15 USC § 1607 - Administrative enforcement
(a)
Enforcing agencies
Subject to subtitle B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.], compliance with the requirements imposed under this subchapter shall be enforced under—
(1)
section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818], by the appropriate Federal banking agency, as defined in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813
(q)), with respect to—
(A)
national banks, Federal savings associations, and Federal branches and Federal agencies of foreign banks;
(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 25A of the Federal Reserve Act [12 U.S.C. 601 et seq., 611 et seq.]; and
(2)
the Federal Credit Union Act [12 U.S.C. 1751 et seq.], by the Director of the National Credit Union Administration, with respect to any Federal credit union;
(3)
part
A of subtitle
VII of title
49, by the Secretary of Transportation, with respect to any air carrier or foreign air carrier subject to that part;
(4)
the Packers and Stockyards Act, 1921 [7 U.S.C. 181 et seq.] (except as provided in section 406 of that Act [7 U.S.C. 226, 227]), by the Secretary of Agriculture, with respect to any activities subject to that Act;
(b)
Violations of this subchapter deemed violations of pre-existing statutory requirements; additional agency powers
For the purpose of the exercise by any agency referred to in subsection (a) of this section of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this subchapter 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 (a) 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 subchapter, any other authority conferred on it by law.
(c)
Overall enforcement authority of the Federal Trade Commission
Except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under any of paragraphs (1) through (5) of subsection (a), and subject to subtitle B of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5511 et seq.], the Federal Trade Commission shall be authorized to enforce such requirements. For the purpose of the exercise by the Federal Trade Commission of its functions and powers under the Federal Trade Commission Act [15 U.S.C. 41 et seq.], a violation of any requirement imposed under this subchapter shall be deemed a violation of a requirement imposed under that Act. All of the functions and powers of the Federal Trade Commission under the Federal Trade Commission Act are available to the Federal Trade Commission to enforce compliance by any person with the requirements under this subchapter, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the Federal Trade Commission Act.
(d)
Rules and regulations
The authority of the Bureau to issue regulations under this subchapter does not impair the authority of any other agency designated in this section to make rules respecting its own procedures in enforcing compliance with requirements imposed under this subchapter.
(e)
Adjustment of finance charges; procedures applicable, coverage, criteria, etc.
(1)
In carrying out its enforcement activities under this section, each agency referred to in subsection (a) or (c) of this section, in cases where an annual percentage rate or finance charge was inaccurately disclosed, shall notify the creditor of such disclosure error and is authorized in accordance with the provisions of this subsection to require the creditor to make an adjustment to the account of the person to whom credit was extended, to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. For the purposes of this subsection, except where such disclosure error resulted from a willful violation which was intended to mislead the person to whom credit was extended, in determining whether a disclosure error has occurred and in calculating any adjustment,
(A)
each agency shall apply
(B)
with respect to transactions consummated after two years following March 31, 1980, each agency shall apply
(i)
for transactions that have a scheduled amortization of ten years or less, with respect to the annual percentage rate, a tolerance not to exceed one-quarter of 1 percent more or less than the actual rate, determined without regard to section
1606
(c) of this title, but in no event a tolerance of less than the tolerances allowed under section
1606
(c) of this title,
(2)
Each agency shall require such an adjustment when it determines that such disclosure error resulted from
(C)
a willful violation which was intended to mislead the person to whom the credit was extended. Notwithstanding the preceding sentence, except where such disclosure error resulted from a willful violation which was intended to mislead the person to whom credit was extended, an agency need not require such an adjustment if it determines that such disclosure error—
(A)
resulted from an error involving the disclosure of a fee or charge that would otherwise be excludable in computing the finance charge, including but not limited to violations involving the disclosures described in sections
1605
(b), (c) and (d) of this title, in which event the agency may require such remedial action as it determines to be equitable, except that for transactions consummated after two years after March 31, 1980, such an adjustment shall be ordered for violations of section
1605
(b) of this title;
(B)
involved a disclosed amount which was 10 per centum or less of the amount that should have been disclosed and
(i)
in cases where the error involved a disclosed finance charge, the annual percentage rate was disclosed correctly, and
(ii)
in cases where the error involved a disclosed annual percentage rate, the finance charge was disclosed correctly; in which event the agency may require such adjustment as it determines to be equitable;
(C)
involved a total failure to disclose either the annual percentage rate or the finance charge, in which event the agency may require such adjustment as it determines to be equitable; or
(D)
resulted from any other unique circumstance involving clearly technical and nonsubstantive disclosure violations that do not adversely affect information provided to the consumer and that have not misled or otherwise deceived the consumer.
