§ 4715. — Special provisions with respect to institutions that are supervised by Federal banking agencies.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 12USC4715]
TITLE 12--BANKS AND BANKING
CHAPTER 47--COMMUNITY DEVELOPMENT BANKING
SUBCHAPTER I--COMMUNITY DEVELOPMENT BANKING AND FINANCIAL INSTITUTIONS
Sec. 4715. Special provisions with respect to institutions that
are supervised by Federal banking agencies
(a) Consultation with appropriate agencies
The Fund shall consult with and consider the views of the
appropriate Federal banking agency prior to providing assistance under
this subchapter to--
(1) an insured community development financial institution;
(2) any community development financial institution that is
examined by or subject to the reporting requirements of an
appropriate Federal banking agency; or
(3) any community development financial institution that has as
its community partner an institution that is examined by or subject
to the reporting requirements of an appropriate Federal banking
agency.
(b) Requests for information, reports, or records
(1) In general
Except as provided in paragraph (4), notwithstanding any other
provisions of this subchapter, prior to directly requesting
information from or imposing reporting or recordkeeping requirements
on an insured community development financial institution or other
institution that is examined by or subject to the reporting
requirements of an appropriate Federal banking agency, the Fund
shall consult with the appropriate Federal banking agency to
determine if the information requested is available from or may be
obtained by such agency in the form, format, or detail required by
the Fund.
(2) Timing of response from appropriate Federal banking
agency
If the information, reports, or records requested by the Fund
pursuant to paragraph (1) are not provided by the appropriate
Federal banking agency in less than 15 calendar days after the date
on which the material is requested, the Fund may request the
information from or impose the recordkeeping or reporting
requirements directly on such institutions with notice to the
appropriate Federal banking agency.
(3) Elimination of duplicative information and reporting
requirements
The Fund shall use any information provided the appropriate
Federal banking agency under this section to the extent practicable
to eliminate duplicative requests for information and reports from,
and recordkeeping by an insured community development financial
institution or other institution that is examined by or subject to
the reporting requirements of an appropriate Federal banking agency.
(4) Exception
Notwithstanding paragraphs (1) and (2), the Fund may require an
insured community development financial institution or other
institution that is examined by or subject to the reporting
requirements of an appropriate Federal banking agency to provide
information with respect to the institution's implementation of its
strategic plan or compliance with the terms of its assistance
agreement under this subchapter, after providing notice to the
appropriate Federal banking agency.
(c) Exclusion for examination reports
Nothing in this section shall be construed to permit the Fund to
require an insured community development financial institution or other
institution that is examined by or subject to the reporting requirements
of an appropriate Federal banking agency, to obtain, maintain, or
furnish an examination report of any appropriate Federal banking agency
or records contained in or related to such a report.
(d) Sharing of information
The Fund and the appropriate Federal banking agency shall promptly
notify each other of material concerns about an insured community
development financial institution or other institution that is examined
by or subject to the reporting requirements of an appropriate Federal
banking agency, and share appropriate information relating to such
concerns.
(e) Disclosure prohibited
Neither the Fund nor the appropriate Federal banking agency shall
disclose confidential information obtained pursuant to this section from
any party without the written consent of that party.
(f) Privilege maintained
The Fund, the appropriate Federal banking agency, and any other
party providing information under this section shall not be deemed to
have waived any privilege applicable to any information or data, or any
portion thereof, by providing such information or data to the other
party or by permitting such data or information, or any copies or
portions thereof, to be used by the other party.
(g) Exceptions
Nothing in this section shall authorize the Fund or the appropriate
Federal banking agency to withhold information from the Congress or
prevent it from complying with a request for information from a Federal
department or agency in compliance with applicable law.
(h) Sanctions
(1) Notification
The Fund shall notify the appropriate Federal banking agency
before imposing any sanction pursuant to the authority in section
4707(f)(2)(C) of this title on an insured community development
financial institution or other institution that is examined by or
subject to the reporting requirements of that agency.
(2) Exceptions
The Fund shall not impose a sanction referred to in paragraph
(1) if the appropriate Federal banking agency, in writing, not later
than 30 calendar days after receiving notice from the Fund--
(A) objects to the proposed sanction;
(B) determines that the sanction would--
(i) have a material adverse effect on the safety and
soundness of the institution; or
(ii) impede or interfere with an enforcement action
against that institution by that agency;
(C) proposes a comparable alternative action; and
(D) specifically explains--
(i) the basis for the determination under subparagraph
(B) and, if appropriate, provides documentation to support
the determination; and
(ii) how the alternative action suggested pursuant to
subparagraph (C) would be as effective as the sanction
proposed by the Fund in securing compliance with this
subchapter and deterring future noncompliance.
(i) Safety and soundness considerations
The Fund and each appropriate Federal banking agency shall cooperate
and respond to requests from each other and from other appropriate
Federal banking agencies in a manner that ensures the safety and
soundness of the insured community development financial institution or
other institution that is examined by or subject to the reporting
requirements of an appropriate Federal banking agency.
(Pub. L. 103-325, title I, Sec. 116, Sept. 23, 1994, 108 Stat. 2185.)
