§ 5361. Reports by and examinations of nonbank financial companies by the Board of Governors

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 2010

   Financial Stability Act of 2010

   Pub. L. 111–203 title I § 161 · 124 Stat. 1376

   Enacted · 12 U.S.C. § 5361

   Pub. L. 111–203, title I, § 161, July 21, 2010, 124 Stat. 1420

   Source evidence

   Code source credit
   Pub. L. 111–203, title I, § 161, July 21, 2010, 124 Stat. 1420

   Enacted provision · exact public law section
   SEC. 161. REPORTS BY AND EXAMINATIONS OF NONBANK FINANCIAL COMPANIES BY THE BOARD OF GOVERNORS. (a) Reports.— (1) In general.— The Board of Governors may require each nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, to submit reports under oath, to keep the Board of Governors informed as to— (A) the financial condition of the company or subsidiary, systems of the company or subsidiary for monitoring and controlling financial, operating, and other risks, and the extent to which the activities and operations of the company or subsidiary pose a threat to the financial stability of the United States; and (B) compliance by the company or subsidiary with the requirements of this title. (2) Use of existing reports and information.— In carrying out subsection (a), the Board of Governors shall, to the fullest extent possible, use— (A) reports and supervisory information that a nonbank financial company or subsidiary thereof has been required to provide to other Federal or State regulatory agencies; (B) information otherwise obtainable from Federal or State regulatory agencies; (C) information that is otherwise required to be reported publicly; and (D) externally audited financial statements of such company or subsidiary. (3) Availability.— Upon the request of the Board of Governors, a nonbank financial company supervised by the Board of Governors, or a subsidiary thereof, shall promptly provide to the Board of Governors any information described in paragraph (2). (b) Examinations.— (1) In general.— Subject to paragraph (2), the Board of Governors may examine any nonbank financial company supervised by the Board of Governors and any subsidiary of such company, to inform the Board of Governors of— (A) the nature of the operations and financial condition of the company and such subsidiary; (B) the financial, operational, and other risks of the company or such subsidiary that may pose a threat to the safety and soundness of such company or subsidiary or to the financial stability of the United States; (C) the systems for monitoring and controlling such risks; and (D) compliance by the company or such subsidiary with the requirements of this title. (2) Use of examination reports and information.— For purposes of this subsection, the Board of Governors shall, to the fullest extent possible, rely on reports of examination of any subsidiary depository institution or functionally regulated subsidiary made by the primary financial regulatory agency for that subsidiary, and on information described in subsection (a)(2). (c) Coordination With Primary Financial Regulatory Agency.— The Board of Governors shall— (1) Notice. Consultation. provide reasonable notice to, and consult with, the primary financial regulatory agency for any subsidiary before requiring a report or commencing an examination of such subsidiary under this section; and (2) avoid duplication of examination activities, reporting requirements, and requests for information, to the fullest extent possible.

2. 2022

   Financial Data Transparency Act of 2022

   Pub. L. 117–263 div. E title LVIII § 5861(a) · 136 Stat. 2395

   Added · 12 U.S.C. § 5361(a)(4)

   Pub. L. 117–263 added par. (4)

   Source evidence

   Code amendment note
   Subsec. (a)(4). Pub. L. 117–263 added par. (4).

   Enacted provision · exact public law section
   (a) Data Standards for Information Filed or Submitted by Nonbank Financial Companies.— Section 161(a) of the Financial Stability Act of 2010 (12 U.S.C. 5361(a)) is amended by adding at the end the following: “(4) Data standards for reports under this subsection.— “(A) In general.— The Board of Governors shall adopt data standards for all information that, through a collection of information, is regularly filed with or submitted to the Board of Governors under this subsection by any nonbank financial company supervised by the Board of Governors or any subsidiary thereof. “(B) Consistency.— The data standards required under subparagraph (A) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under section 124, including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of section 124.” .

2 of 2 references resolved to an enrolled provision