Which entities enforce FACTA compliance and penalties?

• A. Only banks
• B. Only the police
• C. Only state governments
• D. FTC and other regulators; penalties vary

Answer: (D)

Enforcement of FACTA is handled by multiple regulators, not just one agency. The Federal Trade Commission leads many consumer-protection actions under FACTA, but other regulators also play a role, including federal banking regulators and, in some cases, the Consumer Financial Protection Bureau. States may step in through attorney general actions or state laws that mirror FACTA requirements. Because different agencies oversee different aspects of FACTA and FCRA compliance, penalties vary depending on which regulator acts and the nature of the violation. This means enforcement isn’t limited to banks, nor is it carried out exclusively by police or state governments.