Page:United States Statutes at Large Volume 124.djvu/2064

 124 STAT. 2038 PUBLIC LAW 111–203—JULY 21, 2010 (E) DEFERENCE.—No provision of this title shall be construed as altering, limiting, expanding, or otherwise affecting the deference that a court affords to the— (i) Federal Trade Commission in making deter- minations regarding the meaning or interpretation of any provision of the Federal Trade Commission Act, or of any other Federal law for which the Commission has authority to prescribe rules; or (ii) Bureau in making determinations regarding the meaning or interpretation of any provision of a Federal consumer financial law (other than any law described in clause (i)). (6) NATIONAL CREDIT UNION ADMINISTRATION.— (A) TRANSFER OF FUNCTIONS.—All consumer financial protection functions of the National Credit Union Adminis- tration are transferred to the Bureau. (B) NATIONAL CREDIT UNION ADMINISTRATION AUTHORITY.—The Bureau shall have all powers and duties that were vested in the National Credit Union Administra- tion, relating to consumer financial protection functions, on the day before the designated transfer date. (7) DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.— (A) TRANSFER OF FUNCTIONS.—A ll consumer protection functions of the Secretary of the Department of Housing and Urban Development relating to the Real Estate Settle- ment Procedures Act of 1974 (12 U.S.C. 2601 et seq.), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5102 et seq.), and the Interstate Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) are transferred to the Bureau. (B) AUTHORITY OF THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.—The Bureau shall have all powers and duties that were vested in the Secretary of the Depart- ment of Housing and Urban Development relating to the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.), the Secure and Fair Enforcement for Mort- gage Licensing Act of 2008 (12 U.S.C. 5101 et seq.), and the Interstate Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.), on the day before the designated transfer date. (c) AUTHORITIES OF THE PRUDENTIAL REGULATORS.— (1) EXAMINATION.—A transferor agency that is a prudential regulator shall have— (A) authority to require reports from and conduct examinations for compliance with Federal consumer finan- cial laws with respect to a person described in section 1025(a), that is incidental to the backup and enforcement procedures provided to the regulator under section 1025(c); and (B) exclusive authority (relative to the Bureau) to require reports from and conduct examinations for compli- ance with Federal consumer financial laws with respect to a person described in section 1026(a), except as provided to the Bureau under subsections (b) and (c) of section 1026. (2) ENFORCEMENT.—