124 STAT. 2082 PUBLIC LAW 111–203—JULY 21, 2010 (A) in subsection (a), by striking ‘‘(a) PRESCRIPTION BY BOARD.—The Board shall prescribe regulations to carry out the purposes of this title.’’ and inserting the following: ‘‘(a) PRESCRIPTION BY THE BUREAU AND THE BOARD.— ‘‘(1) IN GENERAL.—Except as provided in paragraph (2), the Bureau shall prescribe rules to carry out the purposes of this title. ‘‘(2) AUTHORITY OF THE BOARD.—The Board shall have sole authority to prescribe rules— ‘‘(A) 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; and ‘‘(B) to carry out the purposes of section 920.’’; and (B) by adding at the end the following new subsection: ‘‘(e) DEFERENCE.—No provision of this title may be construed as altering, limiting, or otherwise affecting the deference that a court affords to— ‘‘(1) the Bureau in making determinations regarding the meaning or interpretation of any provision of this title for which the Bureau has authority to prescribe regulations; or ‘‘(2) the Board in making determinations regarding the meaning or interpretation of section 920.’’. (4) in section 916(d) (15 U.S.C. 1693m) (as so designated by the Credit CARD Act of 2009)— (A) in the subsection heading, by striking ‘‘OF BOARD OR APPROVAL OF DULY AUTHORIZED OFFICIAL OR EMPLOYEE OF FEDERAL RESERVE SYSTEM’’; (B) by inserting ‘‘Bureau or the’’ before ‘‘Board’’ each place that term appears; and (C) by inserting ‘‘Bureau of Consumer Financial Protec- tion or the’’ before ‘‘Federal Reserve System’’; and (5) in section 918 (15 U.S.C. 1693o) (as so designated by the Credit CARD Act of 2009)— (A) in subsection (a)— (i) by striking ‘‘Compliance’’ and inserting ‘‘Subject to subtitle B of the Consumer Financial Protection Act of 2010, compliance’’; (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 for- eign 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;’’; Regulations. Regulations.
