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12 U.S.C. § 5334 — Additional standards applicable to activities or practices for financial stability purposes
Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Council may provide for more stringent regulation of a financial activity by issuing recommendations to the primary financial regulatory agencies to apply new or heightened standards and safeguards, including standards enumerated in [section 5325 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5325&num=0&edition=prelim), for a financial activity or practice conducted by bank holding companies or nonbank financial companies under their respective jurisdictions, if the Council determines that the conduct, scope, nature, size, scale, concentration, or interconnectedness of such activity or practice could create or increase the risk of significant liquidity, credit, or other problems spreading among bank holding companies and nonbank financial companies, financial markets of the United States, or low-income, minority, or underserved communities.
**(b) Procedure for recommendations to regulators**
(1) **Notice and opportunity for comment** — The Council shall consult with the primary financial regulatory agencies and provide notice to the public and opportunity for comment for any proposed recommendation that the primary financial regulatory agencies apply new or heightened standards and safeguards for a financial activity or practice.
(2) **Criteria** — The new or heightened standards and safeguards for a financial activity or practice recommended under paragraph (1)—
(A) shall take costs to long-term economic growth into account; and
(B) may include prescribing the conduct of the activity or practice in specific ways (such as by limiting its scope, or applying particular capital or risk management requirements to the conduct of the activity) or prohibiting the activity or practice.
**(c) Implementa
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Stable record: federal_law:legal_authorities:record_usc_78d20a2f65c27b7ff81eff52
Source file: Laws/federal/codes/united-states-code/title-12/section-5334-additional-standards-applicable-to-activities-or-practices-for-financial--398d618523.md
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Passage SHA-256: 13e2c2c360290a8677916d52fe950012d058ca5886316dae9030e772f0629c43
Source location: Title 12, Chapter 53, § 5334; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) In general** The Council may provide for more stringent regulation of a financial activity by issuing recommendations to the primary financial regulatory agencies to apply new or heightened standards and safeguards, including standards enumerated in [section 5325 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5325&num=0&edition=prelim), for a financial activity or practice conducted by bank holding companies or nonbank financial companies under their respective jurisdictions, if the Council determines that the conduct, scope, nature, size, scale, concentration, or interconnectedness of such activity or practice could create or increase the risk of significant liquidity, credit, or other problems spreading among bank holding companies and nonbank financial companies, financial markets of the United States, or low-income, minority, or underserved communities.
**(b) Procedure for recommendations to regulators**
(1) **Notice and opportunity for comment** — The Council shall consult with the primary financial regulatory agencies and provide notice to the public and opportunity for comment for any proposed recommendation that the primary financial regulatory agencies apply new or heightened standards and safeguards for a financial activity or practice.
(2) **Criteria** — The new or heightened standards and safeguards for a financial activity or practice recommended under paragraph (1)—
(A) shall take costs to long-term economic growth into account; and
(B) may include prescribing the conduct of the activity or practice in specific ways (such as by limiting its scope, or applying particular capital or risk management requirements to the conduct of the activity) or prohibiting the activity or practice.
**(c) Implementation of recommended standards**
(1) **Role of primary financial regulatory agency**
(A) *In general* — Each primary financial regulatory agency may impose, require reports regarding, examine for compliance with, and enforce standards in accordance with this section with respect to those entities for which it is the primary financial regulatory agency.
(B) *Rule of construction* — The authority under this paragraph is in addition to, and does not limit, any other authority of a primary financial regulatory agency. Compliance by an entity with actions taken by a primary financial regulatory agency under this section shall be enforceable in accordance with the statutes governing the respective jurisdiction of the primary financial regulatory agency over the entity, as if the agency action were taken under those statutes.
(2) **Imposition of standards** — The primary financial regulatory agency shall impose the standards recommended by the Council in accordance with subsection (a), or similar standards that the Council deems acceptable, or shall explain in writing to the Council, not later than 90 days after the date on which the Council issues the recommendation, why the agency has determined not to follow the recommendation of the Council.
**(d) Report to Congress** The Council shall report to Congress on—
(1) any recommendations issued by the Council under this section;
(2) the implementation of, or failure to implement, such recommendation on the part of a primary financial regulatory agency; and
(3) in any case in which no primary financial regulatory agency exists for the nonbank financial company conducting financial activities or practices referred to in subsection (a), recommendations for legislation that would prevent such activities or practices from threatening the stability of the financial system of the United States.
