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12 U.S.C. § 5905 — Supervision and enforcement with respect to Federal qualified payment stablecoin issuers and subsidiaries of insured depository institutions

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12 U.S.C. § 5905 — Supervision and enforcement with respect to Federal qualified payment stablecoin issuers and subsidiaries of insured depository institutions

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Source location: Title 12, Chapter 56, § 5905; chapter-056-regulation-of-payment-stablecoins.md

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**(a) Supervision** (1) **In general** — Each permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 shall be subject to supervision by the appropriate primary Federal payment stablecoin regulator. (2) **Submission of reports** — Each permitted payment stablecoin issuer described in paragraph (1) shall, upon request, submit to the appropriate primary Federal payment stablecoin regulator a report on— (A) the financial condition of the permitted payment stablecoin issuer; (B) the systems of the permitted payment stablecoin issuer for monitoring and controlling financial and operating risks; (C) compliance by the permitted payment stablecoin issuer (and any subsidiary thereof) with this chapter; and (D) the compliance of the Federal qualified nonbank payment stablecoin issuer with the requirements of the Bank Secrecy Act and with laws authorizing the imposition of sanctions and implemented by the Secretary of the Treasury. (3) **Examinations** — The appropriate primary Federal payment stablecoin regulator shall examine a permitted payment stablecoin issuer described in paragraph (1) in order to assess— (A) the nature of the operations and financial condition of the permitted payment stablecoin issuer; (B) the financial, operational, technological, and other risks associated within the permitted payment stablecoin issuer that may pose a threat to— (i) the safety and soundness of the permitted payment stablecoin issuer; or (ii) the stability of the financial system of the United States; and (C) the systems of the permitted payment stablecoin issuer for monitoring and controlling the risks described in subparagraph (B). (4) **Requirements for efficiency** (A) *Use of existing reports* — In supervising and examining a permitted payment stablecoin issuer under this subsection, a primary Federal payment stablecoin regulator shall, to the fullest extent possible, use existing reports and other supervisory information. (B) *Avoidance of duplication* — A primary Federal payment stablecoin regulator shall, to the fullest extent possible, avoid duplication of examination activities, reporting requirements, and requests for information in carrying out this subsection with respect to a permitted payment stablecoin issuer. (C) *Consideration of burden* — A primary Federal payment stablecoin regulator shall, with respect to any examination or request for the submission of a report under this subsection, only request examinations and reports at a cadence and in a format that is similar to that required for similarly situated entities regulated by the primary Federal payment stablecoin regulator. **(b) Enforcement** (1) **Suspension or revocation of registration** — The primary Federal payment stablecoin regulator of a permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 may prohibit the permitted payment stablecoin issuer from issuing payment stablecoins, if the primary Federal payment stablecoin regulator determines that such permitted payment stablecoin issuer, or an institution-affiliated party of the permitted payment stablecoin issuer is willfully or recklessly violating or has willfully or recklessly violated— (A) this chapter or any regulation or order issued under this chapter; or (B) any condition imposed in writing by the primary Federal payment stablecoin regulator in connection with a written agreement entered into between the permitted payment stablecoin issuer and the primary Federal payment stablecoin regulator. (2) **Cease-and-desist proceedings** — If the primary Federal payment stablecoin regulator of a permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 has reasonable cause to believe that the permitted payment stablecoin issuer or any institution-affiliated party of the permitted payment stablecoin issuer is violating, has violated, or is attempting to violate this chapter, any regulation or order issued under this chapter, or any written agreement entered into with the primary Federal payment stablecoin regulator or condition imposed in writing by the primary Federal payment stablecoin regulator in connection with any application or other request, the primary Federal payment stablecoin regulator may, by provisions that are mandatory or otherwise, order the permitted payment stablecoin issuer or institution-affiliated party of the permitted payment stablecoin issuer to— (A) cease and desist from such violation or practice; or (B) take affirmative action to correct the conditions resulting from any such violation or practice. (3) **Removal and prohibition authority** — The primary Federal payment stablecoin regulator of a permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer may remove an institution-affiliated party of the permitted payment stablecoin issuer from the position or office of that institution-affiliated party or prohibit further participation in the affairs of the permitted payment stablecoin issuer or of all such permitted payment stablecoin issuers by that institution-affiliated party, if the primary Federal payment stablecoin regulator determines that— (A) the institution-affiliated party has knowingly committed a violation or attempted violation of this chapter or any regulation or order issued under this chapter; or (B) the institution-affiliated