§ 1092.204 Annual reporting requirements for supervised registered entities.
(a) Scope of annual reporting requirements.
(1) This section shall apply only with respect to covered orders with an effective date on or after the applicable nonbank registry implementation date under § 1092.206 and as to which information is provided or required to be provided under § 1092.202.
(2) A supervised registered entity is not required to comply with this section with respect to any NMLS-published covered order for which it chooses to comply with the one-time registration option described in § 1092.203.
(b) Requirement to designate attesting executive. Subject to paragraph (a), a supervised registered entity subject to a covered order shall designate as its attesting executive for the covered order for purposes of this subpart its highest-ranking duly appointed senior executive officer (or, if the supervised registered entity does not have any duly appointed officers, the highest-ranking individual charged with managerial or oversight responsibility for the supervised registered entity) whose assigned duties include ensuring the supervised registered entity’s compliance with Federal consumer financial law, who has knowledge of the entity’s systems and procedures for achieving compliance with the covered order, and who has control over the entity’s efforts to comply with the covered order. The supervised registered entity shall annually designate one attesting executive for each such covered order to which it is subject and for all submissions and other purposes related to that covered order under this subpart. The supervised registered entity shall authorize the attesting executive to perform the duties of an attesting executive on behalf of the supervised registered entity with respect to the covered order as required in this section, including submitting the written statement described in paragraph (d) of this section.
(c) Requirement to provide attesting executive(s) with access to documents and information. A supervised registered entity subject to this section shall provide its attesting executive(s) with prompt access to all documents and information related to the supervised registered entity’s compliance with all applicable covered order(s) as necessary to make the written statement(s) required in paragraph (d) of this section.
(d) Annual requirement to submit written statement to the Bureau for each covered order. On or before March 31 of each calendar year, the supervised registered entity shall, in the form and manner specified by the Bureau, submit to the nonbank registry a written statement with respect to each covered order described in paragraph (a)(1) of this section to which it is subject. The written statement shall be signed by the attesting executive on behalf of the supervised registered entity. In the written statement, the attesting executive shall:
(1) Generally describe the steps that the attesting executive has undertaken to review and oversee the supervised registered entity’s activities subject to the applicable covered order for the preceding calendar year; and
(2) Attest whether, to the attesting executive’s knowledge, the supervised registered entity during the preceding calendar year identified any violations or other instances of noncompliance with any obligations that were imposed in a public provision of the covered order by the applicable agency or court based on a violation of a covered law.
(e) Requirement to maintain and make available related records. A supervised registered entity shall maintain documents and other records sufficient to provide reasonable support for its written statement under paragraph (d) of this section and to otherwise demonstrate compliance with the requirements of this section with respect to any submission under this section, for five years after such submission is required. The supervised registered entity shall make such documents and other records available to the Bureau upon request.
(f) Notification of entity’s good-faith belief that requirements do not apply. A person may submit a notice to the nonbank registry stating that it is neither designating an attesting executive nor submitting a written statement pursuant to this section because it has a good-faith basis to believe that it is not a supervised registered entity or that an order in question is not a covered order. Such person shall promptly comply with this section upon becoming aware of facts or circumstances that would not permit it to continue representing that it has a good-faith basis to believe that it is not a supervised registered entity or that an order in question is not a covered order.