Sec. 4. Agency authority
218 words·~1 min read·
/bill/115/hr/3937/ih/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Notwithstanding any other law and for the sole purpose of carrying out the requirements of this Act, in the event that the Board of Governors or the Corporation lack a quorum, a majority of the members of the Board of Governors and a majority of the members of the Corporation shall have the full authority to act on behalf of their respective agency. In making any determination under this Act with respect to whether an institution has violated a Federal consumer protection law, if a Federal prudential banking agency does not have enforcement authority over the applicable Federal consumer protection law, the agency shall rely on publically available information with respect to such violations, such as criminal convictions and enforcement actions, and consult with any relevant Government department or agency that took such actions against the institution.
Nothing in this Act shall be construed to reduce or impair any existing authority with respect to enforcement actions taken by an appropriate Federal banking agency. Furthermore, a violation of Federal consumer protection law or a pattern or practice of violations of Federal consumer protection laws by an institution shall not be deemed insufficient grounds for the appropriate Federal banking agency to take any enforcement action, including those referenced in this Act, it deems necessary and is otherwise authorized to take.