Page:United States Statutes at Large Volume 124.djvu/2020

 124 STAT. 1994 PUBLIC LAW 111–203—JULY 21, 2010 support its examination activities under subsection (c), and to assess and detect risks to consumers and consumer financial markets. (1) 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. (2) PRESERVATION OF AUTHORITY.—Nothing in this sub- section may be construed as limiting the authority of the Director from requiring from a person described in subsection (a), as permitted under paragraph (1), information owned or under the control of such person, regardless of whether such information is maintained, stored, or processed by another per- son. (3) 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) EXAMINATIONS.— (1) IN GENERAL.—The Bureau may, at its discretion, include examiners on a sampling basis of the examinations performed by the prudential regulator to assess compliance with the requirements of Federal consumer financial law of persons described in subsection (a). (2) AGENCY COORDINATION.—The prudential regulator shall— (A) provide all reports, records, and documentation related to the examination process for any institution included in the sample referred to in paragraph (1) to the Bureau on a timely and continual basis; (B) involve such Bureau examiner in the entire exam- ination process for such person; and (C) consider input of the Bureau concerning the scope of an examination, conduct of the examination, the contents of the examination report, the designation of matters requiring attention, and examination ratings. (d) ENFORCEMENT.— (1) IN GENERAL.—Except for requiring reports under sub- section (b), the prudential regulator is authorized to enforce the requirements of Federal consumer financial laws and, with respect to a covered person described in subsection (a), shall have exclusive authority (relative to the Bureau) to enforce such laws. (2) COORDINATION WITH PRUDENTIAL REGULATOR.— (A) REFERRAL.—When the Bureau has reason to believe that a person described in subsection (a) has engaged in a material violation of a Federal consumer financial law, the Bureau shall notify the prudential regulator in writing and recommend appropriate action to respond. (B) RESPONSE.—Upon receiving a recommendation under subparagraph (A), the prudential regulator shall pro- vide a written response to the Bureau not later than 60 days thereafter. (e) SERVICE PROVIDERS.—A service provider to a substantial number of persons described in subsection (a) shall be subject to the authority of the Bureau under section 1025 to the same Deadline. Notification. Recommenda- tion. Reports. Records.