12 U.S.C. § 5329 — Resolution of supervisory jurisdictional

Page 1845 TITLE 12—BANKS AND BANKING § 5330 1 See References in Text note below. graph (1), the Council shall submit a report to, and may testify before, the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives on the proposed decision of the Council regard- ing an appeal under paragraph (1), which re- port shall include a statement of the basis for the proposed decision of the Council. (B) Notice of final decision The Council shall notify the subject entity of the final decision of the Council regarding an appeal under paragraph (1), which notice shall contain a statement of the basis for the final decision of the Council, not later than 60 days after the later of— (i) the date of the submission of the re- port under subparagraph (A); or (ii) if, not later than 1 year after the date of submission of the report under sub- paragraph (A), the Committee on Banking, Housing, and Urban Affairs of the Senate or the Committee on Financial Services of the House of Representatives holds one or more hearings regarding such report, the date of the last such hearing. (C) Considerations In making a decision regarding an appeal under paragraph (1), the Council shall con- sider whether the company meets the stand- ards under section 5323(a) or 5323(b) of this title, as applicable, and the definition of the term ‘‘nonbank financial company’’ under section 5311 of this title. The decision of the Council shall be final, subject to the review under paragraph (3). (3) Review If the Council denies an appeal under this subsection, the Council shall, not less fre- quently than annually, review and reevaluate the decision. (Pub. L. 111–203, title I, § 117, July 21, 2010, 124 Stat. 1406.) Editorial Notes REFERENCES IN TEXT The Emergency Economic Stabilization Act of 2008, referred to in subsec. (a)(1)(B), is div. A of Pub. L. 110–343, Oct. 3, 2008, 122 Stat. 3765, which is classified principally to chapter 52 (§ 5201 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5201 of this title and Tables. § 5328. Council funding Any expenses of the Council shall be treated as expenses of, and paid by, the Office of Finan- cial Research. (Pub. L. 111–203, title I, § 118, July 21, 2010, 124 Stat. 1408.) § 5329. Resolution of supervisory jurisdictional disputes among member agencies (a) Request for Council recommendation The Council shall seek to resolve a dispute among 2 or more member agencies, if— (1) a member agency has a dispute with an- other member agency about the respective ju- risdiction over a particular bank holding com- pany, nonbank financial company, or financial activity or product (excluding matters for which another dispute mechanism specifically has been provided under title X); 1 (2) the Council determines that the dis- puting agencies cannot, after a demonstrated good faith effort, resolve the dispute without the intervention of the Council; and (3) any of the member agencies involved in the dispute— (A) provides all other disputants prior no- tice of the intent to request dispute resolu- tion by the Council; and (B) requests in writing, not earlier than 14 days after providing the notice described in subparagraph (A), that the Council seek to resolve the dispute. (b) Council recommendation The Council shall seek to resolve each dispute described in subsection (a)— (1) within a reasonable time after receiving the dispute resolution request; (2) after consideration of relevant informa- tion provided by each agency party to the dis- pute; and (3) by agreeing with 1 of the disputants re- garding the entirety of the matter, or by de- termining a compromise position. (c) Form of recommendation Any Council recommendation under this sec- tion shall— (1) be in writing; (2) include an explanation of the reasons therefor; and (3) be approved by the affirmative vote of 2⁄3 of the voting members of the Council then serving. (d) Nonbinding effect Any recommendation made by the Council under subsection (c) shall not be binding on the Federal agencies that are parties to the dispute. (Pub. L. 111–203, title I, § 119, July 21, 2010, 124 Stat. 1408.) Editorial Notes REFERENCES IN TEXT Title X, referred to in subsec. (a)(1), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which en- acted subchapter V (§ 5481 et seq.) of this chapter and enacted, amended, and repealed numerous other sec- tions and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables. § 5330. Additional standards applicable to activi- ties or practices for financial stability pur- poses (a) In general The Council may provide for more stringent regulation of a financial activity by issuing rec- ommendations to the primary financial regu- latory agencies to apply new or heightened standards and safeguards, including standards enumerated in section 5325 of this title, for a fi-