(a) Enforcement agencies. Compliance with this
part is enforced under--
(1) Section 8 of the Federal Deposit Insurance
Act (12 U.S.C. 1818 et seq.) 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).
(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.
(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).
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