[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3126 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 3126

 To establish the Consumer Financial Protection Agency, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 8, 2009

Mr. Frank of Massachusetts (for himself, Ms. Waters, Mrs. Maloney, Mr. 
Gutierrez, Mr. Watt, Mr. Ackerman, Mr. Sherman, Mr. Capuano, Mr. Miller 
of North Carolina, Mr. Al Green of Texas, Mr. Ellison, Ms. Speier, and 
 Mr. Grayson) introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
Energy and Commerce, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
 To establish the Consumer Financial Protection Agency, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Financial Protection Agency 
Act of 2009''.

SEC. 2. TABLE OF CONTENTS.

    The table of contents for this Act is as follows:

Sec. 1. Short title.
Sec. 2. Table of contents.
             TITLE I--CONSUMER FINANCIAL PROTECTION AGENCY

Sec. 101. Definitions.
                Subtitle A--Establishment of the Agency

Sec. 111. Establishment of the Consumer Financial Protection Agency.
Sec. 112. Board.
Sec. 113. Executive and administrative powers.
Sec. 114. Administration.
Sec. 115. Consumer Advisory Board.
Sec. 116. Coordination.
Sec. 117. Reports to the Congress.
Sec. 118. Funding; fees and assessments; penalties and fines.
Sec. 119. Effective date.
                Subtitle B--General Powers of the Agency

Sec. 121. Mandate and objectives.
Sec. 122. Authorities.
Sec. 123. Collection of information; confidentiality rules.
Sec. 124. Monitoring; assessments of significant rules; reports.
Sec. 125. Authority to restrict mandatory pre-dispute arbitration.
Sec. 126. Effective date.
                    Subtitle C--Specific Authorities

Sec. 131. Prohibiting unfair, deceptive, or abusive acts or practices.
Sec. 132. Disclosures and communications.
Sec. 133. Sales practices.
Sec. 134. Pilot disclosures.
Sec. 135. Adopting operational standards to deter unfair, deceptive, or 
                            abusive practices.
Sec. 136. Standard consumer financial products or services.
Sec. 137. Duties.
Sec. 138. Consumer rights to access information.
Sec. 139. Prohibited acts.
Sec. 140. Effective date.
                 Subtitle D--Preservation of State Law

Sec. 141. Relation to State law.
Sec. 142. Preservation of enforcement powers of States.
Sec. 143. State law preemption standards for national banks and 
                            subsidiaries clarified.
Sec. 144. Visitorial standards.
Sec. 145. Clarification of law applicable to nondepository institution 
                            subsidiaries.
Sec. 146. State law preemption standards for Federal savings 
                            associations and subsidiaries clarified.
Sec. 147. Visitorial standards.
Sec. 148. Clarification of law applicable to nondepository institution 
                            subsidiaries.
Sec. 149. Effective date.
                     Subtitle E--Enforcement Powers

Sec. 151. Definitions.
Sec. 152. Investigations and administrative discovery.
Sec. 153. Hearings and adjudication proceedings.
Sec. 154. Litigation authority.
Sec. 155. Relief available.
Sec. 156. Referrals for criminal proceedings.
Sec. 157. Employee protection.
Sec. 158. Effective date.
     Subtitle F--Transfer of Functions and Personnel; Transitional 
                               Provisions

Sec. 161. Transfer of certain functions.
Sec. 162. Designated transfer date.
Sec. 163. Savings provisions.
Sec. 164. Transfer of certain personnel.
Sec. 165. Incidental transfers.
Sec. 166. Interim authority of the Secretary.
                  Subtitle G--Regulatory Improvements

Sec. 171. Collection of deposit account data.
Sec. 172. Small business data collection.
                   Subtitle H--Conforming Amendments

Sec. 181. Amendments to the Inspector General Act of 1978.
Sec. 182. Amendments to the Privacy Act of 1974.
Sec. 183. Amendments to the Alternative Mortgage Transaction Parity Act 
                            of 1982.
Sec. 184. Amendments to the Consumer Credit Protection Act.
Sec. 185. Amendments to the Expedited Funds Availability Act.
Sec. 186. Amendments to the Federal Deposit Insurance Act.
Sec. 187. Amendments to the Gramm-Leach-Bliley Act.
Sec. 188. Amendments to the Home Mortgage Disclosure Act of 1975.
Sec. 189. Amendments to division D of the Omnibus Appropriations Act, 
                            2009.
Sec. 190. Amendments to the Real Estate Settlement Procedures Act of 
                            1974.
Sec. 191. Amendments to the Right to Financial Privacy Act of 1978.
Sec. 192. Amendments to the Secure and Fair Enforcement for Mortgage 
                            Licensing Act of 2008.
Sec. 193. Amendments to the Truth in Savings Act.
Sec. 194. Effective date.
       TITLE J--IMPROVEMENTS TO THE FEDERAL TRADE COMMISSION ACT

Sec. 201. Amendments to the Federal Trade Commission Act.

             TITLE I--CONSUMER FINANCIAL PROTECTION AGENCY

SEC. 101. DEFINITIONS.

    For the purposes of subtitles A through F of this title, the 
following definitions shall apply:
            (1) Affiliate.--The term ``affiliate'' means any person 
        that controls, is controlled by, or is under common control 
        with another person.
            (2) Agency.--The term ``Agency'' means the Consumer 
        Financial Protection Agency.
            (3) Alternative consumer financial product or service.--The 
        term ``alternative consumer financial product or service'' 
        means a consumer financial product or service that is of the 
        same type or class as a standard consumer financial product or 
        service, but that contains different or additional terms, fees, 
        or features.
            (4) Appointed board member.--The term ``appointed Board 
        member'' or ``appointed Board members'' means a member or 
        members of the Board appointed by the President under section 
        112(a)(1).
            (5) Board.--The term ``Board'' means the Board of the 
        Consumer Financial Protection Agency.
            (6) Board of governors.--The term ``Board of Governors'' 
        means the Board of Governors of the Federal Reserve System.
            (7) Consumer.--The term ``consumer'' means an individual or 
        an agent, trustee, or representative acting on behalf of an 
        individual.
            (8) Consumer financial product or service.--The term 
        ``consumer financial product or service'' means any financial 
        product or service to be used by a consumer primarily for 
        personal, family, or household purposes.
            (9) Covered person.--The term ``covered person'' means--
                    (A) any person who engages directly or indirectly 
                in a financial activity, in connection with the 
                provision of a consumer financial product or service; 
                or
                    (B) any person who, in connection with the 
                provision of a consumer financial product or service, 
                provides a material service to, or processes a 
                transaction on behalf of, a person described in 
                subparagraph (A).
            (10) Credit.--The term ``credit'' means the right granted 
        by a person to a consumer to defer payment of a debt, incur 
        debt and defer its payment, or purchase property or services 
        and defer payment for such purchase.
            (11) Credit union.--The term ``credit union'' means a 
        Federal credit union, State credit union, or State-chartered 
        credit union as defined in section 101 of the Federal Credit 
        Union Act (12 U.S.C. 1752).
            (12) Deposit.--The term ``deposit''--
                    (A) has the same meaning as in section 3(l) of the 
                Federal Deposit Insurance Act; and
                    (B) includes a share in a member account (as 
                defined in section 101(5) of the Federal Credit Union 
                Act) at a credit union.
            (13) Deposit-taking activity.--The term ``deposit-taking 
        activity'' means--
                    (A) the acceptance of deposits, the provision of 
                other services related to the acceptance of deposits, 
                or the maintenance of deposit accounts;
                    (B) the acceptance of money, the provision of other 
                services related to the acceptance of money, or the 
                maintenance of members' share accounts by a credit 
                union; or
                    (C) the receipt of money or its equivalent, as the 
                Agency may determine by regulation or order, received 
                or held by the covered person (or an agent for the 
                person) for the purpose of facilitating a payment or 
                transferring funds or value of funds by a consumer to a 
                third party.
        For the purposes of this title, the Agency may determine that 
        the term ``deposit-taking activity'' includes the receipt of 
        money or its equivalent in connection with the sale or issuance 
        of any payment instrument or stored value product or service.
            (14) Designated transfer date.--The term ``designated 
        transfer date'' has the meaning provided in section 162.
            (15) Director.--The term ``Director'' means the Director of 
        the Agency.
            (16) Enumerated consumer laws.--The term ``enumerated 
        consumer laws'' means each of the following:
                    (A) The Alternative Mortgage Transaction Parity Act 
                (12 U.S.C. 3801 et seq.).
                    (B) The Electronic Funds Transfer Act (15 U.S.C. 
                1693 et seq.)
                    (C) The Equal Credit Opportunity Act (15 U.S.C. 
                1691 et seq.).
                    (D) The Fair Credit Reporting Act (15 U.S.C. 1681 
                et seq.), except with respect to sections 615(e), 624, 
                and 628.
                    (E) The Fair Debt Collection Practices Act (15 
                U.S.C. 1692 et seq.).
                    (F) Subsections (c), (d), (e), and (f) of section 
                43 of the Federal Deposit Insurance Act (12 U.S.C. 
                1831t).
                    (G) Sections 502, 503, 504, 505, 506, 507, 508, and 
                509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6802 et 
                seq.).
                    (H) The Home Mortgage Disclosure Act (12 U.S.C. 
                2801 et seq.).
                    (I) The Real Estate Settlement Procedures Act (12 
                U.S.C. 2601 et seq.).
                    (J) The Secure and Fair Enforcement for Mortgage 
                Licensing Act (12 U.S.C. 5101 et seq.).
                    (K) The Truth in Lending Act (15 U.S.C. 1601 et 
                seq.).
                    (L) The Truth in Savings Act (12 U.S.C. 4301 et 
                seq.).
            (17) Federal banking agency.--The term ``Federal banking 
        agency'' means the Board of Governors, the Comptroller of the 
        Currency, the Director of the Office of Thrift Supervision, the 
        Federal Deposit Insurance Corporation, or the National Credit 
        Union Administration and the term ``Federal banking agencies'' 
        means all of those agencies.
            (18) Financial activity.--The term ``financial activity'' 
        means any of the following activities:
                    (A) Deposit-taking activities.
                    (B) Extending credit and servicing loans, 
                including--
                            (i) acquiring, brokering, or servicing 
                        loans or other extensions of credit;
                            (ii) engaging in any other activity usual 
                        in connection with extending credit or 
                        servicing loans, including performing 
                        appraisals of real estate and personal property 
                        and selling or servicing credit insurance or 
                        mortgage insurance.
                    (C) Check-guaranty services, including--
                            (i) authorizing a subscribing merchant to 
                        accept personal checks tendered by the 
                        merchant's customers in payment for goods and 
                        services; and
                            (ii) purchasing from a subscribing merchant 
                        validly authorized checks that are subsequently 
                        dishonored.
                    (D) Collecting, analyzing, maintaining, and 
                providing consumer report information or other account 
                information by covered persons, including information 
                relating to the credit history of consumers and 
                providing the information to a credit grantor who is 
                considering a consumer application for credit or who 
                has extended credit to the borrower.
                    (E) Collection of debt related to any consumer 
                financial product or service.
                    (F) Providing real estate settlement services, 
                including providing title insurance.
                    (G) Leasing personal or real property or acting as 
                agent, broker, or adviser in leasing such property if--
                            (i) the lease is on a non-operating basis;
                            (ii) the initial term of the lease is at 
                        least 90 days; and
                            (iii) in the case of leases involving real 
                        property, at the inception of the initial 
                        lease, the transaction is intended to result in 
                        ownership of the leased property to be 
                        transferred to the lessee, subject to standards 
                        prescribed by the Agency.
                    (H) Acting as an investment adviser to any person 
                (not subject to regulation by or required to register 
                with the Commodity Futures Trading Commission or the 
                Securities and Exchange Commission).
                    (I) Acting as financial adviser to any person, 
                including--
                            (i) providing financial and other related 
                        advisory services;
                            (ii) providing educational courses, and 
                        instructional materials to consumers on 
                        individual financial management matters; or
                            (iii) providing credit counseling, tax-
                        planning or tax-preparation services to any 
                        person.
                    (J) Financial data processing, including providing 
                data processing and data transmission services, 
                facilities (including data processing and data 
                transmission hardware, software, documentation, or 
                operating personnel), databases, advice, and access to 
                such services, facilities, or databases by any 
                technological means, if--
                            (i) the data to be processed or furnished 
                        are financial, banking, or economic; and
                            (ii) the hardware provided in connection 
                        therewith is offered only in conjunction with 
                        software designed and marketed for the 
                        processing and transmission of financial, 
                        banking, or economic data, and where the 
                        general purpose hardware does not constitute 
                        more than 30 percent of the cost of any 
                        packaged offering.
                    (K) Money transmitting.
                    (L) Sale or issuance of stored value.
                    (M) Acting as a money services business.
                    (N) Acting as a custodian of money or any financial 
                instrument.
                    (O) Any other activity that the Agency defines, by 
                regulation, as a financial activity for the purposes of 
                this title, except that the Agency shall not define 
                engaging in the business of insurance as a financial 
                activity (other than with respect to credit insurance, 
                mortgage insurance, or title insurance, as described in 
                this section).
            (19) Financial product or service.--The term ``financial 
        product or service'' means any product or service that, 
        directly or indirectly, results from or is related to engaging 
        in 1 or more financial activities.
            (20) Foreign exchange.--The term ``foreign exchange'' means 
        the exchange, for compensation, of currency of the United 
        States or of a foreign government for currency of another 
        government.
            (21) Insured depository institution.--The term ``insured 
        depository institution'' has the same meaning as in section 3 
        of the Federal Deposit Insurance Act.
            (22) Money services business.--The term ``money services 
        business'' means a covered person that--
                    (A) receives currency, monetary value, or payment 
                instruments for the purpose of exchanging or 
                transmitting the same by any means, including 
                transmission by wire, facsimile, electronic transfer, 
                courier, the Internet, or through bill payment 
                services, or other businesses that facilitate third-
                party transfers within the United States or to or from 
                the United States; or
                    (B) issues payment instruments or stored value.
            (23) Money transmitting.--The term ``money transmitting'' 
        means the receipt by a covered person of currency, monetary 
        value, or payment instruments for the purpose of transmitting 
        the same to any third-party by any means, including 
        transmission by wire, facsimile, electronic transfer, courier, 
        the Internet, or through bill payment services.
            (24) Payment instrument.--The term ``payment instrument'' 
        means a check, draft, warrant, money order, traveler's check, 
        electronic instrument, or other instrument, payment of money, 
        or monetary value (other than currency).
            (25) Person.--The term ``person'' means an individual, 
        partnership, company, corporation, association (incorporated or 
        unincorporated), trust, estate, cooperative organization, or 
        other entity.
            (26) Person regulated by the commodity futures trading 
        commission.--The term ``person regulated by the Commodity 
        Futures Trading Commission'' means any futures commission 
        merchant, commodity trading adviser, commodity pool operator, 
        or introducing broker that is subject to the jurisdiction of 
        the Commodity Futures Trading Commission under the Commodity 
        Exchange Act, but only to the extent that the person acts in 
        such capacity.
            (27) Person regulated by the securities and exchange 
        commission.--The term ``person regulated by the Securities and 
        Exchange Commission'' means--
                    (A) a broker or dealer that is required to be 
                registered under the Securities Exchange Act of 1934;
                    (B) an investment adviser that is required to be 
                registered under the Investment Advisers Act of 1940; 
                or
                    (C) an investment company that is required to be 
                registered under the Investment Company Act of 1940--
        but only to the extent that the person acts in a registered 
        capacity.
            (28) Provision of a consumer financial product or 
        service.--The term ``provision of (or providing) a consumer 
        financial product or service'' means the advertisement, 
        marketing, solicitation, sale, disclosure, delivery, or account 
        maintenance or servicing of a consumer financial product or 
        service.
            (29) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (30) Standard consumer financial product or service.--The 
        term ``standard consumer financial product or service'' means a 
        consumer financial product or service containing terms, 
        conditions, and features defined by the Agency.
            (31) State.--The term ``State'' means any State, territory, 
        or possession of the United States, the District of Columbia, 
        Commonwealth of Puerto Rico, Commonwealth of the Northern 
        Mariana Islands, Guam, American Samoa, or the United States 
        Virgin Islands.
            (32) Stored value.--The term ``stored value'' means funds 
        or monetary value represented in any electronic format, whether 
        or not specially encrypted, and stored or capable of storage on 
        electronic media in such a way as to be retrievable and 
        transferred electronically, and includes a prepaid debit card 
        or product, or any other similar product, regardless of whether 
        the amount of the funds or monetary value may be increased or 
        reloaded.

