The Text of the Dodd-Frank Act
International Association of
Risk and Compliance Professionals (IARCP)
Dodd Frank Act Section 1026
SEC. 1026. OTHER BANKS, SAVINGS
ASSOCIATIONS, AND CREDIT UNIONS.
(a) SCOPE OF COVERAGE.—This
section shall apply to any covered person that is—
insured depository institution with total assets of
$10,000,000,000 or less; or
(2) an insured credit union
with total assets of $10,000,000,000 or less.
REPORTS.—The Director may require reports from a person
described in subsection (a), as necessary to support the role of
the Bureau in implementing Federal consumer financial law, to
support its examination activities under subsection (c), and to
assess and detect risks to consumers and consumer financial
(1) USE OF EXISTING REPORTS.—The
Bureau shall, to the fullest extent possible, use—
reports pertaining to a person described in subsection
that have been provided or required to have been provided to a
Federal or State agency; and
(B) information that has been
OF AUTHORITY.—Nothing in this subsection may be construed
as limiting the authority of the Director from requiring from a
person described in subsection
(a), as permitted under
paragraph (1), information owned or under the control of such
person, regardless of whether such information is maintained,
stored, or processed by another person.
REPORTS OF TAX LAW NONCOMPLIANCE.—The
Bureau shall provide the Commissioner of Internal Revenue with any
report of examination or related information identifying possible
tax law noncompliance.
(1) IN GENERAL.—The Bureau may, at
its discretion, include examiners on a sampling basis of the
examinations performed by the prudential regulator to assess
compliance with the requirements of Federal consumer financial law
of persons described in subsection (a).
AGENCY COORDINATION.—The prudential
(A) provide all reports, records, and
documentation related to the examination process for any
institution included in the sample referred to in paragraph (1) to
the Bureau on a timely and continual basis;
such Bureau examiner in the entire examination process for such
(C) consider input of the Bureau 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.
(1) IN GENERAL.—Except
for requiring reports under subsection (b), the prudential
regulator is authorized to enforce the requirements of Federal
consumer financial laws and, with respect to a covered person
described in subsection (a), shall have exclusive authority
(relative to the Bureau) to enforce such laws .
COORDINATION WITH PRUDENTIAL REGULATOR.—
(A) REFERRAL.—When the Bureau has reason to believe
that a person described in subsection (a) has engaged in a
material violation of a Federal consumer financial law, the Bureau
shall notify the prudential regulator in writing and recommend
appropriate action to respond.
RESPONSE.—Upon receiving a recommendation under
subparagraph (A), the prudential regulator shall provide a written
response to the Bureau not later than 60 days thereafter.
(e) SERVICE PROVIDERS.—A service
provider to a substantial number of persons described in
subsection (a) shall be subject to the authority of the Bureau
under section 1025 to the same extent as if the Bureau were an
appropriate Federal bank agency under section 7(c) of the Bank
Service Company Act (12 U.S.C. 1867(c)).
any examination or requiring any report from a service provider
subject to this subsection, the Bureau shall coordinate with the
appropriate prudential regulator.
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