In the case of other such disclosure errors, each agency may require such an adjustment.
(3)
Notwithstanding paragraph (2), no adjustment shall be ordered—
(A)
if it would have a significantly adverse impact upon the safety or soundness of the creditor, but in any such case, the agency may—
(ii)
require the full adjustment, but permit the creditor to make the required adjustment in partial payments over an extended period of time which the agency considers to be reasonable, if (in the case of an agency referred to in paragraph (1), (2), or (3) of subsection (a) of this section), the agency determines that a partial adjustment or making partial payments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to section 38 of the Federal Deposit Insurance Act [12 U.S.C. 1831o];
(B)
the
[2]
amount of the adjustment would be less than $1, except that if more than one year has elapsed since the date of the violation, the agency may require that such amount be paid into the Treasury of the United States, or
(C)
except where such disclosure error resulted from a willful violation which was intended to mislead the person to whom credit was extended, in the case of an open-end credit plan, more than two years after the violation, or in the case of any other extension of credit, as follows:
(i)
with respect to creditors that are subject to examination by the agencies referred to in paragraphs (1) through (3) of subsection (a) of this section, except in connection with violations arising from practices identified in the current examination and only in connection with transactions that are consummated after the date of the immediately preceding examination, except that where practices giving rise to violations identified in earlier examinations have not been corrected, adjustments for those violations shall be required in connection with transactions consummated after the date of examination in which such practices were first identified;
(4)
(A)
Notwithstanding any other provision of this section, an adjustment under this subsection may be required by an agency referred to in subsection (a) or (c) of this section only by an order issued in accordance with cease and desist procedures provided by the provision of law referred to in such subsections.
(B)
In case of an agency which is not authorized to conduct cease and desist proceedings, such an order may be issued after an agency hearing on the record conducted at least thirty but not more than sixty days after notice of the alleged violation is served on the creditor. Such a hearing shall be deemed to be a hearing which is subject to the provisions of section 8(h) of the Federal Deposit Insurance Act [12 U.S.C. 1818
(h)] and shall be subject to judicial review as provided therein.
(5)
Except as otherwise specifically provided in this subsection and notwithstanding any provision of law referred to in subsection (a) or (c) of this section, no agency referred to in subsection (a) or (c) of this section may require a creditor to make dollar adjustments for errors in any requirements under this subchapter, except with regard to the requirements of section
1666d of this title.
(6)
A creditor shall not be subject to an order to make an adjustment, if within sixty days after discovering a disclosure error, whether pursuant to a final written examination report or through the creditor’s own procedures, the creditor notifies the person concerned of the error and adjusts the account so as to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower.
(7)
Notwithstanding the second sentence of subsection (e)(1),subsection (e)(3)(C)(i), andsubsection (e)(3)(C)(ii) of this section, each agency referred to in subsection (a) or (c) of this section shall require an adjustment for an annual percentage rate disclosure error that exceeds a tolerance of one quarter of one percent less than the actual rate, determined without regard to section
1606
(c) of this title, with respect to any transaction consummated between January 1, 1977, and March 31, 1980.
[2] So in original. Probably should be preceded by “if”.
(a)
Enforcing agencies
Compliance with the requirements imposed under this subchapter shall be enforced under
(1)
section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818], 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
(2)
section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818], 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 National Credit Union Administration Board with respect to any Federal credit union.
(4)
part
A of subtitle
VII of title
49, by the Secretary of Transportation with respect to any air carrier or foreign air carrier subject to that part.
(5)
the Packers and Stockyards Act, 1921 [7 U.S.C. 181 et seq.] (except as provided in section 406 of that Act [7 U.S.C. 226, 227]), by the Secretary of Agriculture with respect to any activities subject to that Act.
(b)
Violations of this subchapter deemed violations of pre-existing statutory requirements; additional agency powers
For the purpose of the exercise by any agency referred to in subsection (a) of this section of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this subchapter 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 (a) 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 subchapter, any other authority conferred on it by law.
