TRANSFER OF FTC JURISDICTION TO NCUAB.

SEC. 715. TRANSFER OF FTC JURISDICTION TO NCUAB. (a) In General.— (1) Sections 5(a)(2) and 6(a) of the Federal Trade Commission Act (15 U.S.C. 45(a)(2) and 46(a)) are amended by inserting immediately after “section 18(f)(3),” the following: “Federal credit unions described in section 18(f)(4),”. (2) Section 6(b) of the Federal Trade Commission Act (15 U.S.C. 46(b)) is amended by inserting immediately after “section 18(f)(3),” the following “Federal credit unions described in section 18(f)(4),”. (b) Investigations of Foreign Trade Conditions; Reports.— The second proviso in section 6 of the Federal Trade Commission Act (15 U.S.C. 46) is amended— (1) by inserting immediately after “section 18(f)(3),” the following: “Federal credit unions described in section 18(f)(4),”; and (2) by inserting immediately after “in business as a savings and loan institution,” the following: “in business as a Federal credit union,”. (c) Regulations To Be Prescribed by NCUAB.— (1) The second sentence of section 18(f)(1) of the Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) is amended by inserting immediately after “paragraph (3))” the following: “and the National Credit Union Administration Board (with respect to Federal credit unions described in paragraph (4))”. (2) The last sentence of section 18(f)(1) of the Federal Trade Commission Act (15 U.S.C. 57a(f)(1)) is amended— (A) by striking “either such” and inserting in lieu thereof “any such”; (B) by inserting “or Federal credit unions described in paragraph (4),” immediately after “paragraph (3),” each place it appears therein; and (C) by inserting immediately after “with respect to banks” the following: “, savings and loan institutions or Federal credit unions”. (3) Section 18(f) of the Federal Trade Commission Act (15 U.S.C. 57a(f)) is amended by redesignating paragraphs (4), (5), and (6) as paragraphs (5), (6), and (7), respectively, and by inserting immediately after paragraph (3) the following: “(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).”.