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12 U.S.C. § 5329 — Resolution of supervisory jurisdictional disputes among member agencies

submitted 16 years ago by Pub. L. 111-203 to r/title-12-BANKS-AND-BANKING · 271 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(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); 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 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.

Source credit: (Pub. L. 111–203, title I, § 119, July 21, 2010, 124 Stat. 1408.)

history & why it existsrecord from the source credit
  • 2010Enacted · Pub. L. 111-203 · 124 Stat. 1408

A history note hasn’t been published yet. The record shows enactment by Pub. L. 111-203 on 2010-07-21.

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