(c)
Federal Trade Commission as overall enforcing agency
Except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under subsection (a) of this section, the Federal Trade Commission shall enforce such requirements. For the purpose of the exercise by the Federal Trade Commission of its functions and powers under the Federal Trade Commission Act [15 U.S.C. 41 et seq.], a violation of any requirement imposed under this subchapter shall be deemed a violation of a requirement imposed under that Act. All of the functions and powers of the Federal Trade Commission under the Federal Trade Commission Act are available to the Commission to enforce compliance by any person with the requirements imposed under this subchapter, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests in the Federal Trade Commission Act.
(d)
Rules and regulations
The authority of the Board to issue regulations under this subchapter does not impair the authority of any other agency designated in this section to make rules respecting its own procedures in enforcing compliance with requirements imposed under this subchapter.
(e)
Adjustment of finance charges; procedures applicable, coverage, criteria, etc.
(1)
In carrying out its enforcement activities under this section, each agency referred to in subsection (a) or (c) of this section, in cases where an annual percentage rate or finance charge was inaccurately disclosed, shall notify the creditor of such disclosure error and is authorized in accordance with the provisions of this subsection to require the creditor to make an adjustment to the account of the person to whom credit was extended, to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower. For the purposes of this subsection, except where such disclosure error resulted from a willful violation which was intended to mislead the person to whom credit was extended, in determining whether a disclosure error has occurred and in calculating any adjustment,
(A)
each agency shall apply
(B)
with respect to transactions consummated after two years following March 31, 1980, each agency shall apply
(i)
for transactions that have a scheduled amortization of ten years or less, with respect to the annual percentage rate, a tolerance not to exceed one-quarter of 1 percent more or less than the actual rate, determined without regard to section
1606
(c) of this title, but in no event a tolerance of less than the tolerances allowed under section
1606
(c) of this title,
(2)
Each agency shall require such an adjustment when it determines that such disclosure error resulted from
(C)
a willful violation which was intended to mislead the person to whom the credit was extended. Notwithstanding the preceding sentence, except where such disclosure error resulted from a willful violation which was intended to mislead the person to whom credit was extended, an agency need not require such an adjustment if it determines that such disclosure error—
(A)
resulted from an error involving the disclosure of a fee or charge that would otherwise be excludable in computing the finance charge, including but not limited to violations involving the disclosures described in sections
1605
(b), (c) and (d) of this title, in which event the agency may require such remedial action as it determines to be equitable, except that for transactions consummated after two years after March 31, 1980, such an adjustment shall be ordered for violations of section
1605
(b) of this title;
(B)
involved a disclosed amount which was 10 per centum or less of the amount that should have been disclosed and
(i)
in cases where the error involved a disclosed finance charge, the annual percentage rate was disclosed correctly, and
(ii)
in cases where the error involved a disclosed annual percentage rate, the finance charge was disclosed correctly; in which event the agency may require such adjustment as it determines to be equitable;
(C)
involved a total failure to disclose either the annual percentage rate or the finance charge, in which event the agency may require such adjustment as it determines to be equitable; or
(D)
resulted from any other unique circumstance involving clearly technical and nonsubstantive disclosure violations that do not adversely affect information provided to the consumer and that have not misled or otherwise deceived the consumer.
In the case of other such disclosure errors, each agency may require such an adjustment.
(3)
Notwithstanding paragraph (2), no adjustment shall be ordered—
(A)
if it would have a significantly adverse impact upon the safety or soundness of the creditor, but in any such case, the agency may—
(ii)
require the full adjustment, but permit the creditor to make the required adjustment in partial payments over an extended period of time which the agency considers to be reasonable, if (in the case of an agency referred to in paragraph (1), (2), or (3) of subsection (a) of this section), the agency determines that a partial adjustment or making partial payments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to section 38 of the Federal Deposit Insurance Act [12 U.S.C. 1831o];
(B)
the
[2]
amount of the adjustment would be less than $1, except that if more than one year has elapsed since the date of the violation, the agency may require that such amount be paid into the Treasury of the United States, or
(C)
except where such disclosure error resulted from a willful violation which was intended to mislead the person to whom credit was extended, in the case of an open-end credit plan, more than two years after the violation, or in the case of any other extension of credit, as follows:
(i)
with respect to creditors that are subject to examination by the agencies referred to in paragraphs (1) through (3) of subsection (a) of this section, except in connection with violations arising from practices identified in the current examination and only in connection with transactions that are consummated after the date of the immediately preceding examination, except that where practices giving rise to violations identified in earlier examinations have not been corrected, adjustments for those violations shall be required in connection with transactions consummated after the date of examination in which such practices were first identified;
(4)
(A)
Notwithstanding any other provision of this section, an adjustment under this subsection may be required by an agency referred to in subsection (a) or (c) of this section only by an order issued in accordance with cease and desist procedures provided by the provision of law referred to in such subsections.
