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10.14 Limited Bureau Supervision of Small Depositories

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10.14 Limited Bureau Supervision of Small Depositories



10.14.   Limited Bureau Supervision of Small Depositories.  The Bureau is authorized to include its examiners on a sampling basis on examinations conducted by prudential regulators of Small Depositories.  In such instances, the prudential regulator is to provide all information related to the exam process to the Bureau; involve the Bureau representative in the entire exam process; and consider input from the Bureau regarding all aspects of the examination.

            The applicable prudential regulator will have exclusive authority (relative to the Bureau) to enforce the requirements of Federal consumer financial laws for Small Depositories.  If the Bureau believes a Small Depository is engaged in a material violation of Federal consumer financial law, the Bureau will recommend the prudential regulator take appropriate action.  The prudential regulator will reply to the Bureau within 60 days of receipt of such notice.

            In connection with its responsibilities in regard to Small Depositories, the Bureau may require reports from Small Depositories.[§1026]