§5329 — Title 12 Banks and Banking | U.S. Code

Summary

The Council must try to settle a dispute between 2 or more member agencies when one agency disagrees with another about who has authority over a specific bank holding company, nonbank financial company, or financial activity or product, and the issue is not handled by a different process under title X. The Council will step in only after it finds the agencies tried in good faith and still could not reach an agreement, and after one agency gives notice to the others and then asks the Council in writing at least 14 days after that notice. The Council must act within a reasonable time, consider relevant information from each agency, and either accept one agency’s position in full or work out a compromise. Any recommendation must be written, explain the reasons, and be approved by an affirmative vote of 2/3 of the Council’s voting members then serving. The recommendation is not binding on the agencies involved.

Title 12, §5329

Banks and Banking — Source: USLM XML via OLRC

(a)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); 11 See References in Text note below.

(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)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)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)Any recommendation made by the Council under subsection (c) shall not be binding on the Federal agencies that are parties to the dispute.

Notes & Related Subsidiaries

Editorial Notes

References in 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.

§5329 Resolution of supervisory jurisdictional disputes among member agencies