39–472 

110TH CONGRESS REPT. 110–472 " ! HOUSE OF REPRESENTATIVES 1st Session Part 2 

TO INCLUDE ALL BANKING AGENCIES WITHIN THE EXISTING REGULATORY AUTHORITY UNDER THE FEDERAL TRADE COMMISSION ACT 

WITH RESPECT TO DEPOSITORY INSTITUTIONS, AND FOR OTHER PURPOSES 

DECEMBER 5, 2007.—Ordered to be printed 

Mr. DINGELL, from the Committee on Energy and Commerce, 

submitted the following 

R E P O R T 

[To accompany H.R. 3526] 

[Including cost estimate of the Congressional Budget Office] 

The Committee on Energy and Commerce, to whom was referred 

the bill (H.R. 3526) to include all banking agencies within the existing regulatory authority under the Federal Trade Commission 

Act with respect to depository institutions, and for other purposes, 

having considered the same, report favorably thereon with an 

amendment and recommend that the bill as amended do pass. 

CONTENTS 

Page 

Amendment .............................................................................................................. 1 

Purpose and Summary ............................................................................................ 2 

Background and Need for Legislation .................................................................... 3 

Hearings ................................................................................................................... 4 

Committee Consideration ........................................................................................ 5 

Committee Votes ...................................................................................................... 5 

Committee Oversight Findings ............................................................................... 5 

Statement of General Performance Goals and Objectives .................................... 5 

New Budget Authority, Entitlement Authority, and Tax Expenditures ............. 5 

Earmarks and Tax and Tariff Benefits .................................................................. 5 

Committee Cost Estimate ....................................................................................... 5 

Congressional Budget Office Estimate ................................................................... 6 

Federal Mandates Statement ................................................................................. 7 

Advisory Committee Statement .............................................................................. 7 

Constitutional Authority Statement ...................................................................... 7 

Applicability to Legislative Branch ........................................................................ 7 

Section-by-Section Analysis of the Legislation ...................................................... 7 

Appendix ................................................................................................................... 9 

Changes in Existing Law Made by the Bill, as Reported ..................................... 11 

AMENDMENT

The amendment is as follows: 


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Strike all after the enacting clause and insert the following: 

SECTION 1. INCLUSION OF ALL BANKING AGENCIES. 

(a) IN GENERAL.—The second sentence of section 18(f)(1) of the Federal Trade 

Commission Act (15 U.S.C. 57a(f)(1)) is amended—

(1) by striking ‘‘The Board of Governors of the Federal Reserve System 

(with respect to banks) and the Federal Home Loan Bank Board (with respect 

to savings and loan institutions described in paragraph (3))’’ and inserting 

‘‘Each Federal banking agency (with respect to depository institutions), in consultation with the Commission,’’; and 

(2) by inserting ‘‘in consultation with the Commission’’ after ‘‘shall prescribe 

regulations’’. 

(b) FTC CONCURRENT RULEMAKING.—Section 18(f) of such Act is further amended by inserting after the second sentence the following: ‘‘Such regulations shall be 

prescribed jointly by such agencies to the extent practicable. Notwithstanding any 

other provision of this section, whenever such agencies commence such a rulemaking proceeding, the Commission, with respect to the entities within its jurisdiction under this Act, may commence a rulemaking proceeding and prescribe regulations in accordance with section 553 of title 5, United States Code. If the Commission commences such a rulemaking proceeding, the Commission, the Federal banking agencies, and the National Credit Union Administration Board shall consult and 

coordinate with each other so that the regulations prescribed by each such agency 

are consistent with and comparable to the regulations prescribed by each other such 

agency to the extent practicable.’’. 

(c) GAO STUDY AND REPORT.—Not later than 18 months after the date of enactment of this Act, the Comptroller General shall transmit to Congress a report on 

the status of regulations of the Federal banking agencies and the National Credit 

Union Administration regarding unfair and deceptive acts or practices by the depository institutions. 