                Subtitle A--Establishment of the Agency

SEC. 111. ESTABLISHMENT OF THE CONSUMER FINANCIAL PROTECTION AGENCY.

    (a) Agency Established.--There is established the Consumer 
Financial Protection Agency as an independent agency in the executive 
branch to regulate the provision of consumer financial products or 
services under this title, the enumerated consumer laws, and the 
authorities transferred under subtitles F and H.
    (b) Principal Office.--The principal office of the Agency shall be 
located in the city of Washington, District of Columbia, at 1 or more 
sites.

SEC. 112. BOARD.

    (a) Composition of the Board.--The Agency shall have a Board that 
is composed of 5 members as follows:
            (1) 4 members of the Board who shall be appointed by the 
        President, by and with the advice and consent of the Senate--
                    (A) from among individuals who are citizens of the 
                United States; and
                    (B) who have a strong competencies and experiences 
                related to consumer financial products or services; and
            (2) the head of the agency responsible for chartering and 
        regulating national banks.
    (b) Director of the Agency.--From among the appointed Board 
members, the President shall designate 1 member of the Board to serve 
as the Director and the Director shall be the chief executive of the 
Agency.
    (c) Terms of Appointed Board Members.--
            (1) In general.--An appointed Board member, including the 
        Director of the Agency, shall serve for a term of 5 years.
            (2) Removal for cause.--The President may remove any 
        appointed Board member for inefficiency, neglect of duty, or 
        malfeasance in office.
            (3) Vacancies.--Any member of the Board appointed to fill a 
        vacancy occurring before the expiration of the term to which 
        that member's predecessor was appointed (including the Director 
        of the Agency) shall be appointed only for the remainder of the 
        term.
            (4) Continuation of service.--Each appointed Board member 
        may continue to serve after the expiration of the term of 
        office to which that member was appointed until a successor has 
        been appointed by the President and confirmed by the Senate.
            (5) Initial appointments staggered.--The appointed Board 
        members (including the Director of the Agency) shall serve 
        staggered terms, which initially shall be established by the 
        President for terms of 2, 3, 4, and 5 years, respectively.
    (d) Compensation.--
            (1) Director.--The Director shall receive compensation at 
        the rate prescribed for Level I of the Executive Schedule under 
        section 5313 of title 5, United States Code.
            (2) Other appointed board members.--The 3 other appointed 
        Board members shall each receive compensation at the rate 
        prescribed for Level II of the Executive Schedule under section 
        5314 of title 5, United States Code.

SEC. 113. EXECUTIVE AND ADMINISTRATIVE POWERS.

    (a) Powers.--The Board may exercise all executive and 
administrative functions of the Agency, including to--
            (1) establish rules for conducting the Agency's general 
        business in a manner not inconsistent with this title;
            (2) bind the Agency and enter into contracts;
            (3) direct the establishment of and maintain divisions or 
        other offices within the Agency in order to fulfill the 
        responsibilities of this title, the enumerated consumer laws, 
        and the authorities transferred under subtitles F and H, and to 
        satisfy the requirements of other applicable law;
            (4) coordinate and oversee the operation of all 
        administrative, enforcement, and research activities of the 
        Agency;
            (5) adopt and use a seal;
            (6) determine the character of and the necessity for the 
        Agency's obligations and expenditures, and the manner in which 
        they shall be incurred, allowed, and paid;
            (7) delegate authority, at the Agency's lawful discretion, 
        to the Director or to a member of the Board or to any officer 
        or employee of the Agency to take action under any provision of 
        this title or under other applicable law;
            (8) to implement this title and the Agency's authorities 
        under the enumerated consumer laws and under subtitles F and H 
        through rules, orders, guidance, interpretations, statements of 
        policy, examinations, and enforcement actions; and
            (9) perform such other functions as may be authorized or 
        required by law.
    (b) Transacting Business.--
            (1) Quorum.--3 members of the Board shall constitute a 
        quorum for the transaction of business, except that if only 3 
        members of the Board are serving because of vacancies, 2 
        members of the Board shall constitute a quorum for the 
        transaction of business.
            (2) Voting.--Other than acts performed under delegated 
        authority, the Board shall act through a majority vote of its 
        members assembled.

SEC. 114. ADMINISTRATION.

    (a) Officers.--The Agency shall appoint the following officials:
            (1) A secretary, who shall be charged with maintaining the 
        records of the Agency and performing such other activities as 
        the Board directs.
            (2) A general counsel, who shall be charged with overseeing 
        the legal affairs of the Agency and performing such other 
        activities as the Board directs.
            (3) An inspector general, who shall have the authority and 
        functions of an inspector general of a designated Federal 
        entity under the Inspector General Act of 1978 (5 U.S.C. App. 
        3).
    (b) Personnel.--
            (1) Appointment.--
                    (A) In general.--The Agency may fix the number of, 
                and appoint and direct, all employees of the Agency.
                    (B) Expedited hiring.--During the 2-year period 
                beginning on the date of the enactment of this Act, the 
                Agency may appoint, without regard to the provisions of 
                sections 3309 through 3318, of title 5, United States 
                Code, candidates directly to positions for which public 
                notice has been given.
            (2) Compensation.--
                    (A) Pay.--The Agency shall fix, adjust, and 
                administer the pay for all employees of the Agency 
                without regard to the provisions of chapter 51 or 
                subchapter III of chapter 53 of title 5, United States 
                Code.
                    (B) Benefits.--The Agency may provide additional 
                benefits to Agency employees if the same type of 
                benefits are then being provided by the Board of 
                Governors or, if not then being provided, could be 
                provided by the Board of Governors under applicable 
                provisions of law, rule, or regulation.
                    (C) Minimum standard.--The Agency shall at all 
                times provide compensation and benefits to classes of 
                employees that, at a minimum, are equivalent to the 
                compensation and benefits provided by the Board of 
                Governors for the corresponding class of employees in 
                any fiscal year.
    (c) Specific Functional Units.--
            (1) Research.--The Agency shall establish a unit whose 
        functions shall include researching, analyzing, and reporting 
        on--
                    (A) current and prospective developments in markets 
                for consumer financial products or services, including 
                market areas of alternative consumer financial products 
                or services with high growth rates;
                    (B) consumer awareness, understanding, and use of 
                disclosures and communications regarding consumer 
                financial products or services;
                    (C) consumer awareness and understanding of costs, 
                risks, and benefits of consumer financial products or 
                services; and
                    (D) consumer behavior with respect to consumer 
                financial products or services.
            (2) Community affairs.--The Agency shall establish a unit 
        whose functions shall include providing information, guidance, 
        and technical assistance regarding the provision of consumer 
        financial products or services to traditionally underserved 
        consumers and communities.
            (3) Consumer complaints.--The Agency shall establish a unit 
        whose functions shall include--
                    (A) establishing a central database for collecting 
                and tracking information on consumer complaints about 
                consumer financial products or services and resolution 
                of complaints; and
                    (B) sharing data and coordinating consumer 
                complaints with Federal banking agencies, other Federal 
                agencies, and State regulators.

SEC. 115. CONSUMER ADVISORY BOARD.

    (a) Establishment Required.--The Agency shall establish a Consumer 
Advisory Board to advise and consult with the Agency in the exercise of 
its functions under this title, the enumerated consumer laws, and to 
provide information on emerging practices in the consumer financial 
products or services industry.
    (b) Membership.--In appointing the members of the Consumer Advisory 
Board, the Agency shall seek to assemble experts in financial services, 
community development, and consumer financial products or services and 
seek representation of the interests of covered persons and consumers.
    (c) Meetings.--The Consumer Advisory Board shall meet from time to 
time at the call of the Agency, but, at a minimum, shall meet at least 
twice in each year.
    (d) Compensation and Travel Expenses.--Members of the Consumer 
Advisory Board who are not full-time employees of the United States 
shall--
            (1) be entitled to receive compensation at a rate fixed by 
        the Agency while attending meetings of the Consumer Advisory 
        Board, including travel time; and
            (2) be allowed travel expenses, including transportation 
        and subsistence, while away from their homes or regular places 
        of business.

SEC. 116. COORDINATION.

    (a) Coordination With Other Federal Agencies and State 
Regulators.--The Agency shall coordinate with the Securities and 
Exchange Commission, the Commodity Futures Trading Commission, and 
other Federal agencies and State regulators, as appropriate, to promote 
consistent regulatory treatment of consumer and investment products and 
services.
    (b) Coordination of Consumer Education Initiatives.--
            (1) In general.--The Agency shall coordinate with each 
        agency that is a member of the Financial Literacy and Education 
        Commission established by the Financial Literacy and Education 
        Improvement Act (20 U.S.C. 9701 et seq.) to assist each agency 
        in enhancing its existing financial literacy and education 
        initiatives to better achieve the goals in paragraph (2) and to 
        ensure the consistency of such initiatives across Federal 
        agencies.
            (2) Goals of coordination.--In coordinating with the 
        agencies described in paragraph (1), the Agency shall seek to 
        improve efforts to educate consumers about financial matters 
        generally, the management of their own financial affairs, and 
        their judgments about the appropriateness of certain financial 
        products.

SEC. 117. REPORTS TO THE CONGRESS.

    (a) Reports Required.--The Agency shall prepare and submit to the 
President and the appropriate committees of the Congress a report at 
the beginning of each regular session of the Congress, beginning with 
the session following the designated transfer date.
    (b) Contents.--The reports required by subsection (a) shall 
include--
            (1) a list of the significant rules and orders adopted by 
        the Agency, as well as other significant initiatives conducted 
        by the Agency, during the preceding year and the Agency's plan 
        for rules, orders, or other initiatives to be undertaken during 
        the upcoming period;
            (2) an analysis of complaints about consumer financial 
        products or services that the Agency has received and collected 
        in its central database on complaints during the preceding 
        year;
            (3) a list, with a brief statement of the issues, of the 
        public supervisory and enforcement actions to which the Agency 
        is a party (including adjudication proceedings conducted under 
        subtitle E) during the preceding year; and
            (4) an appraisal of significant actions, including actions 
        under Federal or State law, by State attorneys general or State 
        regulators relating to this title, the authorities transferred 
        under subtitles F and H, and the enumerated consumer laws.

SEC. 118. FUNDING; FEES AND ASSESSMENTS; PENALTIES AND FINES.

    (a) Authorization of Appropriations.--For the purposes of carrying 
out the authorities granted in this title and the enumerated consumer 
laws and transferred under subtitles F and H, there are appropriated to 
the Agency such sums as are necessary. Notwithstanding any other 
provision of law, such amounts shall be subject to apportionment under 
section 1517 of title 31, United States Code, and restrictions that 
generally apply to the use of appropriated funds in title 31, United 
States Code, and other laws.
    (b) Fees and Assessments on Covered Persons.--
            (1) Recovery of expended funds.--The Agency shall recover 
        the amount of funds expended by the Agency under this title, 
        through the collection of annual fees or assessments on covered 
        persons.
            (2) Rulemaking.--The Agency shall prescribe regulations to 
        govern the collection of fees and assessments. Such regulations 
        shall specify and define the basis of fees or assessments (such 
        as the outstanding volume of consumer credit accounts, total 
        assets under management, or consumer financial transactions), 
        the amount and frequency of fees or assessments, and such other 
        factors that the Agency deems appropriate.
            (3) Fees and assessments as miscellaneous receipts.--All 
        fees and assessments collected under this title, the 
        authorities transferred under subtitles F and H, or any 
        enumerated consumer law shall be deposited into the Treasury as 
        miscellaneous receipts.
    (c) Penalties and Fines.--
            (1) Establishment of victims relief fund.--There is 
        established in the Treasury of the United States a fund to be 
        known as the ``Consumer Financial Protection Agency Civil 
        Penalty Fund'' (referred to in this section as the ``Fund''). 
        If the Agency obtains a civil penalty against any person in any 
        judicial or administrative action under this title, the 
        authorities transferred under subtitles F and H, or any 
        enumerated consumer law, the Agency shall deposit into the Fund 
        the amount of the penalty collected.
            (2) Payment to victims.--Amounts in the Fund shall be 
        available to the Agency, without fiscal year limitation, for 
        payments to the victims of activities for which civil penalties 
        have been imposed under this title, the authorities transferred 
        under subtitles F and H, or any enumerated consumer law.

SEC. 119. EFFECTIVE DATE.

    This subtitle shall take effect on the date of the enactment of 
this Act.

                Subtitle B--General Powers of the Agency

SEC. 121. MANDATE AND OBJECTIVES.

    (a) Mandate.--The Agency shall seek to promote transparency, 
simplicity, fairness, accountability, and access in the market for 
consumer financial products or services.
    (b) Objectives.--The Agency is authorized to exercise its 
authorities granted in this title, in the enumerated consumer laws, and 
transferred under subtitles F and H for the purposes of ensuring that--
            (1) consumers have, understand, and can use the information 
        they need to make responsible decisions about consumer 
        financial products or services;
            (2) consumers are protected from abuse, unfairness, 
        deception, and discrimination;
            (3) markets for consumer financial products or services 
        operate fairly and efficiently with ample room for sustainable 
        growth and innovation; and
            (4) traditionally underserved consumers and communities 
        have access to financial services.

SEC. 122. AUTHORITIES.

