Sec. 104. Regulatory consultation and coordination
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/bill/114/hr/1491/ih/section-104·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Director may, in carrying out any duty, responsibility, requirement, or action authorized under this Act, consult with the Federal regulatory agencies, any individual Federal regulatory agency, the Secretary of the Treasury, any State banking regulator, any State insurance regulator, and any other State agency, as the Director necessary and appropriate. The Director shall, as appropriate, in carrying out any duty, responsibility, requirement, or action authorized under this Act, coordinate with the Federal regulatory agencies, any individual Federal regulatory agency, the Secretary of the Treasury, any State banking regulator, any State insurance regulator, any other State agency.
To the extent that the head of any Federal agency determines that any rule, directive, or guidance of Ginnie Mae conflicts with a rule, directive, or guidance of such agency and notifies the Director of such conflict, the Director shall enter into consultation with such agency to ensure coordination required under paragraph
(1)of this subsection and compliance with subsection (c)(1)(C). To the fullest extent possible, the Director shall— avoid duplication of examination activities, reporting requirements, and requests for information; rely on examination reports made by other Federal or State regulatory agencies relating to an approved entity and its subsidiaries, if any; and ensure that market participants and participating aggregators are not subject to conflicting supervisory demands by Ginnie Mae and other Federal regulatory agencies. The authority of Ginnie Mae under this Act and the amendments made by this Act to operate the Platform, issue securities, regulate market participants and participating aggregators (including with respect to safety and soundness as provided in section 103), and ensure the functioning and liquidity of the mortgage market may not be construed to authorize Ginnie Mae to generally regulate with respect to consumer protection. Pursuant to the authorities provided under subsections
(a)and (b), to facilitate the consultative process and coordination, the Director may share information with the Federal regulatory agencies, any individual Federal regulatory agency, the Secretary of the Treasury, any State bank supervisor, any State insurance regulator, any other State agency, or any foreign banking authority, on a one-time, regular, or periodic basis, as determined by the Director, regarding the capital assets and liabilities, financial condition, risk management practices, or any other practice of any market participant or participating aggregator. Information shared by the Director pursuant to paragraph
(1)shall not be construed as waiving, destroying, or otherwise affecting any privilege or confidential status that any market participant, participating aggregator, or any other person may claim with respect to such information under Federal or State law as to any person or entity other than such agencies, agency, supervisor, or authority. No provision of this subsection may be construed as implying or establishing that— any person waives any privilege applicable to information that is shared or transferred under any circumstance to which this subsection does not apply; or any person would waive any privilege applicable to any information by submitting the information directly to the Federal regulatory agencies, any individual Federal regulatory agency, any State bank supervisor, any State insurance regulator, any other State agency, or any foreign banking authority, but for this subsection. Unless otherwise expressly provided by this section, no provision of this section shall limit or be construed to limit, in any way, the existing authority of any Federal agency. For purposes of this section, the term Federal regulatory agency means, individually, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Bureau of Consumer Financial Protection, the National Credit Union Administration, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and the Federal Housing Finance Agency.