§6822 — Title 15 Commerce and Trade | U.S. Code

Summary

The Federal Trade Commission must enforce these rules using the same powers it has under the Fair Debt Collection Practices Act. But banks and similar lenders are handled by banking regulators instead. Under section 8 of the Federal Deposit Insurance Act, the Office of the Comptroller of the Currency enforces the rules for national banks and Federal branches and agencies of foreign banks; the Board of Governors of the Federal Reserve System enforces them for Federal Reserve member banks (not national banks), certain foreign bank branches and agencies, commercial lending companies owned or controlled by foreign banks, and organizations under sections 25 or 25A of the Federal Reserve Act; the FDIC Board enforces them for FDIC‑insured banks that are not Federal Reserve members and for insured State branches of foreign banks; and the Director of the Office of Thrift Supervision enforces them for FDIC‑insured savings associations. Federal credit unions are enforced by the National Credit Union Administration under the Federal Credit Union Act. Each agency can treat a violation of these rules as breaking its own law and may use any other legal powers it has to make sure people follow the rules.

Title 15, §6822

Commerce and Trade — Source: USLM XML via OLRC

(a)Except as provided in subsection (b), compliance with this subchapter shall be enforced by the Federal Trade Commission in the same manner and with the same power and authority as the Commission has under the Fair Debt Collection Practices Act [15 U.S.C. 1692 et seq.] to enforce compliance with such Act.

(b)(1)Compliance with this subchapter shall be enforced under—

(A)section 8 of the Federal Deposit Insurance Act [12 U.S.C. 1818], in the case of—

(i)national banks, and Federal branches and Federal agencies of foreign banks, by the Office of the Comptroller of the Currency;

(ii)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., 611 et seq.], by the Board;

(iii)banks insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System and national nonmember banks) and insured State branches of foreign banks, by the Board of Directors of the Federal Deposit Insurance Corporation; and

(iv)savings associations the deposits of which are insured by the Federal Deposit Insurance Corporation, by the Director of the Office of Thrift Supervision; and

(B)the Federal Credit Union Act [12 U.S.C. 1751 et seq.], by the Administrator of the National Credit Union Administration with respect to any Federal credit union.

(2)For the purpose of the exercise by any agency referred to in paragraph (1) of its powers under any Act referred to in that paragraph, a violation of this subchapter 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 paragraph (1), each of the agencies referred to in that paragraph may exercise, for the purpose of enforcing compliance with this subchapter, any other authority conferred on such agency by law.

Notes & Related Subsidiaries

Editorial Notes

References in Text

The Fair Debt Collection Practices Act, referred to in subsec. (a), is title VIII of Pub. L. 90–321, as added by Pub. L. 95–109, Sept. 20, 1977, 91 Stat. 874, which is classified generally to subchapter V (§ 1692 et seq.) of chapter 41 of this title. For complete classification of this Act to the Code, see

Short Title

note set out under section 1601 of this title and Tables. section 25 of the Federal Reserve Act, referred to in subsec. (b)(1)(A)(ii), is classified to subchapter I (§ 601 et seq.) of chapter 6 of Title 12, Banks and Banking. section 25A of the Federal Reserve Act is classified to subchapter II (§ 611 et seq.) of chapter 6 of Title 12. The Federal Credit Union Act, referred to in subsec. (b)(1)(B), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified generally to chapter 14 (§ 1751 et seq.) of Title 12, Banks and Banking. For complete classification of this Act to the Code, see section 1751 of Title 12 and Tables.

Statutory Notes and Related Subsidiaries

Transfer of Functions

Functions vested in Administrator of National Credit Union Administration transferred and vested in National Credit Union Administration Board pursuant to section 1752a of Title 12, Banks and Banking.

§6822 Administrative enforcement