12 U.S.C. § 5361 - Reports by and examinations of nonbank financial companies by the Board of Governors
|Cite as:||12 U.S.C. § 5361|
|Currency:||Current through P.L. 116-158 (08/14/2020)|
(1) In general
The Board of Governors may require each nonbank financial company supervised by the Board of Governors, and any subsidiary thereof, to submit reports under oath, to keep the Board of Governors informed as to-
(A) the financial condition of the company or subsidiary, systems of the company or subsidiary for monitoring and controlling financial, operating, and other risks, and the extent to which the activities and operations of the company or subsidiary pose a threat to the financial stability of the United States; and
(B) compliance by the company or subsidiary with the requirements of this subchapter.
(2) Use of existing reports and information
In carrying out subsection (a), the Board of Governors shall, to the fullest extent possible, use-
(A) reports and supervisory information that a nonbank financial company or subsidiary thereof has been required to provide to other Federal or State regulatory agencies;
(B) information otherwise obtainable from Federal or State regulatory agencies;
(C) information that is otherwise required to be reported publicly; and
(D) externally audited financial statements of such company or subsidiary.
Upon the request of the Board of Governors, a nonbank financial company supervised by the Board of Governors, or a subsidiary thereof, shall promptly provide to the Board of Governors any information described in paragraph (2).
(1) In general
Subject to paragraph (2), the Board of Governors may examine any nonbank financial company supervised by the Board of Governors and any subsidiary of such company, to inform the Board of Governors of-
(A) the nature of the operations and financial condition of the company and such subsidiary;
To continue readingFREE SIGN UP