    (a) In General.--The Agency is authorized to exercise its 
authorities granted in this title, in the enumerated consumer laws, and 
transferred under subtitles F and H, to administer, enforce, and 
otherwise implement the provisions of this title, the authorities 
transferred in subtitles F and H, and the enumerated consumer laws.
    (b) Rulemaking, Orders, and Guidance.--
            (1) In general.--The Agency may prescribe rules and issue 
        orders and guidance as may be necessary or appropriate to 
        enable it to administer and carry out the purposes and 
        objectives of this title, the authorities transferred under 
        subtitles F and H, and the enumerated consumer laws, and to 
        prevent evasions thereof.
            (2) Standards for rulemaking.--In prescribing a rule under 
        this title or pursuant to the authorities transferred under 
        subtitles F and H or the enumerated consumer laws, the Agency 
        shall--
                    (A) consider the potential benefits and costs to 
                consumers and covered persons, including the potential 
                reduction of consumers' access to consumer financial 
                products or services, resulting from such rule; and
                    (B) consult with the Federal banking agencies, or 
                other Federal agencies, as appropriate, regarding the 
                consistency of a proposed rule with prudential, market, 
                or systemic objectives administered by such agencies.
            (3) Exemptions.--
                    (A) In general.--The Agency, by rule or order, may 
                conditionally or unconditionally exempt any covered 
                person or any consumer financial product or service or 
                any class of covered persons or consumer financial 
                products or services, from any provision of this title, 
                any enumerated consumer law, or from any rule 
                thereunder, as the Agency deems necessary or 
                appropriate to carry out the purposes and objectives of 
                this title taking into consideration the factors in 
                subparagraph (B).
                    (B) Factors.--In issuing an exemption by rule or 
                order as permitted in subparagraph (A), the Agency 
                shall as appropriate take into consideration the 
                following--
                            (i) total assets of the covered person;
                            (ii) the volume of transactions involving 
                        consumer financial products or services in 
                        which the covered person engages;
                            (iii) the extent to which the covered 
                        person engages in 1 or more financial 
                        activities; and
                            (iv) existing laws or regulations which are 
                        applicable to the consumer financial product or 
                        service and the extent to which such laws or 
                        regulations provide consumers with adequate 
                        protections.
    (c) Examinations and Reports.--
            (1) In general.--The Agency may on a periodic basis 
        examine, or require reports from, a covered person for purposes 
        of ensuring compliance with the requirements of this title, the 
        enumerated consumer laws, and any regulations prescribed by the 
        Agency under this title or pursuant to the authorities 
        transferred under subtitles F and H, and enforcing compliance 
        with such requirements.
            (2) Content of reports.--The reports authorized in 
        paragraph (1) may include such information as necessary to keep 
        the Agency informed as to--
                    (A) the compliance systems or procedures of the 
                covered person or any affiliate thereof, with 
                applicable provisions of this title or any other law 
                that the Agency has jurisdiction to enforce; and
                    (B) matters related to the provision of consumer 
                financial products or services including the servicing 
                or maintenance of accounts or extensions of credit.
            (3) Use of existing reports.--In general, the Agency shall, 
        to the fullest extent possible, use--
                    (A) reports that a covered person, or any affiliate 
                thereof, has provided or been required to provide to a 
                Federal or State agency; and
                    (B) information that has been reported publicly.
            (4) Reports from nondepository covered persons.--The Agency 
        may require reports regarding financial condition from covered 
        persons which are not subject to the jurisdiction of a Federal 
        banking agency or a comparable State regulator for the purpose 
        of assessing the ability of such person to perform its 
        obligations to consumers.
            (5) Access by the agency to reports of other regulators.--
                    (A) Examination and financial condition reports.--
                Upon providing reasonable assurances of 
                confidentiality, the Agency shall have access to any 
                report of examination or financial condition made by a 
                Federal banking agency or other Federal agency having 
                supervision of a covered person, and to all revisions 
                made to any such report.
                    (B) Provision of other reports to agency.--In 
                addition to the reports described in paragraph (a), a 
                Federal banking agency may, in its discretion, furnish 
                to the Agency any other report or other confidential 
                supervisory information concerning any insured 
                depository institution, any credit union, or other 
                entity examined by such agency under authority of any 
                Federal law.
            (6) Access by other regulators to reports of the agency.--
        Upon providing reasonable assurances of confidentiality, a 
        Federal banking agency, a State regulator, or any other Federal 
        agency having supervision of a covered person shall have access 
        to any report of examination made by the Agency with respect to 
        the covered person, and to all revisions made to any such 
        report.
            (7) Preservation of authority.--No provision in paragraph 
        (3) shall be construed as preventing the Agency from conducting 
        an examination authorized by this title or under the 
        authorities transferred under subtitles F and H or pursuant to 
        any enumerated consumer law.
    (d) Exclusive Rulemaking and Examination Authority.--
Notwithstanding any other provision of Federal law other than 
subsection (f), to the extent that a Federal law authorizes the Agency 
and another Federal agency to prescribe regulations, issue guidance, 
conduct examinations, or require reports under that law for purposes of 
assuring compliance with this title, any enumerated consumer law, the 
laws for which authorities were transferred under subtitles F and H, 
and any regulations prescribed under this title or pursuant to any such 
authority, the Agency shall have the exclusive authority to prescribe 
regulations, issue guidance, conduct examinations, require reports, or 
issue exemptions with regard to any person subject to that law.
    (e) Primary Enforcement Authority.--
            (1) The agency to have primary enforcement authority.--To 
        the extent that a Federal law authorizes the Agency and another 
        Federal agency to enforce that law, the Agency shall have 
        primary authority to enforce that Federal law with respect to 
        any person in accordance with this subsection.
            (2) Referral.--Any Federal agency authorized to enforce a 
        Federal law described in paragraph (1) may recommend in writing 
        to the Agency that the Agency initiate an enforcement 
        proceeding as the Agency is authorized by that Federal law or 
        by this title. The recommendation shall be accompanied by a 
        written explanation of the concerns giving rise to the 
        recommendation.
            (3) Backstop enforcement authority of other federal 
        agency.--If the Agency does not, before the end of the 120-day 
        period beginning on the date on which the Agency receives a 
        recommendation under paragraph (2), initiate an enforcement 
        proceeding, the other agency may initiate an enforcement 
        proceeding as permitted by that Federal law.
    (f) Exceptions.--
            (1) Department of justice.--Nothing in this title shall 
        affect the authorities of the Department of Justice.
            (2) Persons regulated by the securities and exchange 
        commission.--
                    (A) In general.--No provision of this title shall 
                be construed as altering, amending, or affecting the 
                authority of the Securities and Exchange Commission to 
                adopt rules, initiate enforcement proceedings, or take 
                any other action with respect to a person regulated by 
                the Securities and Exchange Commission. The Agency 
                shall have no authority to exercise any power to 
                enforce this title with respect to a person regulated 
                by the Securities and Exchange Commission.
                    (B) Consultation and coordination.--Notwithstanding 
                subparagraph (A), the Securities and Exchange 
                Commission shall consult and coordinate with the Agency 
                with respect to any rule (including any advance notice 
                of proposed rulemaking) regarding an investment product 
                or service that is the same type of product as, or that 
                competes directly with, a consumer financial product or 
                service that is subject to the jurisdiction of the 
                Agency under this title or under any other law.
            (3) Persons regulated by the commodity futures trading 
        commission.--
                    (A) In general.--No provision of this title shall 
                be construed as altering, amending, or affecting the 
                authority of the Commodity Futures Trading Commission 
                to adopt rules, initiate enforcement proceedings, or 
                take any other action with respect to a person 
                regulated by the Commodity Futures Trading Commission. 
                The Agency shall have no authority to exercise any 
                power to enforce this title with respect to a person 
                regulated by the Commodity Futures Trading Commission.
                    (B) Consultation and coordination.--Notwithstanding 
                subparagraph (A), the Commodity Futures Trading 
                Commission shall consult and coordinate with the Agency 
                with respect to any rule (including any advance notice 
                of proposed rulemaking) regarding a product or service 
                that is the same type of product as, or that competes 
                directly with, a consumer financial product or service 
                that is subject to the jurisdiction of the Agency under 
                this title or under any other law.
    (g) No Authority To Impose Usury Limit.--No provision of this title 
shall be construed as conferring authority on the Agency to establish a 
usury limit applicable to an extension of credit offered or made by a 
covered person to a consumer, unless explicitly authorized by law.

SEC. 123. COLLECTION OF INFORMATION; CONFIDENTIALITY RULES.

    (a) Collection of Information.--
            (1) In general.--In conducting research on the provision of 
        consumer financial products or services, the Agency shall have 
        the power to gather information from time to time regarding the 
        organization, business conduct, and practices of covered 
        persons.
            (2) Specific authority.--In order to gather such 
        information, the Agency shall have the power--
                    (A) to gather and compile information;
                    (B) to require persons to file with the Agency, in 
                such form and within such reasonable period of time as 
                the Agency may prescribe, by regulation or order, 
                annual or special reports, or answers in writing to 
                specific questions, furnishing information the Agency 
                may require; and
                    (C) to make public such information obtained by it 
                under this section as is in the public interest in 
                reports or otherwise in the manner best suited for 
                public information and use.
    (b) Confidentiality Rules.--The Agency shall prescribe regulations 
regarding the confidential treatment of information obtained from 
persons in connection with the exercise of its authorities under this 
title and the enumerated consumer laws and the authorities transferred 
under subtitles F and H.

SEC. 124. MONITORING; ASSESSMENTS OF SIGNIFICANT RULES; REPORTS.

    (a) Monitoring.--
            (1) In general.--The Agency shall monitor for risks to 
        consumers in the provision of consumer financial products or 
        services, including developments in markets for such products 
        or services.
            (2) Means of monitoring.--Such monitoring may be conducted 
        by examinations of covered persons, analysis of reports 
        obtained from covered persons, assessment of consumer 
        complaints, surveys and interviews of covered persons and 
        consumers, and review of available databases.
            (3) Considerations.--In allocating its resources to perform 
        the monitoring required by this section, the Agency may 
        consider, among other factors--
                    (A) likely risks and costs to consumers associated 
                with buying or using a type of consumer financial 
                product or service;
                    (B) consumers' understanding of the risks of a type 
                of consumer financial product or service;
                    (C) the state of the law that applies to the 
                provision of a consumer financial product or service, 
                including the extent to which the law is likely to 
                adequately protect consumers;
                    (D) rates of growth in the provision of a consumer 
                financial product or service;
                    (E) extent, if any, to which the risks of a 
                consumer financial product or service may 
                disproportionately affect traditionally underserved 
                consumers, if any; or
                    (F) types, number, and other pertinent 
                characteristics of covered persons that provide the 
                product or service.
            (4) Reports.--The Agency shall publish at least 1 report of 
        significant findings of its monitoring required by paragraph 
        (1) in each calendar year, beginning in the calendar year that 
        is 1 year after the designated transfer date.
    (b) Assessment of Significant Rules.--
            (1) In general.--The Agency shall conduct an assessment of 
        each significant regulation prescribed or order issued by the 
        Agency under this title, under the authorities transferred 
        under subtitles F and H or pursuant to any enumerated consumer 
        law that addresses, among other relevant factors, the 
        effectiveness of the regulation in meeting the purposes and 
        objectives of this Act and the specific goals stated by the 
        Agency.
            (2) Basis for assessment.--The assessment shall reflect 
        available evidence and any data that the Agency reasonably may 
        collect.
            (3) Reports.--The Agency shall publish a report of its 
        assessment not later than 3 years after the effective date of 
        the regulation or order, unless the Agency determines that 3 
        years is not sufficient time to study or review the impact of 
        the regulation, but in no event shall the Agency publish a 
        report thereof more than 5 years after the effective date of 
        the regulation or order.
            (4) Public commented required.--Before publishing a report 
        of its assessment, the Agency shall invite public comment on 
        recommendations for modifying, expanding, or eliminating the 
        newly adopted significant regulation or order.
    (c) Information Gathering.--In conducting any monitoring or 
assessment required by this section, the Agency may gather information 
through a variety of methods, including by conducting surveys or 
interviews of consumers.

SEC. 125. AUTHORITY TO RESTRICT MANDATORY PRE-DISPUTE ARBITRATION.

    The Agency, by regulation, may prohibit or impose conditions or 
limitations on the use of agreements between a covered person and a 
consumer that require the consumer to arbitrate any future dispute 
between the parties arising under this title or any enumerated consumer 
law if the Agency finds that such prohibition, imposition of 
conditions, or limitations are in the public interest and for the 
protection of consumers.

SEC. 126. EFFECTIVE DATE.

    This subtitle shall take effect on the designated transfer date.

                    Subtitle C--Specific Authorities

SEC. 131. PROHIBITING UNFAIR, DECEPTIVE, OR ABUSIVE ACTS OR PRACTICES.

    (a) In General.--The Agency may take any action authorized under 
subtitle E to prevent a person from committing or engaging in an 
unfair, deceptive, or abusive act or practice under Federal law in 
connection with any transaction with a consumer for a consumer 
financial product or service.
    (b) Rulemaking Required.--
            (1) In general.--The Agency may prescribe regulations 
        identifying as unlawful unfair, deceptive, or abusive acts or 
        practices in connection with any transaction with a consumer 
        for a consumer financial product or service.
            (2) Includes prevention measures.--Regulations prescribed 
        under this section may include requirements for the purpose of 
        preventing such acts or practices.
    (c) Unfairness.--
            (1) In general.--The Agency shall have no authority under 
        this section to declare an act or practice in connection with a 
        transaction with a consumer for a consumer financial product or 
        service to be unlawful on the grounds that such act or practice 
        is unfair unless the Agency has a reasonable basis to conclude 
        that the act or practice causes or is likely to cause 
        substantial injury to consumers which is not reasonably 
        avoidable by consumers and such substantial injury is not 
        outweighed by countervailing benefits to consumers or to 
        competition.
            (2) Established public policy as factor.--In determining 
        whether an act or practice is unfair, the Agency may consider 
        established public policies as evidence to be considered with 
        all other evidence.
    (d) Consultation.--In prescribing a regulation under this section, 
the Agency shall consult with the Federal banking agencies, or other 
Federal agencies, as appropriate, concerning the consistency of the 
proposed regulation with prudential, market, or systemic objectives 
administered by such agencies.

SEC. 132. DISCLOSURES AND COMMUNICATIONS.

    (a) In General.--The Agency may prescribe regulations to ensure the 
appropriate and effective disclosure or communication to consumers of 
the costs, benefits, and risks associated with any consumer financial 
product or service.
    (b) Reasonable Disclosures and Communications.--Subject to 
regulations prescribed by the Agency, a covered person shall, with 
respect to disclosures or communications regarding any consumer 
financial product or service, make or provide to a consumer disclosures 
and communications that--
            (1) balance communication of the benefits of the product or 
        service with communication of significant risks and costs;
            (2) prominently disclose the significant risks and costs, 
        in reasonable proportion to the disclosure of the benefits;
            (3) communicate significant risks and costs in a clear, 
        concise, and timely manner designed to promote a consumer's 
        awareness and understanding of the risks and costs, as well as 
        to use the information to make financial decisions; and
            (4) comply with standards prescribed by the Agency.
    (c) Basis for Rulemaking.--In prescribing regulations under this 
section, the Agency shall consider available evidence about consumer 
awareness, understanding of, and responses to disclosures or 
communications about the risks, costs, and benefits of consumer 
financial products or services.
    (d) Combined Mortgage Loan Disclosure.--Within 1 year after the 
designated transfer date, the Agency shall propose for public comment 
regulations and model disclosures that combine the disclosures required 
under the Truth in Lending Act and the Real Estate Settlement 
Procedures Act into a single, integrated disclosure for mortgage loan 
transactions covered by those laws, unless the Agency determines that 
any proposal issued by the Board of Governors and the Department of 
Housing and Urban Development carries out the same purpose.

SEC. 133. SALES PRACTICES.

    The Agency may prescribe regulations and issue orders and guidance 
regarding the manner, settings, and circumstances for the provision of 
any consumer financial products or services to ensure that the risks, 
costs, and benefits of the products or services, both initially and 
over the term of the products or services, are fully and accurately 
represented to consumers.

SEC. 134. PILOT DISCLOSURES.

    (a) Pilot Disclosures.--The Agency shall establish standards and 
procedures for approval of pilot disclosures to be provided or made 
available by a covered person to consumers in connection with the 
provision of a consumer financial product or service.
    (b) Standards.--The procedures shall provide that a pilot 
disclosure must be limited in time and scope and reasonably designed to 
contribute materially to the understanding of consumer awareness and 
understanding of, and responses to, disclosures or communications about 
the risks, costs, and benefits of consumer financial products or 
services.
    (c) Transparency.--The procedures shall provide for public 
disclosure of pilots, but the Agency may limit disclosure to the extent 
necessary to encourage covered persons to conduct effective pilots.

SEC. 135. ADOPTING OPERATIONAL STANDARDS TO DETER UNFAIR, DECEPTIVE, OR 
              ABUSIVE PRACTICES.

    (a) Authority To Prescribe Standards.--The States are encouraged to 
prescribe standards applicable to covered persons who are not insured 
depository institutions or credit unions to deter and detect unfair, 
deceptive, abusive, fraudulent, or illegal transactions in the 
provision of consumer financial products or services, including 
standards for--
            (1) background checks for principals, officers, directors, 
        or key personnel of the covered person;
            (2) registration, licensing, or certification;
            (3) bond or other appropriate financial requirements to 
        provide reasonable assurance of the ability of the covered 
        person to perform its obligations to consumers;
            (4) creating and maintaining records of transactions or 
        accounts; or
            (5) procedures and operations of the covered person 
        relating to the provision of, or maintenance of accounts for, 
        consumer financial products or services.
    (b) Agency Authority To Prescribe Standards.--The Agency may 
prescribe regulations establishing minimum standards under this section 
for any class of covered persons other than covered persons which are 
subject to the jurisdiction of a Federal banking agency or a comparable 
State regulator. The Agency may enforce under subtitle E compliance 
with standards adopted by the Agency or a State pursuant to this 
section for covered persons operating in that State.
    (c) Consultation.--In prescribing minimum standards under this 
section, the Agency shall consult with the State authorities, the 
Federal banking agencies, or other Federal agencies, as appropriate, 
concerning the consistency of the proposed regulation with prudential, 
market, or systemic objectives administered by such State authorities 
or such agencies.

