Sec. 2. Compliance with Federal consumer financial laws
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Not later than 180 days after the date of the enactment of this Act, the Director of the Bureau of Consumer Financial Protection shall establish procedures for a covered applicant to submit an application to directly or indirectly merge with, or directly or indirectly acquire, a person that offers or provides consumer financial products or services (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481(14) )). The Director shall allow a period of at least 30 days for public comment on applications submitted under paragraph (1).
It shall be unlawful for a covered applicant to directly or indirectly merge with, or directly or indirectly acquire, a person that offers or provides consumer financial products or services (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481(14) )) without the prior written approval of the Director. In considering an application under subsection (a), the Director shall— consider the records of the covered applicant and the person with respect to compliance with the Federal consumer financial laws; and deny such application if the resulting institution would not have adequate systems in place to ensure compliance with the Federal consumer financial laws.
In this section, the term covered applicant means an insured depository institution (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 )) or a depository institution holding company (as defined in such section) with more than $10,000,000,000 in total assets.
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