Sec. 3. Prudential regulator as conduit for report requests
385 words·~2 min read·
/bill/113/s/2242/is/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1026(b) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5516(b) ) is amended to read as follows: In this subsection, the term publicly available information means— a Report of Condition and Income submitted to the Federal Deposit Insurance Corporation or the Federal Financial Institutions Examination Council; a Thrift Financial Report submitted to the Office of Thrift Supervision; a Financial Performance Report submitted to the National Credit Union Administration; or any report that is designated by the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Financial Institutions Examination Council, or the National Credit Union Administration, as applicable, as a successor to any report described in subparagraph (A), (B), or (C).
In order to minimize regulatory burden, the Director shall request reports through the prudential regulator from a person described in subsection (a), as necessary to— support the role of the Bureau in implementing Federal consumer financial laws; support examination activities of the Bureau under subsection (c); and assess and detect risks to consumers and consumer financial markets. The Director may not make a request under subparagraph
(A)for an industry-wide report or a report pertaining to 2 or more persons described in subsection (a). The Director may make a request under subparagraph
(A)only if the Director makes a showing to the prudential regulator that publicly available information pertaining to a person described in subsection
(a)is insufficient for the purposes described in clauses (i), (ii), and
(iii)of subparagraph (A). The prudential regulator may deny any request for a report or information made by the Director under subparagraph (A). If a prudential regulator determines to fulfill a request for a report made by the Director under paragraph (2), the prudential regulator shall, to the fullest extent possible, fulfill the request with reports pertaining to a person described in subsection
(a)that have been provided or are required to have been provided to a Federal or State agency. The Director shall accept existing reports in satisfaction of the requirements of this subsection in formats consistent with those submitted to the prudential regulator and Federal and State agencies, including multiple reports, if the prudential regulator has determined that the reports provide the information requested by the Director. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 3
Prudential regulator as conduit for report requests
Cites 1Cited by 0 across 0 sources