Sec. 701. Enforcement

636 words·~3 min read·/bill/118/s/136/is/section-701

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

Subject to subtitle B of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5511 et seq. ), compliance with the requirements imposed under this Act shall be enforced under— section 8 of the Federal Deposit Insurance Act ( 12 U.S.C. 1818 ) by the appropriate Federal banking agency, as defined in section 3(q) of that Act ( 12 U.S.C. 1813(q) ), with respect to— national banks, Federal savings associations, 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 ( 12 U.S.C. 601 et seq. ); and banks and State savings associations insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), and insured State branches of foreign banks; the Federal Credit Union Act ( 12 U.S.C. 1751 et seq. ), by the Director of the National Credit Union Administration, with respect to any Federal credit union; part A of subtitle VII of title 49, United States Code, by the Secretary of Transportation, with respect to any air carrier or foreign air carrier subject to that part; the Packers and Stockyards Act, 1921 ( 7 U.S.C. 191 et seq. ) (except as provided in section 406 of that Act ( 7 U.S.C. 226 )), by the Secretary of Agriculture, with respect to any activities subject to that Act; the Farm Credit Act of 1971 ( 12 U.S.C. 2001 et seq. ), by the Farm Credit Administration with respect to any Federal land bank, Federal land bank association, Federal intermediate credit bank, or production credit association; subtitle E of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5561 et seq. ), by the Bureau, with respect to any person subject to this Act; and sections 21B and 21C of the Securities Exchange Act of 1934 ( 15 U.S.C. 78u–2 , 78u–3), in the case of a broker or dealer, other than a depository institution, by the Securities and Exchange Commission.

For the purpose of the exercise by any agency referred to in subsection

(a)of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this Act 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 subsection (a), each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this Act, any other authority conferred on it by law. Except to the extent that enforcement of the requirements imposed under this Act is specifically committed to some other Government agency under any of paragraphs

(1)through

(5)of subsection (a), and subject to subtitle B of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5511 et seq. ), the Bureau shall be authorized to enforce such requirements. All of the functions and powers of the Bureau under the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5301 et seq. ) are available to the Bureau to enforce compliance by any person with the requirements under this Act, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5301 et seq. ). The authority of the Bureau to issue regulations under this Act does not impair the authority of any other agency designated in this section to make rules respecting its own procedures in enforcing compliance with requirements imposed under this Act.

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