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PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 2039

(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. 12 USC 5582.
(a) IN GENERAL.—Not later than 60 days after the date of Deadline.
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 Notice.
Register. Federal Register,
(b) CHANGING DESIGNATION.—The Secretary— publication.
(1) may, in consultation with the Chairman of the Board

LAWS of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union AdministrationPUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00665 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203