Page:United States Statutes at Large Volume 124.djvu/1843

 124 STAT. 1817 PUBLIC LAW 111–203—JULY 21, 2010 under this title against a financial institution that is sub- ject to the standards prescribed under section 805(a) for a designated activity. (B) ENFORCEMENT BY BOARD OF GOVERNORS.—Upon receipt of an appropriate written request, the Board of Governors shall determine whether an enforcement action is warranted, and, if so, it shall enforce compliance with this title or the rules or orders prescribed under this title and, if so, the financial institution shall be subject to, and the Board of Governors shall have authority under the provisions of subsections (b) through (n) of section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) in the same manner and to the same extent as if the financial institution was an insured depository institution and the Board of Governors was the appropriate Federal banking agency for such insured depository institution. (e) BACK-UP AUTHORITY OF THE BOARD OF GOVERNORS.— (1) EXAMINATION AND ENFORCEMENT.—Notwithstanding any other provision of law, the Board of Governors may— (A) conduct an examination of the type described in subsection (a) of any financial institution that is subject to the standards prescribed under section 805(a) for a des- ignated activity; and (B) enforce the provisions of this title or any rules or orders prescribed under this title against any financial institution that is subject to the standards prescribed under section 805(a) for a designated activity. (2) LIMITATIONS.— (A) EXAMINATION.—The Board of Governors may exer- cise the authority described in paragraph (1)(A) only if the Board of Governors has— (i) reasonable cause to believe that a financial institution is not in compliance with this title or the rules or orders prescribed under this title with respect to a designated activity; (ii) notified, in writing, the appropriate financial regulator and the Council of its belief under clause (i) with supporting documentation included; (iii) requested the appropriate financial regulator to conduct a prompt examination of the financial institution; (iv) either— (I) not been afforded a reasonable opportunity to participate in an examination of the financial institution by the appropriate financial regulator within 30 days after the date of the Board’s notification under clause (ii); or (II) reasonable cause to believe that the finan- cial institution’s noncompliance with this title or the rules or orders prescribed under this title poses a substantial risk to other financial institutions, critical markets, or the broader financial system, subject to the Board of Governors affording the appropriate financial regulator a reasonable oppor- tunity to participate in the examination; and (v) obtained the approval of the Council upon an affirmative vote by a majority of the Council. Deadline. Notification. Determination.