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Full Text of this Amendment
At the end of title V, add the following:
SEC. 503. FEDERAL TRADE COMMISSION RULEMAKING ON MORTGAGE LENDING.
(a) In General.--Section 626 of division D of the Omnibus Appropriations Act, 2009 (Public Law 111-8) is amended--
(1) in subsection (a)--
(A) by striking ``Within'' and inserting ``(1) Within''; and
(B) by adding at the end the following:
``(2) Paragraph (1) shall not be construed to authorize the Federal Trade Commission to promulgate a rule with respect to an entity that is not subject to enforcement of the Federal Trade Commission Act (15 U.S.C. 41 et seq.) by the Commission.
``(3) The Federal Trade Commission shall enforce the rules promulgated pursuant to paragraph (1) in the same manner, by the same means, and with the same jurisdiction, powers, and duties as though all applicable terms and provisions of the Federal Trade Commission Act (15 U.S.C. 41 et seq.) were incorporated into and made part of this section.
``(4) An entity owned and controlled by a depository institution and regulated by the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, or the National Credit Union Administration shall not be subject to any rule prescribed under paragraph (1) if the entity is subject to a rule on the same subject matter prescribed by the Board of Governors of the Federal Reserve System pursuant to section
105 or 129(l) of the Truth in Lending Act (15 U.S.C. 1604 and 1639(l)).'';
(2) by striking so much of subsection (b) as precedes paragraph (2) and inserting the following:
``(b)(1) Except as provided in paragraph (6), in any case in which the attorney general of a State has reason to believe that an interest of the residents of that State has been or is threatened or adversely affected by the engagement of any person subject to a rule prescribed under subsection (a) in a practice that violates such rule, the State, as parens patriae, may bring a civil action on behalf of the residents of the State in an appropriate district court of the United States or other
court of competent jurisdiction--
``(A) to enjoin that practice;
``(B) to enforce compliance with the rule;
``(C) to obtain damages, restitution, or other compensation on behalf of residents of the State; or
``(D) to obtain penalties and relief provided by the Federal Trade Commission Act or the rule and such other relief as the court considers appropriate.''; and
(3) by adding at the end of subsection (b) the following:
``(8) Paragraph (1) shall not be construed to authorize the attorney general of a State to bring an action under this subsection against an entity subject to enforcement by the Federal Deposit Insurance Corporation, the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Office of Thrift Supervision, or the National Credit Union Administration under section 108(a) of the Truth in Lending Act (15 U.S.C. 1607(a)), including an entity described in subsection (a)(4)
of this section.''.
(b) Effective Date.--The amendments made by subsection (a) shall take effect on March 12, 2009.
(As printed in the Congressional Record for the Senate on May 14, 2009.)