(a) Enforcement agencies. Compliance with this part is enforced
under—
(1) 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), 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; and
(iii) 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, 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 credit union insured by
the National Credit Union Share Insurance Fund.
The terms used in paragraph (a)(1)
of this section that are not defined in this part 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).
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(b) Additional powers.
(1) For the purposes of the exercise by
any agency referred to in paragraph (a) of this section of its powers
under any statute referred to in that paragraph, a violation of any
requirement imposed under the EFA Act is deemed to be a violation
of a requirement imposed under that statute.
(2) In addition to its powers under any
provision of law specifically referred to in paragraph (a) of this
section, each of the agencies referred to in that paragraph may exercise,
for purposes of enforcing compliance with any requirement imposed
under this part, any other authority conferred on it by law.
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(c) Enforcement by the Board.
(1) Except to the extent that
enforcement of the requirements imposed under this part is specifically
committed to some other government agency, the Board shall enforce
such requirements.
(2) If the Board determines that—
(i) any bank that is not
a bank described in paragraph (a) of this section; or
(ii) any other person subject
to the authority of the Board under the EFA Act and this part,
has failed to comply with any requirement imposed by this
part, the Board may issue an order prohibiting any bank, any Federal
Reserve Bank, or any other person subject to the authority of the
Board from engaging in any activity or transaction that directly or
indirectly involves such noncomplying bank 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.)
