§5326 — Title 12 Banks and Banking | U.S. Code

Summary

The Council, through the Office of Financial Research, can require a bank holding company with $250,000,000,000 or more in total assets, or a nonbank financial company supervised by the Board of Governors (and their subsidiaries), to send certified reports about four things: the company’s financial condition, how it monitors and controls risks, any transactions with a subsidiary that is a depository institution, and how its activities could, in bad scenarios, disrupt markets or U.S. financial stability. When possible, the Council must use reports the company already gives other federal, state, or foreign regulators, public filings, and audited financial statements. Companies must give the Council copies of those reports when asked. The Council must keep these reports confidential.

Title 12, §5326

Banks and Banking — Source: USLM XML via OLRC

(a)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)(1)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)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)The Council shall maintain the confidentiality of the reports obtained under subsection (a) and paragraph (1)(A) of this subsection.

Notes & Related Subsidiaries

Editorial Notes

Amendments

2018—Subsec. (a). Pub. L. 115–174 substituted “$250,000,000,000” for “$50,000,000,000” in introductory provisions.

Statutory Notes and Related Subsidiaries

Effective Date

of 2018 AmendmentExcept 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.

Construction

of 2018 AmendmentFor

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.

§5326 Reports

Summary

Title 12, §5326

Notes & Related Subsidiaries

Editorial Notes

Amendments

Statutory Notes and Related Subsidiaries

Effective Date

Construction

Construction

Citations & Metadata