(a) In general. Subject to subtitle B of the Consumer Financial
Protection Act of 2010, compliance with the requirements imposed under
this Act shall be enforced under—
(1) section 8 of the Federal Deposit Insurance
Act, by the appropriate Federal banking agency (as defined in section
3(q) of that Act), with respect to—
(A) insured depository institutions
(as defined in section 3(c)(2) of that Act);
(B) depository institutions described
in clause (i), (ii), or (iii) of section 19(b)(1)(A) of the Federal
Reserve Act which are not insured depository institutions (as defined
in section 3(c)(2) of the Federal Deposit Insurance Act); and
(C) depository institutions
described in clause (v) or (vi) of section 19(b)(1)(A) of the Federal
Reserve Act which are not insured depository institutions (as defined in section
3(c)(2) of the Federal Deposit Insurance Act);
(2) the Federal Credit Union
Act, by the National Credit Union Administration Board in the case
of depository institutions described in clause (iv) of section 19(b)(1)(A)
of the Federal Reserve Act;
(3) part C of title V of the Farm Credit
Act of 1971 (12 U.S.C. 2261 et seq.), by the Farm Credit Administration
in the case of an institution that is a member of the Farm Credit
System; and
(4) subtitle
E of the Consumer Financial Protection Act of 2010, by the Bureau
of Consumer Financial Protection, with respect to any person subject
to this Act.
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(b) Additional
enforcement powers.
(1) For purposes of the exercise by any
agency referred to in subsection (a) of such agency’s powers under
any Act referred to in such subsection, a violation of a requirement
imposed under this Act shall be deemed to be a violation of a requirement
imposed under that Act.
(2) In addition to the powers of any agency referred to in subsection
(a) under any provision of law specifically referred to in such subsection,
each such agency may exercise, for purposes of enforcing compliance
with any requirement imposed under this Act, any other authority conferred
on such agency by law, subject to subtitle B of the Consumer Financial
Protection Act of 2010.
(c) Enforcement and reimbursement. In carrying
out its enforcement activities under this section, each agency referred
to in subsection (a) shall—
(1) notify the mortgagee or servicer of
any failure of the mortgagee or servicer to comply with 1 or more
provisions of this Act;
(2) with respect to each such failure to comply, require the mortgagee
or servicer, as applicable, to correct the account of the mortgagor
to reflect the date on which the mortgage insurance should have been
canceled or terminated under this Act; and
(3) require the mortgagee or servicer,
as applicable, to reimburse the mortgagor in an amount equal to the
total unearned premiums paid by the mortgagor after the date on which
the obligation to pay those premiums ceased under this Act.
[12 USC 4909.
As amended by act of July 21, 2010 (124 Stat. 2101, 2102).]
