15 U.S.C. § 6805 | Enforcement

(a)

In general

12 U.S.C. 5511Subject to subtitle B of the Consumer Financial Protection Act of 2010 [ et seq.], this subchapter and the regulations prescribed thereunder shall be enforced by the Bureau of Consumer Financial Protection, the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law, as follows:

(1)

section 1818 of title 12 section 1813(q) of title 12 Under , by the appropriate Federal banking agency, as defined in , in the case of—

(A)

national banks, Federal branches and Federal agencies of foreign banks, and any subsidiaries of such entities (except brokers, dealers, persons providing insurance, investment companies, and investment advisers);

(B)

12 U.S.C. 601 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, organizations operating under section 25 or 25A of the Federal Reserve Act [ et seq., 611 et seq.], and bank holding companies and their nonbank subsidiaries or affiliates (except brokers, dealers, persons providing insurance, investment companies, and investment advisers);

(C)

banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), insured State branches of foreign banks, and any subsidiaries of such entities (except brokers, dealers, persons providing insurance, investment companies, and investment advisers); and

(D)

savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation, and any subsidiaries of such savings associations (except brokers, dealers, persons providing insurance, investment companies, and investment advisers).

(2)

12 U.S.C. 1751 Under the Federal Credit Union Act [ et seq.], by the Board of the National Credit Union Administration with respect to any federally insured credit union, and any subsidiaries of such an entity.

(3)

15 U.S.C. 78a Under the Securities Exchange Act of 1934 [ et seq.], by the Securities and Exchange Commission with respect to any broker or dealer.

(4)

15 U.S.C. 80a–1 Under the Investment Company Act of 1940 [ et seq.], by the Securities and Exchange Commission with respect to investment companies.

(5)

15 U.S.C. 80b–1 Under the Investment Advisers Act of 1940 [ et seq.], by the Securities and Exchange Commission with respect to investment advisers registered with the Commission under such Act.

(6)

section 6701 of this title Under State insurance law, in the case of any person engaged in providing insurance, by the applicable State insurance authority of the State in which the person is domiciled, subject to .

(7)

15 U.S.C. 41 Under the Federal Trade Commission Act [ et seq.], by the Federal Trade Commission for any other financial institution or other person that is not subject to the jurisdiction of any agency or authority under paragraphs (1) through (6) of this subsection.

(8)

12 U.S.C. 5561 section 6801 of this title Under subtitle E of the Consumer Financial Protection Act of 2010 [ et seq.], by the Bureau of Consumer Financial Protection, in the case of any financial institution and other covered person or service provider that is subject to the jurisdiction of the Bureau and any person subject to this subchapter, but not with respect to the standards under .

(b)

Enforcement of section 6801

(1)

In general

section 6801(b) of this title section 1831p–1(a) of title 12Except as provided in paragraph (2), the agencies and authorities described in subsection (a), other than the Bureau of Consumer Financial Protection, shall implement the standards prescribed under in the same manner, to the extent practicable, as standards prescribed pursuant to are implemented pursuant to such section.

(2)

Exception

section 6801(b) of this titleThe agencies and authorities described in paragraphs (3), (4), (5), (6), and (7) of subsection (a) shall implement the standards prescribed under by rule with respect to the financial institutions and other persons subject to their respective jurisdictions under subsection (a).

(c)

Absence of State action

section 1831x(g)(2)(B)(iii) of title 12 section 1831x(a) of title 12If a State insurance authority fails to adopt regulations to carry out this subchapter, such State shall not be eligible to override, pursuant to , the insurance customer protection regulations prescribed by a Federal banking agency under .

(d)

Definitions

section 1813(s) of title 12 section 3101 of title 12The terms used in subsection (a)(1) that are not defined in this subchapter or otherwise defined in shall have the same meaning as given in .

Pub. L. 106–102, title V, § 505Nov. 12, 1999113 Stat. 1440 Pub. L. 111–203, title X, § 1093(4)July 21, 2010124 Stat. 2096 (, , ; , (5), , , 2097.)

