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Code · STATUTE-COMPILATIONS · Dodd-Frank Wall Street Reform and Consumer Protection Act · Sec. 119

Sec. 119. RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES

299 words·~1 min read·/statute-compilations/comps-9515/sec-119

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## SEC. 119 RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES **[**[12 U.S.C. 5329](/us/usc/t12/s5329)**]** ###
(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 another member agency about the respective jurisdiction over a particular bank holding company, nonbank financial company, or financial activity or product (excluding matters for which another dispute mechanism specifically has been provided under title X); ####
(2)the Council determines that the disputing 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 notice of the intent to request dispute resolution 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 information provided by each agency party to the dispute; and ####
(3)by agreeing with 1 of the disputants regarding the entirety of the matter, or by determining a compromise position. ###
(c)Form of Recommendation Any Council recommendation under this section shall— ####
(1)be in writing; ####
(2)include an explanation of the reasons therefor; and ####
(3)be approved by the affirmative vote of ⅔ 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.
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Sec. 119
RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES
U.S.C.§ 5329
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