party has knowingly committed a violation of any provision of subchapter II of chapter 53 of title 31. (4) **Procedures** (A) *In general* — If a primary Federal payment stablecoin regulator identifies a violation or attempted violation of this chapter or makes a determination under paragraph (1), (2), or (3), the primary Federal payment stablecoin regulator shall comply with the procedures set forth in subsections (b) and (e) of [section 1818 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim) or subsections (e) and (g) of [section 1786 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1786&num=0&edition=prelim), as applicable. (B) *Judicial review* — A person aggrieved by a final action under this subsection may obtain judicial review of such action exclusively as provided in [section 1818(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/h&num=0&edition=prelim) or [section 1786(j) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1786/j&num=0&edition=prelim), as applicable. (C) *Injunction* — A primary Federal payment stablecoin regulator may, at the discretion of the regulator, follow the procedures provided in [section 1818(i)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/i/1&num=0&edition=prelim) or [section 1786(k)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1786/k/1&num=0&edition=prelim), as applicable, for judicial enforcement of any effective and outstanding notice or order issued under this subsection. (D) *Temporary cease-and-desist proceedings* — If a primary Federal payment stablecoin regulator determines that a violation or attempted violation of this chapter or an action with respect to which a determination was made under paragraph (1), (2), or (3), or the continuation thereof, is likely to cause insolvency or significant dissipation of assets or earnings of a permitted payment stablecoin issuer, or is likely to weaken the condition of the permitted payment stablecoin issuer or otherwise prejudice the interests of the customers of the permitted payment stablecoin issuer prior to the completion of the proceedings conducted under this paragraph, the primary Federal payment stablecoin regulator may follow the procedures provided in [section 1818(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/c&num=0&edition=prelim) or [section 1786(f) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1786/f&num=0&edition=prelim), as applicable, to issue a temporary cease and desist order. (5) **Civil money penalties** — Unless otherwise specified in this chapter, the civil money penalties for violations of this chapter consist of the following: (A) *Failure to be approved* — Any person that issues a United States dollar-denominated payment stablecoin in violation of [section 5902 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5902&num=0&edition=prelim), and any institution-affiliated party of such a person who knowingly participates in issuing such a payment stablecoin, shall be liable for a civil penalty of not more than $100,000 for each day during which such payment stablecoins are issued. (B) *First tier* — Except as provided in subparagraph (A), a permitted payment stablecoin issuer or institution-affiliated party of such permitted payment stablecoin issuer that materially violates this chapter or any regulation or order issued under this chapter, or that materially violates any condition imposed in writing by the appropriate primary Federal payment stablecoin regulator in connection with a written agreement entered into between the permitted payment stablecoin issuer and that primary Federal payment stablecoin regulator, shall be liable for a civil penalty of not more than $100,000 for each day during which the violation continues. (C) *Second tier* — Except as provided in subparagraph (A), and in addition to the penalties described in subparagraph (B), a permitted payment stablecoin issuer or institution-affiliated party of such permitted payment stablecoin issuer who knowingly participates in a violation of any provision of this chapter, or any regulation or order issued under this chapter, shall be liable for a civil penalty of not more than an additional $100,000 for each day during which the violation continues. (D) *Procedure* — Any penalty imposed under this paragraph may be assessed and collected by the appropriate primary Federal payment stablecoin regulator pursuant to the procedures set forth in [section 1818(i)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818/i/2&num=0&edition=prelim) or [section 1786(k)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1786/k/2&num=0&edition=prelim), as applicable. (E) *Notice and orders after separation from service* — The resignation, termination of employment or participation, or separation of an institution-affiliated party (including a separation caused by the closing of a permitted payment stablecoin issuer) shall not affect the jurisdiction and authority of a primary Federal payment stablecoin regulator to issue any notice or order and proceed under this subsection against any such party, if such notice or order is served before the end of the 6-year period beginning on the date on which such party ceased to be an institution-affiliated party with respect to such permitted payment stablecoin issuer. (6) **Non-applicability to a State qualified payment stablecoin issuer** — Notwithstanding anything in this subsection to the contrary, this subsection shall not apply to a State qualified payment stablecoin issuer. **(c) Rule of construction** Nothing in this chapter may be construed to modify or otherwise affect any right or remedy under any Federal consumer financial law, including [12 U.S.C. 5515](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515&num=0&edition=prelim) and [15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1818 — Termination of status as insured depository institution

