dreamproit/uscode huggingface dataset:
12 U.S.C. § 5303 (BANKS AND BANKING)
§ 5303. Antitrust savings clause
Nothing in this Act, or any amendment made by this Act, shall be construed to modify, impair, or supersede the operation of any of the antitrust laws, unless otherwise specified. For purposes of this section, the term “antitrust laws” has the same meaning as in subsection (a) of section 12 of title 15, except that such term includes section 45 of title 15, to the extent that such section 45 applies to unfair methods of competition.
(Pub. L. 111–203, § 6, July 21, 2010, 124 Stat. 1390.)
heading: Editorial Notes
heading: References in Text
text: This Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
12 U.S.C. § 5324 (BANKS AND BANKING)
§ 5324. Registration of nonbank financial companies supervised by the Board of Governors
Not later than 180 days after the date of a final Council determination under section 5323 of this title that a nonbank financial company is to be supervised by the Board of Governors, such company shall register with the Board of Governors, on forms prescribed by the Board of Governors, which shall include such information as the Board of Governors, in consultation with the Council, may deem necessary or appropriate to carry out this subchapter.
(Pub. L. 111–203, title I, § 114, July 21, 2010, 124 Stat. 1403.)
heading: Editorial Notes
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1391, which is classified principally to this subchapter. For complete classification of title I to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5326 (BANKS AND BANKING)
§ 5326. Reports
(a) In general
Subject to subsection (b), the Council, acting through the Office of Financial Research, may require a bank holding company with total consolidated assets of $250,000,000,000 or greater or a nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, to submit certified reports to keep the Council informed as to—
(1) the financial condition of the company;
(2) systems for monitoring and controlling financial, operating, and other risks;
(3) transactions with any subsidiary that is a depository institution; and
(4) the extent to which the activities and operations of the company and any subsidiary thereof, could, under adverse circumstances, have the potential to disrupt financial markets or affect the overall financial stability of the United States.
(b) Use of existing reports
(1) In general
For purposes of compliance with subsection (a), the Council, acting through the Office of Financial Research, shall, to the fullest extent possible, use—
(A) reports that a bank holding company, nonbank financial company supervised by the Board of Governors, or any functionally regulated subsidiary of such company has been required to provide to other Federal or State regulatory agencies or to a relevant foreign supervisory authority;
(B) information that is otherwise required to be reported publicly; and
(C) externally audited financial statements.
(2) Availability
Each bank holding company described in subsection (a) and nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, shall provide to the Council, at the request of the Council, copies of all reports referred to in paragraph (1).
(3) Confidentiality
The Council shall maintain the confidentiality of the reports obtained under subsection (a) and paragraph (1)(A) of this subsection.
(Pub. L. 111–203, title I, § 116, July 21, 2010, 124 Stat. 1406; Pub. L. 115–174, title IV, § 401(c)(1)(B), May 24, 2018, 132 Stat. 1358.)
heading: Editorial Notes
heading: Amendments
text: 2018—Subsec. (a). Pub. L. 115–174 substituted “$250,000,000,000” for “$50,000,000,000” in introductory provisions.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 2018 Amendment
text: Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.
heading: Construction of 2018 Amendment
text: For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title.
12 U.S.C. § 5329 (BANKS AND BANKING)
§ 5329. Resolution of supervisory jurisdictional disputes among member agencies
(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.)
heading: Editorial Notes
heading: References in Text
text: Title X, referred to in subsec. (a)(1), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted subchapter V (§ 5481 et seq.) of this chapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5341 (BANKS AND BANKING)
§ 5341. Definitions
For purposes of this part—
(1) the terms “Office” and “Director” mean the Office of Financial Research established under this part and the Director thereof, respectively;
(2) the term “financial company” has the same meaning as in subchapter II, and includes an insured depository institution and an insurance company;
(3) the term “Data Center” means the data center established under section 5344 of this title;
(4) the term “Research and Analysis Center” means the research and analysis center established under section 5344 of this title;
(5) the term “financial transaction data” means the structure and legal description of a financial contract, with sufficient detail to describe the rights and obligations between counterparties and make possible an independent valuation;
(6) the term “position data”—
(A) means data on financial assets or liabilities held on the balance sheet of a financial company, where positions are created or changed by the execution of a financial transaction; and
(B) includes information that identifies counterparties, the valuation by the financial company of the position, and information that makes possible an independent valuation of the position;
(7) the term “financial contract” means a legally binding agreement between 2 or more counterparties, describing rights and obligations relating to the future delivery of items of intrinsic or extrinsic value among the counterparties; and
(8) the term “financial instrument” means a financial contract in which the terms and conditions are publicly available, and the roles of one or more of the counterparties are assignable without the consent of any of the other counterparties (including common stock of a publicly traded company, government bonds, or exchange traded futures and options contracts).
