§5329. Resolution of supervisory jurisdictional disputes among member agencies
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Latest NOW As originally enacted Jul 21, 201012 U.S.C. § 5329
Request for Council recommendation— The Council shall seek to resolve a dispute among 2 or more member agencies, if—
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
the Council determines that the disputing agencies cannot, after a demonstrated good faith effort, resolve the dispute without the intervention of the Council; and
any of the member agencies involved in the dispute—
provides all other disputants prior notice of the intent to request dispute resolution by the Council; and
requests in writing, not earlier than 14 days after providing the notice described in subparagraph (A), that the Council seek to resolve the dispute.
within a reasonable time after receiving the dispute resolution request;
after consideration of relevant information provided by each agency party to the dispute; and
by agreeing with 1 of the disputants regarding the entirety of the matter, or by determining a compromise position.
be in writing;
include an explanation of the reasons therefor; and
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.
Footnotes
- 1 See References in Text note below.
Notes, amendments, and revision history
(Pub. L. 111–203, title I, § 119, July 21, 2010, 124 Stat. 1408.)
Editorial Notes
References in Text
Title 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 of this chapter and enacted, amended, and repealed numerous other sections and notes in the Code.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.