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

Summary

The Federal Trade Commission must enforce this law the same way it enforces the Fair Debt Collection Practices Act, except for certain banks and credit unions. Bank regulators enforce the law for the banks they supervise. Which regulator depends on the type of bank: the Office of the Comptroller of the Currency handles national banks and Federal branches or agencies of foreign banks; the Board of Governors of the Federal Reserve handles Federal Reserve member banks and certain foreign‑bank branches and related companies; the FDIC Board handles FDIC‑insured banks and insured state branches of foreign banks; the Director of the Office of Thrift Supervision handles FDIC‑insured savings associations; and the National Credit Union Administration handles Federal credit unions. When those agencies act, a violation counts as breaking the law they enforce, and they can use any legal powers they have to make banks 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