Supplement I to Part 227 - Official Staff Commentary

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Subpart A—General Provisions for Consumer Protection Rules § 227.1 Authority, purpose, and scope. 1(c) Scope
1. Penalties for noncompliance. Administrative enforcement of the rule for banks may involve actions under section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), including cease-and-desist orders requiring that actions be taken to remedy violations and civil money penalties.

2. Industrial loan companies. Industrial loan companies that are insured by the Federal Deposit Insurance Corporation are covered by the Board's rule.

                    
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