SEC. 136. STANDARD CONSUMER FINANCIAL PRODUCTS OR SERVICES.

    (a) Characteristics of Standard Consumer Financial Products or 
Services.--Subject to regulations prescribed by the Agency under this 
section, a standard consumer financial product or service is a consumer 
financial product or service that--
            (1) is or can be readily offered by covered persons that 
        offer or seek to offer alternative consumer financial products 
        or services;
            (2) is transparent to consumers in its terms and features;
            (3) poses lower risks to consumers;
            (4) facilitates comparisons with and assessment of the 
        benefits and costs of alternative consumer financial products 
        or services; and
            (5) contains the features or terms defined by the Agency 
        for the product or service.
    (b) Offering Standard Consumer Financial Products or Services.--
            (1) In general.--The Agency may prescribe regulations or 
        issue guidance regarding the offer of a standard consumer 
        financial product or service at or before the time an 
        alternative consumer financial product or service is offered to 
        a consumer, including--
                    (A) warnings to consumers about the heightened 
                risks of alternative consumer financial products or 
                services; or
                    (B) providing the consumer with a meaningful 
                opportunity to decline to obtain the standard consumer 
                financial product or service.
            (2) Rulemaking regarding the offering of standard consumer 
        financial products or services.--The Agency may not require a 
        covered person to offer a standard consumer financial product 
        or service at or before the time an alternative consumer 
        financial product or service is offered to a consumer unless 
        the Agency prescribes regulations, after notice and comment, 
        regarding the features or terms of the product or service.
            (3) General applicability.--Regulations prescribed by the 
        Agency under this section shall apply only to any covered 
        person who--
                    (A) voluntarily offers or provides a consumer 
                financial product or service that is of the same type, 
                or in the same class, as a standard consumer financial 
                product or service; or
                    (B) maintains an account or has a relationship with 
                a consumer involving a product or service that is 
                substantively similar to the standard product or 
                service.

SEC. 137. DUTIES.

    (a) In General.--
            (1) Regulations ensuring fair dealing with consumers.--The 
        Agency shall prescribe regulations imposing duties on a covered 
        person, or an employee of a covered person, or an agent or 
        independent contractor for a covered person, who deals or 
        communicates directly with consumers in the provision of a 
        consumer financial product or service, as the Agency deems 
        appropriate or necessary to ensure fair dealing with consumers.
            (2) Considerations for duties.--In prescribing such 
        regulations, the Agency shall consider whether--
                    (A) the covered person, employee, agent, or 
                independent contractor represents implicitly or 
                explicitly that the person, employee, agent, or 
                contractor is acting in the interest of the consumer 
                with respect to any aspect of the transaction;
                    (B) the covered person, employee, agent, or 
                independent contractor provides the consumer with 
                advice with respect to any aspect of the transaction;
                    (C) the consumer's reliance on any advice from the 
                covered person, employee, agent, or independent 
                contractor would be reasonable and justifiable under 
                the circumstances;
                    (D) the benefits to consumers of imposing a 
                particular duty would outweigh the costs; and
                    (E) any other factors as the Agency considers 
                appropriate.
            (3) Duties relating to compensation practices.--The Agency 
        may prescribe regulations establishing duties regarding 
        compensation practices applicable to a covered person, 
        employee, agent, or independent contractor who deals or 
        communicates directly with a consumer in the provision of a 
        consumer financial product or service for the purpose of 
        promoting fair dealing with consumers. The Agency shall not 
        prescribe a limit on the total dollar amount of compensation 
        paid to any person.
    (b) Administrative Proceedings.--
            (1) In general.--Any regulation prescribed by the Agency 
        under this section shall be enforceable only by the Agency 
        through an adjudication proceeding under subtitle E or by a 
        State regulator through an appropriate administrative 
        proceeding as permitted under State law.
            (2) Exclusivity of remedy.--No action may be commenced in 
        any court to enforce any requirement of a regulation prescribed 
        under this section, and no court may exercise supplemental 
        jurisdiction over a claim asserted under a regulation 
        prescribed under this section based on allegations or evidence 
        of conduct that otherwise may be subject to such regulation.
            (3) Rule of construction.--The Agency, the Attorney 
        General, and any State attorney general or State regulator 
        shall not be precluded from enforcing any other Federal or 
        State law against a person with respect to conduct that may be 
        subject to a regulation prescribed by the Agency under this 
        section.
    (c) Exclusions.--This section shall not be construed as authorizing 
the Agency to prescribe regulations applicable to--
            (1) an attorney licensed to practice law and in compliance 
        with the applicable rules and standards of professional 
        conduct, but only to the extent that the consumer financial 
        product or service provided is within the attorney-client 
        relationship with the consumer; or
            (2) any trustee, custodian, or other person that holds a 
        fiduciary duty in connection with a trust, including a 
        fiduciary duty to a grantor or beneficiary of a trust, that is 
        subject to and in compliance with the applicable law relating 
        to such trust.

SEC. 138. CONSUMER RIGHTS TO ACCESS INFORMATION.

    (a) In General.--Subject to regulations prescribed by the Agency, a 
covered person shall make available to a consumer, in an electronic 
form usable by the consumer, information in the control or possession 
of the covered person concerning the consumer financial product or 
service that the consumer obtained from such covered person including 
information relating to any transaction, series of transactions, or to 
the account including costs, charges and usage data.
    (b) Exceptions.--A covered person shall not be required by this 
section to make available to the consumer--
            (1) any confidential commercial information, including an 
        algorithm used to derive credit scores or other risk scores or 
        predictors;
            (2) any information collected by the covered person for the 
        purpose of preventing fraud or money laundering, or detecting, 
        or making any report regarding other unlawful or potentially 
        unlawful conduct;
            (3) any information required to be kept confidential by any 
        other law; or
            (4) any information that the covered person cannot retrieve 
        in the ordinary course of its business with respect to that 
        information.
    (c) No Duty To Maintain Records.--No provision of this section 
shall be construed as imposing any duty on a covered person to maintain 
or keep any information about a consumer.
    (d) Standardized Formats for Data.--The Agency, by regulation, 
shall prescribe standards applicable to covered persons to promote the 
development and use of standardized formats for information, including 
through the use of machine readable files, to be made available to 
consumers under this section.
    (e) Consultation and Coordination.--The Agency shall, when 
prescribing any regulation under this section, consult and coordinate 
with the Federal banking agencies and the Federal Trade Commission to 
ensure that the regulations--
            (1) impose substantively similar requirements on covered 
        persons;
            (2) take into account conditions under which covered 
        persons do business both in the United States and in other 
        countries; and
            (3) do not require or promote the use of any particular 
        technology in order to develop systems for compliance.

SEC. 139. PROHIBITED ACTS.

    It shall be unlawful for any person to--
            (1) advertise, market, offer, sell, enforce, or attempt to 
        enforce, any term, agreement, change in terms, fee or charge in 
        connection with a consumer financial product or service that is 
        not in conformity with this title or applicable regulation 
        prescribed or order issued by the Agency;
            (2) fail or refuse to permit access to or copying of 
        records, or fail or refuse to establish or maintain records, or 
        fail or refuse to make reports or provide information to the 
        Agency, as required by this title, an enumerated consumer law, 
        or pursuant to the authorities transferred by subtitles F and 
        H, or any regulation prescribed or order issued by the Agency 
        this title or pursuant to any such authority; or
            (3) knowingly or recklessly provide substantial assistance 
        to another person in violation of the provisions of section 
        131, or any regulation prescribed or order issued under such 
        section, and any such person shall be deemed to be in violation 
        of that section to the same extent as the person to whom such 
        assistance is provided.

SEC. 140. EFFECTIVE DATE.

    This subtitle shall take effect on the designated transfer date.

                 Subtitle D--Preservation of State Law

SEC. 141. RELATION TO STATE LAW.

    (a) In General.--
            (1) Rule of construction.--This title shall not be 
        construed as annulling, altering, or affecting, or exempting 
        any person subject to the provisions of this title from 
        complying with, the laws, regulations, orders, or 
        interpretations, in effect in any State, except to the extent 
        that such statute, regulation, order, or interpretation is 
        inconsistent with the provisions of this title and then only to 
        the extent of the inconsistency.
            (2) Greater protection under state law.--For the purposes 
        of this subsection, a State statute, regulation, order, or 
        interpretation is not inconsistent with the provisions of this 
        title if the protection such statute, regulation, order, or 
        interpretation affords consumers is greater than the protection 
        provided under this title, as determined by the Agency. A 
        determination regarding whether a State statute, regulation, 
        order, or interpretation is inconsistent with the provisions of 
        this title may be made by regulation, order or guidance adopted 
        by the Agency on its own motion or in response to a 
        nonfrivolous petition initiated by any interested person.
    (b) Relation to Other Provisions of Enumerated Consumer Laws That 
Relate to State Law.--No provision of this title, except as provided in 
section 175, shall be construed as modifying, limiting, or superseding 
the operation of any provision of an enumerated consumer law that 
relates to the application of State law with respect to such Federal 
law.

SEC. 142. PRESERVATION OF ENFORCEMENT POWERS OF STATES.

    (a) In General.--
            (1) Action by state.--Any State attorney general may bring 
        a civil action in the name of such State, as parens patriae on 
        behalf of natural persons residing in such State, in any 
        district court of the United States or State court having 
        jurisdiction of the defendant, to secure monetary or equitable 
        relief for violation of any provisions of this title or 
        regulations issued thereunder.
            (2) Rule of construction.--No provision of this title shall 
        be construed as modifying, limiting, or superseding the 
        operation of any provision of an enumerated consumer law that 
        relates to the authority of a State attorney general or State 
        regulator to enforce such Federal law.
    (b) Consultation Required.--
            (1) Notice.--
                    (A) In general.--Before initiating any action in a 
                court or other administrative or regulatory proceeding 
                against any covered person to enforce any provision of 
                this title, including any regulation prescribed by the 
                Agency under this title, a State attorney general or 
                State regulator shall timely provide a copy of the 
                complete complaint to be filed and written notice 
                describing such action or proceeding to the Agency, or 
                the Agency's designee.
                    (B) Emergency action.--If prior notice is not 
                practicable, the State attorney general or State 
                regulator shall provide a copy of the complete 
                complaint and the notice to the Agency immediately upon 
                instituting the action or proceeding.
                    (C) Contents of notice.--The notification required 
                under this section shall, at a minimum, describe--
                            (i) the identity of the parties;
                            (ii) the alleged facts underlying the 
                        proceeding; and
                            (iii) whether there may be a need to 
                        coordinate the prosecution of the proceeding so 
                        as not to interfere with any action, including 
                        any rulemaking, undertaken by the Agency or 
                        another Federal agency.
            (2) Agency response.--In any action described in paragraph 
        (1), the Agency may--
                    (A) intervene in the action as a party;
                    (B) upon intervening--
                            (i) remove the action to the appropriate 
                        United States district court, if the action was 
                        not originally brought there; and
                            (ii) be heard on all matters arising in the 
                        action; and
                    (C) appeal any order or judgment to the same extent 
                as any other party in the proceeding may.
    (c) Regulations.--The Agency shall prescribe regulations to 
implement the requirements of this section and, from time to time, 
provide guidance in order to further coordinate actions with the State 
attorneys general and other regulators.
    (d) Preservation of State Claims.--Nothing in this section shall be 
construed as limiting the authority of a State attorney general or 
State regulator to bring an action or other regulatory proceeding 
arising solely under the law of that State.

SEC. 143. STATE LAW PREEMPTION STANDARDS FOR NATIONAL BANKS AND 
              SUBSIDIARIES CLARIFIED.

    (a) In General.--Chapter one of title LXII of the Revised Statutes 
of the United States (12 U.S.C. 21 et seq.) is amended by inserting 
after section 5136B the following new section:

``SEC. 5136C. STATE LAW PREEMPTION STANDARDS FOR NATIONAL BANKS AND 
              SUBSIDIARIES CLARIFIED.

    ``(a) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) National bank.--The term `national bank' includes--
                    ``(A) any bank organized under the laws of the 
                United States;
                    ``(B) any affiliate of a national bank;
                    ``(C) any subsidiary of a national bank; and
                    ``(D) any Federal branch established in accordance 
                with the International Banking Act of 1978.
            ``(2) Other definitions.--The terms `affiliate', 
        `subsidiary', `includes', and `including' have the same meaning 
        as in section 3 of the Federal Deposit Insurance Act.
            ``(3) State consumer law.--The term `State consumer law' 
        means any law of a State that--
                    ``(A) accords rights to or protects the rights of 
                its citizens in financial transactions concerning 
                negotiation, sales, solicitation, disclosure, terms and 
                conditions, advice, and remedies; or
                    ``(B) prevents counterparties, successors, and 
                assigns of financial contracts from engaging in unfair 
                or deceptive acts and practices.
    ``(b) State Consumer Laws of General Application.--Notwithstanding 
any other provision of Federal law and except as provided in subsection 
(d), any consumer protection provision in State consumer laws of 
general application, including any law relating to unfair or deceptive 
acts or practices, any consumer fraud law and repossession, 
foreclosure, and collection law, shall apply to any national bank.
    ``(c) State Banking Laws Enacted Pursuant to Federal Law.--
Notwithstanding any other provision of Federal law and except as 
provided in subsection (d), any State consumer law that--
            ``(1) is applicable to State banks; and
            ``(2) was enacted pursuant to or in accordance with, and is 
        not inconsistent with, an Act of Congress, including the Gramm-
        Leach-Bliley Act, the Consumer Credit Protection Act, and the 
        Real Estate Settlement Procedures Act, that explicitly or by 
        implication, permits States to exceed or supplement the 
        requirements of any comparable Federal law,
shall apply to any national bank.
    ``(d) Exceptions.--
            ``(1) In general.--Subsections (b) and (c) shall not apply 
        with respect to any State consumer law if--
                    ``(A) the State consumer law discriminates against 
                national banks; or
                    ``(B) the State consumer law is inconsistent with 
                provisions of Federal law other than this title, but 
                only to the extent of the inconsistency (as determined 
                in accordance with the provision of the other Federal 
                law).
            ``(2) Rule for determining inconsistency.--For purposes of 
        paragraph (1)(B), a State consumer law is not inconsistent with 
        Federal law if the protection the State consumer law affords 
        consumers is greater than the protection provided under Federal 
        law as determined by the Agency.
    ``(e) No Negative Implications for Applicability of Other State 
Laws.--No provision of this section shall be construed as altering or 
affecting the applicability, to national banks, of any State law which 
is not described in this section.
    ``(f) Effect of Transfer of Transaction.--State consumer law 
applicable to a transaction at the inception of the transaction may not 
be preempted under Federal law solely because a national bank 
subsequently acquires the asset or instrument that is the subject of 
the transaction.
    ``(g) Denial of Preemption Not a Deprivation of a Civil Right.--The 
preemption of any provision of the law of any State with respect to any 
national bank shall not be treated as a right, privilege, or immunity 
for purposes of section 1979 of the Revised Statutes of the United 
States (42 U.S.C. 1983).''.
    (b) Clerical Amendment.--The table of sections for chapter one of 
title LXII of the Revised Statutes of the United States is amended by 
inserting after the item relating to section 5136B the following new 
item:

``5136C. State law preemption standards for national banks and 
                            subsidiaries clarified.''.

SEC. 144. VISITORIAL STANDARDS.

