|
U.S. Code as of:
01/19/04
Section 3305. Functions of Council
(a) Establishment of principles and standards
The Council shall establish uniform principles and standards and
report forms for the examination of financial institutions which
shall be applied by the Federal financial institutions regulatory
agencies.
(b) Making recommendations regarding supervisory matters and
adequacy of supervisory tools
(1) The Council shall make recommendations for uniformity in
other supervisory matters, such as, but not limited to, classifying
loans subject to country risk, identifying financial institutions
in need of special supervisory attention, and evaluating the
soundness of large loans that are shared by two or more financial
institutions. In addition, the Council shall make recommendations
regarding the adequacy of supervisory tools for determining the
impact of holding company operations on the financial institutions
within the holding company and shall consider the ability of
supervisory agencies to discover possible fraud or questionable and
illegal payments and practices which might occur in the operation
of financial institutions or their holding companies.
(2) When a recommendation of the Council is found unacceptable by
one or more of the applicable Federal financial institutions
regulatory agencies, the agency or agencies shall submit to the
Council, within a time period specified by the Council, a written
statement of the reasons the recommendation is unacceptable.
(c) Development of uniform reporting system
The Council shall develop uniform reporting systems for federally
supervised financial institutions, their holding companies, and
nonfinancial institution subsidiaries of such institutions or
holding companies. The authority to develop uniform reporting
systems shall not restrict or amend the requirements of section
78l(i) of title 15.
(d) Conducting schools for examiners and assistant examiners
The Council shall conduct schools for examiners and assistant
examiners employed by the Federal financial institutions regulatory
agencies. Such schools shall be open to enrollment by employees of
State financial institutions supervisory agencies and employees of
the Federal Housing Finance Board under conditions specified by the
Council.
(e) Affect on Federal regulatory agency research and development of
new financial institutions supervisory agencies
Nothing in this chapter shall be construed to limit or discourage
Federal regulatory agency research and development of new financial
institutions supervisory methods and tools, nor to preclude the
field testing of any innovation devised by any Federal regulatory
agency.
(f) Annual report
Not later than April 1 of each year, the Council shall prepare an
annual report covering its activities during the preceding year.
(g) Flood insurance
The Council shall consult with and assist the Federal entities
for lending regulation, as such term is defined in section 4121(a)
of title 42, in developing and coordinating uniform standards and
requirements for use by regulated lending institutions under the
national flood insurance program.
|
|