15 U.S.C. § 6805 : US Code - Section 6805: Enforcement

Search 15 U.S.C. § 6805 : US Code - Section 6805: Enforcement

(a) In general
This subchapter and the regulations prescribed thereunder shall
be enforced by the Federal functional regulators, the State
insurance authorities, and the Federal Trade Commission with
respect to financial institutions and other persons subject to
their jurisdiction under applicable law, as follows:
(1) Under section 1818 of title 12, in the case of -
(A) national banks, Federal branches and Federal agencies of
foreign banks, and any subsidiaries of such entities (except
brokers, dealers, persons providing insurance, investment
companies, and investment advisers), by the Office of the
Comptroller of the Currency;
(B) 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, organizations operating under
section 25 or 25A of the Federal Reserve Act [12 U.S.C. 601 et
seq., 611 et seq.], and bank holding companies and their
nonbank subsidiaries or affiliates (except brokers, dealers,
persons providing insurance, investment companies, and
investment advisers), by the Board of Governors of the Federal
Reserve System;
(C) banks insured by the Federal Deposit Insurance
Corporation (other than members of the Federal Reserve System),
insured State branches of foreign banks, and any subsidiaries
of such entities (except brokers, dealers, persons providing
insurance, investment companies, and investment advisers), by
the Board of Directors of the Federal Deposit Insurance
Corporation; and
(D) savings associations the deposits of which are insured by
the Federal Deposit Insurance Corporation, and any subsidiaries
of such savings associations (except brokers, dealers, persons
providing insurance, investment companies, and investment
advisers), by the Director of the Office of Thrift Supervision.
(2) Under the Federal Credit Union Act [12 U.S.C. 1751 et
seq.], by the Board of the National Credit Union Administration
with respect to any federally insured credit union, and any
subsidiaries of such an entity.
(3) Under 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.
(4) Under the Investment Company Act of 1940 [15 U.S.C. 80a-1
et seq.], by the Securities and Exchange Commission with respect
to investment companies.
(5) Under the Investment Advisers Act of 1940 [15 U.S.C. 80b-1
et seq.], by the Securities and Exchange Commission with respect
to investment advisers registered with the Commission under such
Act.
(6) Under 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, subject
to section 6701 of this title.
(7) Under the Federal Trade Commission Act [15 U.S.C. 41 et
seq.], by the Federal Trade Commission for any other financial
institution or other person that is not subject to the
jurisdiction of any agency or authority under paragraphs (1)
through (6) of this subsection.
(b) Enforcement of section 6801
(1) In general
Except as provided in paragraph (2), the agencies and
authorities described in subsection (a) of this section shall
implement the standards prescribed under section 6801(b) of this
title in the same manner, to the extent practicable, as standards
prescribed pursuant to section 1831p-1(a) of title 12 are
implemented pursuant to such section.
(2) Exception
The agencies and authorities described in paragraphs (3), (4),
(5), (6), and (7) of subsection (a) of this section shall
implement the standards prescribed under section 6801(b) of this
title by rule with respect to the financial institutions and
other persons subject to their respective jurisdictions under
subsection (a) of this section.
(c) Absence of State action
If a State insurance authority fails to adopt regulations to
carry out this subchapter, such State shall not be eligible to
override, pursuant to section 1831x(g)(2)(B)(iii) of title 12, the
insurance customer protection regulations prescribed by a Federal
banking agency under section 1831x(a) of title 12.
(d) Definitions
The terms used in subsection (a)(1) of this section that are not
defined in this subchapter or otherwise defined in section 1813(s)
of title 12 shall have the same meaning as given in section 3101 of
title 12.