    Section 5136C of the Revised Statutes of the United States (as 
added by section 143) is amended by adding at the end the following new 
subsections:
    ``(h) Visitorial Powers.--
            ``(1) Rule of construction.--No provision of this title 
        which relates to visitorial powers or otherwise limits or 
        restricts the supervisory, examination, or regulatory authority 
        to which any national bank is subject shall be construed as 
        limiting or restricting the authority of any attorney general 
        (or other chief law enforcement officer) of any State to bring 
        any action in any court of appropriate jurisdiction--
                    ``(A) to require a national bank to produce records 
                relative to the investigation of violations of State 
                consumer law, or Federal consumer laws;
                    ``(B) to enforce any applicable Federal or State 
                law, as authorized by such law; or
                    ``(C) on behalf of residents of such State, to 
                enforce any applicable provision of any Federal or 
                State law against a national bank, as authorized by 
                such law, or to seek relief and recover damages for 
                such residents from any violation of any such law by 
                any national bank.
            ``(2) Consultation.--The attorney general (or other chief 
        law enforcement officer) of any State shall consult with the 
        head of the agency responsible for chartering and regulating 
        national banks before acting under paragraph (1).
    ``(i) Enforcement Actions.--The ability of the head of the agency 
responsible for chartering and regulating national banks to bring an 
enforcement action under this title or section 5 of the Federal Trade 
Commission Act shall not be construed as precluding private parties 
from enforcing rights granted under Federal or State law in the 
courts.''.

SEC. 145. CLARIFICATION OF LAW APPLICABLE TO NONDEPOSITORY INSTITUTION 
              SUBSIDIARIES.

    Section 5136C of the Revised Statutes of the United States is 
amended by inserting after subsection (i) (as added by section 144) the 
following new subsection:
    ``(j) Clarification of Law Applicable to Nondepository Institution 
Subsidiaries and Affiliates of National Banks.--
            ``(1) Definitions.--For purposes of this section, the 
        following definitions shall apply:
                    ``(A) Depository institution, subsidiary, 
                affiliate.--The terms `depository institution', 
                `subsidiary', and `affiliate' have the same meanings as 
                in section 3 of the Federal Deposit Insurance Act.
                    ``(B) Nondepository institution.--The term 
                `nondepository institution' means any entity that is 
                not a depository institution.
            ``(2) In general.--No provision of this title shall be 
        construed as annulling, altering, or affecting the 
        applicability of State law to any nondepository institution, 
        subsidiary, other affiliate, or agent of a national bank.''.

SEC. 146. STATE LAW PREEMPTION STANDARDS FOR FEDERAL SAVINGS 
              ASSOCIATIONS AND SUBSIDIARIES CLARIFIED.

    (a) In General.--The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) 
is amended by inserting after section 5 the following new section:

``SEC. 6. STATE LAW PREEMPTION STANDARDS FOR FEDERAL SAVINGS 
              ASSOCIATIONS CLARIFIED.

    ``(a) Definition.--For purposes of this section--
            ``(1) the terms `includes' and `including' have the same 
        meaning as in section 3(t) of the Federal Deposit Insurance 
        Act.
            ``(2) the term `State consumer law' means any law of a 
        State that:
                    ``(A) accords rights to or protects the rights of 
                its citizens in financial transactions concerning 
                negotiation, sales, solicitation, disclosure, terms and 
                conditions, advice, and remedies; or
                    ``(B) prevents counterparties, successors, and 
                assigns of financial contracts from engaging in unfair 
                or deceptive acts and practices.
    ``(b) State Consumer Laws of General Application.--Notwithstanding 
any other provision of Federal law and except as provided in subsection 
(c), any consumer protection provision in State consumer laws of 
general application, including any law relating to unfair or deceptive 
acts or practices, any consumer fraud law and repossession, 
foreclosure, and collection law, shall apply to any Federal savings 
association.
    ``(c) Exceptions.--
            ``(1) In general.--Subsection (b) shall not apply with 
        respect to any State law if--
                    ``(A) the State law discriminates against Federal 
                savings associations; or
                    ``(B) the State consumer law is inconsistent with 
                provisions of Federal law other than this Act, but only 
                to the extent of the inconsistency (as determined in 
                accordance with the provision of the other Federal 
                law).
            ``(2) Rule for determining inconsistency.--For purposes of 
        paragraph (1)(B), a State consumer law is not inconsistent with 
        Federal law if the protection the State consumer law affords 
        consumers is greater than the protection provided under Federal 
        law, as determined by the Agency.
    ``(d) State Banking or Thrift Laws Enacted Pursuant to Federal 
Law.--
            ``(1) In general.--Notwithstanding any other provision of 
        Federal law and except as provided in paragraph (2), any State 
        law that--
                    ``(A) is applicable to State savings associations 
                (as defined in section 3 of the Federal Deposit 
                Insurance Act); and
                    ``(B) was enacted pursuant to or in accordance 
                with, and is not inconsistent with, an Act of Congress, 
                including the Gramm-Leach-Bliley Act, the Consumer 
                Credit Protection Act, and the Real Estate Settlement 
                Procedures Act, that explicitly or by implication, 
                permits States to exceed or supplement the requirements 
                of any comparable Federal law,
        shall apply to any Federal savings association.
            ``(2) Exceptions.--Paragraph (1) shall not apply with 
        respect to any State law if--
                    ``(A) the State law discriminates against Federal 
                savings associations; or
                    ``(B) the State consumer law is inconsistent with 
                provisions of Federal law other than this Act, but only 
                to the extent of the inconsistency (as determined in 
                accordance with the provision of the other Federal 
                law). For this purpose, a State consumer law is not 
                inconsistent with Federal law if the protection the 
                State consumer law affords consumers is greater than 
                the protection provided under Federal law, as 
                determined by the Agency.
    ``(e) No Negative Implications for Applicability of Other State 
Laws.--No provision of this section shall be construed as altering or 
affecting the applicability, to Federal savings associations, of any 
State law which is not described in this section.
    ``(f) Effect of Transfer of Transaction.--State consumer law 
applicable to a transaction at the inception of the transaction may not 
be preempted under Federal law solely because a Federal savings 
association subsequently acquires the asset or instrument that is the 
subject of the transaction.
    ``(g) Denial of Preemption Not a Deprivation of a Civil Right.--The 
preemption of any provision of the law of any State with respect to any 
Federal savings association shall not be treated as a right, privilege, 
or immunity for purposes of section 1979 of the Revised Statutes of the 
United States (42 U.S.C. 1983).''.
    (b) Clerical Amendment.--The table of sections for the Home Owners' 
Loan Act (12 U.S.C. 1461 et seq.) is amended by striking the item 
relating to section 6 and inserting the following new item:

``6. State law preemption standards for Federal savings associations 
                            and subsidiaries clarified.''.

SEC. 147. VISITORIAL STANDARDS.

    Section 6 of the Home Owners' Loan Act (as added by section 146 of 
this title) is amended by adding at the end the following new 
subsections:
    ``(h) Visitorial Powers.--
            ``(1) In general.--No provision of this Act shall be 
        construed as limiting or restricting the authority of any 
        attorney general (or other chief law enforcement officer) of 
        any State to bring any action in any court of appropriate 
        jurisdiction--
                    ``(A) to require a Federal savings association to 
                produce records relative to the investigation of 
                violations of State consumer law, or Federal consumer 
                laws;
                    ``(B) to enforce any applicable Federal or State 
                law, as authorized by such law; or
                    ``(C) on behalf of residents of such State, to 
                enforce any applicable provision of any Federal or 
                State law against a Federal savings association, as 
                authorized by such law, or to seek relief and recover 
                damages for such residents from any violation of any 
                such law by any Federal savings association.
            ``(2) Consultation.--The attorney general (or other chief 
        law enforcement officer) of any State shall consult with the 
        Director or any successor agency before acting under paragraph 
        (1).
    ``(i) Enforcement Actions.--The ability of the Director or any 
successor agency to bring an enforcement action under this Act or 
section 5 of the Federal Trade Commission Act shall not be construed as 
precluding private parties from enforcing rights granted under Federal 
or State law in the courts.''.

SEC. 148. CLARIFICATION OF LAW APPLICABLE TO NONDEPOSITORY INSTITUTION 
              SUBSIDIARIES.

    Section 6 of the Home Owners' Loan Act is amended by adding after 
subsection (i) (as added by section 147) the following new subsection:
    ``(j) Clarification of Law Applicable to Nondepository Institution 
Subsidiaries and Affiliates of Federal Savings Associations.--
            ``(1) Definitions.--For purposes of this section, the 
        following definitions shall apply:
                    ``(A) Depository institution, subsidiary, 
                affiliate.--The terms `depository institution', 
                `subsidiary', and `affiliate' have the same meanings as 
                in section 3 of the Federal Deposit Insurance Act.
                    ``(B) Nondepository institution.--The term 
                `nondepository institution' means any entity that is 
                not a depository institution.
            ``(2) In general.--No provision of this title shall be 
        construed as preempting the applicability of State law to any 
        nondepository institution, subsidiary, other affiliate, or 
        agent of a Federal savings association.''.

SEC. 149. EFFECTIVE DATE.

    This subtitle shall take effect on the designated transfer date.

                     Subtitle E--Enforcement Powers

SEC. 151. DEFINITIONS.

    For purposes of this subtitle, the following definitions shall 
apply:
            (1) Civil investigative demand and demand.--The terms 
        ``civil investigative demand'' and ``demand'' mean any demand 
        issued by the Agency.
            (2) Agency investigation.--The term ``Agency 
        investigation'' means any inquiry conducted by an Agency 
        investigator for the purpose of ascertaining whether any person 
        is or has been engaged in any conduct that violates this title, 
        any enumerated consumer law, or any regulation prescribed or 
        order issued by the Agency under this title or under the 
        authorities transferred under subtitles F and H.
            (3) Agency investigator.--The term ``Agency investigator'' 
        means any attorney or investigator employed by the Agency who 
        is charged with the duty of enforcing or carrying into effect 
        any provisions of this title, any enumerated consumer law, the 
        authorities transferred under subtitles F and H, or any 
        regulation prescribed or order issued under this title or 
        pursuant to any such authority by the Agency.
            (4) Custodian.--The term ``custodian'' means the custodian 
        or any deputy custodian designated by the Agency.
            (5) Documentary material.--The term ``documentary 
        material'' includes the original or any copy of any book, 
        record, report, memorandum, paper, communication, tabulation, 
        chart, or other document.
            (6) Violation.--The term ``violation'' means any act or 
        omission that, if proved, would constitute a violation of any 
        provision of this title, any enumerated consumer law, any law 
        for which authorities were transferred under subtitles F and H, 
        or of any regulation prescribed or order issued by the Agency 
        under this title or pursuant to any such authority.

SEC. 152. INVESTIGATIONS AND ADMINISTRATIVE DISCOVERY.

