; and (C) the educational resources described in subsection (a) of section 7 and the financial literacy curriculum and programming described in subsection (b) of that section; and (5) establish a dispute resolution process for student athletes who assert a violation of this Act, under which a student athlete may select arbitration. (b) Authority (1) Investigations and audits The National Collegiate Athletic Association shall— (A) conduct investigations and audits to assess compliance with this Act; and (B) not less frequently than annually, submit to the Committee on Commerce, Science, and Transportation of the Senate and the Committee on Energy and Commerce of the House of Representatives an annual report with respect to such compliance. (2) Penalties In the case of a violation of this Act or a potential violation of any other Federal law by an agent, third party, institution of higher education, conference, or student athlete, the National Collegiate Athletic Association may— (A) revoke licenses to participate in name, image, or likeness activities; (B) with respect to a violation of this Act, refer the matter to the Federal Trade Commission as an unfair and deceptive act or practice for enforcement; and (C) with respect to a violation of any other Federal law, refer the matter to the appropriate Federal agency for enforcement. (3) Limitation The National Collegiate Athletic Association shall not have the authority to approve name, image, or likeness contracts for legality or appropriateness. (c) Noncompliance In the case of a failure by the National Collegiate Athletic Association to carry out the duties under this section, the Federal Trade Commission may commence an investigation of such failure and impose penalties, including— (1) a penalty for an unfair and deceptive act or practice