12 U.S.C. § 5326 — Reports

Page 1844 TITLE 12—BANKS AND BANKING § 5326 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. § 5326. Reports (a) In general Subject to subsection (b), the Council, acting through the Office of Financial Research, may require a bank holding company with total con- solidated assets of $250,000,000,000 or greater or a nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, to submit certified reports to keep the Council informed as to— (1) the financial condition of the company; (2) systems for monitoring and controlling financial, operating, and other risks; (3) transactions with any subsidiary that is a depository institution; and (4) the extent to which the activities and op- erations of the company and any subsidiary thereof, could, under adverse circumstances, have the potential to disrupt financial mar- kets or affect the overall financial stability of the United States. (b) Use of existing reports (1) In general For purposes of compliance with subsection (a), the Council, acting through the Office of Financial Research, shall, to the fullest extent possible, use— (A) reports that a bank holding company, nonbank financial company supervised by the Board of Governors, or any functionally regulated subsidiary of such company has been required to provide to other Federal or State regulatory agencies or to a relevant foreign supervisory authority; (B) information that is otherwise required to be reported publicly; and (C) externally audited financial state- ments. (2) Availability Each bank holding company described in subsection (a) and nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, shall provide to the Coun- cil, at the request of the Council, copies of all reports referred to in paragraph (1). (3) Confidentiality The Council shall maintain the confiden- tiality of the reports obtained under sub- section (a) and paragraph (1)(A) of this sub- section. (Pub. L. 111–203, title I, § 116, July 21, 2010, 124 Stat. 1406; Pub. L. 115–174, title IV, § 401(c)(1)(B), May 24, 2018, 132 Stat. 1358.) Editorial Notes AMENDMENTS 2018—Subsec. (a). Pub. L. 115–174 substituted ‘‘$250,000,000,000’’ for ‘‘$50,000,000,000’’ in introductory provisions. 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. § 5327. Treatment of certain companies that cease to be bank holding companies (a) Applicability This section shall apply to— (1) any entity that— (A) was a bank holding company having total consolidated assets equal to or greater than $50,000,000,000 as of January 1, 2010; and (B) received financial assistance under or participated in the Capital Purchase Pro- gram established under the Troubled Asset Relief Program authorized by the Emer- gency Economic Stabilization Act of 2008 [12 U.S.C. 5201 et seq.]; and (2) any successor entity (as defined by the Board of Governors, in consultation with the Council) to an entity described in paragraph (1). (b) Treatment If an entity described in subsection (a) ceases to be a bank holding company at any time after January 1, 2010, then such entity shall be treat- ed as a nonbank financial company supervised by the Board of Governors, as if the Council had made a determination under section 5323 of this title with respect to that entity. (c) Appeal (1) Request for hearing An entity may request, in writing, an oppor- tunity for a written or oral hearing before the Council to appeal its treatment as a nonbank financial company supervised by the Board of Governors in accordance with this section. Upon receipt of the request, the Council shall fix a time (not later than 30 days after the date of receipt of the request) and place at which such entity may appear, personally or through counsel, to submit written materials (or, at the sole discretion of the Council, oral testimony and oral argument). (2) Decision (A) Proposed decision A Council decision to grant an appeal under this subsection shall be made by a vote of not fewer than 2⁄3 of the voting mem- bers then serving, including an affirmative vote by the Chairperson. Not later than 60 days after the date of a hearing under para-