    (a) Subpoenas.--
            (1) In general.--The Agency or an Agency investigator may 
        issue subpoenas for the attendance and testimony of witnesses 
        and the production of relevant papers, books, documents, or 
        other material in connection with hearings under this title.
            (2) Failure to obey.--In case of contumacy or refusal to 
        obey a subpoena issued pursuant to this paragraph and served 
        upon any person, the district court of the United States for 
        any district in which such person is found, resides, or 
        transacts business, upon application by the Agency or an Agency 
        investigator and after notice to such person, shall have 
        jurisdiction to issue an order requiring such person to appear 
        and give testimony or to appear and produce documents or other 
        material, or both.
            (3) Contempt.--Any failure to obey an order of the court 
        under this subsection may be punished by the court as a 
        contempt thereof.
    (b) Demands.--
            (1) In general.--Whenever the Agency has reason to believe 
        that any person may be in possession, custody, or control of 
        any documentary material or tangible things, or may have any 
        information, relevant to a violation, the Agency may, before 
        the institution of any proceedings under this title or under 
        any enumerated consumer law or pursuant to the authorities 
        transferred under subtitles F and H, issue in writing, and 
        cause to be served upon such person, a civil investigative 
        demand requiring such person to--
                    (A) produce such documentary material for 
                inspection and copying or reproduction;
                    (B) submit such tangible things;
                    (C) file written reports or answers to questions;
                    (D) give oral testimony concerning documentary 
                material or other information; or
                    (E) furnish any combination of such material, 
                answers, or testimony.
            (2) Requirements.--Each civil investigative demand shall 
        state the nature of the conduct constituting the alleged 
        violation which is under investigation and the provision of law 
        applicable to such violation.
            (3) Production of documents.--Each civil investigative 
        demand for the production of documentary material shall--
                    (A) describe each class of documentary material to 
                be produced under the demand with such definiteness and 
                certainty as to permit such material to be fairly 
                identified;
                    (B) prescribe a return date or dates which will 
                provide a reasonable period of time within which the 
                material so demanded may be assembled and made 
                available for inspection and copying or reproduction; 
                and
                    (C) identify the custodian to whom such material 
                shall be made available.
            (4) Production of things.--Each civil investigative demand 
        for the submission of tangible things shall--
                    (A) describe each class of tangible things to be 
                submitted under the demand with such definiteness and 
                certainty as to permit such things to be fairly 
                identified;
                    (B) prescribe a return date or dates which will 
                provide a reasonable period of time within which the 
                things so demanded may be assembled and submitted; and
                    (C) identify the custodian to whom such things 
                shall be submitted.
            (5) Demand for written reports or answers.--Each civil 
        investigative demand for written reports or answers to 
        questions shall--
                    (A) propound with definiteness and certainty the 
                reports to be produced or the questions to be answered;
                    (B) prescribe a date or dates at which time written 
                reports or answers to questions shall be submitted; and
                    (C) identify the custodian to whom such reports or 
                answers shall be submitted.
            (6) Oral testimony.--Each civil investigative demand for 
        the giving of oral testimony shall--
                    (A) prescribe a date, time, and place at which oral 
                testimony shall be commenced; and
                    (B) identify a Agency investigator who shall 
                conduct the investigation and the custodian to whom the 
                transcript of such investigation shall be submitted.
            (7) Service.--
                    (A) Any civil investigative demand may be served by 
                any Agency investigator at any place within the 
                territorial jurisdiction of any court of the United 
                States.
                    (B) Any such demand or any enforcement petition 
                filed under this section may be served upon any person 
                who is not found within the territorial jurisdiction of 
                any court of the United States, in such manner as the 
                Federal Rules of Civil Procedure prescribe for service 
                in a foreign nation.
                    (C) To the extent that the courts of the United 
                States have authority to assert jurisdiction over such 
                person consistent with due process, the United States 
                District Court for the District of Columbia shall have 
                the same jurisdiction to take any action respecting 
                compliance with this section by such person that such 
                district court would have if such person were 
                personally within the jurisdiction of such district 
                court.
            (8) Method of service.--Service of any civil investigative 
        demand or any enforcement petition filed under this section may 
        be made upon a person, including any legal entity, by--
                    (A) delivering a duly executed copy of such demand 
                or petition to the individual or to any partner, 
                executive officer, managing agent, or general agent of 
                such person, or to any agent of such person authorized 
                by appointment or by law to receive service of process 
                on behalf of such person;
                    (B) delivering a duly executed copy of such demand 
                or petition to the principal office or place of 
                business of the person to be served; or
                    (C) depositing a duly executed copy in the United 
                States mails, by registered or certified mail, return 
                receipt requested, duly addressed to such person at its 
                principal office or place of business.
            (9) Proof of service.--
                    (A) A verified return by the individual serving any 
                civil investigative demand or any enforcement petition 
                filed under this section setting forth the manner of 
                such service shall be proof of such service.
                    (B) In the case of service by registered or 
                certified mail, such return shall be accompanied by the 
                return post office receipt of delivery of such demand 
                or enforcement petition.
            (10) Production of documentary material.--The production of 
        documentary material in response to a civil investigative 
        demand shall be made under a sworn certificate, in such form as 
        the demand designates, by the person, if a natural person, to 
        whom the demand is directed or, if not a natural person, by any 
        person having knowledge of the facts and circumstances relating 
        to such production, to the effect that all of the documentary 
        material required by the demand and in the possession, custody, 
        or control of the person to whom the demand is directed has 
        been produced and made available to the custodian.
            (11) Submission of tangible things.--The submission of 
        tangible things in response to a civil investigative demand 
        shall be made under a sworn certificate, in such form as the 
        demand designates, by the person to whom the demand is directed 
        or, if not a natural person, by any person having knowledge of 
        the facts and circumstances relating to such production, to the 
        effect that all of the tangible things required by the demand 
        and in the possession, custody, or control of the person to 
        whom the demand is directed have been submitted to the 
        custodian.
            (12) Separate answers.--Each reporting requirement or 
        question in a civil investigative demand shall be answered 
        separately and fully in writing under oath, unless it is 
        objected to, in which event the reasons for the objection shall 
        be stated in lieu of an answer, and it shall be submitted under 
        a sworn certificate, in such form as the demand designates, by 
        the person, if a natural person, to whom the demand is directed 
        or, if not a natural person, by any person responsible for 
        answering each reporting requirement or question, to the effect 
        that all information required by the demand and in the 
        possession, custody, control, or knowledge of the person to 
        whom the demand is directed has been submitted.
            (13) Testimony.--
                    (A) Procedure.--
                            (i) Oath and recordation.--Any Agency 
                        investigator before whom oral testimony is to 
                        be taken shall put the witness on oath or 
                        affirmation and shall personally, or by any 
                        individual acting under his direction and in 
                        his presence, record the testimony of the 
                        witness.
                            (ii) Transcriptions.--The testimony shall 
                        be taken stenographically and transcribed.
                            (iii) Copy to custodian.--After the 
                        testimony is fully transcribed, the Agency 
                        investigator before whom the testimony is taken 
                        shall promptly transmit a copy of the 
                        transcript of the testimony to the custodian.
                    (B) Parties present.--Any Agency investigator 
                before whom oral testimony is to be taken shall exclude 
                from the place where the testimony is to be taken all 
                other persons except the person giving the testimony, 
                his or her attorney, the officer before whom the 
                testimony is to be taken, and any stenographer taking 
                such testimony.
                    (C) Location.--The oral testimony of any person 
                taken pursuant to a civil investigative demand shall be 
                taken in the judicial district of the United States in 
                which such person resides, is found, or transacts 
                business, or in such other place as may be agreed upon 
                by the Agency investigator before whom the oral 
                testimony of such person is to be taken and such 
                person.
                    (D) Attorney representation.--
                            (i) In general.--Any person compelled to 
                        appear under a civil investigative demand for 
                        oral testimony pursuant to this section may be 
                        accompanied, represented, and advised by an 
                        attorney.
                            (ii) Confidential advice.--The attorney may 
                        advise the person summoned, in confidence, 
                        either upon the request of such person or upon 
                        the initiative of the attorney, with respect to 
                        any question asked of such person.
                            (iii) Objections.--The person summoned or 
                        the attorney may object on the record to any 
                        question, in whole or in part, and shall 
                        briefly state for the record the reason for the 
                        objection.
                            (iv) Refusal to answer.--An objection may 
                        properly be made, received, and entered upon 
                        the record when it is claimed that the person 
                        summoned is entitled to refuse to answer the 
                        question on grounds of any constitutional or 
                        other legal right or privilege, including the 
                        privilege against self-incrimination, but such 
                        person shall not otherwise object to or refuse 
                        to answer any question, and shall not otherwise 
                        interrupt the oral examination, directly or 
                        through such person's attorney.
                            (v) Petition for order.--If such person 
                        refuses to answer any question, the Agency may 
                        petition the district court of the United 
                        States pursuant to this section for an order 
                        compelling such person to answer such question.
                            (vi) Basis for compelling testimony.--If 
                        such person refuses to answer any question on 
                        grounds of the privilege against self-
                        incrimination, the testimony of such person may 
                        be compelled in accordance with the provisions 
                        of section 6004 of title 18, United States 
                        Code.
                    (E) Transcripts.--
                            (i) Right to examine.--After the testimony 
                        of any witness is fully transcribed, the Agency 
                        investigator shall afford the witness (who may 
                        be accompanied by an attorney) a reasonable 
                        opportunity to examine the transcript.
                            (ii) Reading the transcript.--The 
                        transcript shall be read to or by the witness, 
                        unless such examination and reading are waived 
                        by the witness.
                            (iii) Request for changes.--Any changes in 
                        form or substance which the witness desires to 
                        make shall be entered and identified upon the 
                        transcript by the Agency investigator with a 
                        statement of the reasons given by the witness 
                        for making such changes.
                            (iv) Signature.--The transcript shall be 
                        signed by the witness, unless the witness in 
                        writing waives the signing, is ill, cannot be 
                        found, or refuses to sign.
                            (v) Agency action in lieu of signature.--If 
                        the transcript is not signed by the witness 
                        during the 30-day period following the date 
                        upon which the witness is first afforded a 
                        reasonable opportunity to examine it, the 
                        Agency investigator shall sign the transcript 
                        and state on the record the fact of the waiver, 
                        illness, absence of the witness, or the refusal 
                        to sign, together with any reasons given for 
                        the failure to sign.
                    (F) Certification by investigator.--The Agency 
                investigator shall certify on the transcript that the 
                witness was duly sworn by the investigator and that the 
                transcript is a true record of the testimony given by 
                the witness, and the Agency investigator shall promptly 
                deliver the transcript or send it by registered or 
                certified mail to the custodian.
                    (G) Copy of transcript.--The Agency investigator 
                shall furnish a copy of the transcript (upon payment of 
                reasonable charges for the transcript) to the witness 
                only, except that the Agency may for good cause limit 
                such witness to inspection of the official transcript 
                of his testimony.
                    (H) Witness fees.--Any witness appearing for the 
                taking of oral testimony pursuant to a civil 
                investigative demand shall be entitled to the same fees 
                and mileage which are paid to witnesses in the district 
                courts of the United States.
    (c) Confidential Treatment of Demand Material.--
            (1) In general.--Materials received as a result of a civil 
        investigative demand shall be subject to requirements and 
        procedures regarding confidentiality, in accordance with 
        regulations established by the Agency.
            (2) Disclosure to congress.--No regulation established by 
        the Agency regarding the confidentiality of materials submitted 
        to, or otherwise obtained by, the Agency shall be intended to 
        prevent disclosure to either House of Congress or to an 
        appropriate committee of the Congress, except that the Agency 
        may prescribe regulations allowing prior notice to any party 
        that owns or otherwise provided the material to the Agency and 
        has designated such material as confidential.
    (d) Petition for Enforcement.--
            (1) In general.--Whenever any person fails to comply with 
        any civil investigative demand duly served upon such person 
        under this section, or whenever satisfactory copying or 
        reproduction of material requested pursuant to the demand 
        cannot be accomplished and such person refuses to surrender 
        such material, the Agency, through such officers or attorneys 
        as it may designate, may file, in the district court of the 
        United States for any judicial district in which such person 
        resides, is found, or transacts business, and serve upon such 
        person, a petition for an order of such court for the 
        enforcement of this section.
            (2) Service of process.--All process of any court to which 
        application may be made as provided in this subsection may be 
        served in any judicial district.
    (e) Petition for Order Modifying or Setting Aside Demand.--
            (1) In general.--Not later than 20 days after the service 
        of any civil investigative demand upon any person under 
        subsection (b), or at any time before the return date specified 
        in the demand, whichever period is shorter, or within such 
        period exceeding 20 days after service or in excess of such 
        return date as may be prescribed in writing, subsequent to 
        service, by any Agency investigator named in the demand, such 
        person may file with the Agency a petition for an order by the 
        Agency modifying or setting aside the demand.
            (2) Compliance during pendency.--The time permitted for 
        compliance with the demand in whole or in part, as deemed 
        proper and ordered by the Agency, shall not run during the 
        pendency of such petition at the Agency, except that such 
        person shall comply with any portions of the demand not sought 
        to be modified or set aside.
            (3) Specific grounds.--Such petition shall specify each 
        ground upon which the petitioner relies in seeking such relief, 
        and may be based upon any failure of the demand to comply with 
        the provisions of this section, or upon any constitutional or 
        other legal right or privilege of such person.
    (f) Custodial Control.--At any time during which any custodian is 
in custody or control of any documentary material, tangible things, 
reports, answers to questions, or transcripts of oral testimony given 
by any person in compliance with any civil investigative demand, such 
person may file, in the district court of the United States for the 
judicial district within which the office of such custodian is 
situated, and serve upon such custodian, a petition for an order of 
such court requiring the performance by such custodian of any duty 
imposed upon such custodian by this section or regulation prescribed by 
the Agency.
    (g) Jurisdiction of Court.--
            (1) In general.--Whenever any petition is filed in any 
        district court of the United States under this section, such 
        court shall have jurisdiction to hear and determine the matter 
        so presented, and to enter such order or orders as may be 
        required to carry into effect the provisions of this section.
            (2) Appeal.--Any final order so entered shall be subject to 
        appeal pursuant to section 1291 of title 28, United States 
        Code.

SEC. 153. HEARINGS AND ADJUDICATION PROCEEDINGS.

    (a) In General.--The Agency may conduct hearings and adjudication 
proceedings with respect to any person in the manner prescribed by 
chapter 5 of title 5, United States Code in order to ensure or enforce 
compliance with--
            (1) the provisions of this title, including any regulations 
        prescribed by the Agency under this title; and
            (2) any other Federal law that the Agency is authorized to 
        enforce, including an enumerated consumer law, and any 
        regulations or order prescribed thereunder, unless such Federal 
        law specifically limits the Agency from conducting a hearing or 
        adjudication proceeding and only to the extent of such 
        limitation.
    (b) Special Rules for Cease-and-desist Proceedings.--
            (1) Issuance.--
                    (A) Notice of charges.--If, in the opinion of the 
                Agency, any covered person is engaging or has engaged 
                in an activity that violates a law, regulation, or any 
                condition imposed in writing on the person by the 
                Agency, the Agency may issue and serve upon the person 
                a notice of charges with respect to such violation.
                    (B) Contents of notice.--The notice shall contain a 
                statement of the facts constituting any alleged 
                violation and shall fix a time and place at which a 
                hearing will be held to determine whether an order to 
                cease-and-desist there from should issue against the 
                person.
                    (C) Time of hearing.--A hearing under this 
                subsection shall be fixed for a date not earlier than 
                30 days nor later than 60 days after service of such 
                notice unless an earlier or a later date is set by the 
                Agency at the request of any party so served.
                    (D) Nonappearance deemed to be consent to order.--
                Unless the party or parties so served shall appear at 
                the hearing personally or by a duly authorized 
                representative, they shall be deemed to have consented 
                to the issuance of the cease-and-desist order.
                    (E) Issuance of order.--In the event of such 
                consent, or if upon the record made at any such 
                hearing, the Agency shall find that any violation 
                specified in the notice of charges has been 
                established, the Agency may issue and serve upon the 
                person an order to cease-and-desist from any such 
                violation or practice.
                    (F) Includes requirement for corrective action.--
                Such order may, by provisions which may be mandatory or 
                otherwise, require the person to cease-and-desist from 
                the same, and, further, to take affirmative action to 
                correct the conditions resulting from any such 
                violation.
            (2) Effectiveness of order.--A cease-and-desist order shall 
        take effect at the end of the 30-day period beginning on the 
        date of the service of such order upon the covered person 
        concerned (except in the case of a cease-and-desist order 
        issued upon consent, which shall take effect at the time 
        specified therein), and shall remain effective and enforceable 
        as provided therein, except to such extent as it is stayed, 
        modified, terminated, or set aside by action of the Agency or a 
        reviewing court.
            (3) Decision and appeal.--
                    (A) Place of and procedures for hearing.--Any 
                hearing provided for in this subsection shall be held 
                in the Federal judicial district or in the territory in 
                which the residence or home office of the person is 
                located unless the person consents to another place, 
                and shall be conducted in accordance with the 
                provisions of chapter 5 of title 5 of the United States 
                Code.
                    (B) Time limit for decision.--After such hearing, 
                and within 90 days after the Agency has notified the 
                parties that the case has been submitted to it for 
                final decision, the Agency shall--
                            (i) render its decision (which shall 
                        include findings of fact upon which its 
                        decision is predicated) and shall issue; and
                            (ii) serve upon each party to the 
                        proceeding an order or orders consistent with 
                        the provisions of this section. Judicial review 
                        of any such order shall be exclusively as 
                        provided in this subsection.
                    (C) Modification of order generally.--Unless a 
                petition for review is timely filed in a court of 
                appeals of the United States, as hereinafter provided 
                in paragraph (4), and thereafter until the record in 
                the proceeding has been filed as so provided, the 
                Agency may at any time, upon such notice and in such 
                manner as it shall deem proper, modify, terminate, or 
                set aside any such order.
                    (D) Modification of order after filing record on 
                appeal.--Upon such filing of the record, the Agency may 
                modify, terminate, or set aside any such order with 
                permission of the court.
            (4) Appeal to court of appeals.--
                    (A) In general.--Any party to any proceeding under 
                this subsection may obtain a review of any order served 
                pursuant to this subsection (other than an order issued 
                with the consent of the person concerned) by the filing 
                in the court of appeals of the United States for the 
                circuit in which the principal office of the covered 
                person is located, or in the United States Court of 
                Appeals for the District of Columbia Circuit, within 30 
                days after the date of service of such order, a written 
                petition praying that the order of the Agency be 
                modified, terminated, or set aside.
                    (B) Transmittal of copy to the agency.--A copy of 
                such petition shall be forthwith transmitted by the 
                clerk of the court to the Agency, and thereupon the 
                Agency shall file in the court the record in the 
                proceeding, as provided in section 2112 of title 28 of 
                the United States Code.
                    (C) Jurisdiction of court.--Upon the filing of such 
                petition, such court shall have jurisdiction, which 
                upon the filing of the record shall except as provided 
                in the last sentence of paragraph (3) be exclusive, to 
                affirm, modify, terminate, or set aside, in whole or in 
                part, the order of the agency.
                    (D) Scope of review.--Review of such proceedings 
                shall be had as provided in chapter 7 of title 5 of the 
                United States Code.
                    (E) Finality.--The judgment and decree of the court 
                shall be final, except that the same shall be subject 
                to review by the Supreme Court upon certiorari, as 
                provided in section 1254 of title 28 of the United 
                States Code.
            (5) No stay.--The commencement of proceedings for judicial 
        review under paragraph (4) shall not, unless specifically 
        ordered by the court, operate as a stay of any order issued by 
        the agency.
    (c) Special Rules for Temporary Cease-and-desist Proceedings.--
            (1) Issuance.--
                    (A) In general.--Whenever the Agency determines 
                that the violation specified in the notice of charges 
                served upon a person pursuant to subsection (b), or the 
                continuation thereof, is likely to cause the person to 
                be insolvent or otherwise prejudice the interests of 
                consumers before the completion of the proceedings 
                conducted pursuant to subsection (b), the Agency may 
                issue a temporary order requiring the covered person to 
                cease-and-desist from any such violation or practice 
                and to take affirmative action to prevent or remedy 
                such insolvency or other condition pending completion 
                of such proceedings.
                    (B) Other requirements.--Any temporary order issued 
                under this paragraph may include any requirement 
                authorized under this subtitle.
                    (C) Effect date of order.--Any temporary order 
                issued under this paragraph shall take effect upon 
                service upon the person and, unless set aside, limited, 
                or suspended by a court in proceedings authorized by 
                paragraph (2) of this subsection, shall remain 
                effective and enforceable pending the completion of the 
                administrative proceedings pursuant to such notice and 
                until such time as the Agency shall dismiss the charges 
                specified in such notice, or if a cease-and-desist 
                order is issued against the person, until the effective 
                date of such order.
            (2) Appeal.--Within 10 days after the person concerned has 
        been served with a temporary cease-and-desist order, the person 
        may apply to the United States district court for the judicial 
        district in which the home office of the covered person is 
        located, or the United States District Court for the District 
        of Columbia, for an injunction setting aside, limiting, or 
        suspending the enforcement, operation, or effectiveness of such 
        order pending the completion of the administrative proceedings 
        pursuant to the notice of charges served upon the person under 
        subsection (b), and such court shall have jurisdiction to issue 
        such injunction.
            (3) Incomplete or inaccurate records.--
                    (A) Temporary order.--If a notice of charges served 
                under subsection (b) specifies, on the basis of 
                particular facts and circumstances, that a person's 
                books and records are so incomplete or inaccurate that 
                the Agency is unable to determine the financial 
                condition of that person or the details or purpose of 
                any transaction or transactions that may have a 
                material effect on the financial condition of that 
                person, the Agency may issue a temporary order 
                requiring--
                            (i) the cessation of any activity or 
                        practice which gave rise, whether in whole or 
                        in part, to the incomplete or inaccurate state 
                        of the books or records; or
                            (ii) affirmative action to restore such 
                        books or records to a complete and accurate 
                        state, until the completion of the proceedings 
                        under subsection (b)(1).
                    (B) Effective period.--Any temporary order issued 
                under subparagraph (A)--
                            (i) shall take effect upon service; and
                            (ii) unless set aside, limited, or 
                        suspended by a court in proceedings under 
                        paragraph (2), shall remain in effect and 
                        enforceable until the earlier of--
                                    (I) the completion of the 
                                proceeding initiated under subsection 
                                (b) in connection with the notice of 
                                charges; or
                                    (II) the date the Agency 
                                determines, by examination or 
                                otherwise, that the person's books and 
                                records are accurate and reflect the 
                                financial condition of the person.
    (d) Special Rules for Enforcement of Orders.--
            (1) In general.--The Agency may in its discretion apply to 
        the United States district court within the jurisdiction of 
        which the principal office of the covered person is located, 
        for the enforcement of any effective and outstanding notice or 
        order issued under this section, and such court shall have 
        jurisdiction and power to order and require compliance 
        herewith.
            (2) Exception.--Except as otherwise provided in this 
        subsection, no court shall have jurisdiction to affect by 
        injunction or otherwise the issuance or enforcement of any 
        notice or order or to review, modify, suspend, terminate, or 
        set aside any such notice or order.
    (e) Regulations.--The Agency shall prescribe regulations 
establishing such procedures as may be necessary to carry out this 
section.

