Page:United States Statutes at Large Volume 124.djvu/2014

 124 STAT. 1988 PUBLIC LAW 111–203—JULY 21, 2010 of the risks posed to consumers in the relevant product markets and geographic markets, and taking into consideration, as applicable— (A) the asset size of the covered person; (B) the volume of transactions involving consumer financial products or services in which the covered person engages; (C) the risks to consumers created by the provision of such consumer financial products or services; (D) the extent to which such institutions are subject to oversight by State authorities for consumer protection; and (E) any other factors that the Bureau determines to be relevant to a class of covered persons. (3) COORDINATION.—To minimize regulatory burden, the Bureau shall coordinate its supervisory activities with the supervisory activities conducted by prudential regulators and the State bank regulatory authorities, including establishing their respective schedules for examining persons described in subsection (a)(1) and requirements regarding reports to be sub- mitted by such persons. (4) USE OF EXISTING REPORTS.—The Bureau shall, to the fullest extent possible, use— (A) reports pertaining to persons described in sub- section (a)(1) that have been provided or required to have been provided to a Federal or State agency; and (B) information that has been reported publicly. (5) PRESERVATION OF AUTHORITY.—Nothing in this title may be construed as limiting the authority of the Director to require reports from persons described in subsection (a)(1), as permitted under paragraph (1), regarding information owned or under the control of such person, regardless of whether such information is maintained, stored, or processed by another person. (6) REPORTS OF TAX LAW NONCOMPLIANCE.—The Bureau shall provide the Commissioner of Internal Revenue with any report of examination or related information identifying possible tax law noncompliance. (7) REGISTRATION, RECORDKEEPING AND OTHER REQUIRE- MENTS FOR CERTAIN PERSONS.— (A) IN GENERAL.—The Bureau shall prescribe rules to facilitate supervision of persons described in subsection (a)(1) and assessment and detection of risks to consumers. (B) RECORDKEEPING.—The Bureau may require a per- son described in subsection (a)(1), to generate, provide, or retain records for the purposes of facilitating supervision of such persons and assessing and detecting risks to con- sumers. (C) REQUIREMENTS CONCERNING OBLIGATIONS.—The Bureau may prescribe rules regarding a person described in subsection (a)(1), to ensure that such persons are legiti- mate entities and are able to perform their obligations to consumers. Such requirements may include background checks for principals, officers, directors, or key personnel and bonding or other appropriate financial requirements. Regulations.