Us Code § 5329 - Resolution of supervisory jurisdictional disputes among member agencies
Full text of Us Code United States Code § 5329 — Resolution of supervisory jurisdictional disputes among member agencies, with citation guidance and answers to common questions.
§ 5329. Resolution of supervisory jurisdictional disputes among member agencies
(a) Request for Council recommendation
The Council shall seek to resolve a dispute among 2 or more member agencies, if—
(1) a member agency has a dispute with another member agency about the respective jurisdiction over a particular bank holding company, nonbank financial company, or financial activity or product (excluding matters for which another dispute mechanism specifically has been provided under title X); 1
(2) the Council determines that the disputing agencies cannot, after a demonstrated good faith effort, resolve the dispute without the intervention of the Council; and
(3) any of the member agencies involved in the dispute—
(A) provides all other disputants prior notice of the intent to request dispute resolution by the Council; and
(B) requests in writing, not earlier than 14 days after providing the notice described in subparagraph (A), that the Council seek to resolve the dispute.
(b) Council recommendation
The Council shall seek to resolve each dispute described in subsection (a)—
(1) within a reasonable time after receiving the dispute resolution request;
(2) after consideration of relevant information provided by each agency party to the dispute; and
(3) by agreeing with 1 of the disputants regarding the entirety of the matter, or by determining a compromise position.
(c) Form of recommendation
Any Council recommendation under this section shall—
(1) be in writing;
(2) include an explanation of the reasons therefor; and
(3) be approved by the affirmative vote of 2/3 of the voting members of the Council then serving.
(d) Nonbinding effect
Any recommendation made by the Council under subsection (c) shall not be binding on the Federal agencies that are parties to the dispute.
(Pub. L. 111–203, title I, §119, July 21, 2010, 124 Stat. 1408.)
Editorial Notes
References in Text
Title X, referred to in subsec. (a)(1), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted subchapter V (§5481 et seq.) of this chapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.
About This Section
12 U.S.C. § 5329 is part of Title 12 of the United States Code. The United States Code is the official codification of federal statutes maintained by the Office of the Law Revision Counsel of the U.S. House of Representatives. Congress amends the Code through new public laws, which are eventually incorporated into the relevant title.
This section may be cited in legal writing as 12 U.S.C. § 5329. For the most current official text, including any recent amendments, use the official source links below. Do not rely on this page as the sole authority for legal citation or litigation.
How to Read This Statute
Statutes are organized by title, chapter, section, and subsection. Pay attention to words like "shall," "may," "and," and "or," because they determine whether a requirement is mandatory or permissive and whether multiple conditions must all be met. Historical notes and amendments often appear at the end of a section.
Using This Page
This page is intended for research and educational use. Lawyers, students, journalists, and compliance professionals can use it as a starting point, but should always verify the current text through an official government source before relying on it for legal advice, filings, or compliance decisions.