((a)) ** Request for Council recommendation** The Council shall seek to resolve a dispute among 2 or more member agencies, if—

((1)) a member agency has a dispute with another member agency about the respective jurisdiction over a particular bank holding company, nonbank financial company, or financial activity or product (excluding matters for which another dispute mechanism specifically has been provided under title X);

((2)) the Council determines that the disputing agencies cannot, after a demonstrated good faith effort, resolve the dispute without the intervention of the Council; and

((3)) any of the member agencies involved in the dispute—

((A)) provides all other disputants prior notice of the intent to request dispute resolution by the Council; and

((B)) requests in writing, not earlier than 14 days after providing the notice described in subparagraph (A), that the Council seek to resolve the dispute.

((b)) ** Council recommendation** The Council shall seek to resolve each dispute described in subsection (a)—

((1)) within a reasonable time after receiving the dispute resolution request;

((2)) after consideration of relevant information provided by each agency party to the dispute; and

((3)) by agreeing with 1 of the disputants regarding the entirety of the matter, or by determining a compromise position.

((c)) ** Form of recommendation** Any Council recommendation under this section shall—

((1)) be in writing;

((2)) include an explanation of the reasons therefor; and

((3)) be approved by the affirmative vote of ⅔ of the voting members of the Council then serving.

((d)) ** Nonbinding effect** Any recommendation made by the Council under subsection (c) shall not be binding on the Federal agencies that are parties to the dispute.