[Code of Federal Regulations]

[Title 12, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 12CFR229.3]



[Page 545-546]

 

                       TITLE 12--BANKS AND BANKING

 

                   CHAPTER II--FEDERAL RESERVE SYSTEM

 

PART 229_AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS (REGULATION CC)

--Table of Contents

 

                            Subpart A_General

 

Sec. 229.3  Administrative enforcement.



    (a) Enforcement agencies. Compliance with this part is enforced 

under--

    (1) Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818 

et seq.) in the case of--

    (i) National banks, and Federal branches and Federal agencies of 

foreign banks, by the Office of the Comptroller of the Currency;

    (ii) Member banks of the Federal Reserve System (other than national



[[Page 546]]



banks), and offices, branches, and agencies of foreign banks located in 

the United States (other than Federal branches, Federal agencies, and 

insured State branches of foreign banks), by the Board; and

    (iii) Banks insured by the Federal Deposit Insurance Corporation 

(other than members of the Federal Reserve System) and insured State 

branches of foreign banks, by the Board of Directors of the Federal 

Deposit Insurance Corporation;

    (2) Section 8 of the Federal Deposit Insurance Act, by the Director 

of the Office of Thrift Supervision in the case of savings associations 

the deposits of which are insured by the Federal Deposit Insurance 

Corporation; and

    (3) The Federal Credit Union Act (12 U.S.C. 1751 et seq.) by the 

National Credit Union Administration Board with respect to any federal 

credit union or credit union insured by the National Credit Union Share 

Insurance Fund.



The terms used in paragraph (a)(1) of this section that are not defined 

in this part or otherwise defined in section 3(s) of the Federal Deposit 

Insurance Act (12 U.S.C. 1813(s)) shall have the meaning given to them 

in section 1(b) of the International Banking Act of 1978 (12 U.S.C. 

3101).

    (b) Additional powers. (1) For the purposes of the exercise by any 

agency referred to in paragraph (a) of this section of its powers under 

any statute referred to in that paragraph, a violation of any 

requirement imposed under the EFA Act is deemed to be a violation of a 

requirement imposed under that statute.

    (2) In addition to its powers under any provision of law 

specifically referred to in paragraph (a) of this section, each of the 

agencies referred to in that paragraph may exercise, for purposes of 

enforcing compliance with any requirement imposed under this part, any 

other authority conferred on it by law.

    (c) Enforcement by the Board. (1) Except to the extent that 

enforcement of the requirements imposed under this part is specifically 

committed to some other government agency, the Board shall enforce such 

requirements.

    (2) If the Board determines that--

    (i) Any bank that is not a bank described in paragraph (a) of this 

section; or

    (ii) Any other person subject to the authority of the Board under 

the EFA Act and this part,



has failed to comply with any requirement imposed by this part, the 

Board may issue an order prohibiting any bank, any Federal Reserve Bank, 

or any other person subject to the authority of the Board from engaging 

in any activity or transaction that directly or indirectly involves such 

noncomplying bank or person (including any activity or transaction 

involving the receipt, payment, collection, and clearing of checks, and 

any related function of the payment system with respect to checks).



[53 FR 19433, May 27, 1988, as amended by Reg. CC, 55 FR 21855, May 30, 

1990; 57 FR 36600, Aug. 14, 1992; 69 FR 47310, Aug. 4, 2004]