(d) TECHNICAL AND CONFORMING AMENDMENTS.—Section 18(f) of the Federal 

Trade Commission Act (15 U.S.C. 57a(f)) is amended—

(1) in the first sentence of paragraph (1)—

(A) by striking ‘‘banks or savings and loan institutions described in 

paragraph (3), each agency specified in paragraph (2) or (3)’’ and inserting 

‘‘depository institutions, the Federal banking agencies and the National 

Credit Union Administration Board’’; 

(2) in the third sentence of paragraph (1)—

(A) by striking ‘‘each such Board’’ and inserting ‘‘each such banking 

agency and the National Credit Union Administration Board’’; 

(B) by striking ‘‘banks or savings and loan institutions described in 

paragraph (3)’’ each place such term appears and inserting ‘‘depository institutions’’; and 

(C) by striking ‘‘with respect to banks, savings and loan institutions’’

and inserting ‘‘with respect to depository institutions’’; 

(3) by adding at the end of paragraph (1) the following new sentence: ‘‘For 

purposes of this subsection, the terms ‘Federal banking agency’ and ‘depository 

institution’ have the same meaning as in section 3 of the Federal Deposit Insurance Act.’’; 

(4) in paragraph (3), by inserting ‘‘by the Director of the Office of Thrift Supervision’’ before the period at the end; 

(5) in paragraph (4), by inserting ‘‘by the National Credit Union Administration’’ before the period at the end; and 

(6) in paragraph (6), by striking ‘‘the Board of Governors of the Federal Reserve System’’ and inserting ‘‘any Federal banking agency or the National Credit Union Administration Board’’. 

PURPOSE AND SUMMARY

H.R. 3526, entitled ‘‘A bill to include all banking agencies within 

the existing regulatory authority under the Federal Trade Commission Act with respect to depository institutions,’’ is intended to provide financial consumers with additional protections against unfair 

or deceptive acts or practices in or affecting commerce by expanding the range of financial regulators with the authority to promulgate regulations defining with specificity and containing requirements for the purpose of preventing such acts or practices under 


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the Federal Trade Commission Act (FTC Act). H.R. 3526 expands 

the range of regulators with promulgation authority under Section 

18(f) of the FTC Act (currently the Board of Governors of the Federal Reserve with respect to banks, the Office of Thrift Supervision 

with respect to savings and loan institutions, and the National 

Credit Union Administration (NCUA) with respect to Federal credit 

unions) to include the other Federal banking regulators, namely 

the Federal Deposit Insurance Corporation and the Office of the 

Comptroller of the Currency with respect to institutions that they 

regulate. 

The legislation requires these entities to prescribe any such regulations in consultation with the Federal Trade Commission (FTC), 

and that such regulations shall be prescribed jointly by such agencies to the extent practicable. The legislation also provides that, 

whenever the Federal banking agencies and NCUA commence rulemaking under the FTC Act for the entities that they regulate, the 

FTC may promulgate consistent and comparable rules for the entities that it regulates. The legislation allows the FTC, in those instances, to use standard notice and comment rulemaking procedures under the Administrative Procedure Act. Finally, the bill requires the Comptroller General to conduct a study and report to 

Congress on the status of regulations of the Federal banking agencies and the NCUA regarding unfair or deceptive acts or practices 

by depository institutions. 

BACKGROUND AND NEED FOR LEGISLATION

Section 5(a)(1) of the FTC Act declares unlawful ‘‘unfair or deceptive acts or practices in or affecting commerce.’’ Section 5(a)(2) authorizes and directs the Federal Trade Commission (FTC) to prevent persons, partnerships, or corporations, ‘‘except banks, savings 

and loan institutions described in section 18(f)(3), [and] Federal 

credit unions described in section 18(f)(4)’’ from using unfair or deceptive acts or practices in or affecting commerce. Section 

18(a)(1)(B) authorizes the FTC to prescribe rules which define with 

specificity acts or practices in or affecting commerce within the 

meaning of Section 5(a)(1). 

Section 18 (f) of the FTC Act addresses the rulemaking authority 

for certain entities excepted from the FTC’s rulemaking authority. 