SEC. 154. LITIGATION AUTHORITY.

    (a) In General.--If any person violates a provision of this title, 
any enumerated consumer law, any law for which authorities were 
transferred under subtitles F and H, or any regulation prescribed or 
order issued by the Agency under this title or pursuant to any such 
authority, the Agency may commence a civil action against such person 
to impose a civil penalty or to seek all appropriate legal or equitable 
relief including a permanent or temporary injunction as permitted by 
law.
    (b) Representation.--The Agency may act in its own name and through 
its own attorneys in enforcing any provision of this title, regulations 
under this title, or any other law or regulation, or in any action, 
suit, or proceeding to which the Agency is a party.
    (c) Compromise of Actions.--The Agency may compromise or settle any 
action if such compromise is approved by the court.
    (d) Notice to the Attorney General.--When commencing a civil action 
under this title, any enumerated consumer law, any law for which 
authorities were transferred under subtitles F and H, or any regulation 
thereunder, the Agency shall notify the Attorney General.
    (e) Appearance Before the Supreme Court.--The Agency may represent 
itself in its own name before the Supreme Court of the United States, 
if--
            (1) the Agency makes a written request to the Attorney 
        General within the 10-day period which begins on the date of 
        entry of the judgment which would permit any party to file a 
        petition for writ of certiorari; and
            (2) the Attorney General concurs with such request or fails 
        to take action within 60 days of the Agency's request.
    (f) Forum.--Any civil action brought under this title may be 
brought in a United States district court or in any court of competent 
jurisdiction of a state in a district in which the defendant is located 
or resides or is doing business, and such court shall have jurisdiction 
to enjoin such person and to require compliance with this title, any 
enumerated consumer law, any law for which authorities were transferred 
under subtitles F and H, or any regulation prescribed or order issued 
by the Agency under this title or pursuant to any such authority.
    (g) Time for Bringing Action.--
            (1) In general.--Except as otherwise permitted by law, no 
        action may be brought under this title more than 3 years after 
        the violation to which an action relates.
            (2) Limitations under other federal laws.--
                    (A) For purposes of this section, an action arising 
                under this title shall not include claims arising 
                solely under enumerated consumer laws.
                    (B) In any action arising solely under an 
                enumerated consumer law, the Agency may commence, 
                defend, or intervene in the action in accordance with 
                the requirements of that law, as applicable.
                    (C) In any action arising solely under the laws for 
                which authorities were transferred by subtitles F and 
                H, the Agency may commence, defend, or intervene in the 
                action in accordance with the requirements of that law, 
                as applicable.

SEC. 155. RELIEF AVAILABLE.

    (a) Administrative Proceedings or Court Actions.--
            (1) Jurisdiction.--The court (or Agency, as the case may 
        be) in an action or adjudication proceeding brought under this 
        title, any enumerated consumer law, or any law for which 
        authorities were transferred by subtitles F and H, shall have 
        jurisdiction to grant any appropriate legal or equitable relief 
        with respect to a violation of this title, any enumerated 
        consumer law, and any law for which authorities were 
        transferred by subtitles F and H, including a violation of a 
        regulation prescribed or order issued under this title, any 
        enumerated consumer law and any law for which authorities were 
        transferred by subtitles F and H.
            (2) Relief.--Such relief may include--
                    (A) rescission or reformation of contracts;
                    (B) refund of moneys or return of real property;
                    (C) restitution;
                    (D) compensation for unjust enrichment;
                    (E) payment of damages;
                    (F) public notification regarding the violation, 
                including the costs of notification;
                    (G) limits on the activities or functions of the 
                person; and
                    (H) civil money penalties, as set forth more fully 
                in subsection (d).
            (3) No exemplary or punitive damages.--Nothing in this 
        subsection shall be construed as authorizing the imposition of 
        exemplary or punitive damages.
    (b) Recovery of Costs.--In any action brought by the Agency to 
enforce any provision of this title, any enumerated consumer law, any 
law for which authorities were transferred by subtitles F and H, or any 
regulation prescribed or order issued by the Agency under this title or 
pursuant to any such authority, the Agency may recover its costs in 
connection with prosecuting such action if the Agency is the prevailing 
party in the action.
    (c) Civil Money Penalty in Court and Administrative Actions.--
            (1) Any person that violates any provision of this title, 
        any enumerated consumer law, or any regulation prescribed or 
        order issued by the Agency under this title shall forfeit and 
        pay a civil penalty pursuant to this subsection determined as 
        follows:
                    (A) First tier.--For any violation of a final order 
                or condition imposed in writing by the Agency, a civil 
                penalty shall not exceed $5,000 for each day during 
                which such violation continues.
                    (B) Second tier.--Notwithstanding paragraph (A), 
                for any violation of a regulation prescribed under 
                section 136 or for any person that recklessly engages 
                in a violation of this title, any enumerated consumer 
                law, or any regulation prescribed or order issued by 
                the Agency under this title, relating to the provision 
                of an alternative consumer financial product or 
                service, a civil penalty shall not exceed $25,000 for 
                each day during which such violation continues.
                    (C) Third tier.--Notwithstanding subparagraphs (A) 
                and (B), for any person that knowingly violates this 
                title, any enumerated consumer law, or any regulation 
                prescribed or order issued by the Agency under this 
                title, a civil penalty shall not exceed $1,000,000 for 
                each day during which such violation continues.
            (2) Mitigating factors.--In determining the amount of any 
        penalty assessed under paragraph (1), the Agency or the court 
        shall take into account the appropriateness of the penalty with 
        respect to--
                    (A) the size of financial resources and good faith 
                of the person charged;
                    (B) the gravity of the violation;
                    (C) the severity of the risks to or losses of the 
                consumer, which may take into account the number of 
                products or services sold or provided;
                    (D) the history of previous violations; and
                    (E) such other matters as justice may require.
            (3) Authority to modify or remit penalty.--The Agency may 
        compromise, modify, or remit any penalty which may be assessed 
        or had already been assessed under paragraph (1). The amount of 
        such penalty, when finally determined, shall be exclusive of 
        any sums owed by the person to the United States in connection 
        with the costs of the proceeding, and may be deducted from any 
        sums owing by the United States to the person charged.
            (4) Notice and hearing.--No civil penalty may be assessed 
        with respect to a violation of this title, any enumerated 
        consumer law, or any regulation prescribed or order issued by 
        the Agency, unless--
                    (A) the Agency gives notice and an opportunity for 
                a hearing to the person accused of the violation; or
                    (B) the appropriate court has ordered such 
                assessment and entered judgment in favor of the Agency.

SEC. 156. REFERRALS FOR CRIMINAL PROCEEDINGS.

    Whenever the Agency obtains evidence that any person, either 
domestic or foreign, has engaged in conduct that may constitute a 
violation of Federal criminal law, the Agency shall have the power to 
transmit such evidence to the Attorney General, who may institute 
criminal proceedings under appropriate law. Nothing in this section 
affects any other authority of the Agency to disclose information.

SEC. 157. EMPLOYEE PROTECTION.

    (a) In General.--No person shall terminate or in any other way 
discriminate against, or cause to be terminated or discriminated 
against, any employee or any authorized representative of employees by 
reason of the fact that such employee or representative has provided 
information to the Agency, filed, instituted or caused to be filed or 
instituted any proceeding under this title, any enumerated consumer 
law, or any law for which authorities were transferred by subtitles F 
and H, or has testified or is about to testify in any proceeding 
resulting from the administration or enforcement of the provisions of 
this title.
    (b) Agency Review of Termination.--
            (1) Application for review.--Any employee or representative 
        of employees who believes that he has been terminated or 
        otherwise discriminated against by any person in violation of 
        subsection (a) may, within 45 days after such alleged violated 
        occurs, apply to the Agency for review of such termination or 
        alleged discrimination.
            (2) Copy to respondent.--A copy of the application shall be 
        sent to the person who is alleged to have terminated or 
        otherwise discriminated against an employee, and such person 
        shall be the respondent.
            (3) Investigation.--Upon receipt of such application, the 
        Agency shall cause such investigation to be made as the Agency 
        deems appropriate.
            (4) Hearing.--Any investigation under this subsection shall 
        provide an opportunity for a public hearing at the request of 
        any party to such review to enable the parties to present 
        information relating to such alleged violation.
            (5) Notice of time and place for hearing.--The parties 
        shall be given written notice of the time and place of the 
        hearing at least 5 days prior to the hearing.
            (6) Procedure.--Any hearing under this subsection shall be 
        of record and shall be subject to section 554 of title 5, 
        United States Code.
            (7) Determination.--
                    (A) In general.--Upon receiving the report of such 
                investigation, the Agency shall make findings of fact.
                    (B) Issuance of decision.--If the Agency finds that 
                there is sufficient evidence in the record to conclude 
                that such a violation did occur, the Agency shall issue 
                a decision, incorporating an order therein and the 
                Agency's findings, requiring the party committing such 
                violation to take such affirmative action to abate the 
                violation as the Agency deems appropriate, including 
                reinstating or rehiring the employee or representative 
                of employees to the former position with compensation.
                    (C) Denial of application.--If the Agency finds 
                insufficient evidence to support the allegations made 
                in the application, the Agency shall deny the 
                application.
            (8) Judicial review.--An order issued by the Agency under 
        this subsection (b) shall be subject to judicial review in the 
        same manner as orders and decisions are subject to judicial 
        review under this title or any enumerated consumer law.
    (c) Costs and Expenses.--Whenever an order is issued under this 
section to abate such violation, at the request of the applicant a sum 
equal to the aggregate amount of all costs and expenses (including 
attorney's fees) determined by the Agency to have been reasonably 
incurred by the applicant for, or in connection with, the application 
and prosecution of such proceedings shall be assessed against the 
person committing such violation.
    (d) Exception.--This section shall not apply to any employee who 
acting without discretion from the employer of such employee (or the 
employer's agent) deliberately violates any requirement of this title 
or any enumerated consumer law.

SEC. 158. EFFECTIVE DATE.

    This subtitle shall take effect on the designated transfer date.

     Subtitle F--Transfer of Functions and Personnel; Transitional 
                               Provisions

SEC. 161. TRANSFER OF CERTAIN FUNCTIONS.

    (a) In General.--Except as provided in subsection (b), consumer 
financial protection functions are transferred as follows:
            (1) Board of governors.--
                    (A) Transfer of functions.--All consumer financial 
                protection functions of the Board of Governors are 
                transferred to the Agency.
                    (B) Board of governors' authority.--The Agency 
                shall have all powers and duties that were vested in 
                the Board of Governors, relating to consumer financial 
                protection functions, on the day before the designated 
                transfer date.
            (2) Comptroller of the currency.--
                    (A) Transfer of functions.--All consumer financial 
                protection functions of the Comptroller of the Currency 
                are transferred to the Agency.
                    (B) Comptroller's authority.--The Agency shall have 
                all powers and duties that were vested in the 
                Comptroller of the Currency, relating to consumer 
                financial protection functions, on the day before the 
                designated transfer date.
            (3) Director of the office of thrift supervision.--
                    (A) Transfer of functions.--All consumer financial 
                protection functions of the Director of the Office of 
                Thrift Supervision are transferred to the Agency.
                    (B) Director's authority.--The Agency shall have 
                all powers and duties that were vested in the Director 
                of the Office of Thrift Supervision, relating to 
                consumer financial protection functions, on the day 
                before the designated transfer date.
            (4) Federal deposit insurance corporation.--
                    (A) Transfer of functions.--All consumer financial 
                protection functions of the Federal Deposit Insurance 
                Corporation are transferred to the Agency.
                    (B) Corporation's authority.--The Agency shall have 
                all powers and duties that were vested in the Federal 
                Deposit Insurance Corporation, relating to consumer 
                financial protection functions, on the day before the 
                designated transfer date.
            (5) Federal trade commission.--
                    (A) Transfer of functions.--All consumer financial 
                protection functions of the Federal Trade Commission 
                are transferred to the Agency.
                    (B) Commission's authority.--The Agency shall have 
                all powers and duties that were vested in the Federal 
                Trade Commission, relating to consumer financial 
                protection functions, on the day before the designated 
                transfer date.
            (6) National credit union administration.--
                    (A) Transfer of functions.--All consumer financial 
                protection functions of the National Credit Union 
                Administration are transferred to the Agency.
                    (B) National credit union administration's 
                authority.--The Agency shall have all powers and duties 
                that were vested in the National Credit Union 
                Administration, relating to consumer financial 
                protection functions, on the day before the designated 
                transfer date.
    (b) Transfers of Functions Subject to Backstop Enforcement 
Authority Remaining With Transferor Agencies.--The transfers of 
functions in subsection (a) shall not affect the authority of the 
agencies identified in subsection (a) from initiating enforcement 
proceedings under the circumstances described in section 122(e)(3).
    (c) Termination of Authority of Transferor Agencies To Collect Fees 
for Consumer Financial Protection Purposes.--Authorities of the 
agencies identified in subsection (a) to assess and collect fees to 
cover the cost of conducting consumer financial protection functions 
shall terminate on the day before the designated transfer date.
    (d) Consumer Financial Protection Functions Defined.--For purposes 
of this subtitle, the term ``consumer financial protection functions'' 
means research, rulemaking, issuance of orders or guidance, 
supervision, examination, and enforcement activities, powers, and 
duties relating to the provision of consumer financial products or 
services, including the authority to assess and collect fees for those 
purposes, except that such term shall not include any such function 
relating to an agency's responsibilities under the Community 
Reinvestment Act of 1977.
    (e) Effective Date.--Subsections (a) and (b) shall take effect on 
the designated transfer date.

SEC. 162. DESIGNATED TRANSFER DATE.

