--- kind: "section" citation: "12 U.S.C. § 5516" title: "12" title_heading: "Banks and Banking" number: "5516" heading: "Other banks, savings associations, and credit unions" release: "119-102" date: "2026-07-12" url: "https://uscodex.org/usc/12/5516" units: - "Chapter 53 — Wall Street Reform and Consumer Protection" - "Subchapter V — Bureau of Consumer Financial Protection" - "Part B — General Powers of the Bureau" --- # §5516. Other banks, savings associations, and credit unions - (a) **Scope of coverage—** This section shall apply to any [covered person](/usc/12/5481.md?p=6) that is— - (1) an [insured depository institution](/usc/12/5301.md?p=18-A) with total assets of $10,000,000,000 or less; or - (2) an [insured credit union](/usc/12/5481.md?p=17) with total assets of $10,000,000,000 or less. - (b) **Reports—** The [Director](/usc/12/5341.md?p=1) may require reports from a [person](/usc/12/5481.md?p=19) described in [subsection (a)](#a), as necessary to support the role of the [Bureau](/usc/12/5301.md?p=4) in implementing [Federal consumer financial law](/usc/12/5481.md?p=14), to support its examination activities under [subsection (c)](#c), and to assess and detect risks to [consumers](/usc/12/5481.md?p=4) and [consumer](/usc/12/5481.md?p=4) financial markets. - (1) **Use of existing reports—** The [Bureau](/usc/12/5301.md?p=4) shall, to the fullest extent possible, use— - (A) reports pertaining to a [person](/usc/12/5481.md?p=19) described in [subsection (a)](#a) that have been provided or required to have been provided to a Federal or [State](/usc/12/5301.md?p=16) agency; and - (B) information that has been reported publicly. - (2) **Preservation of authority—** Nothing in this subsection may be construed as limiting the authority of the [Director](/usc/12/5341.md?p=1) from requiring from a [person](/usc/12/5481.md?p=19) described in [subsection (a)](#a), as permitted under [paragraph (1)](#b-1), information owned or under the [control](/usc/12/5301.md?p=18-A) of such [person](/usc/12/5481.md?p=19), regardless of whether such information is maintained, stored, or processed by another [person](/usc/12/5481.md?p=19). - (3) **Reports of tax law noncompliance—** The [Bureau](/usc/12/5301.md?p=4) shall provide the Commissioner of Internal Revenue with any report of examination or related information identifying possible tax law noncompliance. - (c) **Examinations—** - (1) **In general—** The [Bureau](/usc/12/5301.md?p=4) may, at its discretion, include examiners on a sampling basis of the examinations performed by the [prudential regulator](/usc/12/5481.md?p=24) to assess compliance with the requirements of [Federal consumer financial law](/usc/12/5481.md?p=14) of [persons](/usc/12/5481.md?p=19) described in [subsection (a)](#a). - (2) **Agency coordination—** The [prudential regulator](/usc/12/5481.md?p=24) shall— - (A) provide all reports, records, and documentation related to the examination process for any institution included in the sample referred to in [paragraph (1)](#c-1) to the [Bureau](/usc/12/5301.md?p=4) on a timely and continual basis; - (B) involve such [Bureau](/usc/12/5301.md?p=4) examiner in the entire examination process for such [person](/usc/12/5481.md?p=19); and - (C) consider input of the [Bureau](/usc/12/5301.md?p=4) concerning the scope of an examination, conduct of the examination, the contents of the examination report, the designation of matters requiring attention, and examination ratings. - (d) **Enforcement—** - (1) **In general—** Except for requiring reports under [subsection (b)](#b), the [prudential regulator](/usc/12/5481.md?p=24) is authorized to enforce the requirements of [Federal consumer financial laws](/usc/12/5481.md?p=14) and, with respect to a [covered person](/usc/12/5481.md?p=6) described in [subsection (a)](#a), shall have exclusive authority (relative to the [Bureau](/usc/12/5301.md?p=4)) to enforce such laws. - (2) **Coordination with prudential regulator—** - (A) **Referral—** When the [Bureau](/usc/12/5301.md?p=4) has reason to believe that a [person](/usc/12/5481.md?p=19) described in [subsection (a)](#a) has engaged in a material [violation](/usc/12/5561.md?p=5) of a [Federal consumer financial law](/usc/12/5481.md?p=14), the [Bureau](/usc/12/5301.md?p=4) shall notify the [prudential regulator](/usc/12/5481.md?p=24) in writing and recommend appropriate action to respond. - (B) **Response—** Upon receiving a recommendation under [subparagraph (A)](#d-2-A), the [prudential regulator](/usc/12/5481.md?p=24) shall provide a written response to the [Bureau](/usc/12/5301.md?p=4) not later than 60 days thereafter. - (e) **Service providers—** A [service provider](/usc/12/5481.md?p=26-A) to a substantial number of [persons](/usc/12/5481.md?p=19) described in [subsection (a)](#a) shall be subject to the authority of the [Bureau](/usc/12/5301.md?p=4) under [section 5515 of this title](/usc/12/5515.md) to the same extent as if the [Bureau](/usc/12/5301.md?p=4) were an appropriate Federal [bank](/usc/12/5301.md?p=18-A) agency under [section 1867(c) of this title](/usc/12/1867.md?p=c). When conducting any examination or requiring any report from a [service provider](/usc/12/5481.md?p=26-A) subject to this subsection, the [Bureau](/usc/12/5301.md?p=4) shall coordinate with the appropriate [prudential regulator](/usc/12/5481.md?p=24). ## Source credit (Pub. L. 111–203, title X, § 1026, July 21, 2010, 124 Stat. 1993.) ## Notes ### Statutory Notes and Related Subsidiaries ### Effective Date Section effective on the designated transfer date, see section 1029A of Pub. L. 111–203, set out as a note under section 5511 of this title.