Page:United States Statutes at Large Volume 124.djvu/1427

 124 STAT. 1401 PUBLIC LAW 111–203—JULY 21, 2010 be subject to supervision by the Board of Governors and pruden- tial standards of the Board. For purposes of this Act, the financial activities that are the subject of the determination in paragraph (1) shall be subject to the same requirements as a nonbank financial company supervised by the Board of Governors. Nothing in this paragraph shall prohibit or limit the authority of the Board of Governors to apply prudential standards under this title to the financial activities that are subject to the determination in paragraph (1). (d) REEVALUATION AND RESCISSION.—The Council shall— (1) not less frequently than annually, reevaluate each deter- mination made under subsections (a) and (b) with respect to such nonbank financial company supervised by the Board of Governors; and (2) rescind any such determination, if the Council, by a vote of not fewer than 2⁄3 of the voting members then serving, including an affirmative vote by the Chairperson, determines that the nonbank financial company no longer meets the stand- ards under subsection (a) or (b), as applicable. (e) NOTICE AND OPPORTUNITY FOR HEARING AND FINAL DETER- MINATION.— (1) IN GENERAL.—The Council shall provide to a nonbank financial company written notice of a proposed determination of the Council, including an explanation of the basis of the proposed determination of the Council, that a nonbank financial company shall be supervised by the Board of Governors and shall be subject to prudential standards in accordance with this title. (2) HEARING.—Not later than 30 days after the date of receipt of any notice of a proposed determination under para- graph (1), the nonbank financial company may request, in writing, an opportunity for a written or oral hearing before the Council to contest the proposed determination. Upon receipt of a timely request, the Council shall fix a time (not later than 30 days after the date of receipt of the request) and place at which such company may appear, personally or through counsel, to submit written materials (or, at the sole discretion of the Council, oral testimony and oral argument). (3) FINAL DETERMINATION.—Not later than 60 days after the date of a hearing under paragraph (2), the Council shall notify the nonbank financial company of the final determination of the Council, which shall contain a statement of the basis for the decision of the Council. (4) NO HEARING REQUESTED.—If a nonbank financial com- pany does not make a timely request for a hearing, the Council shall notify the nonbank financial company, in writing, of the final determination of the Council under subsection (a) or (b), as applicable, not later than 10 days after the date by which the company may request a hearing under paragraph (2). (f) EMERGENCY EXCEPTION.— (1) IN GENERAL.—The Council may waive or modify the requirements of subsection (e) with respect to a nonbank finan- cial company, if the Council determines, by a vote of not fewer than 2⁄3 of the voting members then serving, including an affirmative vote by the Chairperson, that such waiver or modi- fication is necessary or appropriate to prevent or mitigate Waiver authority. Deadlines. Deadlines. Deadline.