§5516 Other banks, savings associations, and credit unions

Summary

Banks and credit unions with total assets of $10,000,000,000 or less are covered. The consumer protection agency (the Bureau) can ask them for reports to help enforce consumer finance rules, run exams, and find risks to consumers and markets. The Bureau must use reports already given to federal or state agencies and public information when it can, but it can still require information a bank or credit union owns even if someone else stores it. The Bureau will give the IRS any exam reports that show possible tax problems. The Bureau can place its examiners on some of the exams done by the agency that usually supervises the bank or credit union. That supervising agency must share exam records, let the Bureau examiner take part in the whole exam, and consider the Bureau’s input on the exam’s scope, findings, and ratings. Except for asking for reports, the supervising agency has the exclusive power to enforce consumer rules for these institutions. If the Bureau thinks a serious violation happened, it must notify the supervisor in writing and recommend action, and the supervisor must reply in writing within 60 days. Service providers that work for many of these banks or credit unions are subject to the Bureau’s authority like it were a federal bank agency, and the Bureau must coordinate with the supervisor when examining or asking for reports from those service providers.