§4521 — Title 12 Banks and Banking | U.S. Code

Summary

The Director must send a written report by June 15 each year to the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs. The report must say what the Director has done and is doing to carry out this law; describe the financial safety and soundness of each regulated entity and give the results of their annual exams; offer any recommended law changes to improve safety; say whether each entity’s procedures under 42 U.S.C. 4012a(b)(3) are adequate and being followed and give the results of any compliance exams (including how compliance was checked, the kinds and sources of problems found, and fixes taken); give the Board’s view on safety, material problems, overall operations, and how well the entities do their jobs; and describe the Agency’s operations, resources, performance, and other related matters. The Director must also send, by March 15 each year, a written report about the prior calendar year that lists all requests the Director made to the Attorney General for enforcement under subchapter III and what happened to each. That report must state the total number of requests; how many led to Department of Justice litigation and how many did not; for those that became litigation, the number of days from request to start and the number of days from start to end; and the counts of requests pending at the start of the year, made during the year, completed during the year, and pending at year end.

Title 12, §4521

Banks and Banking — Source: USLM XML via OLRC

(a)The Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate, not later than June 15 of each year, a written report, which shall include—

(1)a description of the actions taken, and being undertaken, by the Director to carry out this chapter;

(2)a description of the financial safety and soundness of each regulated entity, including the results and conclusions of the annual examinations of the regulated entities conducted under section 4517(a) of this title;

(3)any recommendations for legislation to enhance the financial safety and soundness of the regulated entities;

(4)a description of—

(A)whether the procedures established by each regulated entity pursuant to section 4012a(b)(3) of title 42 are adequate and being complied with, and

(B)the results and conclusions of any examination, as determined necessary by the Director, to determine the compliance of the regulated entities with the requirements of section 4012a(b)(3) of title 42, which shall include a description of the methods used to determine compliance and the types and sources of deficiencies (if any), and identify any corrective measures that have been taken to remedy any such deficiencies,

(5)the assessment of the Board or any of its members with respect to—

(A)the safety and soundness of the regulated entities;

(B)any material deficiencies in the conduct of the operations of the regulated entities;

(C)the overall operational status of the regulated entities; and

(D)an evaluation of the performance of the regulated entities in carrying out their respective missions;

(6)operations, resources, and performance of the Agency; and

(7)such other matters relating to the Agency and the fulfillment of its mission.

(b)Not later than March 15 of each year, the Director shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a written report describing, for the preceding calendar year, the requests by the Director to the Attorney General for enforcement actions under subchapter III and describing the disposition of each request, which shall include statements of—

(1)the total number of requests made by the Director;

(2)the number of requests that resulted in the commencement of litigation by the Department of Justice;

(3)the number of requests that did not result in the commencement of litigation by the Department of Justice;

(4)with respect to requests that resulted in the commencement of litigation—

(A)the number of days between the date of the request and the commencement of the litigation; and

(B)the number of days between the date of the commencement and termination of the litigation; and

(5)the number of litigation requests pending at the beginning of the calendar year, the number of requests made during the calendar year, the number of requests for which action was completed during the calendar year, and the number of requests pending at the end of the calendar year.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This chapter, referred to in subsec. (a)(1), was in the original “this title”, meaning title XIII of Pub. L. 102–550, Oct. 28, 1992, 106 Stat. 3941, which is classified principally to this chapter. For complete classification of title XIII to the Code, see

Short Title

note set out under section 4501 of this title and Tables.

Amendments

2008—Subsec. (a). Pub. L. 110–289, § 1161(a)(6), substituted “Committee on Financial Services” for “Committee on Banking, Finance and Urban Affairs” in introductory provisions. Subsec. (a)(2) to (4). Pub. L. 110–289, § 1103(b)(1)–(4), substituted “regulated entity” for “enterprise” and “regulated entities” for “enterprises” wherever appearing and substituted a semicolon for “; and” at end of par. (3) and “1994; and” for “1994.” at end of par. (4). Subsec. (a)(5) to (7). Pub. L. 110–289, § 1103(b)(5), added pars. (5) to (7). Subsec. (b). Pub. L. 110–289, § 1161(a)(6), substituted “Committee on Financial Services” for “Committee on Banking, Finance and Urban Affairs” in introductory provisions. 1994—Subsec. (a)(4). Pub. L. 103–325 added par. (4).

§4521 Annual Reports by Director