**(a) Termination of insurance** (1) **Voluntary termination** — Any insured depository institution which is not— (A) a national member bank; (B) a State member bank; (C) a Federal branch; (D) a Federal savings association; or (E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim), may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination. (2) **Involuntary termination** (A) *Notice to primary regulator* — If the Board of Directors determines that— (i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution; (ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or (iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation, the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5901 — Definitions

In this chapter: (1) **Appropriate Federal banking agency** — The term “appropriate Federal banking agency” has the meaning given that term in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim). (2) **Bank Secrecy Act** — The term “Bank Secrecy Act” means— (A) [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim); (B) chapter 2 of title I of Public Law 91–508 ([12 U.S.C. 1951](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1951&num=0&edition=prelim) et seq.); and (C) subchapter II of chapter 53 of title 31. (3) **Board** — The term “Board” means the Board of Governors of the Federal Reserve System. (4) **Comptroller** — The term “Comptroller” means the Office of the Comptroller of the Currency. (5) **Corporation** — The term “Corporation” means the Federal Deposit Insurance Corporation. (6) **Digital asset** — The term “digital asset” means any digital representation of value that is recorded on a cryptographically secured distributed ledger. (7) **Digital asset service provider** — The term “digital asset service provider”— (A) means a person that, for compensation or profit, engages in the business in the United States (including on behalf of customers or users in the United States) of— (i) exchanging digital assets for monetary value; (ii) exchanging digital assets for other digital assets; (iii) transferring digital assets to a third party; (iv) acting as a digital asset custodian; or (v) participating in financial services relating to digital asset issuance; and (B) does not include— (i) a distributed ledger protocol; (ii)

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 41 — Federal Trade Commission established; membership; vacancies; seal

A commission is created and established, to be known as the Federal Trade Commission (hereinafter referred to as the Commission), which shall be composed of five Commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate. Not more than three of the Commissioners shall be members of the same political party. The first Commissioners appointed shall continue in office for terms of three, four, five, six, and seven years, respectively, from September 26, 1914, the term of each to be designated by the President, but their successors shall be appointed for terms of seven years, except that any person chosen to fill a vacancy shall be appointed only for the unexpired term of the Commissioner whom he shall succeed: Provided, however, That upon the expiration of his term of office a Commissioner shall continue to serve until his successor shall have been appointed and shall have qualified..11 So in original. The President shall choose a chairman from the Commission’s membership. No Commissioner shall engage in any other business, vocation, or employment. Any Commissioner may be removed by the President for inefficiency, neglect of duty, or malfeasance in office. A vacancy in the Commission shall not impair the right of the remaining Commissioners to exercise all the powers of the Commission.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1786 — Examination of insured credit unions

**(a) Examiners and claim agents; powers; report by examiner; jurisdiction of court** The Board shall appoint examiners who shall have power, on its behalf, to examine any insured credit union, any credit union making application for insurance of its member accounts, or any closed insured credit union whenever in the judgment of the Board an examination is necessary to determine the condition of any such credit union for insurance purposes. Each examiner shall have power to make a thorough examination of all of the affairs of the credit union and shall make a full and detailed report of the condition of the credit union to the Board. The Board in like manner shall appoint claim agents who shall have power to investigate and examine all claims for insured member accounts. Each claim agent shall have power to administer oaths and affirmations, to examine and to take and preserve testimony under oath as to any matter in respect to claims for insured accounts, and to issue subpenas and subpenas duces tecum and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States court in any territory in which the principal office of the credit union is located or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena. **(b) Power of Board; jurisdiction of court** In connection with examinations of insured credit unions, or with other types of investigations to determine compliance with applicable law and regulations, the Board, or its designated representatives, shall have power to administer oaths and affirmations, to examine and to take and preserve testimony under oath as to any matter in respect of the affairs of any suc

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5902 — Issuance and treatment of payment stablecoins

