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§ 4009. —  Administrative enforcement. - US § 4009. —  Administrative enforcement. - US Code : CHAN ROBLES VIRTUAL LAW LIBRARY

[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
  January 24, 2002 and December 19, 2002]
[CITE: 12USC4009]

 
                       TITLE 12--BANKS AND BANKING
 
                CHAPTER 41--EXPEDITED FUNDS AVAILABILITY
 
Sec. 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.

(Pub. L. 100-86, title VI, Sec. 610, Aug. 10, 1987, 101 Stat. 649; Pub. 
L. 101-73, title VII, Sec. 744(d), Aug. 9, 1989, 103 Stat. 438; Pub. L. 
102-242, title II, Sec. 212(h), Dec. 19, 1991, 105 Stat. 2303.)

                       References in Text

    The Federal Credit Union Act, referred to in subsec. (a)(3), is act 
June 26, 1934, ch. 750, 48 Stat. 1216, as amended, which is classified 
generally to chapter 14 (Sec. 1751 et seq.) of this title. For complete 
classification of this Act to the Code, see section 1751 of this title 
and Tables.


                               Amendments

    1991--Subsec. (a). Pub. L. 102-242, Sec. 212(h)(2), inserted at end 
``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).''
    Subsec. (a)(1). Pub. L. 102-242, Sec. 212(h)(1), added par. (1) and 
struck out former par. (1) which read as follows: ``section 8 of the 
Federal Deposit Insurance Act in the case of--
        ``(A) national banks, by the Comptroller of the Currency;
        ``(B) member banks of the Federal Reserve System (other than 
    national 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), by the Board of 
    Directors of the Federal Deposit Insurance Corporation;''.
    1989--Subsec. (a)(2). Pub. L. 101-73 amended par. (2) generally. 
Prior to amendment, par. (2) read as follows: ``section 5(d) of the Home 
Owners' Loan Act of 1933, section 407 of the National Housing Act, and 
section 17 of the Federal Home Loan Bank Act, by the Federal Home Loan 
Bank Board (acting directly or through the Federal Savings and Loan 
Insurance Corporation), in the case of any institution subject to any of 
those provisions; and''.


                             Effective Date

    Section effective Sept. 1, 1988, see section 613(b) of Pub. L. 100-
86, set out as a note under section 4001 of this title.

                  Section Referred to in Other Sections

    This section is referred to in section 4003 of this title.




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