**(e) Effect of rescission of identification**
(1) **Notice** — The Council may recommend to the relevant primary financial regulatory agency that a financial activity or practice no longer requires any standards or safeguards implemented under this section.
(2) **Determination of primary financial regulatory agency to continue**
(A) *In general* — Upon receipt of a recommendation under paragraph (1), a primary financial regulatory agency that has imposed standards under this section shall determine whether such standards should remain in effect.
(B) *Appeal process* — Each primary financial regulatory agency that has imposed standards under this section shall promulgate regulations to establish a procedure under which entities under its jurisdiction may appeal a determination by such agency under this paragraph that standards imposed under this section should remain in effect.
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5325
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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) Data standards**
(1) **Requirement** — The Comptroller of the Currency shall, by rule, adopt data standards for all collections of information that are regularly filed with or submitted to the Comptroller of the Currency by any entity with respect to which the Office of the Comptroller of the Currency is the appropriate Federal banking agency (as defined in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim)).
(2) **Consistency** — The data standards required under paragraph (1) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under [section 5334 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5334&num=0&edition=prelim), including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
**(b) Open data publication** All public data assets published by the Comptroller of the Currency under title LXII or the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 1376) shall be—
(1) made available as an open Government data asset (as defined in [section 3502 of title 44](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3502&num=0&edition=prelim));
(2) freely available for download;
(3) rendered in a human-readable format; and
(4) accessible via application programming interface where appropriate.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 14a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Requirement** The Board shall, by rule, adopt data standards for all collections of information and reports regularly filed with or submitted to the Administration under this chapter.
**(b) Consistency** The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under [section 5334 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5334&num=0&edition=prelim), including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1773
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definition** In this section, the term “financial company” has the meaning given the term in section 201(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ([12 U.S.C. 5381(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5381/a&num=0&edition=prelim)).
**(b) Requirement** The Corporation shall, by rule, adopt data standards for all collections of information with respect to information received by the Corporation from any depository institution or financial company under this chapter or under title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act ([12 U.S.C. 5381](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5381&num=0&edition=prelim) et seq.).
**(c) Consistency** The data standards required under subsection (b) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under [section 5334 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5334&num=0&edition=prelim), including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1831cc
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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) Requirement** The Agency shall, by rule, adopt data standards for all collections of information that are regularly filed with or submitted to the Agency.
**(b) Consistency** The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under [section 5334 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5334&num=0&edition=prelim), including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 4542
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Federal law — U.S. Code and appendices · legal_authorities
All public data assets published by the Secretary under this part shall be—
(1) made available as an open Government data asset (as defined in [section 3502 of title 44](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3502&num=0&edition=prelim));
(2) freely available for download;
(3) rendered in a human-readable format; and
(4) accessible via application programming interface where appropriate.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5344
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Federal law — U.S. Code and appendices · legal_authorities
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5365
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Information to assess systemic importance**
(1) **Financial market utilities** — The Council is authorized to require any financial market utility to submit such information as the Council may require for the sole purpose of assessing whether that financial market utility is systemically important, but only if the Council has reasonable cause to believe that the financial market utility meets the standards for systemic importance set forth in [section 5463 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5463&num=0&edition=prelim).
(2) **Financial institutions engaged in payment, clearing, or settlement activities** — The Council is authorized to require any financial institution to submit such information as the Council may require for the sole purpose of assessing whether any payment, clearing, or settlement activity engaged in or supported by a financial institution is systemically important, but only if the Council has reasonable cause to believe that the activity meets the standards for systemic importance set forth in [section 5463 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5463&num=0&edition=prelim).
**(b) Reporting after designation**
(1) **Designated financial market utilities** — The Board of Governors and the Council may each require a designated financial market utility to submit reports or data to the Board of Governors and the Council in such frequency and form as deemed necessary by the Board of Governors or the Council in order to assess the safety and soundness of the utility and the systemic risk that the utility’s operations pose to the financial system.
(2) **Financial institutions subject to standards for designated activities** — The Board of Govern
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5471
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