Page:United States Statutes at Large Volume 124.djvu/1973

124 STAT. 1947 PUBLIC LAW 111–203—JULY 21, 2010 ongoing and completed work, with a focus on issues that may apply to the broader financial sector; and (ii) a summary of the general observations of the Council of Inspectors General based on the views expressed by each inspector general as required by clause (i), with a focus on measures that should be taken to improve financial oversight. (3) WORKING GROUPS TO EVALUATE COUNCIL.— (A) CONVENING A WORKING GROUP.—The Council of Inspectors General may, by majority vote, convene a Council of Inspectors General Working Group to evaluate the effectiveness and internal operations of the Council. (B) PERSONNEL AND RESOURCES.—The inspectors gen- eral who are members of the Council of Inspectors General may detail staff and resources to a Council of Inspectors General Working Group established under this paragraph to enable it to carry out its duties. (C) REPORTS.—A Council of Inspectors General Working Group established under this paragraph shall submit regular reports to the Council and to Congress on its evaluations pursuant to this paragraph. (b) RESPONSE TO REPORT BY COUNCIL.—The Council shall respond to the concerns raised in the report of the Council of Inspectors General under subsection (a)(2)(B) for such year. SEC. 989F. GAO STUDY OF PERSON TO PERSON LENDING. (a) STUDY.— (1) IN GENERAL.—The Comptroller General of the United States shall conduct a study of person to person lending to determine the optimal Federal regulatory structure. (2) CONSULTATION.—In conducting the study required under paragraph (1), the Comptroller General shall consult with Federal banking agencies, the Commission, consumer groups, outside experts, and the person to person lending industry. (3) CONTENT OF STUDY.—The study required under para- graph (1) shall include an examination of— (A) the regulatory structure as it exists on the date of enactment of this Act, as determined by the Commission, with particular attention to— (i) the application of the Securities Act of 1933 to person to person lending platforms; (ii) the posting of consumer loan information on the EDGAR database of the Commission; and (iii) the treatment of privately held person to per- son lending platforms as public companies; (B) the State and other Federal regulators responsible for the oversight and regulation of person to person lending markets; (C) any Federal, State, or local government or private studies of person to person lending completed or in progress on the date of enactment of this Act; (D) consumer privacy and data protections, minimum credit standards, anti-money laundering and risk manage- ment in the regulatory structure as it exists on the date of enactment of this Act, and whether additional or alter- native safeguards are needed; and