§ 5329. Resolution of supervisory jurisdictional disputes among member agencies

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(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); 1

(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.

(Pub. L. 111–203, title I, § 119, July 21, 2010, 124 Stat. 1408.)

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U.S. Code

§ 5322
Council authority

statute-compilations

Sec. 119
RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES

statutes-at-large

Public Law 111–203
To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes

bill

Traces to 1 document

U.S. Code

Definitions
§ 5301

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1
Pub. L. 111–203, title I, § 119
124 Stat. 1408
Pub. L. 111–203
124 Stat. 1955

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cites case law

§ 5329

Resolution of supervisory jurisdictional disputes among member agencies

Bills×2

Stat. Comp.×1

Stat.×1

U.S.C.×1

U.S.C.§ 5301

Cite1

Pub. L.Pub. L. 111–203, title I, § 119

Stat.124 Stat. 1408

Pub. L.Pub. L. 111–203

Stat.124 Stat. 1955

Cites 6Cited by 5 across 4 sources