Page:United States Statutes at Large Volume 124.djvu/2017

 124 STAT. 1991 PUBLIC LAW 111–203—JULY 21, 2010 or under the control of such person, regardless of whether such information is maintained, stored, or processed by another person. (5) 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. (c) PRIMARY ENFORCEMENT AUTHORITY.— (1) THE BUREAU TO HAVE PRIMARY ENFORCEMENT AUTHORITY.—To the extent that the Bureau and another Fed- eral agency are authorized to enforce a Federal consumer finan- cial law, the Bureau shall have primary authority to enforce that Federal consumer financial law with respect to any person described in subsection (a). (2) REFERRAL.—Any Federal agency, other than the Federal Trade Commission, that is authorized to enforce a Federal consumer financial law may recommend, in writing, to the Bureau that the Bureau initiate an enforcement proceeding with respect to a person described in subsection (a), as the Bureau is authorized to do by that Federal consumer financial law. (3) BACKUP ENFORCEMENT AUTHORITY OF OTHER FEDERAL AGENCY.—If the Bureau does not, before the end of the 120- day period beginning on the date on which the Bureau receives a recommendation under paragraph (2), initiate an enforcement proceeding, the other agency referred to in paragraph (2) may initiate an enforcement proceeding, including performing follow up supervisory and support functions incidental thereto, to assure compliance with such proceeding. (d) SERVICE PROVIDERS.—A service provider to a person described in subsection (a) shall be subject to the authority of the Bureau under this section, to the same extent as if 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. (e) SIMULTANEOUS AND COORDINATED SUPERVISORY ACTION.— (1) EXAMINATIONS.—A prudential regulator and the Bureau shall, with respect to each insured depository institution, insured credit union, or other covered person described in sub- section (a) that is supervised by the prudential regulator and the Bureau, respectively— (A) coordinate the scheduling of examinations of the insured depository institution, insured credit union, or other covered person described in subsection (a); (B) conduct simultaneous examinations of each insured depository institution or insured credit union, unless such institution requests examinations to be conducted sepa- rately; (C) share each draft report of examination with the other agency and permit the receiving agency a reasonable opportunity (which shall not be less than a period of 30 days after the date of receipt) to comment on the draft report before such report is made final; and Reports. Deadline. Coordination. Deadline. Time period.