Sec. 5. Administrative enforcement

722 words·~3 min read·/bill/113/s/1927/is/section-5

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Notwithstanding any other provision of law, section 3, and the regulations required under section 4, shall be enforced exclusively under— section 8 of the Federal Deposit Insurance Act ( 12 U.S.C. 1818 ), in the case of— a national bank, a Federal branch or Federal agency of a foreign bank, or any subsidiary thereof (other than a broker, dealer, person providing insurance, investment company, or investment adviser), or a savings association, the deposits of which are insured by the Federal Deposit Insurance Corporation, or any subsidiary thereof (other than a broker, dealer, person providing insurance, investment company, or investment adviser), by the Office of the Comptroller of the Currency; a member bank of the Federal Reserve System (other than a national bank), a branch or agency of a foreign bank (other than a Federal branch, Federal agency, or insured State branch of a foreign bank), a commercial lending company owned or controlled by a foreign bank, an organization operating under section 25 or 25A of the Federal Reserve Act ( 12 U.S.C. 601 , 611), or a bank holding company and its nonbank subsidiary or affiliate (other than a broker, dealer, person providing insurance, investment company, or investment adviser), by the Board of Governors of the Federal Reserve System; and a bank, the deposits of which are insured by the Federal Deposit Insurance Corporation (other than a member of the Federal Reserve System), an insured State branch of a foreign bank, or any subsidiary thereof (other than a broker, dealer, person providing insurance, investment company, or investment adviser), by the Board of Directors of the Federal Deposit Insurance Corporation; the Federal Credit Union Act ( 12 U.S.C. 1751 et seq. ), by the National Credit Union Administration Board with respect to any federally insured credit union; the Securities Exchange Act of 1934 ( 15 U.S.C. 78a et seq. ), by the Securities and Exchange Commission with respect to any broker or dealer; the Investment Company Act of 1940 ( 15 U.S.C. 80a–1 et seq. ), by the Securities and Exchange Commission with respect to any investment company; the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–1 et seq. ), by the Securities and Exchange Commission with respect to any investment adviser registered with the Securities and Exchange Commission under that Act; the Commodity Exchange Act ( 7 U.S.C. 1 et seq. ), by the Commodity Futures Trading Commission with respect to any futures commission merchant, commodity trading advisor, commodity pool operator, or introducing broker; the provisions of title XIII of the Housing and Community Development Act of 1992 (12 U.S.C. 4501 et seq.), by the Director of Federal Housing Enterprise Oversight (and any successor to the functional regulatory agency) with respect to the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and any other entity or enterprise (as defined in that title) subject to the jurisdiction of the functional regulatory agency under that title, including any affiliate of any the enterprise;

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; and the Federal Trade Commission Act ( 15 U.S.C. 41 et seq. ), by the Commission for any other covered entity that is not subject to the jurisdiction of any agency or authority described under paragraphs

(1)through (8). The authority of the Commission to enforce compliance with section 3, and the regulations required under section 4, under subsection (a)(8) shall— notwithstanding the Federal Aviation Act of 1958 (49 U.S.C. App. 1301 et seq.), include the authority to enforce compliance by air carriers and foreign air carriers; and notwithstanding the Packers and Stockyards Act ( 7 U.S.C. 181 et seq. ), include the authority to enforce compliance by persons, partnerships, and corporations subject to the provisions of that Act. This Act, and the regulations prescribed under this Act, may not be construed to provide a private right of action, including a class action with respect to any act or practice regulated under this Act. No civil or criminal action relating to any act or practice governed under this Act, or the regulations prescribed under this Act, shall be commenced or maintained in any State court or under State law, including a pendent State claim to an action under Federal law.

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