§4009 Administrative Enforcement

Summary

Agencies must enforce the rules and orders made under this chapter. Enforcement mostly uses section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818) or the Federal Credit Union Act. Under section 8, the Office of the Comptroller of the Currency enforces for national banks and Federal branches/agencies of foreign banks; the Board of Governors of the Federal Reserve System enforces for Federal Reserve member banks (not national banks) and certain foreign bank offices; the FDIC Board enforces for FDIC‑insured banks (not Fed members) and insured State branches; the Director of the Office of Thrift Supervision enforces for insured savings associations; and the NCUA enforces for federal and insured credit unions. Undefined terms in that list use the meanings in section 1(b) of the International Banking Act of 1978. A violation of this chapter counts as a violation of those other laws for enforcement purposes, and each agency can use other legal powers it has to enforce the rules. If no other agency is assigned, the Federal Reserve Board enforces the chapter. The Board can also order that any institution, Federal Reserve bank, or other person stop doing business with a noncomplying party, including stopping check‑payment and related clearing activities. Each agency may make its own procedural rules for how it enforces the chapter.