12 U.S.C. § 5516 — Other banks, savings associations, and credit unions

(a) Scope of coverage. This section applies to a covered person^* that is either (1) an insured depository institution with total assets of $10 billion or less, or (2) an insured credit union^* with total assets of $10 billion or less.

(b) Reports. The Director^* may require reports from a person^* covered by subsection (a) when needed to support the Bureau’s role in carrying out Federal consumer financial law^*, its examinations under subsection (c), or its work assessing and detecting risks to consumers and consumer^* financial markets.

(1) Use of existing reports. As far as possible, the Bureau^* must use (A) reports about a covered person that were provided, or were required to be provided, to a Federal or State^* agency, and (B) information that has been made public.

(2) Preservation of authority. Paragraph (1) does not limit the Director’s authority to require information from a covered person when paragraph (1) permits that requirement. This is true even if another person maintains, stores, or processes the information, as long as the covered person owns it or controls it.

(3) Reports of tax-law noncompliance. The Bureau must give the Commissioner of Internal Revenue any examination report or related information that identifies possible noncompliance with tax law.

(c) Examinations. (1) In general. At its discretion, the Bureau may include its examiners, on a sampling basis, in examinations performed by the prudential regulator^*. The purpose is to assess whether persons covered by subsection (a) comply with Federal consumer financial law. (2) Agency coordination. The prudential regulator must (A) give the Bureau, promptly and continuously, all reports, records, and documents related to the examination of an institution selected for the sample; (B) include the Bureau examiner in the person’s entire examination process; and (C) consider the Bureau’s views about the examination’s scope and conduct, the contents of its report, which matters require attention, and the examination ratings.

(d) Enforcement. (1) In general. Except for requiring reports under subsection (b), the prudential regulator may enforce Federal consumer financial laws. For a covered person described in subsection (a), the prudential regulator has exclusive enforcement authority relative to the Bureau. (2) Coordination with prudential regulator. (A) Referral. If the Bureau has reason to believe that a covered person has materially violated a Federal consumer financial law, it must notify the prudential regulator in writing and recommend an appropriate response. (B) Response. The prudential regulator must give the Bureau a written response within 60 days after receiving the recommendation.

(e) Service providers. A service provider^* serving a substantial number of persons covered by subsection (a) is subject to the Bureau’s authority under section 5515 to the same extent that it would be if the Bureau were an appropriate Federal banking agency under section 1867(c) of this title. When the Bureau examines such a service provider or requires a report from it, the Bureau must coordinate with the appropriate prudential regulator.