**(a) Limitation on issuers** It shall be unlawful for any person other than a permitted payment stablecoin issuer to issue a payment stablecoin in the United States. **(b) Prohibition on offers or sales** (1) **In general** — Except as provided in subsection (c) and [section 5916 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5916&num=0&edition=prelim), beginning on the date that is 3 years after July 18, 2025, it shall be unlawful for a digital asset service provider to offer or sell a payment stablecoin to a person in the United States, unless the payment stablecoin is issued by a permitted payment stablecoin issuer. (2) **Foreign payment stablecoin issuers** — It shall be unlawful for any digital asset service provider to offer, sell, or otherwise make available in the United States a payment stablecoin issued by a foreign payment stablecoin issuer unless the foreign payment stablecoin issuer has the technological capability to comply, and will comply, with the terms of any lawful order and any reciprocal arrangement pursuant to [section 5916 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5916&num=0&edition=prelim). **(c) Limited safe harbors** (1) **In general** — The Secretary of the Treasury may issue regulations providing safe harbors from subsection (a) that are— (A) consistent with the purposes of the 11 So in original. Probably should be “this”. chapter; (B) limited in scope; and (C) apply 22 So in original. to a de minimis volume of transactions, as determined by the Secretary of the Treasury. (2) **Unusual and exigent circumstances** (A) *In general* — If the Secretary of the Treasury determines that unusual and exigent circumstances exist, the Secretar

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5515 — Purpose, objectives, and functions

**(a) Purpose** The Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive. **(b) Objectives** The Bureau is authorized to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services— (1) consumers are provided with timely and understandable information to make responsible decisions about financial transactions; (2) consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination; (3) outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens; (4) Federal consumer financial law is enforced consistently, without regard to the status of a person as a depository institution, in order to promote fair competition; and (5) markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. **(c) Functions** The primary functions of the Bureau are— (1) conducting financial education programs; (2) collecting, investigating, and responding to consumer complaints; (3) collecting, researching, monitoring, and publishing information relevant to the functioning of markets for consumer financial products and services to identify risks to consumers and the proper functioning of such markets; (4) subject to sections 5514 through 5516 of this title, supervising covered persons for compliance with Federal consumer financial law, and taking app

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5515 — Supervision of very large banks, savings

Page 1962 TITLE 12—BANKS AND BANKING § 5515 1 See References in Text note below. (f) Preservation of Farm Credit Administration authority No provision of this title 1 may be construed as modifying, limiting, or otherwise affecting the authority of the Farm Credit Administration. (Pub. L. 111–203, title X, § 1024, July 21, 2010, 124 Stat. 1987; Pub. L. 113–173, § 2, Sept. 26, 2014, 128 Stat. 1899.) Editorial Notes REFERENCES IN TEXT This title, where footnoted in subsecs. (a)(1), (b)(5), (c)(2), and (f), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Pro- tection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sec- tions and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables. AMENDMENTS 2014—Subsec. (b)(3). Pub. L. 113–173 substituted ‘‘regu- lators, the State bank regulatory authorities, and the State agencies that licence, supervise, or examine the offering of consumer financial products or services’’ for ‘‘regulators and the State bank regulatory authorities’’ and inserted at end ‘‘The sharing of information with such regulators, authorities, and agencies shall not be construed as waiving, destroying, or otherwise affect- ing any privilege or confidentiality such person may claim with respect to such information under Federal or State law as to any person or entity other than such Bureau, agency, supervisor, or authority.’’ Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective July 21, 2010, see section 1029A of Pub. L. 111–203, set out as a note under section 5511 of this title. § 5515. Supervision of very large banks, savings associa

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 41 — Federal Trade Commission established;

Page 48 TITLE 15—COMMERCE AND TRADE § 41 1 So in original. Sec. 74. Rules and regulations. 75. Retaliation against country prohibiting im- portations. 76. Retaliation against restriction of importa- tions in time of war. 77. Discrimination against neutral Americans in time of war. SUBCHAPTER I—FEDERAL TRADE COMMISSION § 41. Federal Trade Commission established; membership; vacancies; seal A commission is created and established, to be known as the Federal Trade Commission (here- inafter referred to as the Commission), which shall be composed of five Commissioners, who shall be appointed by the President, by and with the advice and consent of the Senate. Not more than three of the Commissioners shall be mem- bers of the same political party. The first Com- missioners appointed shall continue in office for terms of three, four, five, six, and seven years, respectively, from September 26, 1914, the term of each to be designated by the President, but their successors shall be appointed for terms of seven years, except that any person chosen to fill a vacancy shall be appointed only for the un- expired term of the Commissioner whom he shall succeed: Provided, however, That upon the expiration of his term of office a Commissioner shall continue to serve until his successor shall have been appointed and shall have qualified..1 The President shall choose a chairman from the Commission’s membership. No Commissioner shall engage in any other business, vocation, or employment. Any Commissioner may be re- moved by the President for inefficiency, neglect of duty, or malfeasance in office. A vacancy in the Commission shall not impair the right of the remaining Commissioners to exercise all the powers of the Commission. The Commission shall have a

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