(Pub. L. 111–203, title I, § 151, July 21, 2010, 124 Stat. 1412.)
heading: Editorial Notes
heading: References in Text
text: Subchapter II, referred to in par. (2), was in the original “title II”, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to subchapter II (§ 5381 et seq.) of this chapter. For complete classification of title II to the Code, see Tables.
12 U.S.C. § 5362 (BANKS AND BANKING)
§ 5362. Enforcement
(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.)
heading: Editorial Notes
heading: References in Text
text: This Act, referred to in subsec. (b)(1), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5363 (BANKS AND BANKING)
§ 5363. Acquisitions
(a) Acquisitions of banks; treatment as a bank holding company
For purposes of section 1842 of this title, a nonbank financial company supervised by the Board of Governors shall be deemed to be, and shall be treated as, a bank holding company.
(b) Acquisition of nonbank companies
(1) Prior notice for large acquisitions
Notwithstanding section 1843(k)(6)(B) of this title, a bank holding company with total consolidated assets equal to or greater than $250,000,000,000 or a nonbank financial company supervised by the Board of Governors shall not acquire direct or indirect ownership or control of any voting shares of any company (other than an insured depository institution) that is engaged in activities described in section 1843(k) of this title having total consolidated assets of $10,000,000,000 or more, without providing written notice to the Board of Governors in advance of the transaction.
(2) Exemptions
The prior notice requirement in paragraph (1) shall not apply with regard to the acquisition of shares that would qualify for the exemptions in section 1843(c) of this title or section 1843(k)(4)(E) of this title.
(3) Notice procedures
The notice procedures set forth in section 1843(j)(1) of this title, without regard to section 1843(j)(3) of this title, shall apply to an acquisition of any company (other than an insured depository institution) by a bank holding company with total consolidated assets equal to or greater than $250,000,000,000 or a nonbank financial company supervised by the Board of Governors, as described in paragraph (1), including any such company engaged in activities described in section 1843(k) of this title.
(4) Standards for review
In addition to the standards provided in section 1843(j)(2) of this title, the Board of Governors shall consider the extent to which the proposed acquisition would result in greater or more concentrated risks to global or United States financial stability or the United States economy.
(5) Hart-Scott-Rodino filing requirement
Solely for purposes of section 18a(c)(8) of title 15, the transactions subject to the requirements of paragraph (1) shall be treated as if Board of Governors approval is not required.
(Pub. L. 111–203, title I, § 163, July 21, 2010, 124 Stat. 1422; Pub. L. 115–174, title IV, § 401(c)(1)(E), May 24, 2018, 132 Stat. 1358.)
heading: Editorial Notes
heading: Amendments
text: 2018—Subsec. (b)(1), (3). Pub. L. 115–174 substituted “$250,000,000,000” for “$50,000,000,000”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 2018 Amendment
text: Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.
heading: Construction of 2018 Amendment
text: For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title.
12 U.S.C. § 5364 (BANKS AND BANKING)
§ 5364. Prohibition against management interlocks between certain financial companies
A nonbank financial company supervised by the Board of Governors shall be treated as a bank holding company for purposes of the Depository Institutions 1 Management Interlocks Act (12 U.S.C. 3201 et seq.), except that the Board of Governors shall not exercise the authority provided in section 7 2 of that Act (12 U.S.C. 3207) to permit service by a management official of a nonbank financial company supervised by the Board of Governors as a management official of any bank holding company with total consolidated assets equal to or greater than $250,000,000,000, or other nonaffiliated nonbank financial company supervised by the Board of Governors (other than to provide a temporary exemption for interlocks resulting from a merger, acquisition, or consolidation).
(Pub. L. 111–203, title I, § 164, July 21, 2010, 124 Stat. 1423; Pub. L. 115–174, title IV, § 401(c)(1)(F), May 24, 2018, 132 Stat. 1358.)
heading: Editorial Notes
heading: References in Text
text: The Depository Institution Management Interlocks Act, referred to in text, is title II of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3672, which is classified principally to chapter 33 (§ 3201 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 3201 of this title and Tables.
heading: Amendments
text: 2018—Pub. L. 115–174 substituted “$250,000,000,000” for “$50,000,000,000”.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date of 2018 Amendment
text: Except as otherwise provided, amendment by Pub. L. 115–174 effective 18 months after May 24, 2018, see section 401(d) of Pub. L. 115–174, set out as a note under section 5365 of this title.
heading: Construction of 2018 Amendment
text: For construction of amendment by Pub. L. 115–174 as applied to certain foreign banking organizations, see section 401(g) of Pub. L. 115–174, set out as a note under section 5365 of this title.
