Civil penalties (a) For each willful or grossly negligent violation of any regulation under this chapter, the Secretary may assess upon any person to which the regulation applies, or any person willfully causing a violation of the regulation, and, if such person is a partnership, corporation, or other entity, upon any partner, director, officer, or employee thereof who willfully or through gross negligence participates in the violation, a civil penalty not exceeding $10,000.

Criminal penalty Whoever willfully violates any regulation under this chapter shall be fined not more than $1,000 or imprisoned not more than one year, or both.

This chapter of the United States Code governs check truncation. It authorizes substitute checks to facilitate check truncation and foster innovation in the check collection system. The chapter aims to improve the overall efficiency of the Nation’s payments system. The Congress finds that check truncation is desirable to reduce costs, improve efficiency in check collections, and expedite funds availability for customers. The chapter applies to Federal reserve banks, depository institutions, financial service customers, and the financial services industry.

This chapter of the United States Code provides definitions related to check truncation in the context of banks and banking. It defines various terms such as ‘account’, ‘bank’, ‘collecting bank’, ‘depositary bank’, ‘paying bank’, ‘returning bank’, ‘Board’, ‘business day’, ‘check’, ‘consumer’, ‘consumer account’, ‘customer’, ‘forward collection’, ‘indemnifying bank’, ‘MICR line’, ’noncash item’, ‘person’, ‘reconverting bank’, ‘substitute check’, ‘State’, ’truncate’, ‘Uniform Commercial Code’, and ‘other terms’. These definitions are applicable to the laws and regulations governing check truncation in the United States, ensuring clarity and consistency in the legal framework surrounding this banking practice.

This legal document, 5531 of the United States Code, falls under the provisions of the Bureau of Consumer Financial Protection. It grants the Bureau the authority to take action against covered persons or service providers who commit or engage in unfair, deceptive, or abusive acts or practices in connection with transactions involving consumer financial products or services. The Bureau is empowered to prescribe rules identifying such acts or practices as unlawful and may consider established public policies as evidence in determining unfairness.

This section of the United States Code governs the consumer rights to access information related to consumer financial products or services obtained from covered persons. Covered persons are required to make available, upon request, information in their control or possession regarding transactions, accounts, costs, charges, and usage data. The information must be provided in an electronic form usable by consumers. However, there are exceptions to this requirement, including confidential commercial information, information collected for fraud prevention or detection of unlawful conduct, information required to be kept confidential by other laws, and information that cannot be retrieved in the ordinary course of business.

This legal document establishes the Private Education Loan Ombudsman within the Bureau of Consumer Financial Protection. The Ombudsman is designated to provide timely assistance to borrowers of private education loans. The Secretary and the Director are required to disseminate information about the Ombudsman’s availability and functions to borrowers, potential borrowers, and various entities involved in private education loan programs. The Ombudsman’s functions include receiving and attempting to resolve complaints from borrowers, establishing coordination with the student loan ombudsman for assistance with complaints related to private education or Federal student loans, compiling and analyzing data on borrower complaints, and making recommendations to relevant authorities.

This legal document, found in the United States Code under the section on Remittance transfers, addresses various aspects related to remittance transfers. It focuses on expanding the use of the automated clearinghouse system and other payment mechanisms for remittance transfers to foreign countries, particularly those receiving significant remittance transfers from the United States. The document also requires the Federal banking agencies and the National Credit Union Administration to provide guidelines to financial institutions regarding the offering of low-cost remittance transfers and no-cost or low-cost basic consumer accounts.

This legal document establishes the Office of the Comptroller of the Currency within the Department of the Treasury. The Office is responsible for ensuring the safety and soundness of institutions and other persons under its jurisdiction, as well as compliance with laws and regulations. It also aims to provide fair access to financial services and fair treatment of customers. The chief officer of the Office, known as the Comptroller of the Currency, performs their duties under the general direction of the Secretary of the Treasury.

The provided legal document content covers various aspects of the organization and operation of federal credit unions, including the requirements for forming a federal credit union, payment of fees to the National Credit Union Administration (NCUA), reports and examinations required for federal credit unions, and the powers and operations of federal credit unions. The documents also address the limitation on member business loans for insured credit unions, the bylaws and membership requirements for federal credit unions, and the management of federal credit unions by a board of directors, supervisory committee, and credit committee.