§5516 Other Banks, Savings Associations, and Credit Unions

Summary

Applies to insured banks or insured credit unions that have $10,000,000,000 or less in total assets. The Bureau’s Director can require reports from these institutions to help enforce consumer finance rules, run exams, and spot risks to consumers or the market. The Bureau should use reports already sent to federal or state agencies and public information when it can, but it may still require information the institution controls even if another firm stores it. The Bureau must give the IRS any exam reports that point to possible tax problems. The Bureau may send examiners to join, on a sampling basis, exams done by the prudential regulator (the main bank regulator). That regulator must give the Bureau the related records, include the Bureau examiner in the exam, and consider the Bureau’s input on scope, conduct, findings, and ratings. Except for asking for reports, the prudential regulator has the sole authority to enforce consumer finance laws for these small banks and credit unions. If the Bureau believes there was a material violation, it must notify the regulator in writing and recommend action; the regulator must reply in writing within 60 days. The Bureau can also examine service providers that serve many of these institutions, but it must coordinate those exams with the prudential regulator.