(B)
In case of an agency which is not authorized to conduct cease and desist proceedings, such an order may be issued after an agency hearing on the record conducted at least thirty but not more than sixty days after notice of the alleged violation is served on the creditor. Such a hearing shall be deemed to be a hearing which is subject to the provisions of section 8(h) of the Federal Deposit Insurance Act [12 U.S.C. 1818
(h)] and shall be subject to judicial review as provided therein.
(5)
Except as otherwise specifically provided in this subsection and notwithstanding any provision of law referred to in subsection (a) or (c) of this section, no agency referred to in subsection (a) or (c) of this section may require a creditor to make dollar adjustments for errors in any requirements under this subchapter, except with regard to the requirements of section
1666d of this title.
(6)
A creditor shall not be subject to an order to make an adjustment, if within sixty days after discovering a disclosure error, whether pursuant to a final written examination report or through the creditor’s own procedures, the creditor notifies the person concerned of the error and adjusts the account so as to assure that such person will not be required to pay a finance charge in excess of the finance charge actually disclosed or the dollar equivalent of the annual percentage rate actually disclosed, whichever is lower.
(7)
Notwithstanding the second sentence of subsection (e)(1),subsection (e)(3)(C)(i), andsubsection (e)(3)(C)(ii) of this section, each agency referred to in subsection (a) or (c) of this section shall require an adjustment for an annual percentage rate disclosure error that exceeds a tolerance of one quarter of one percent less than the actual rate, determined without regard to section
1606
(c) of this title, with respect to any transaction consummated between January 1, 1977, and March 31, 1980.
[1] See References in Text note below.
[2] So in original. Probably should be preceded by “if”.
Source
(Pub. L. 90–321, title I, § 108,May 29, 1968, 82 Stat. 150; Pub. L. 91–206, § 3,Mar. 10, 1970, 84 Stat. 49; Pub. L. 93–495, title IV, § 403,Oct. 28, 1974, 88 Stat. 1517; Pub. L. 95–630, title V, § 501,Nov. 10, 1978, 92 Stat. 3680; Pub. L. 96–221, title VI, § 608(a), (c),Mar. 21, 1980, 94 Stat. 171, 173; Pub. L. 98–443, § 9(n),Oct. 4, 1984, 98 Stat. 1708; Pub. L. 101–73, title VII, § 744(k),Aug. 9, 1989, 103 Stat. 439; Pub. L. 102–242, title II, § 212(b),Dec. 19, 1991, 105 Stat. 2299; Pub. L. 102–550, title XVI, § 1604(a)(5),Oct. 28, 1992, 106 Stat. 4082; Pub. L. 104–208, div. A, title II, § 2106,Sept. 30, 1996, 110 Stat. 3009–402; Pub. L. 111–203, title X, § 1100A(2), (8), title XIV, § 1414(b),July 21, 2010, 124 Stat. 2107, 2108, 2152.)
