Page:United States Statutes at Large Volume 124.djvu/2110

 124 STAT. 2084 PUBLIC LAW 111–203—JULY 21, 2010 (D) by redesignating paragraphs (1) through (5) as subsections (a) through (e), respectively; (E) in subsection (c), as so redesignated, by striking ‘‘paragraph (2)’’ and inserting ‘‘subsection (b)’’; and (F) by adding at the end the following: ‘‘(f) BOARD AUTHORITY.—Notwithstanding subsection (a), the Board shall prescribe regulations to carry out the purposes of this title with respect to a person described in section 1029(a) of the Consumer Financial Protection Act of 2010. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this title, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith. ‘‘(g) DEFERENCE.—Notwithstanding any power granted to any Federal agency under this title, the deference that a court affords to a Federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provi- sion of this title that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this title’’; (4) in section 704 (15 U.S.C. 1691c)— (A) in subsection (a)— (i) by striking ‘‘Compliance’’ and inserting ‘‘Subject to subtitle B of the Consumer Protection Financial Protection Act of 2010’’; (ii) by striking paragraphs (1) and (2) and inserting the following: ‘‘(1) section 8 of the Federal Deposit Insurance Act, 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) national banks, Federal savings associations, and Federal branches and Federal agencies of foreign banks; ‘‘(B) member banks of the Federal Reserve System (other than national banks), branches and agencies of for- eign banks (other than Federal branches, Federal agencies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act; and ‘‘(C) banks and State savings associations insured by the Federal Deposit Insurance Corporation (other than members of the Federal Reserve System), and insured State branches of foreign banks;’’; (iii) by redesignating paragraphs (3) through (9) as paragraphs (2) through (8), respectively; (iv) in paragraph (7) (as so redesignated), by striking ‘‘and’’ at the end; (v) in paragraph (8) (as so redesignated), by striking the period at the end, and inserting ‘‘; and’’; and (vi) by adding at the end the following: Regulations.