12 U.S.C. § 5368 (BANKS AND BANKING)
§ 5368. Regulations
The Board of Governors shall have authority to issue regulations to implement parts A and C and the amendments made thereunder. Except as otherwise specified in part A or C, not later than 18 months after the effective date of this Act, the Board of Governors shall issue final regulations to implement parts A and C, and the amendments made thereunder.
(Pub. L. 111–203, title I, § 168, July 21, 2010, 124 Stat. 1434.)
heading: Editorial Notes
heading: References in Text
text: Part C, referred to in text, was in the original “subtitle C”, meaning subtitle C (§§ 161–176) of title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1420, which is classified principally to this part. For complete classification of subtitle C to the Code, see Tables.
The effective date of this Act, referred to in text, is 1 day after July 21, 2010, except as otherwise specifically provided in Pub. L. 111–203, see section 4 of Pub. L. 111–203, set out as an Effective Date note under section 5301 of this title.
12 U.S.C. § 5369 (BANKS AND BANKING)
§ 5369. Avoiding duplication
The Board of Governors shall take any action that the Board of Governors deems appropriate to avoid imposing requirements under this part that are duplicative of requirements applicable to bank holding companies and nonbank financial companies under other provisions of law.
(Pub. L. 111–203, title I, § 169, July 21, 2010, 124 Stat. 1434.)
heading: Editorial Notes
heading: References in Text
text: This part, referred to in text, was in the original “this subtitle”, meaning subtitle C (§§ 161–176) of title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1420, which is classified principally to this part. For complete classification of subtitle C to the Code, see Tables.
12 U.S.C. § 5372 (BANKS AND BANKING)
§ 5372. Rule of construction
Nothing in this Act shall be construed to limit or curtail the Corporation’s current authority to examine or bring enforcement actions with respect to any insured depository institution or institution-affiliated party.
(Pub. L. 111–203, title I, § 172(c), July 21, 2010, 124 Stat. 1439.)
heading: Editorial Notes
heading: References in Text
text: This Act, referred to in text, is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§ 8201 et seq.) and 109 (§ 8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5374 (BANKS AND BANKING)
§ 5374. Rule of construction
No regulation or standard imposed under this subchapter may be construed in a manner that would lessen the stringency of the requirements of any applicable primary financial regulatory agency or any other Federal or State agency that are otherwise applicable. This subchapter, and the rules and regulations or orders prescribed pursuant to this subchapter, do not divest any such agency of any authority derived from any other applicable law.
(Pub. L. 111–203, title I, § 176, July 21, 2010, 124 Stat. 1442.)
heading: Editorial Notes
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1391, which is classified principally to this subchapter. For complete classification of title I to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5386 (BANKS AND BANKING)
§ 5386. Mandatory terms and conditions for all orderly liquidation actions
In taking action under this subchapter, the Corporation shall—
(1) determine that such action is necessary for purposes of the financial stability of the United States, and not for the purpose of preserving the covered financial company;
(2) ensure that the shareholders of a covered financial company do not receive payment until after all other claims and the Fund are fully paid;
(3) ensure that unsecured creditors bear losses in accordance with the priority of claim provisions in section 5390 of this title;
(4) ensure that management responsible for the failed condition of the covered financial company is removed (if such management has not already been removed at the time at which the Corporation is appointed receiver);
(5) ensure that the members of the board of directors (or body performing similar functions) responsible for the failed condition of the covered financial company are removed, if such members have not already been removed at the time the Corporation is appointed as receiver; and
(6) not take an equity interest in or become a shareholder of any covered financial company or any covered subsidiary.
(Pub. L. 111–203, title II, § 206, July 21, 2010, 124 Stat. 1459.)
heading: Editorial Notes
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title II of Pub. L. 111–203, July 21, 2010, 124 Stat. 1442, which is classified principally to this subchapter. For complete classification of title II to the Code, see Tables.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
12 U.S.C. § 5387 (BANKS AND BANKING)
§ 5387. Directors not liable for acquiescing in appointment of receiver
The members of the board of directors (or body performing similar functions) of a covered financial company shall not be liable to the shareholders or creditors thereof for acquiescing in or consenting in good faith to the appointment of the Corporation as receiver for the covered financial company under section 5383 of this title.
(Pub. L. 111–203, title II, § 207, July 21, 2010, 124 Stat. 1459.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.