Amendment of Section
Pub. L. 111–203, title X, §§ 1100A(2), (8), 1100H,July 21, 2010, 124 Stat. 2107, 2113, provided that, effective on the designated transfer date, this section is amended— (1) by striking “Board” each place that term appears, other than in subsection (a), and inserting “Bureau”; (2) by striking subsection (a) and inserting the following: “(a) Enforcing agencies
“Subject to subtitle B of the Consumer Financial Protection Act of 2010, compliance with the requirements imposed under this subchapter shall be enforced under—
“(1) section 8 of the Federal Deposit Insurance Act, by the appropriate Federal banking agency, as defined in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813
(q)), with respect to—
“(A) national banks, Federal savings associations, and Federal branches and Federal agencies of foreign banks;
“(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 25A of the Federal Reserve Act; and
“(C) banks and State savings associations insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), and insured State branches of foreign banks;
“(2) the Federal Credit Union Act, by the Director of the National Credit Union Administration, with respect to any Federal credit union;
“(3) the Federal Aviation Act of 1958, by the Secretary of Transportation, with respect to any air carrier or foreign air carrier subject to that part;
“(4) the Packers and Stockyards Act, 1921 (except as provided in section 406 of that Act), by the Secretary of Agriculture, with respect to any activities subject to that Act;
“(5) the Farm Credit Act of 1971, by the Farm Credit Administration with respect to any Federal land bank, Federal land bank association, Federal intermediate credit bank, or production credit association; and
“(6) subtitle E of the Consumer Financial Protection Act of 2010, by the Bureau, with respect to any person subject to this subchapter.”; and
(3) by striking subsection (c) and inserting the following:
“(c) Overall enforcement authority of the Federal Trade Commission
“Except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under any of paragraphs (1) through (5) of subsection (a), and subject to subtitle B of the Consumer Financial Protection Act of 2010, the Federal Trade Commission shall be authorized to enforce such requirements. For the purpose of the exercise by the Federal Trade Commission of its functions and powers under the Federal Trade Commission Act, a violation of any requirement imposed under this subchapter shall be deemed a violation of a requirement imposed under that Act. All of the functions and powers of the Federal Trade Commission under the Federal Trade Commission Act are available to the Federal Trade Commission to enforce compliance by any person with the requirements under this subchapter, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the Federal Trade Commission Act.”
See Effective Date of 2010 Amendment note below.
Pub. L. 111–203, title XIV, §§ 1400(c),
1414
(b),July 21, 2010, 124 Stat. 2136, 2152, provided that, effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, this section is amended by inserting after paragraph (6) the following new paragraph:
“(7) sections 21B and 21C of the Securities Exchange Act of 1934, in the case of a broker or dealer, other than a depository institution, by the Securities and Exchange Commission.” See Effective Date of 2010 Amendment notes below.
References in Text
Section 25(a) of the Federal Reserve Act, referred to in subsec. (a)(1)(B), which is classified to subchapter II (§ 611 et seq.) of chapter
6 of Title
12, Banks and Banking, was renumbered section 25A of that act by Pub. L. 102–242, title I, § 142(e)(2),Dec. 19, 1991, 105 Stat. 2281. Section 25 of the Federal Reserve Act is classified to subchapter I (§ 601 et seq.) of chapter
6 of Title
12.
The Federal Credit Union Act, referred to in subsec. (a)(3), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified generally to chapter 14 (§ 1751 et seq.) of Title 12. For complete classification of this Act to the Code, see section
1751 of Title
12 and Tables.
The Packers and Stockyards Act, 1921, referred to in subsec. (a)(5), is act Aug. 15, 1921, ch. 64, 42 Stat. 159, which is classified to chapter 9 (§ 181 et seq.) of Title 7, Agriculture. For complete classification of this Act to the Code, see section
181 of Title
7 and Tables.
The Farm Credit Act of 1971, referred to in subsec. (a)(6), is Pub. L. 92–181, Dec. 10, 1971, 85 Stat. 583, which is classified generally to chapter 23 (§ 2001 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see Short Title note set out under section
2001 of Title
12 and Tables.
The Federal Trade Commission Act, referred to in subsec. (c), is act Sept. 26, 1914, ch. 311, 38 Stat. 717, which is classified generally to subchapter I (§ 41 et seq.) of chapter
2 of this title. For complete classification of this Act to the Code, see section
58 of this title and Tables.
Codification
In subsec. (a)(4), “part
A of subtitle
VII of title
49” substituted for “the Federal Aviation Act of 1958 [49 App. U.S.C. 1301 et seq.]” and “that part” substituted for “that Act” on authority of Pub. L. 103–272, § 6(b),July 5, 1994, 108 Stat. 1378, the first section of which enacted subtitles II, III, and V to X of Title 49, Transportation.
Amendments
1996—Subsec. (e)(3). Pub. L. 104–208struck out “ordered (A) if” and inserted “ordered—
“(A) if”;
struck out “may require a partial” and inserted “may—
“(i) require a partial”;
struck out “, except that with respect to any transaction consumated after March 31, 1980, the agency shall require” and inserted “; or
“(ii) require”;
directed the substitution of “reasonable, if (in the case of an agency referred to in paragraph (1), (2), or (3) of subsection (a) of this section), the agency determines that a partial adjustment or making partial payments over an extended period is necessary to avoid causing the creditor to become undercapitalized pursuant to section 38 of the Federal Deposit Insurance Act;
“(B) the”;
for “reasonable, (B) the”, which was executed by making the substitution for “reasonable, (B) if the”; and struck out “(C) except” and inserted
“(C) except”.