It contains three general requirements. First, each agency specified 

in paragraph (2) or (3) of this subsection must establish a separate 

division of consumer affairs to receive and take appropriate action 

upon complaints with respect to such acts or practices by banks or 

savings and loan institutions. Second, the Board of Governors of 

the Federal Reserve System, the Office of Thrift Supervision (as 

successor to the Federal Home Loan Bank Board), and the National Credit Union Administration are required to prescribe regulations defining with specificity such unfair or deceptive acts or 

practices, and containing requirements prescribed for the purpose 

of preventing such acts or practices. Third, whenever the FTC prescribes a rule under subsection (a)(1)(B) of this section, then within 

60 days after such rule takes effect, each specified depository institution regulator must promulgate substantially similar regulations 

imposing substantially similar requirements, unless (1) they find 

that the acts or practices ‘‘are not unfair or deceptive’’ or (2) the 

Federal Reserve Board finds that implementation of similar regulaVerDate Aug 31 2005 06:37 Dec 06, 2007 Jkt 039472 PO 00000 Frm 00003 Fmt 6659 Sfmt 6602 E:\HR\OC\HR472P2.XXX HR472P2

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tions ‘‘would seriously conflict with essential monetary and payments systems policies’’ of the Board, and publishes any such findings and the reasons therefore in the Federal Register. 

Since these authorities were granted in the 1970s, they have 

been sparsely implemented and certainly underutilized. The record 

indicates that the three named agencies have acted only in the 

wake of FTC rulemaking. For example, in 1985 the agencies issued 

equivalents of the FTC’s Credit Practices Rule following the FTC’s 

action in 1984. The Committee is unaware of any major rulemaking under section 18(f) since then. The FTC, by contrast, has 

been an aggressive regulator and enforcer, in accordance with a 

substantial body of jurisprudence, of the prohibition against unfair 

or deceptive acts or practices under the FTC Act across nearly all 

industries in the United States, including in the financial services 

area. The lack of clear and consistent rules and enforcement in this 

area has left consumers unprotected from a range of abuses across 

myriad areas including subprime lending, credit card interest rate 

practices, checking account overdraft fees, and the like. 

On May 11, 2007, Rep. Barney Frank, Chairman of the Committee on Financial Services, and Rep. John D. Dingell, Chairman 

of the Committee on Energy and Commerce, wrote to the heads of 

the Federal Reserve Board, Office of the Comptroller of the Currency, Office of Thrift Supervision, Federal Deposit Insurance Corporation, and the Federal Trade Commission, expressing concerns 

about this failure, and asking for aggressive use of the regulators’

authorities under the FTC Act to address unfair or deceptive acts 

or practices (see Appendix). The Committee is unable to find that 

any meaningful actions have ensued as a result of this shot across 

the bow. 

The Committee on Financial Services held hearings on June 13, 

2007, and July 25, 2007, entitled ‘‘Improving Federal Consumer 

Protection in Financial Services.’’ Consumer witnesses argued for 

meaningful and clear rules and enforcement for the benefit both of 

consumers and the relevant industries. The Comptroller of the Currency and the Chairman of the FDIC both testified that they would 

support, and use, an extension of FTC Act rulemaking authority to 

all of the Federal banking agencies. The Committee is not convinced that this reform goes far enough, but is willing to give it a 

fair opportunity to produce significant results. It has added 

strengthening amendments to the version reported by our sister 

committee, and intends to conduct oversight hearings on the implementation of this legislation and the operation of Section 18(f). 

HEARINGS

The Subcommittee on Commerce, Trade, and Consumer Protection held a hearing on Tuesday, October 23, 2007, entitled ‘‘Enhancing FTC Consumer Protection in Financial Dealings, with 

Telemarketers, and on the Internet,’’ which examined three bills: 

H.R. 2601, H.R. 3461, and H.R. 3526. Testimony was received from 

Ms. Lydia B. Parnes, Director, Bureau of Consumer Protection, 

U.S. Federal Trade Commission. 


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COMMITTEE CONSIDERATION

On Tuesday, October 23, 2007, the Subcommittee on Commerce, 

Trade, and Consumer Protection met in open markup session and 

favorably forwarded H.R. 3526, amended, to the full Committee for 

consideration, by a voice vote. On Tuesday, October 30, 2007, the 

full Committee met in open markup session and ordered H.R. 3526 

favorably reported to the House, amended, by a voice vote. 

COMMITTEE VOTES

Clause 3(b) of rule XIII of the Rules of the House of Representatives requires the Committee to list the record votes on the motion 

to report legislation and amendments thereto. There were no 

record votes taken on amendments or in connection with ordering 

H.R. 3526 reported. A motion by Mr. Dingell to order H.R. 3526 favorably reported to the House, amended, was agreed to by a voice 

vote. 

COMMITTEE OVERSIGHT FINDINGS

Regarding clause 3(c)(1) of rule XIII of the Rules of the House 

of Representatives, the oversight findings of the Committee regarding H.R. 3526 are reflected in this report. 

STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES

The purpose of H.R. 3526 is to reduce the harm to individuals 

from unfair or deceptive acts or practices by expanding the range 

of regulators authorized to promulgate regulations identifying and 

prohibiting such practices under the FTC Act with respect to depository institutions within their respective jurisdictions. 

NEW BUDGET AUTHORITY, ENTITLEMENT AUTHORITY, AND TAX

EXPENDITURES

Regarding compliance with clause 3(c)(2) of rule XXI of the Rules 

of the House of Representatives, the Committee adopts as its own 

the estimate of budget authority and revenues regarding H.R. 3526 

prepared by the Director of the Congressional Budget Office pursuant to section 402 of the Congressional Budget Act of 1974. The 

Committee finds that H.R. 3526 would result in no new or increased entitlement authority or tax expenditures. 

EARMARKS AND TAX AND TARIFF BENEFITS

Regarding compliance with clause 9 of rule XXI of the Rules of 

the House of Representatives, H.R. 3526 does not contain any Congressional earmarks, limited tax benefits, or limited tariff benefits 

as defined in clause 9(d), 9(e), or 9(f) of rule XXI. 

COMMITTEE COST ESTIMATE

The Committee adopts as its own the cost estimate on H.R. 3526 

prepared by the Director of the Congressional Budget Office pursuant to section 402 of the Congressional Budget Act of 1974. 


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CONGRESSIONAL BUDGET OFFICE ESTIMATE

Pursuant to clause 3(c)(3) of rule XIII of the Rules of the House 

of Representatives, the following is the cost estimate on H.R. 3526 

provided by the Congressional Budget Office pursuant to section 

402 of the Congressional Budget Act of 1974: 

DECEMBER 4, 2007. 

Hon. JOHN D. DINGELL, 

Chairman, Committee on Energy and Commerce, 

House of Representatives, Washington, DC. 

DEAR MR. CHAIRMAN: The Congressional Budget Office has prepared the enclosed cost estimate for H.R. 3526, a bill to include all 

banking agencies within the existing regulatory authority under 

the Federal Trade Commission Act with respect to depository institutions, and for other purposes. 

If you wish further details on this estimate, we will be pleased 

to provide them. The CBO staff contact is Kathleen Gramp. 

Sincerely, 

PETER R. ORSZAG. 

Enclosure. 

H.R. 3526—A bill to include all banking agencies within the existing regulatory authority under the Federal Trade Commission 

Act with respect to depository institutions, and for other purposes 

H.R. 3526 would increase the number of federal agencies authorized to issue regulations regarding unfair and deceptive financial 

practices under the Federal Trade Commission Act. Enacting this 

bill would allow the Federal Deposit Insurance Corporation (FDIC) 

and the Office of the Comptroller of the Currency (OCC) to issue 

such rules for institutions under their jurisdiction. Under current 

law, such rules may only be issued by the Board of Governors of 

the Federal Reserve, the National Credit Union Administration, 

and the Federal Home Loan Bank Board. The bill also would require that such regulations be developed in consultation with the 

Federal Trade Commission (FTC). 

CBO estimates that implementing H.R. 3526 would have no significant net impact on federal spending. Based on information from 

the affected agencies, CBO estimates that the activities required by 

the bill would increase discretionary costs for the FTC by less than 

$500,000 a year. Additional costs incurred by the OCC and FDIC 

would affect direct spending, but such expenditures would be offset 

by income from annual fees and deposit insurance premiums, respectively. Thus, CBO estimates that enacting this bill would have 

a negligible net effect on direct spending and would have no effect 

on revenues. 

H.R. 3526 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would 

not directly affect the budgets of state, local, or tribal governments. 

On October 3, 2007, CBO transmitted a cost estimate for H.R. 

3526 as ordered reported by the House Committee on Financial 

Services. That version of the legislation did not require consultation with the FTC in developing these regulations; neither version 

of the bill would have any significant budgetary impact. 


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The CBO staff contact for this estimate is Kathleen Gramp. This 

estimate was approved by Peter H. Fontaine, Assistant Director for 

Budget Analysis. 

FEDERAL MANDATES STATEMENT

The Committee adopts as its own the estimate of Federal mandates regarding H.R. 3526 prepared by the Director of the Congressional Budget Office pursuant to section 423 of the Unfunded Mandates Reform Act. 

