Sec. 737. Preservation of UDAP authority for Federal banking regulators
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Section 18(f) of the Federal Trade Commission Act ( 15 U.S.C. 57a(f) ) is amended to read as follows: In order to prevent unfair or deceptive acts or practices in or affecting commerce (including acts or practices which are unfair or deceptive to consumers) by depository institutions, each Federal banking regulator shall prescribe regulations to carry out the purposes of this section, including regulations defining with specificity such unfair or deceptive acts or practices, and containing requirements prescribed for the purpose of preventing such acts or practices.
Whenever the Commission prescribes a rule under subsection (a)(1)(B), then within 60 days after such rule takes effect each Federal banking regulator shall promulgate substantially similar regulations prohibiting acts or practices of depository institutions which are substantially similar to those prohibited by rules of the Commission and which impose substantially similar requirements, unless— the Federal banking regulator finds that such acts or practices of depository institutions are not unfair or deceptive; or the Board of Governors of the Federal Reserve System finds that implementation of similar regulations with respect to depository institutions would seriously conflict with essential monetary and payments systems policies of such Board, and publishes any such finding, and the reasons therefor, in the Federal Register.
Compliance with regulations prescribed under this subsection shall be enforced— under section 8 of the Federal Deposit Insurance Act, with respect to a depository institution other than a Federal credit union; and under sections 120 and 206 of the Federal Credit Union Act, with respect to a Federal credit union. For the purpose of the exercise by a Federal banking regulator of the regulator’s powers under any Act referred to in subparagraph (A), a violation of any regulation prescribed under this subsection 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 subparagraph (A), each Federal banking regulator may exercise, for the purpose of enforcing compliance with any regulation prescribed under this subsection, any other authority conferred on the regulator by law. The authority of the Board of Governors of the Federal Reserve System to issue regulations under this subsection does not impair the authority of any other Federal banking regulator to make rules respecting the regulator’s own procedures in enforcing compliance with regulations prescribed under this subsection.
Each Federal banking regulator exercising authority under this subsection shall transmit to the Congress each year a detailed report on its activities under this subsection during the preceding calendar year. For purposes of this Act: The term bank means— national banks and Federal branches and Federal agencies of foreign banks; 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 banks insured by the Federal Deposit Insurance Corporation (other than banks referred to in clause
(i)or
(ii)and insured State branches of foreign banks. The term depository institution means a bank, a savings and loan institution, or a Federal credit union. The term Federal banking regulator — has the meaning given the term appropriate Federal banking agency under section 3 of the Federal Deposit Insurance Act; and means the National Credit Union Administration, in the case of a Federal credit union. The term Federal credit union has the same meaning as in section 101 of the Federal Credit Union Act. The term savings and loan institution has the same meaning as in section 3 of the Federal Deposit Insurance Act. The terms used in this paragraph that are not defined in this Act or otherwise defined in section 3(s) of the Federal Deposit Insurance Act shall have the meaning given to them in section 1(b) of the International Banking Act of 1978. . The Federal Trade Commission Act ( 15 U.S.C. 41 et seq.) is amended— in section 6(j)(6), by striking section 18(f)(3) ( and inserting 15 U.S.C. 57a(f)(3) ), a Federal credit union described in section 18(f)(4) ( 15 U.S.C. 57a(f)(4) ) section 18(f), a Federal credit union described in section 18(f) ; in section 21(b)(6)(C), by striking section 18(f)(3) of the Federal Trade Commission Act ( and inserting 15 U.S.C. 57a(f)(3) ), or a Federal credit union described in section 18(f)(4) of the Federal Trade Commission Act ( 15 U.S.C. 57a(f)(4) ) 18(f), or a Federal credit union described in section 18(f) ; by striking section 18(f)(2) each place such term appears and inserting section 18(f) ; by striking section 18(f)(3) each place such term appears and inserting section 18(f) ; and by striking section 18(f)(4) each place such term appears and inserting section 18(f) .
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