Page:United States Statutes at Large Volume 124.djvu/1434

 124 STAT. 1408 PUBLIC LAW 111–203—JULY 21, 2010 term ‘‘nonbank financial company’’ under section 102. The decision of the Council shall be final, subject to the review under paragraph (3). (3) REVIEW.—If the Council denies an appeal under this subsection, the Council shall, not less frequently than annually, review and reevaluate the decision. SEC. 118. COUNCIL FUNDING. Any expenses of the Council shall be treated as expenses of, and paid by, the Office of Financial Research. SEC. 119. RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES. (a) REQUEST FOR COUNCIL RECOMMENDATION.—The Council shall seek to resolve a dispute among 2 or more member agencies, if— (1) 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); (2) the Council determines that the disputing agencies cannot, after a demonstrated good faith effort, resolve the dis- pute without the intervention of the Council; and (3) any of the member agencies involved in the dispute— (A) provides all other disputants prior notice of the intent to request dispute resolution by the Council; and (B) requests in writing, not earlier than 14 days after providing the notice described in subparagraph (A), that the Council seek to resolve the dispute. (b) COUNCIL RECOMMENDATION.—The Council shall seek to resolve each dispute described in subsection (a)— (1) within a reasonable time after receiving the dispute resolution request; (2) after consideration of relevant information provided by each agency party to the dispute; and (3) by agreeing with 1 of the disputants regarding the entirety of the matter, or by determining a compromise position. (c) FORM OF RECOMMENDATION.—Any Council recommendation under this section shall— (1) be in writing; (2) include an explanation of the reasons therefor; and (3) be approved by the affirmative vote of 2⁄3 of the voting members of the Council then serving. (d) 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. SEC. 120. ADDITIONAL STANDARDS APPLICABLE TO ACTIVITIES OR PRACTICES FOR FINANCIAL STABILITY PURPOSES. (a) IN GENERAL.—The Council may provide for more stringent regulation of a financial activity by issuing recommendations to the primary financial regulatory agencies to apply new or height- ened standards and safeguards, including standards enumerated in section 115, for a financial activity or practice conducted by bank holding companies or nonbank financial companies under their respective jurisdictions, if the Council determines that the 12 USC 5330. Deadline. Notice. 12 USC 5329. 12 USC 5328.