12 USC 5581 - Transfer of consumer financial protection functions

all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and

(B)

the examination authority described in subsection (c)(1), with respect to a person described in section 5515(a) of this title; and

(2)

the terms “transferor agency” and “transferor agencies” mean, respectively—

(A)

the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and

(B)

the agencies listed in subparagraph (A), collectively.

(b)

In general

Except as provided in subsection (c), consumer financial protection functions are transferred as follows:

(1)

Board of Governors

(A)

Transfer of functions

(B)

Board of Governors authority

(2)

Comptroller of the Currency

(A)

Transfer of functions

(B)

Comptroller authority

(3)

Director of the Office of Thrift Supervision

(A)

Transfer of functions

(B)

Director authority

(4)

Federal Deposit Insurance Corporation

(A)

Transfer of functions

(B)

Corporation authority

(5)

Federal Trade Commission

(A)

Transfer of functions

(B)

Bureau authority

(i)

In general

(ii)

Federal Trade Commission Act

(C)

Authority of the Federal Trade Commission

(i)

In general

(ii)

Commission authority relating to rules prescribed by the Bureau

(D)

Coordination

(E)

Deference

No provision of this title ¹ shall be construed as altering, limiting, expanding, or otherwise affecting the deference that a court affords to the—

(i)

Federal Trade Commission in making determinations regarding the meaning or interpretation of any provision of the Federal Trade Commission Act, or of any other Federal law for which the Commission has authority to prescribe rules; or

(ii)

Bureau in making determinations regarding the meaning or interpretation of any provision of a Federal consumer financial law (other than any law described in clause (i)).

(6)

National Credit Union Administration

(A)

Transfer of functions

(B)

National Credit Union Administration authority

(7)

Department of Housing and Urban Development

(A)

Transfer of functions

(B)

Authority of the Department of Housing and Urban Development

(c)

Authorities of the prudential regulators

(1)

Examination

A transferor agency that is a prudential regulator shall have—

(A)

authority to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in section 5515(a) of this title, that is incidental to the backup and enforcement procedures provided to the regulator under section 5515(c) of this title; and

(B)

exclusive authority (relative to the Bureau) to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in section 5516(a) of this title, except as provided to the Bureau under subsections (b) and (c) of section 5516 of this title.

(2)

Enforcement

(A)

Limitation

(B)

Exclusive authority

(C)

Statutory enforcement

For purposes of carrying out the authorities under, and subject to the limitations of, part B, each prudential regulator may enforce compliance with the requirements imposed under this title,¹ and any rule or order prescribed by the Bureau under this title,¹ under—

(i)

the Federal Credit Union Act (12 U.S.C. 1751 et seq.), by the National Credit Union Administration Board with respect to any covered person or service provider that is an insured credit union, or service provider thereto, or any affiliate of an insured credit union, who is subject to the jurisdiction of the Board under that Act; and

(ii)

section 1818 of this title, by the appropriate Federal banking agency, as defined in section 1813(q) of this title, with respect to a covered person or service provider that is a person described in section 1813(q) of this title and who is subject to the jurisdiction of that agency, as set forth in sections 1813(q) and 1818 of this title; or

(iii)

the Bank Service Company Act (12 U.S.C. 1861 et seq.).

(d)

Effective date

(Pub. L. 111–203, title X, § 1061, July 21, 2010, 124 Stat. 2035.)

cite as: 12 USC 5581

.list_box li,p,.cm-search-info,.cm-search-detail,.abt span,.expand-collapse_top

Get the CustomsMobile app!