S.Amdt. 4031

SA 4031. Mr. CRAPO submitted an amendment intended to be proposed to
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability
of the United States by improving accountability and transparency in
the financial system, to end ``too big to fail'', to protect the
American taxpayer by ending bailouts, to protect consumers from abusive
financial services practices, and for other purposes; which was ordered
to lie on the table; as follows:

[[Page S3743]]

On page 1258, strike line 24 and all that follows through
page 1267, line 12 and insert the following:
(B) obtaining information about the activities subject to
such law and the associated compliance systems or procedures
of such persons; and
(C) detecting and assessing risks to consumers and to
markets for consumer financial products and services.
(2) Coordination.--To minimize regulatory burden, the
Bureau and the prudential regulators shall coordinate their
supervisory activities for persons described in subsection
(a), in a manner that--
(A) avoids duplication;
(B) shares information relevant to the supervision of the
depository institution or affiliate by each agency; and
(C) ensures that the depository institution or affiliate is
not subject to conflicting supervisory demands by the
agencies.
(3) Coordination with state bank supervisors.--The Bureau
shall pursue arrangements and agreements with State bank
supervisors to coordinate supervisory activities in a manner
consistent with paragraph (2).
(4) Use of existing reports.--The Bureau shall, to the
fullest extent possible, use--
(A) reports pertaining to a person described in subsection
(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.
(5) Preservation of authority.--Nothing in this title may
be construed as limiting the authority of the Director to
require reports from a person described in subsection (a), as
permitted under paragraph (1), regarding information owned or
under the control of such person, regardless of whether such
information is maintained, stored, or processed by another
person.
(6) 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 Federal agency are
authorized to enforce a Federal consumer financial 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, as permitted by the
subject provision of Federal law.
(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.
______