1992—Subsec. (a)(1)(C). Pub. L. 102–550substituted semicolon for period at end.
1991—Subsec. (a). Pub. L. 102–242, § 212(b)(2), inserted at end “The terms used in paragraph (1) that are not defined in this subchapter or otherwise defined in section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 1813
(s)) shall have the meaning given to them in section 1(b) of the International Banking Act of 1978 (12 U.S.C. 3101).”
Pub. L. 102–242, § 212(b)(1), added par. (1) and struck out former par. (1) which read as follows: “section 8 of the Federal Deposit Insurance Act, 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), by the Board of Directors of the Federal Deposit Insurance Corporation.”
1989—Subsec. (a)(2). Pub. L. 101–73amended par. (2) generally. Prior to amendment, par. (2) read as follows: “section 5(d) of the Home Owner’s Loan Act of 1933, section 407 of the National Housing Act, and sections 6(i) and 17 of the Federal Home Loan Bank Act, 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.”
1984—Subsec. (a)(4). Pub. L. 98–443substituted “Secretary of Transportation” for “Civil Aeronautics Board”.
1980—Subsec. (e). Pub. L. 96–221, § 608(a), added subsec. (e).
Pub. L. 96–221, § 608(c), struck out in pars. (1)(A)(i) and (7) “, except in the case of an irregular mortgage lending transaction” after “section
1606
(c) of this title”. See Effective Date of 1980 Amendment note below.
1974—Subsec. (a)(4) to (6). Pub. L. 93–495redesignated pars. (5) and (6) as (4) and (5), respectively. Former par. (4), which related to enforcement by the Interstate Commerce Commission, was struck out.
Effective Date of 2010 Amendment
Amendment by section 1100A(2), (8) ofPub. 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.
Amendment by section 1414(b) ofPub. L. 111–203effective on the date on which final regulations implementing that amendment take effect, or on the date that is 18 months after the designated transfer date if such regulations have not been issued by that date, see section 1400(c) ofPub. L. 111–203, set out as a note under section
1601 of this title.
Effective Date of 1992 Amendment
Amendment by Pub. L. 102–550effective as if included in the Federal Deposit Insurance Corporation Improvement Act of 1991, Pub. L. 102–242, as of Dec. 19, 1991, see section 1609(a) ofPub. L. 102–550, set out as a note under section
191 of Title
12, Banks and Banking.
Effective Date of 1984 Amendment
Amendment by Pub. L. 98–443effective Jan. 1, 1985, see section 9(v) ofPub. L. 98–443, set out as a note under section
5314 of Title
5, Government Organization and Employees.
Effective Date of 1980 Amendment
Section 608(b) ofPub. L. 96–221provided that: “This section [amending this section] shall take effect on the date of enactment of the Truth in Lending Simplification and Reform Act [Mar. 31, 1980].”
Section 608(c) ofPub. L. 96–221provided that the amendment made by that section is effective one year after Mar. 31, 1980.
Effective Date of 1974 Amendment
Amendment by Pub. L. 93–495effective Oct. 28, 1974, see section 416 ofPub. L. 93–495, set out as an Effective Date note under section
1665a of this title.
Transfer of Functions
“National Credit Union Administration Board” substituted for “Director of the Bureau of Federal Credit Unions” in subsec. (a)(3) pursuant to section 3 ofPub. L. 91–206and section 501 ofPub. L. 95–630[12 U.S.C. 1752a] which transferred functions of Bureau of Federal Credit Unions, and Director thereof, to National Credit Union Administration and vested authority for management of Administration in National Credit Union Administration Board.
The table below lists the classification updates, since Jan. 7, 2011, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Friday, April 6, 2012
An empty table indicates that we see no relevant changes listed in the classification tables. If you suspect that our system may be missing something, please double-check with the Office of the Law Revision Counsel.
| 15 USC | Description of Change | Session Year | Public Law | Statutes at Large |
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This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.
This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].
It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.
