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U.S. Code as of:
01/19/04
Section 4009. Administrative enforcement
(a) Administrative enforcement
Compliance with the requirements imposed under this chapter,
including regulations prescribed by and orders issued by the Board
of Governors of the Federal Reserve System under this chapter,
shall be enforced under -
(1) section 8 of the Federal Deposit Insurance Act [12 U.S.C.
1818] in the case of -
(A) national banks, and Federal branches and Federal agencies
of foreign banks, by the Office of the Comptroller of the
Currency;
(B) member banks of the Federal Reserve System (other than
national banks), and offices, branches, and agencies of foreign
banks located in the United States (other than Federal
branches, Federal agencies, and insured State branches of
foreign banks), by the Board of Governors of the Federal
Reserve System; and
(C) banks insured by the Federal Deposit Insurance
Corporation (other than members of the Federal Reserve System)
and insured State branches of foreign banks, by the Board of
Directors of the Federal Deposit Insurance Corporation;
(2) section 8 of the Federal Deposit Insurance Act [12 U.S.C.
1818], by the Director of the Office of Thrift Supervision in the
case of savings associations the deposits of which are insured by
the Federal Deposit Insurance Corporation; and
(3) the Federal Credit Union Act [12 U.S.C. 1751 et seq.], by
the National Credit Union Administration Board with respect to
any Federal credit union or insured credit union.
The terms used in paragraph (1) that are not defined in this
chapter or otherwise defined in section 3(s) of the Federal Deposit
Insurance Act (12 U.S.C. 1813(s)) shall have the meaning given to
them in section 1(b) of the International Banking Act of 1978 (12
U.S.C. 3101).
(b) Additional powers
(1) Violation of this chapter treated as violation of other Acts
For purposes of the exercise by any agency referred to in
subsection (a) of this section of its powers under any Act
referred to in that subsection, a violation of any requirement
imposed under this chapter shall be deemed to be a violation of a
requirement imposed under that Act.
(2) Enforcement authority under other Acts
In addition to its powers under any provision of law
specifically referred to in subsection (a) of this section, each
of the agencies referred to in such subsection may exercise, for
purposes of enforcing compliance with any requirement imposed
under this chapter, any other authority conferred on it by law.
(c) Enforcement by Board
(1) In general
Except to the extent that enforcement of the requirements
imposed under this chapter is specifically committed to some
other Government agency under subsection (a) of this section, the
Board of Governors of the Federal Reserve System shall enforce
such requirements.
(2) Additional remedy
If the Board determines that -
(A) any depository institution which is not a depository
institution described in subsection (a) of this section, or
(B) any other person subject to the authority of the Board
under this chapter, including any person subject to the
authority of the Board under section 4004(d)(2) or 4008(c) of
this title,
has failed to comply with any requirement imposed by this chapter
or by the Board under this chapter, the Board may issue an order
prohibiting any depository institution, any Federal Reserve bank,
or any other person subject to the authority of the Board from
engaging in any activity or transaction which directly or
indirectly involves such noncomplying depository institution or
person (including any activity or transaction involving the
receipt, payment, collection, and clearing of checks and any
related function of the payment system with respect to checks).
(d) Procedural rules
The authority of the Board to prescribe regulations under this
chapter does not impair the authority of any other agency
designated in this section to make rules regarding its own
procedures in enforcing compliance with requirements imposed under
this chapter.
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