Page:United States Statutes at Large Volume 124.djvu/1629

 124 STAT. 1603 PUBLIC LAW 111–203—JULY 21, 2010 (2) EXAMINATION.—Section 10(b) of the Home Owners’ Loan Act (12 U.S.C. 1467a(b)) is amended by striking paragraph (4) and inserting the following: ‘‘(4) EXAMINATIONS.— ‘‘(A) IN GENERAL.—Subject to subtitle B of the Con- sumer Financial Protection Act of 2010, the Board may make examinations of a savings and loan holding company and each subsidiary of a savings and loan holding company system, in order to— ‘‘(i) inform the Board of— ‘‘(I) the nature of the operations and financial condition of the savings and loan holding company and the subsidiary; ‘‘(II) the financial, operational, and other risks within the savings and loan holding company system that may pose a threat to— ‘‘(aa) the safety and soundness of the savings and loan holding company or of any depository institution subsidiary of the savings and loan holding company; or ‘‘(bb) the stability of the financial system of the United States; and ‘‘(III) the systems of the savings and loan holding company for monitoring and controlling the risks described in subclause (II); and ‘‘(ii) monitor the compliance of the savings and loan holding company and the subsidiary with— ‘‘(I) this Act; ‘‘(II) Federal laws that the Board has specific jurisdiction to enforce against the company or sub- sidiary; and ‘‘(III) other than in the case of an insured depository institution or functionally regulated subsidiary, any other applicable provisions of Fed- eral law. ‘‘(B) USE OF REPORTS TO REDUCE EXAMINATIONS.—For purposes of this subsection, the Board shall, to the fullest extent possible, rely on— ‘‘(i) the examination reports made by other Federal or State regulatory agencies relating to a savings and loan holding company and any subsidiary; and ‘‘(ii) the reports and other information required under paragraph (2). ‘‘(C) COORDINATION WITH OTHER REGULATORS.—The Board shall— ‘‘(i) provide reasonable notice to, and consult with, the appropriate Federal banking agency, the Securities and Exchange Commission, the Commodity Futures Trading Commission, or State regulatory agency, as appropriate, for a subsidiary that is a depository institution or a functionally regulated subsidiary of a savings and loan holding company before com- mencing an examination of the subsidiary under this section; and ‘‘(ii) to the fullest extent possible, avoid duplication of examination activities, reporting requirements, and requests for information.’’. Notice. Consultation.