Editorial Notes

References in Text

Pub. L. 111–203July 21, 2010124 Stat. 1955 The Consumer Financial Protection Act of 2010, referred to in subsec. (a), is title X of , , . Subtitles B (§§ 1021–1029A) and E (§§ 1051–1058) of the Act are classified generally to parts B (§ 5511 et seq.) and E (§ 5561 et seq.), respectively, of subchapter V of chapter 53 of Title 12, Banks and Banking. For complete classification of subtitles B and E to the Code, see Tables.

Pub. L. 106–102Nov. 12, 1999113 Stat. 1436 This subchapter, referred to in subsecs. (a), (c), and (d), 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.

Section 25 of the Federal Reserve Act, referred to in subsec. (a)(1)(B), is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12, Banks and Banking. Section 25A of the Federal Reserve Act is classified to subchapter II (§ 611 et seq.) of chapter 6 of Title 12.

act June 26, 1934, ch. 750 48 Stat. 1216 section 1751 of Title 12The Federal Credit Union Act, referred to in subsec. (a)(2), is , , which is classified generally to chapter 14 (§ 1751 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see and Tables.

act June 6, 1934, ch. 404 48 Stat. 881 section 78a of this titleThe Securities Exchange Act of 1934, referred to in subsec. (a)(3), is , , which is classified principally to chapter 2B (§ 78a et seq.) of this title. For complete classification of this Act to the Code, see and Tables.

act Aug. 22, 1940, ch. 686 54 Stat. 789 section 80a–51 of this titleThe Investment Company Act of 1940, referred to in subsec. (a)(4), is title I of , , which is classified generally to subchapter I (§ 80a–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see and Tables.

act Aug. 22, 1940, ch. 686 54 Stat. 847 section 80b–20 of this titleThe Investment Advisers Act of 1940, referred to in subsec. (a)(5), is title II of , , which is classified generally to subchapter II (§ 80b–1 et seq.) of chapter 2D of this title. For complete classification of this Act to the Code, see and Tables.

act Sept. 26, 1914, ch. 311 38 Stat. 717 section 58 of this titleThe Federal Trade Commission Act, referred to in subsec. (a)(7), is , , 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 and Tables.

Amendments

Pub. L. 111–203, § 1093(4)(A)2010—Subsec. (a). , substituted “Subject to subtitle B of the Consumer Financial Protection Act of 2010, this subchapter and the regulations prescribed thereunder shall be enforced by the Bureau of Consumer Financial Protection, the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law, as follows:” for “This subchapter and the regulations prescribed thereunder shall be enforced by the Federal functional regulators, the State insurance authorities, and the Federal Trade Commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law, as follows:”.

Pub. L. 111–203, § 1093(4)(B)(i)section 1813(q) of title 12Subsec. (a)(1). , inserted “by the appropriate Federal banking agency, as defined in ,” before “in the case of—”.

Pub. L. 111–203, § 1093(4)(B)(ii)Subsec. (a)(1)(A). , struck out “, by the Office of the Comptroller of the Currency” before semicolon at end.

Pub. L. 111–203, § 1093(4)(B)(iii)Subsec. (a)(1)(B). , struck out “, by the Board of Governors of the Federal Reserve System” before semicolon at end.

Pub. L. 111–203, § 1093(4)(B)(iv)Subsec. (a)(1)(C). , struck out “, by the Board of Directors of the Federal Deposit Insurance Corporation” before “; and”.

Pub. L. 111–203, § 1093(4)(B)(v)Subsec. (a)(1)(D). , struck out “, by the Director of the Office of Thrift Supervision” before period at end.

Pub. L. 111–203, § 1093(4)(C)Subsec. (a)(8). , added par. (8).

Pub. L. 111–203, § 1093(5)Subsec. (b)(1). , inserted “, other than the Bureau of Consumer Financial Protection,” before “shall implement the standards”.

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.