12 USC § 2804 - Enforcement

(a) Regulations

The Board shall prescribe such regulations as may be necessary to carry out the purposes of this chapter. These regulations may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary and proper to effectuate the purposes of this chapter, and prevent circumvention or evasion thereof, or to facilitate compliance therewith.

(b) Powers of certain other agencies

Compliance with the requirements imposed under this chapter shall be enforced under—

(1) section 1818 of this title, in the case of—

(A) national banks, and Federal branches and Federal agencies of foreign banks, by the Office of the Comptroller of the Currency;

(B) member banks of the Federal Reserve System (other than national banks), branches and agencies of foreign banks (other than Federal branches, Federal agencies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25(a)  ^[1] of the Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.], by the Board; and

(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), mutual savings banks as defined in section 1813 (f) of this title, insured State branches of foreign banks, and any other depository institution not referred to in this paragraph or paragraph (2) or (3) of this subsection, by the Board of Directors of the Federal Deposit Insurance Corporation;

(2) section 1818 of this title, by the Director of the Office of Thrift Supervision, in the case of a savings association the deposits of which are insured by the Federal Deposit Insurance Corporation;

(3) the Federal Credit Union Act [12 U.S.C. 1751 et seq.], by the Administrator of the National Credit Union Administration with respect to any credit union; and

(4) other lending institutions, by the Secretary of Housing and Urban Development.

The terms used in paragraph (1) that are not defined in this chapter or otherwise defined in section 1813 (s) of this title shall have the meaning given to them in section 3101 of this title.

(c) Violations of this chapter deemed violations of certain other provisions

For the purpose of the exercise by any agency referred to in subsection (b) of this section of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this chapter shall be deemed to be a violation of a requirement imposed under that Act. In addition to its powers under any provision of law specifically referred to in subsection (b) of this section, each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this chapter, any other authority conferred on it by law.

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[1]  See References in Text note below.

Source

(Pub. L. 94–200, title III, § 305,Dec. 31, 1975, 89 Stat. 1126; Pub. L. 101–73, title VII, § 744(p)(1), title XII, § 1211(g),Aug. 9, 1989, 103 Stat. 440, 526; Pub. L. 102–242, title II, § 212(a)(2),Dec. 19, 1991, 105 Stat. 2299; Pub. L. 111–203, title X, § 1094(1), (4),July 21, 2010, 124 Stat. 2097, 2099.)

Amendment of Section

Pub. L. 111–203, title X, §§ 1094(1), (4), 1100H,July 21, 2010, 124 Stat. 2097, 2099, 2113, provided that, effective on the designated transfer date, this section is amended: (1) by substituting “Bureau” for “Board” wherever appearing, other than in subsection (b) (as amended by section 1094 ofPub. L. 111–203); (2) by striking out subsection (b) and adding the following: “(b) Powers of certain other agencies “(1) In general

“Subject to subtitle B of the Consumer Financial Protection Act of 2010, compliance with the requirements of this chapter shall be enforced—

“(A) under section 1818 of this title, the appropriate Federal banking agency, as defined in section 1813 (q) of this title, with respect to—

“(i) any national bank or Federal savings association, and any Federal branch or Federal agency of a foreign bank; “(ii) any member bank of the Federal Reserve System (other than a national bank), branch or agency of a foreign bank (other than a Federal branch, Federal agency, and insured State branch of a foreign bank), commercial lending company owned or controlled by a foreign bank, and any organization operating under section 25 or 25A of the Federal Reserve Act; and “(iii) any bank or State savings association insured by the Federal Deposit Insurance Corporation (other than a member of the Federal Reserve System), any mutual savings bank as, defined in section 1813 (f) of this title, any insured State branch of a foreign bank, and any other depository institution not referred to in this paragraph or subparagraph (B) or (C);

“(B) under subtitle E of the Consumer Financial Protection Act of 2010, by the Bureau, with respect to any person subject to this subtitle;

“(C) under the Federal Credit Union Act, by the Administrator of the National Credit Union Administration with respect to any insured credit union; and

“(D) with respect to other lending institutions, by the Secretary of Housing and Urban Development.

“(2) Incorporated definitions

“The terms used in paragraph (1) that are not defined in this chapter or otherwise defined in section 1813 (s) of this title shall have the same meanings as in section 3101 of this title.”; and

(3) by adding at the end the following: “(d) Overall enforcement authority of the Bureau of Consumer Financial Protection

“Subject to subtitle B of the Consumer Financial Protection Act of 2010, enforcement of the requirements imposed under this chapter is committed to each of the agencies under subsection (b). To facilitate research, examinations, and enforcement, all data collected pursuant to section 2803 of this title shall be available to the entities listed under subsection (b). The Bureau may exercise its authorities under the Consumer Financial Protection Act of 2010 to exercise principal authority to examine and enforce compliance by any person with the requirements of this chapter.”

See Effective Date of 2010 Amendment note below.

References in Text

Section 25 of the Federal Reserve Act, referred to in subsec. (b)(1)(B), is classified to subchapter I (§ 601 et seq.) of chapter 6 of this title. Section 25(a) of the Federal Reserve Act, which is classified to subchapter II (§ 611 et seq.) of chapter 6 of this title, was renumbered section 25A of that act by Pub. L. 102–242, title I, § 142(e)(2),Dec. 19, 1991, 105 Stat. 2281.

The Federal Credit Union Act, referred to in subsec. (b)(3), is act June 26, 1934, ch. 750, 48 Stat. 1216, as amended, which is classified generally to chapter 14 (§ 1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables.

Amendments

1991—Subsec. (b). Pub. L. 102–242, § 212(a)(2)(B), inserted at end “The terms used in paragraph (1) that are not defined in this chapter or otherwise defined in section 1813 (s) of this title shall have the meaning given to them in section 3101 of this title.”

Subsec. (b)(1). Pub. L. 102–242, § 212(a)(2)(A), added par. (1) and struck out former par. (1) which read as follows: “section 1818 of this title, in the case of—

“(A) national banks, by the Comptroller of the Currency;

“(B) member banks of the Federal Reserve System, other than national banks, by the Board;

“(C) banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System) and mutual savings banks as defined in section 1813 (f) of this title and any other depository institution not referred to in this paragraph or paragraph (2) or (3) of this subsection, by the Board of Directors of the Federal Deposit Insurance Corporation;”.

1989—Subsec. (b)(2). Pub. L. 101–73, § 744(p)(1), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “section 1464 (d) of this title, section 1730 of this title, and sections 1426 (i) and 1437 of this title, by the Federal Home Loan Bank Board (acting directly or through the Federal Savings and Loan Insurance Corporation) in the case of any institution subject to any of those provisions; and”.

Subsec. (b)(4). Pub. L. 101–73, § 1211(g), added par. (4).

Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203effective on the designated transfer date, see section 1100H ofPub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.

Effective Date of 1989 Amendment

Amendment by section 1211(g) ofPub. L. 101–73applicable to each calendar year beginning after Dec. 31, 1989, see section 1211(k) ofPub. L. 101–73, set out as a note under section 2802 of this title.

Transfer of Functions

Functions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of this title.