§ 5362. Enforcement

382 words·~2 min read·/usc/title-12/section-5362

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(a)In general Except as provided in subsection (b), a nonbank financial company supervised by the Board of Governors and any subsidiaries of such company (other than any depository institution subsidiary) shall be subject to the provisions of subsections

(b)through

(n)of section 1818 of this title, in the same manner and to the same extent as if the company were a bank holding company, as provided in section 1818(b)(3) of this title.

(b)Enforcement authority for functionally regulated subsidiaries

(1)Referral If the Board of Governors determines that a condition, practice, or activity of a depository institution subsidiary or functionally regulated subsidiary of a nonbank financial company supervised by the Board of Governors does not comply with the regulations or orders prescribed by the Board of Governors under this Act, or otherwise poses a threat to the financial stability of the United States, the Board of Governors may recommend, in writing, to the primary financial regulatory agency for the subsidiary that such agency initiate a supervisory action or enforcement proceeding. The recommendation shall be accompanied by a written explanation of the concerns giving rise to the recommendation.

(2)Back-up authority of the Board of Governors If, during the 60-day period beginning on the date on which the primary financial regulatory agency receives a recommendation under paragraph (1), the primary financial regulatory agency does not take supervisory or enforcement action against a subsidiary that is acceptable to the Board of Governors, the Board of Governors (upon a vote of its members) may take the recommended supervisory or enforcement action, as if the subsidiary were a bank holding company subject to supervision by the Board of Governors.

(Pub. L. 111–203, title I, § 162, July 21, 2010, 124 Stat. 1421.)

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CFR

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

statute-compilations

Sec. 162
ENFORCEMENT

bill

Traces to 2 documents

U.S. Code

4 references not yet in our index

Pub. L. 111–203, title I, § 162
124 Stat. 1421
Pub. L. 111–203
124 Stat. 1376

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cites case law

§ 5362

Enforcement

Fed. Reg.×5

Bills×2

C.F.R.×2

Stat. Comp.×1

Stat.×1

U.S.C.§ 1818

U.S.C.§ 5301

Pub. L.Pub. L. 111–203, title I, § 162

Stat.124 Stat. 1421

Pub. L.Pub. L. 111–203

Stat.124 Stat. 1376

Cites 6Cited by 11 across 5 sources