Secretary in obligations of the United States or obligations that are guaranteed as to principal and interest by the United States, with maturities suitable to the needs of the Financial Research Fund, as determined by the Director. (4) **Interest and proceeds credited** — The interest on, and the proceeds from the sale or redemption of, any obligations held in the Financial Research Fund shall be credited to and form a part of the Financial Research Fund. **(b) Use of funds** (1) **In general** — Funds obtained by, transferred to, or credited to the Financial Research Fund shall be immediately available to the Office, and shall remain available until expended, to pay the expenses of the Office in carrying out the duties and responsibilities of the Office. (2) **Fees, assessments, and other funds not Government funds** — Funds obtained by, transferred to, or credited to the Financial Research Fund shall not be construed to be Government funds or appropriated moneys. (3) **Amounts not subject to apportionment** — Notwithstanding any other provision of law, amounts in the Financial Research Fund shall not be subject to apportionment for purposes of chapter 15 of title 31, or under any other authority, or for any other purpose. **(c) Interim funding** During the 2-year period following July 21, 2010, the Board of Governors shall provide to the Office an amount sufficient to cover the expenses of the Office. **(d) Permanent self-funding** Beginning 2 years after July 21, 2010, the Secretary shall establish, by regulation, and with the approval of the Council, an assessment schedule, including the assessment base and rates, applicable to bank holding companies with total consolidated assets of $$250,000,000,000 22 See Codification and 2018 Amendment notes below. or greater and nonbank financial companies supervised by the Board of Governors, that takes into account differences among such companies, based on the considerations for establishing the prudential standards under [section 5325 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5325&num=0&edition=prelim), to collect assessments equal to the total expenses of the Office.

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

12 U.S.C. § 5325 — Financial Stability Oversight Council established

**(a) Establishment** Effective on July 21, 2010, there is established the Financial Stability Oversight Council. **(b) Membership** The Council shall consist of the following members: (1) **Voting members** — The voting members, who shall each have 1 vote on the Council shall be— (A) the Secretary of the Treasury, who shall serve as Chairperson of the Council; (B) the Chairman of the Board of Governors; (C) the Comptroller of the Currency; (D) the Director of the Bureau; (E) the Chairman of the Commission; (F) the Chairperson of the Corporation; (G) the Chairperson of the Commodity Futures Trading Commission; (H) the Director of the Federal Housing Finance Agency; (I) the Chairman of the National Credit Union Administration Board; and (J) an independent member appointed by the President, by and with the advice and consent of the Senate, having insurance expertise. (2) **Nonvoting members** — The nonvoting members, who shall serve in an advisory capacity as a nonvoting member of the Council, shall be— (A) the Director of the Office of Financial Research; (B) the Director of the Federal Insurance Office; (C) a State insurance commissioner, to be designated by a selection process determined by the State insurance commissioners; (D) a State banking supervisor, to be designated by a selection process determined by the State banking supervisors; and (E) a State securities commissioner (or an officer performing like functions), to be designated by a selection process determined by such State securities commissioners. (3) **Nonvoting member participation** — The nonvoting members of the Council shall not be excluded from any of the proceedings, meetings, discussions, or deliberations of the Council, except that the Chairperson m

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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. § 5363 — Acquisitions

Page 1856 TITLE 12—BANKS AND BANKING § 5363 1 So in original. Probably should be ‘‘Institution’’. 2 So in original. There is no section 7 of such Act. (2) Back-up authority of the Board of Gov- ernors If, during the 60-day period beginning on the date on which the primary financial regu- latory agency receives a recommendation under paragraph (1), the primary financial reg- ulatory agency does not take supervisory or enforcement action against a subsidiary that is acceptable to the Board of Governors, the Board of Governors (upon a vote of its mem- bers) may take the recommended supervisory or enforcement action, as if the subsidiary were a bank holding company subject to su- pervision by the Board of Governors. (Pub. L. 111–203, title I, § 162, July 21, 2010, 124 Stat. 1421.) Editorial Notes REFERENCES IN TEXT This Act, referred to in subsec. (b)(1), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd- Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables. § 5363. Acquisitions (a) Acquisitions of banks; treatment as a bank holding company For purposes of section 1842 of this title, a nonbank financial company supervised by the Board of Governors shall be deemed to be, and shall be treated as, a bank holding company. (b) Acquisition of nonbank companies (1) Prior notice for large acquisitions Notwithstanding section 1843(k)(6)(B) of this title, a bank holding company with total con- solidated assets e

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5363

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