Page:United States Statutes at Large Volume 124.djvu/2015

 124 STAT. 1989 PUBLIC LAW 111–203—JULY 21, 2010 (D) CONSULTATION WITH STATE AGENCIES.—In devel- oping and implementing requirements under this para- graph, the Bureau shall consult with State agencies regarding requirements or systems (including coordinated or combined systems for registration), where appropriate. (c) ENFORCEMENT AUTHORITY.— (1) THE BUREAU TO HAVE ENFORCEMENT AUTHORITY.— Except as provided in paragraph (3) and section 1061, with respect to any person described in subsection (a)(1), to the extent that Federal law authorizes the Bureau and another Federal agency to enforce Federal consumer financial law, the Bureau shall have exclusive authority to enforce that Federal consumer financial law. (2) REFERRAL.—Any Federal agency authorized to enforce a Federal consumer financial law described in paragraph (1) may recommend in writing to the Bureau that the Bureau initiate an enforcement proceeding, as the Bureau is authorized by that Federal law or by this title. (3) COORDINATION WITH THE FEDERAL TRADE COMMISSION.— (A) IN GENERAL.—The Bureau and the Federal Trade Commission shall negotiate an agreement for coordinating with respect to enforcement actions by each agency regarding the offering or provision of consumer financial products or services by any covered person that is described in subsection (a)(1), or service providers thereto. The agree- ment shall include procedures for notice to the other agency, where feasible, prior to initiating a civil action to enforce any Federal law regarding the offering or provi- sion of consumer financial products or services. (B) CIVIL ACTIONS.—Whenever a civil action has been filed by, or on behalf of, the Bureau or the Federal Trade Commission for any violation of any provision of Federal law described in subparagraph (A), or any regulation pre- scribed under such provision of law— (i) the other agency may not, during the pendency of that action, institute a civil action under such provi- sion of law against any defendant named in the com- plaint in such pending action for any violation alleged in the complaint; and (ii) the Bureau or the Federal Trade Commission may intervene as a party in any such action brought by the other agency, and, upon intervening— (I) be heard on all matters arising in such enforcement action; and (II) file petitions for appeal in such actions. (C) AGREEMENT TERMS.—The terms of any agreement negotiated under subparagraph (A) may modify or super- sede the provisions of subparagraph (B). (D) DEADLINE.—The agencies shall reach the agree- ment required under subparagraph (A) not later than 6 months after the designated transfer date. (d) EXCLUSIVE RULEMAKING AND EXAMINATION AUTHORITY.— Notwithstanding any other provision of Federal law and except as provided in section 1061, to the extent that Federal law author- izes the Bureau and another Federal agency to issue regulations or guidance, conduct examinations, or require reports from a person described in subsection (a)(1) under such law for purposes of Contracts.