2014 US Code
Title 12 - Banks and Banking (Sections 1 - 5710)
Chapter 53 - Wall Street Reform and Consumer Protection (Sections 5301 - 5641)
Subchapter I - Financial Stability (Sections 5311 - 5374)
Part A - Financial Stability Oversight Council (Sections 5321 - 5333)
Sec. 5329 - Resolution of supervisory jurisdictional disputes among member agencies
Publication Title | United States Code, 2012 Edition, Supplement 2, Title 12 - BANKS AND BANKING |
Category | Bills and Statutes |
Collection | United States Code |
SuDoc Class Number | Y 1.2/5: |
Contained Within | Title 12 - BANKS AND BANKING CHAPTER 53 - WALL STREET REFORM AND CONSUMER PROTECTION SUBCHAPTER I - FINANCIAL STABILITY Part A - Financial Stability Oversight Council Sec. 5329 - Resolution of supervisory jurisdictional disputes among member agencies |
Contains | section 5329 |
Date | 2014 |
Laws In Effect As Of Date | January 5, 2015 |
Positive Law | No |
Disposition | standard |
Source Credit | Pub. L. 111-203, title I, §119, July 21, 2010, 124 Stat. 1408. |
Statutes at Large References | 124 Stat. 1408, 1955 |
Public and Private Laws | Public Law 111-203 |
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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); 1
(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 recommendationThe 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 recommendationAny 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 2/3 of the voting members of the Council then serving.
(d) Nonbinding effectAny recommendation made by the Council under subsection (c) shall not be binding on the Federal agencies that are parties to the dispute.
(Pub. L. 111–203, title I, §119, July 21, 2010, 124 Stat. 1408.)
REFERENCES IN TEXTTitle 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.
1 See References in Text note below.
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