PRIA, Government Policy, Made Personal

Summary

The Council must try to resolve a disagreement between two or more member agencies about which agency has authority over a specific bank holding company, a nonbank financial company, or a financial activity or product, except for issues already handled under Title X. The Council will step in only if it finds the agencies tried in good faith and still could not settle the issue, and if one agency gives the others notice and then waits at least 14 days before asking the Council in writing to intervene. The Council must act within a reasonable time, hear information from each agency, and either accept one agency’s position for the whole matter or find a compromise. Any recommendation must be written, explain why, and be approved by at least two-thirds of the Council’s voting members. The recommendation is not legally binding on the agencies.

Title 12, §5329

Banks and Banking, Source: USLM XML via OLRC

(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);

(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.

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