Sec. 5. Administrative enforcement

879 words·~4 min read·/bill/114/s/961/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 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), including— notwithstanding section 5(a)(2) of the Federal Trade Commission Act ( 15 U.S.C. 45(a)(2) ), common carriers subject to the Communications Act of 1934 ( 47 U.S.C. 151 et seq. ); 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. Sections 201, 202, 222, 338, and 631 of the Communications Act of 1934 ( 47 U.S.C. 201 , 202, 222, 338, and 551), and any regulations promulgated in accordance with those sections, shall not apply with respect to the information security practices, including practices relating to the notification of unauthorized access to data in electronic form, of any covered entity otherwise subject to those sections. Nothing in this subsection otherwise limits authority of the Federal Communication Commission with respect to sections 201, 202, 222, 338, and 631 of the Communications Act of 1934 ( 47 U.S.C. 201 , 202, 222, 338, and 551). 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. A consumer or entity that suffers financial harm as a result of a covered entity’s violation of this Act may bring an action in a district court of the United States for the judicial district in which the consumer or entity suffered the harm against the covered entity to recover— in the case of a negligent violation of this Act, actual financial damages, court costs allowed by the rules of the court, and reasonable attorney’s fees; and in the case of a knowing violation of this Act, the damages, costs, and attorney’s fees described in subparagraph

(A)of this subsection and punitive damages.

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U.S. Code