AMENDMENTS TO THE EQUAL CREDIT OPPORTUNITY ACT.

SEC. 1085. AMENDMENTS TO THE EQUAL CREDIT OPPORTUNITY ACT. The Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) is amended—(1) by striking “Board” each place that term appears, other than in section 703(f) (as added by this section) and section 704(a)(4) (15 U.S.C. 1691c(a)(4)), and inserting “Bureau”;(2) in section 702 (15 U.S.C. 1691a), by striking subsection (c) and inserting the following:“(c) The term ‘Bureau’ means the Bureau of Consumer Financial Protection.”;(3) in section 703 (15 U.S.C. 1691b)—(A) by striking the section heading and inserting the following:“SEC. 703. PROMULGATION OF REGULATIONS BY THE BUREAU.” ;(B) by striking “(a) Regulations.—”;(C) by striking subsection (b);124 STAT. 2084(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 provision 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 foreign 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:124 STAT. 2085 “(9) Subtitle E of the Consumer Financial Protection Act of 2010, by the Bureau, with respect to any person subject to this title.”;(B) by striking subsection (c) and inserting the following:“(c) Overall Enforcement Authority of Federal Trade Commission.—Except to the extent that enforcement of the requirements imposed under this title is specifically committed to some other Government agency under any of paragraphs (1) through (8) of subsection (a), and subject to subtitle B of the Consumer Financial Protection Act of 2010, the Federal Trade Commission shall be authorized to enforce such requirements. For the purpose of the exercise by the Federal Trade Commission of its functions and powers under the Federal Trade Commission Act (15 U.S.C. 41 et seq.), a violation of any requirement imposed under this subchapter shall be deemed a violation of a requirement imposed under that Act. All of the functions and powers of the Federal Trade Commission under the Federal Trade Commission Act are available to the Federal Trade Commission to enforce compliance by any person with the requirements imposed under this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the Federal Trade Commission Act, including the power to enforce any rule prescribed by the Bureau under this title in the same manner as if the violation had been a violation of a Federal Trade Commission trade regulation rule.”; and(C) in subsection (d), by striking “Board” and inserting “Bureau”;(5) in section 706(e) (15 U.S.C. 1691e(e))—(A) in the subsection heading—(i) by striking “Board” each place that term appears and inserting “Bureau”; and(ii) by striking “Federal Reserve System” and inserting “Bureau of Consumer Financial Protection”; and(B) by striking “Federal Reserve System” and inserting “Bureau of Consumer Financial Protection”;(6) in section 706(g) (15 U.S.C. 1691e(g)), by striking “(3)” and inserting “(9)”; and(7) in section 706(f) (15 U.S.C. 1691e(f)), by striking “two years from” each place that term appears and inserting “5 years after”.