ADVISORY COMMITTEE STATEMENT

No advisory committees within the meaning of section 5(b) of the 

Federal Advisory Committee Act were created by H.R. 3526. 

CONSTITUTIONAL AUTHORITY STATEMENT

Pursuant to clause 3(d)(1) of rule XIII of the Rules of the House 

of Representatives, the Committee finds that the Constitutional authority for this legislation is provided in article I, section 8, clause 

3, which grants Congress the power to regulate commerce with foreign nations, among the several States, and with the Indian tribes. 

APPLICABILITY TO LEGISLATIVE BRANCH

The Committee finds that the legislation does not relate to the 

terms and conditions of employment or access to public services or 

accommodations within the meaning of section 102(b)(3) of the Congressional Accountability Act of 1995. 

SECTION-BY-SECTION ANALYSIS OF THE LEGISLATION

Section 1. Inclusion of all banking agencies 

Section 1(a) amends the rulemaking authority under Section 

18(f)(1) of the FTC Act by deleting the current references to the 

Board of Governors of the Federal Reserve Board (with respect to 

banks) and the Federal Home Loan Bank Board (with respect to 

savings and loan institutions) and instead authorizes each Federal 

banking agency (with respect to depository institutions) to adopt 

rules, in consultation with the Federal Trade Commission (FTC). 

Section 1(b) further amends Section 18(f) to require that such 

regulations be prescribed jointly by such agencies to the extent 

practicable. The legislation also provides that, whenever these 

agencies commence a rulemaking under the FTC Act, the FTC, 

with respect to entities within its jurisdiction, may commence a 

rulemaking proceeding and prescribe regulations in accordance 

with section 553 of title 5, United States Code. This authority does 

not limit the FTC’s ability to issue rules independently pursuant 

to Section 18(a) of the FTC Act. It is solely meant to put these regulators on equal footing with respect to use of the notice and comment procedures of the Administrative Procedure Act with respect 

to coordinated rulemakings under this provision in order to avoid 

application of inconsistent standards, as well as to improve interagency coordination on rulemakings. 

If the FTC commences such a rulemaking proceeding, the legislation directs the FTC, the Federal banking agencies, and the National Credit Union Administration (NCUA) to consult and coordiVerDate Aug 31 2005 06:37 Dec 06, 2007 Jkt 039472 PO 00000 Frm 00007 Fmt 6659 Sfmt 6602 E:\HR\OC\HR472P2.XXX HR472P2

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nate with each other so that the regulations prescribed are consistent and comparable to the maximum extent practicable. 

The authority provided to the banking agencies and the NCUA 

is not to be construed as limiting the jurisdiction or authority of 

the FTC in any way. In particular, the substitution of ‘‘depository 

institutions’’ as defined in section 3 of the Federal Deposit Insurance Act (that is, ‘‘any bank or savings association’’), in lieu of the 

prior ‘‘banks or savings and loan institutions described in paragraph (3)’’ is simply a technical change to adopt a shorter phrase. 

The Committee expects adherence to the legislation’s consultation requirements. The FTC is the expert agency responsible for 

ensuring appropriate and consistent interpretation and application, 

in accordance with a substantial body of jurisprudence, of the prohibition against unfair or deceptive practices in the FTC Act across 

nearly all industries in the United States, including financial services. For example, the FTC has targeted unfair or deceptive practices in mortgage lending, from advertising and marketing through 

loan servicing. In the past decade, the FTC has brought 21 such 

actions, focusing in particular on the subprime market, resulting in 

courts collectively having ordered more than $320 million to be returned to consumers. The Committee recognizes that supervisors of 

depository institutions have specialized expertise as to the institutions that they supervise, but the Committee believes, particularly 

given the record before it, that it is essential that regulations for 

depository institutions be in harmony with the broad principles of 

the statute and its implementation by the FTC. 

Section 1(c) requires the Comptroller General to submit to Congress, not later than 18 months after date of enactment of this Act, 

a report on the status of regulations of the Federal banking agencies and the NCUA regarding unfair or deceptive acts or practices 

by depository institutions. The Committee expects to conduct vigorous oversight of this area to ensure that consumers of financial 

services are receiving needed protections against unfair or deceptive trade practices. 

