12-U.S.C.-5362
§5362 – Enforcement
Pathway
Title 12 > Chapter 53 > Subchapter I > Part C > Section 5362
Details
- Reference: Section 5362
- Legend: §5362 – Enforcement
- USCode Year: 2013
Provision Content
(a) In general
Except as provided in subsection (b), a nonbank financial company supervised by the Board of Governors and any subsidiaries of such company (other than any depository institution subsidiary) shall be subject to the provisions of subsections (b) through (n) of section 1818 of this title, in the same manner and to the same extent as if the company were a bank holding company, as provided in section 1818(b)(3) of this title.
(b) Enforcement authority for functionally regulated subsidiaries
(1) Referral
If the Board of Governors determines that a condition, practice, or activity of a depository institution subsidiary or functionally regulated subsidiary of a nonbank financial company supervised by the Board of Governors does not comply with the regulations or orders prescribed by the Board of Governors under this Act, or otherwise poses a threat to the financial stability of the United States, the Board of Governors may recommend, in writing, to the primary financial regulatory agency for the subsidiary that such agency initiate a supervisory action or enforcement proceeding. The recommendation shall be accompanied by a written explanation of the concerns giving rise to the recommendation.
(2) Back-up authority of the Board of Governors
If, during the 60-day period beginning on the date on which the primary financial regulatory agency receives a recommendation under paragraph (1), the primary financial regulatory agency does not take supervisory or enforcement action against a subsidiary that is acceptable to the Board of Governors, the Board of Governors (upon a vote of its members) may take the recommended supervisory or enforcement action, as if the subsidiary were a bank holding company subject to supervision by the Board of Governors.
(Pub. L. 111–203, title I, §162, July 21, 2010, 124 Stat. 1421.)
References in Text
This Act, referred to in subsec. (b)(1), is Pub. L. 111–203, July 21, 2010, 124 Stat. 1376, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act, which enacted this chapter and chapters 108 (§8201 et seq.) and 109 (§8301 et seq.) of Title 15, Commerce and Trade, and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of this Act to the Code, see Short Title note set out under section 5301 of this title and Tables.
U.S. Encyclopedia of Law Coverage
Part C – Additional Board of Governors Authority For Certain Nonbank Financial Companies and Bank Holding Companies in the Legal Encyclopedia: Banking Law
In this entry about Part C – Additional Board of Governors Authority For Certain Nonbank Financial Companies and Bank Holding Companies, find legal reference material, bibliographies and premiere content related to banking law in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking law-specific issues, written by authorities in the field.
12-U.S.C.-5341 in the Legal Encyclopedia: Banking Reform
In this entry about 12-U.S.C.-5341, find legal reference material, bibliographies and premiere content related to banking reform in the American Encyclopedia of Law, presenting a comprehensive view of the United States banking reform-specific issues, written by authorities in the field.
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