Page:United States Statutes at Large Volume 124.djvu/2065

 124 STAT. 2039 PUBLIC LAW 111–203—JULY 21, 2010 (A) LIMITATION.—The authority of a transferor agency that is a prudential regulator to enforce compliance with Federal consumer financial laws with respect to a person described in section 1025(a), shall be limited to the backup and enforcement procedures in described in section 1025(c). (B) EXCLUSIVE AUTHORITY.—A transferor agency that is a prudential regulator shall have exclusive authority (relative to the Bureau) to enforce compliance 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. (C) STATUTORY ENFORCEMENT.—For purposes of car- rying out the authorities under, and subject to the limita- tions of, subtitle B, each prudential regulator may enforce compliance with the requirements imposed under this title, and any rule or order prescribed by the Bureau under this title, under— (i) the Federal Credit Union Act (12 U.S.C. 1751 et seq.), by the National Credit Union Administration Board with respect to any covered person or service provider that is an insured credit union, or service provider thereto, or any affiliate of an insured credit union, who is subject to the jurisdiction of the Board under that Act; and (ii) section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), by the appropriate Federal banking agency, as defined in section 3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)), with respect to a covered person or service provider that is a person described in section 3(q) of that Act and who is subject to the jurisdiction of that agency, as set forth in sec- tions 3(q) and 8 of the Federal Deposit Insurance Act; or (iii) the Bank Service Company Act (12 U.S.C. 1861 et seq.). (d) EFFECTIVE DATE.—Subsections (b) and (c) shall become effec- tive on the designated transfer date. SEC. 1062. DESIGNATED TRANSFER DATE. (a) IN GENERAL.—Not later than 60 days after the date of enactment of this Act, the Secretary shall— (1) in consultation with the Chairman of the Board of Governors, the Chairperson of the Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Develop- ment, and the Director of the Office of Management and Budget, designate a single calendar date for the transfer of functions to the Bureau under section 1061; and (2) publish notice of that designated date in the Federal Register. (b) CHANGING DESIGNATION.—The Secretary— (1) may, in consultation with the Chairman of the Board of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Notice. Federal Register, publication. Deadline. 12 USC 5582.