Section 1(d) adopts a number of technical and conforming amendments. 


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CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

In compliance with clause 3(e) of rule XIII of the Rules of the 

House of Representatives, changes in existing law made by the bill, 

as reported, are shown as follows (existing law proposed to be omitted is enclosed in black brackets, new matter is printed in italic, 

existing law in which no change is proposed is shown in roman): 

FEDERAL TRADE COMMISSION ACT 

* * * * * * * 

SEC. 18. (a) * * * 

* * * * * * * 

(f)(1) In order to prevent unfair or deceptive acts or practices in 

or affecting commerce (including acts or practices which are unfair 

or deceptive to consumers) by øbanks or savings and loan institutions described in paragraph (3), each agency specified in paragraph (2) or (3)¿ depository institutions, the Federal banking agencies and the National Credit Union Administration Board of this 

subsection shall establish a separate division of consumer affairs 

which shall receive and take appropriate action upon complaints 

with respect to such acts or practices by banks or savings and loan 

institutions described in paragraph (3), subject to its jurisdiction. 

øThe Board of Governors of the Federal Reserve System (with respect to banks) and the Federal Home Loan Bank Board (with respect to savings and loan institutions described in paragraph (3))¿ 

Each Federal banking agency (with respect to depository institutions), in consultation with the Commission, and the National Credit Union Administration Board (with respect to Federal credit 

unions described in paragraph (4)) shall prescribe regulations in 

consultation with the Commission to carry out the purposes of this 

section, including regulations defining with specificity such unfair 

or deceptive acts or practices, and containing requirements prescribed for the purpose of preventing such acts or practices. Such 

regulations shall be prescribed jointly by such agencies to the extent 

practicable. Notwithstanding any other provision of this section, 

whenever such agencies commence such a rulemaking proceeding, 

the Commission, with respect to the entities within its jurisdiction 

under this Act, may commence a rulemaking proceeding and prescribe regulations in accordance with section 553 of title 5, United 

States Code. If the Commission commences such a rulemaking proceeding, the Commission, the Federal banking agencies, and the National Credit Union Administration Board shall consult and coordinate with each other so that the regulations prescribed by each such 

agency are consistent with and comparable to the regulations prescribed by each other such agency to the extent practicable. Whenever the Commission prescribes a rule under subsection (a)(1)(B) of 

this section, then within 60 days after such rule takes effect øeach 

such Board¿ each such banking agency and the National Credit 

Union Administration Board shall promulgate substantially similar 

regulations prohibiting acts or practices of øbanks or savings and 

loan institutions described in paragraph (3)¿ depository institutions, or Federal credit unions described in paragraph (4), as the 

case may be, which are substantially similar to those prohibited by 


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rules of the Commission and which impose substantially similar requirements, unless (A) any such Board finds that such acts or practices of øbanks or savings and loan institutions described in paragraph (3)¿ depository institutions, as the case may be, are not unfair or deceptive, or (B) the Board of Governors of the Federal Reserve System finds that implementation of similar regulations 

øwith respect to banks, savings and loan institutions¿ with respect 

to depository institutions or Federal credit unions would seriously 

conflict with essential monetary and payments systems policies of 

such Board, and publishes any such finding and the reasons therefor, in the Federal Register. For purposes of this subsection, the 

terms ‘‘Federal banking agency’’ and ‘‘depository institution’’ have 

the same meaning as in section 3 of the Federal Deposit Insurance 

Act. 

* * * * * * * 

(3) Compliance with regulations prescribed under this subsection 

shall be enforced under section 8 of the Federal Deposit Insurance 

Act with respect to savings associations as defined in section 3 of 

the Federal Deposit Insurance Act by the Director of the Office of 

Thrift Supervision. 

(4) Compliance with regulations prescribed under this subsection 

shall be enforced with respect to Federal credit unions under sections 120 and 206 of the Federal Credit Union Act (12 U.S.C. 1766 

and 1786) by the National Credit Union Administration. 

* * * * * * * 

(6) The authority of øthe Board of Governors of the Federal Reserve System¿ any Federal banking agency or the National Credit 

Union Administration Board to issue regulations under this subsection does not impair the authority of any other agency designated in this subsection to make rules respecting its own procedures in enforcing compliance with regulations prescribed under 

this subsection. 

* * * * * * * 

Æ 


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