15 U.S.C. § 6804 | Rulemaking

(a)

Regulatory authority

(1)

Rulemaking

(A)

In general

section 6805 of this title 12 U.S.C. 5511 section 6801 of this titleExcept as provided in subparagraph (C), the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to their respective jurisdiction under (and notwithstanding subtitle B of the Consumer Financial Protection Act of 2010 [ et seq.]), except that the Bureau of Consumer Financial Protection shall not have authority to prescribe regulations with respect to the standards under .

(B)

CFTC

section 7b–2 of title 7The Commodity Futures Trading Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to financial institutions and other persons subject to the jurisdiction of the Commodity Futures Trading Commission under .

(C)

Federal Trade Commission authority

12 U.S.C. 5519(a)Notwithstanding the authority of the Bureau of Consumer Financial Protection under subparagraph (A), the Federal Trade Commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subchapter with respect to any financial institution that is a person described in section 1029(a) of the Consumer Financial Protection Act of 2010 [].

(D)

Rule of construction

Nothing in this paragraph shall be construed to alter, affect, or otherwise limit the authority of a State insurance authority to adopt regulations to carry out this subchapter.

(2)

Coordination, consistency, and comparability

1 So in original. Probably should be “and, as appropriate, with”.

Each of the agencies authorized under paragraph (1) to prescribe regulations shall consult and coordinate with the other such agencies and, as appropriate, and with  representatives of State insurance authorities designated by the National Association of Insurance Commissioners, for the purpose of assuring, to the extent possible, that the regulations prescribed by each such agency are consistent and comparable with the regulations prescribed by the other such agencies.

(3)

Procedures and deadline

Such regulations shall be prescribed in accordance with applicable requirements of title 5.

(b)

Authority to grant exceptions

section 6802 of this titleThe regulations prescribed under subsection (a) may include such additional exceptions to subsections (a) through (d) of as are deemed consistent with the purposes of this subchapter.

Pub. L. 106–102, title V, § 504Nov. 12, 1999113 Stat. 1439 Pub. L. 111–203, title X, § 1093(3)July 21, 2010124 Stat. 2095(, , ; , , .)

Editorial Notes

References in Text

Pub. L. 106–102Nov. 12, 1999113 Stat. 1436This subchapter, referred to in subsecs. (a)(1) and (b), was in the original “this subtitle”, meaning subtitle A (§§ 501–510) of title V of , , , which is classified principally to this subchapter. For complete classification of subtitle A to the Code, see Tables.

Pub. L. 111–203July 21, 2010124 Stat. 1955The Consumer Financial Protection Act of 2010, referred to in subsec. (a)(1)(A), is title X of , , . Subtitle B (§§ 1021–1029A) of the Act is classified generally to part B (§ 5511 et seq.) of subchapter V of chapter 53 of Title 12, Banks and Banking. For complete classification of subtitle B to the Code, see Tables.

Amendments

Pub. L. 111–203, § 1093(3)(A)2010—Subsec. (a)(1), (2). , added pars. (1) and (2) and struck out former pars. (1) and (2) which related, respectively, to rulemaking by the Federal banking agencies, the National Credit Union Administration, the Secretary of the Treasury, the Securities and Exchange Commission, and the Federal Trade Commission, and consultation and coordination among these agencies and authorities to assure consistency and comparability of regulations.

Pub. L. 111–203, § 1093(3)(B)November 12, 1999Subsec. (a)(3). , struck out “and shall be issued in final form not later than 6 months after ” after “title 5”.

Statutory Notes and Related Subsidiaries

Effective Date of 2010 Amendment

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