Page:United States Statutes at Large Volume 124.djvu/2016

 124 STAT. 1990 PUBLIC LAW 111–203—JULY 21, 2010 assuring compliance with Federal consumer financial law and any regulations thereunder, the Bureau shall have the exclusive authority to prescribe rules, issue guidance, conduct examinations, require reports, or issue exemptions with regard to a person described in subsection (a)(1), subject to those provisions of law. (e) SERVICE PROVIDERS.—A service provider to a person described in subsection (a)(1) shall be subject to the authority of the Bureau under this section, to the same extent as if such service provider were engaged in a service relationship with a bank, and the Bureau were an appropriate Federal banking agency under section 7(c) of the Bank Service Company Act (12 U.S.C. 1867(c)). In conducting any examination or requiring any report from a service provider subject to this subsection, the Bureau shall coordinate with the appropriate prudential regulator, as applicable. (f) PRESERVATION OF FARM CREDIT ADMINISTRATION AUTHORITY.—No provision of this title may be construed as modi- fying, limiting, or otherwise affecting the authority of the Farm Credit Administration. SEC. 1025. SUPERVISION OF VERY LARGE BANKS, SAVINGS ASSOCIA- TIONS, AND CREDIT UNIONS. (a) SCOPE OF COVERAGE.—This section shall apply to any cov- ered person that is— (1) an insured depository institution with total assets of more than $10,000,000,000 and any affiliate thereof; or (2) an insured credit union with total assets of more than $10,000,000,000 and any affiliate thereof. (b) SUPERVISION.— (1) IN GENERAL.—The Bureau shall have exclusive authority to require reports and conduct examinations on a periodic basis of persons described in subsection (a) for purposes of— (A) assessing compliance with the requirements of Fed- eral consumer financial laws; (B) obtaining information about the activities subject to such laws and the associated compliance systems or procedures of such persons; and (C) detecting and assessing associated risks to con- sumers and to markets for consumer financial products and services. (2) 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 consultation regarding their respective schedules for examining such persons described in subsection (a) and requirements regarding reports to be submitted by such persons. (3) USE OF EXISTING REPORTS.—The Bureau shall, to the fullest extent possible, use— (A) reports pertaining to a person described in sub- section (a) that have been provided or required to have been provided to a Federal or State agency; and (B) information that has been reported publicly. (4) PRESERVATION OF AUTHORITY.—Nothing in this title may be construed as limiting the authority of the Director to require reports from a person described in subsection (a), as permitted under paragraph (1), regarding information owned Examinations. Reports. Applicability. 12 USC 5515. Coordination.