§ 4009. — Administrative enforcement.
[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.