    (a) In General.--Not later than 60 days after the date of the 
enactment of this Act, the Secretary--
            (1) shall, in consultation with the Chairman of the Board 
        of Governors, the Chairperson of the Federal Deposit Insurance 
        Corporation, the Chairman of the Federal Trade Commission, the 
        Chairman of the National Credit Union Administration Board, the 
        Comptroller of the Currency, the Director of the Office of 
        Thrift Supervision, and the Director of the Office of 
        Management and Budget, designate a single calendar date for the 
        transfer of functions to the Agency under section 161; and
            (2) shall publish notice of that designation in the Federal 
        Register.
    (b) Changing Designation.--The Secretary--
            (1) may, in consultation with the Chairman of the Board of 
        Governors, the Chairperson of the Federal Deposit Insurance 
        Corporation, the Chairman of the Federal Trade Commission, the 
        Chairman of the National Credit Union Administration Board, the 
        Comptroller of the Currency, the Director of the Office of 
        Thrift Supervision, and the Director of the Office of 
        Management and Budget, change the date designated under 
        subsection (a); and
            (2) shall publish notice of any changed designation in the 
        Federal Register.
    (c) Permissible Dates.--
            (1) In general.--Except as provided in paragraph (2), any 
        date designated under this section shall be not earlier than 
        180 days nor later than 18 months after the date of the 
        enactment of this Act.
            (2) Extension of time.--The Secretary may designate a date 
        that is later than 18 months after the date of the enactment of 
        this Act if the Secretary transmits to appropriate committees 
        of Congress--
                    (A) a written determination that orderly 
                implementation of this title is not feasible on the 
                date that is 18 months after the date of the enactment 
                of this Act;
                    (B) an explanation of why an extension is necessary 
                for the orderly implementation of this title; and
                    (C) a description of the steps that will be taken 
                to effect an orderly and timely implementation of this 
                title within the extended time period.
            (3) Extension limited.--In no case shall any date 
        designated under this section be later than 24 months after the 
        date of the enactment of this Act.

SEC. 163. SAVINGS PROVISIONS.

    (a) Board of Governors.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 161(a)(1) shall not affect the validity of 
        any right, duty, or obligation of the United States, the Board 
        of Governors (or any Federal reserve bank), or any other person 
        that--
                    (A) arises under any provision of law relating to 
                any consumer financial protection function of the Board 
                of Governors transferred to the Agency by this title; 
                and
                    (B) existed on the day before the designated 
                transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Board of Governors (or 
        any Federal reserve bank) before the designated transfer date 
        with respect to any consumer financial protection function of 
        the Board of Governors (or any Federal reserve bank) 
        transferred to the Agency by this title, except that the Agency 
        shall be substituted for the Board of Governors (or Federal 
        reserve bank) as a party to any such proceeding as of the 
        designated transfer date.
    (b) Federal Deposit Insurance Corporation.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 161(a)(4) shall not affect the validity of 
        any right, duty, or obligation of the United States, the 
        Federal Deposit Insurance Corporation, the Board of Directors 
        of that Corporation, or any other person, that--
                    (A) arises under any provision of law relating to 
                any consumer financial protection function of the 
                Federal Deposit Insurance Corporation transferred to 
                the Agency by this title; and
                    (B) existed on the day before the designated 
                transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Federal Deposit 
        Insurance Corporation (or the Board of Directors of that 
        Corporation) before the designated transfer date with respect 
        to any consumer financial protection function of the Federal 
        Deposit Insurance Corporation transferred to the Agency by this 
        title, except that the Agency shall be substituted for the 
        Federal Deposit Insurance Corporation (or Board of Directors) 
        as a party to any such proceeding as of the designated transfer 
        date.
    (c) Federal Trade Commission.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 161(a)(5) shall not affect the validity of 
        any right, duty, or obligation of the United States, the 
        Federal Trade Commission, or any other person, that--
                    (A) arises under any provision of law relating to 
                any consumer financial protection function of the 
                Federal Trade Commission transferred to the Agency by 
                this title; and
                    (B) existed on the day before the designated 
                transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Federal Trade Commission 
        before the designated transfer date with respect to any 
        consumer financial protection function of the Federal Trade 
        Commission transferred to the Agency by this title, except that 
        the Agency shall be substituted for the Federal Trade 
        Commission as a party to any such proceeding as of the 
        designated transfer date.
    (d) National Credit Union Administration.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 161(a)(6) shall not affect the validity of 
        any right, duty, or obligation of the United States, the 
        National Credit Union Administration, the National Credit Union 
        Administration Board, or any other person, that--
                    (A) arises under any provision of law relating to 
                any consumer financial protection function of the 
                National Credit Union Administration transferred to the 
                Agency by this title; and
                    (B) existed on the day before the designated 
                transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the National Credit Union 
        Administration (or the National Credit Union Administration 
        Board) before the designated transfer date with respect to any 
        consumer financial protection function of the National Credit 
        Union Administration transferred to the Agency by this title, 
        except that the Agency shall be substituted for the National 
        Credit Union Administration (or National Credit Union 
        Administration Board) as a party to any such proceeding as of 
        the designated transfer date.
    (e) Comptroller of the Currency.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 161(a)(2) shall not affect the validity of 
        any right, duty, or obligation of the United States, the 
        Comptroller of the Currency, the Office of the Comptroller of 
        the Currency, or any other person, that--
                    (A) arises under any provision of law relating to 
                any consumer financial protection function of the 
                Comptroller of the Currency transferred to the Agency 
                by this title; and
                    (B) existed on the day before the designated 
                transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Comptroller of the 
        Currency (or the Office of the Comptroller of the Currency) 
        with respect to any consumer financial protection function of 
        the Comptroller of the Currency transferred to the Agency by 
        this title before the designated transfer date, except that the 
        Agency shall be substituted for the Comptroller of the Currency 
        (or the Office of the Comptroller of the Currency) as a party 
        to any such proceeding as of the designated transfer date.
    (f) Office of Thrift Supervision.--
            (1) Existing rights, duties, and obligations not 
        affected.--Section 161(a)(3) shall not affect the validity of 
        any right, duty, or obligation of the United States, the 
        Director of the Office of Thrift Supervision, the Office of 
        Thrift Supervision, or any other person, that--
                    (A) arises under any provision of law relating to 
                any consumer financial protection function of the 
                Director of the Office of Thrift Supervision 
                transferred to the Agency by this title; and
                    (B) that existed on the day before the designated 
                transfer date.
            (2) Continuation of suits.--This Act shall not abate any 
        proceeding commenced by or against the Director of the Office 
        of Thrift Supervision (or the Office of Thrift Supervision) 
        with respect to any consumer financial protection function of 
        the Director of the Office of Thrift Supervision transferred to 
        the Agency by this title before the designated transfer date, 
        except that the Agency shall be substituted for the Director 
        (or the Office of Thrift Supervision) as a party to any such 
        proceeding as of the designated transfer date.
    (g) Continuation of Existing Orders, Regulations, Determinations, 
Agreements, and Resolutions.--All orders, resolutions, determinations, 
agreements, and regulations that have been issued, made, prescribed, or 
allowed to become effective by the Board of Governors (or any Federal 
reserve bank), the Federal Deposit Insurance Corporation, the Federal 
Trade Commission, the National Credit Union Administration, the Office 
of the Comptroller of the Currency, or the Office of Thrift 
Supervision, or by a court of competent jurisdiction, in the 
performance of consumer financial protection functions that are 
transferred by this title and that are in effect on the day before the 
designated transfer date, shall continue in effect according to the 
terms of those orders, resolutions, determinations, agreements, and 
regulations, and shall be enforceable by or against the Agency until 
modified, terminated, set aside, or superseded in accordance with 
applicable law by the Agency, by any court of competent jurisdiction, 
or by operation of law.
    (h) Identification of Regulations Continued.--Not later than the 
designated transfer date, the Agency--
            (1) shall, after consultation with the Chairman of the 
        Board of Governors, the Chairperson of the Federal Deposit 
        Insurance Corporation, the Chairman of the Federal Trade 
        Commission, the Chairman of the National Credit Union 
        Administration Board, the Comptroller of the Currency, and the 
        Director of the Office of Thrift Supervision, identify the 
        regulations continued under subsection (g) that will be 
        enforced by the Agency; and
            (2) shall publish a list of such regulations in the Federal 
        Register.
    (i) Status of Regulations Proposed or Not Yet Effective.--
            (1) Proposed regulations.--Any proposed regulation of the 
        Board of Governors, the Federal Deposit Insurance Corporation, 
        the Federal Trade Commission, the National Credit Union 
        Administration, the Office of the Comptroller of the Currency, 
        or the Office of Thrift Supervision, which that agency, in 
        performing consumer financial protection functions transferred 
        by this title, has proposed before the designated transfer date 
        but has not published as a final rule before that date, shall 
        be deemed to be a proposed regulation of the Agency.
            (2) Regulations not yet effective.--Any interim or final 
        regulation of Board of Governors, the Federal Deposit Insurance 
        Corporation, the Federal Trade Commission, the National Credit 
        Union Administration, the Office of the Comptroller of the 
        Currency, or the Office of Thrift Supervision, which that 
        agency, in performing consumer financial protection functions 
        transferred by this title, has published before the designated 
        transfer date but which has not become effective before that 
        date, shall take effect as a regulation of the Agency according 
        to its terms.

SEC. 164. TRANSFER OF CERTAIN PERSONNEL.

    (a) In General.--
            (1) Certain federal reserve system employees transferred.--
                    (A) Identifying employees for transfer.--The Agency 
                and the Board of Governors shall--
                            (i) jointly determine the number of 
                        employees of the Board necessary to perform or 
                        support the consumer financial protection 
                        functions of the Board of Governors that are 
                        transferred to the Agency by this title; and
                            (ii) consistent with the number determined 
                        under clause (i), jointly identify employees of 
                        the Board of Governors for transfer to the 
                        Agency in a manner that the Agency and the 
                        Board of Governors, in their sole discretion, 
                        deem equitable.
                    (B) Identified employees transferred.--All 
                employees of the Board of Governors identified under 
                subparagraph (A)(ii) shall be transferred to the Agency 
                for employment.
                    (C) Federal reserve bank employees.--Employees of 
                any Federal reserve bank who, on the day before the 
                designated transfer date, are performing consumer 
                financial protection functions on behalf of the Board 
                of Governors shall be treated as employees of the Board 
                of Governors for purposes of subparagraphs (A) and (B).
            (2) Certain fdic employees transferred.--
                    (A) Identifying employees for transfer.--The Agency 
                and the Board of Directors of the Federal Deposit 
                Insurance Corporation shall--
                            (i) jointly determine the number of 
                        employees of that Corporation necessary to 
                        perform or support the consumer financial 
                        protection functions of the Corporation that 
                        are transferred to the Agency by this title; 
                        and
                            (ii) consistent with the number determined 
                        under clause (i), jointly identify employees of 
                        the Corporation for transfer to the Agency in a 
                        manner that the Agency and the Board of 
                        Directors of the Corporation, in their sole 
                        discretion, deem equitable.
                    (B) Identified employees transferred.--All 
                employees of the Corporation identified under 
                subparagraph (A)(ii) shall be transferred to the Agency 
                for employment.
            (3) Certain ncua employees transferred.--
                    (A) Identifying employees for transfer.--The Agency 
                and the National Credit Union Administration Board 
                shall--
                            (i) jointly determine the number of 
                        employees of the National Credit Union 
                        Administration necessary to perform or support 
                        the consumer financial protection functions of 
                        the National Credit Union Administration that 
                        are transferred to the Agency by this title; 
                        and
                            (ii) consistent with the number determined 
                        under clause (i), jointly identify employees of 
                        the National Credit Union Administration for 
                        transfer to the Agency in a manner that the 
                        Agency and the National Credit Union 
                        Administration Board, in their sole discretion, 
                        deem equitable.
                    (B) Identified employees transferred.--All 
                employees of the National Credit Union Administration 
                identified under subparagraph (A)(ii) shall be 
                transferred to the Agency for employment.
            (4) Appointment authority for excepted service and senior 
        executive service transferred.--
                    (A) In general.--In the case of employees occupying 
                positions in the excepted service or the Senior 
                Executive Service, any appointment authority 
                established pursuant to law or regulations of the 
                Office of Personnel Management for filling such 
                positions shall be transferred, subject to subparagraph 
                (B).
                    (B) Declining transfers allowed.--An agency or 
                entity may decline to make a transfer of authority 
                under subparagraph (A) (and the employees appointed 
                pursuant thereto) to the extent that such authority 
                relates to positions excepted from the competitive 
                service because of their confidential, policy-making, 
                policy-determining, or policy-advocating character, and 
                non-career positions in the Senior Executive Service 
                (within the meaning of section 3132(a)(7) of title 5, 
                United States Code).
    (b) Timing of Transfers and Position Assignments.--Each employee to 
be transferred under this section shall--
            (1) be transferred not later than 90 days after the 
        designated transfer date; and
            (2) receive notice of his or her position assignment not 
        later than 120 days after the effective date of his or her 
        transfer.
    (c) Transfer of Function.--
            (1) In general.--Notwithstanding any other provision of 
        law, the transfer of employees shall be deemed a transfer of 
        functions for the purpose of section 3503 of title 5, United 
        States Code.
            (2) Priority of this title.--If any provisions of this 
        title conflict with any protection provided to transferred 
        employees under section 3503 of title 5, United States Code, 
        the provisions of this title shall control.
    (d) Equal Status and Tenure Positions.--
            (1) Employees transferred from fdic, ftc, ncua, occ, and 
        ots.--Each employee transferred from the Federal Deposit 
        Insurance Corporation, the Federal Trade Commission, the 
        National Credit Union Administration, the Office of the 
        Comptroller of the Currency, or the Office of Thrift 
        Supervision shall be placed in a position at the Agency with 
        the same status and tenure as he or she held on the day before 
        the designated transfer date.
            (2) Employees transferred from the federal reserve 
        system.--
                    (A) Comparability.--Each employee transferred from 
                the Board of Governors or from a Federal reserve bank 
                shall be placed in a position with the same status and 
                tenure as that of employees transferring to the Agency 
                from the Office of the Comptroller of the Currency who 
                perform similar functions and have similar periods of 
                service.
                    (B) Service periods credited.--For purposes of this 
                paragraph, periods of service with the Board of 
                Governors or a Federal reserve bank shall be credited 
                as periods of service with a Federal agency.
    (e) Additional Certification Requirements Limited.--Examiners 
transferred to the Agency shall not be subject to any additional 
certification requirements before being placed in a comparable 
examiner's position at the Agency examining the same types of 
institutions as they examined before they were transferred.
    (f) Personnel Actions Limited.--
            (1) 1-year protection.--Except as provided in paragraph 
        (2), each transferred employee holding a permanent position on 
        the day before the designated transfer date shall not, during 
        the 1-year period beginning on the designated transfer date, be 
        involuntarily separated, or involuntarily reassigned outside 
        his or her local locality pay area as defined by the Office of 
        Personnel Management.
            (2) Exceptions.--Paragraph (1) shall not be construed as 
        limiting the right of the Agency to--
                    (A) separate an employee for cause or for 
                unacceptable performance;
                    (B) terminate an appointment to a position excepted 
                from the competitive service because of its 
                confidential policy-making, policy-determining, or 
                policy-advocating character; or
                    (C) reassign a supervisory employee outside his or 
                her locality pay area as defined by the Office of 
                Personnel Management when the Agency determines that 
                the reassignment is necessary for the efficient 
                operation of the Agency.
    (g) Pay.--
            (1) 1-year protection.--Except as provided in paragraph 
        (2), each transferred employee shall, during the 1-year period 
        beginning on the designated transfer date, receive pay at a 
        rate not less than the basic rate of pay (including any 
        geographic differential) that the employee received during the 
        1-year period immediately before the transfer.
            (2) Exceptions.--Paragraph (1) shall not be construed as 
        limiting the right of the Agency to reduce the rate of basic 
        pay of a transferred employee--
                    (A) for cause;
                    (B) for unacceptable performance; or
                    (C) with the employee's consent.
            (3) Protection only while employed.--Paragraph (1) applies 
        to a transferred employee only while that employee remains 
        employed by the Agency.
            (4) Pay increases permitted.--Paragraph (1) shall not be 
        construed as limiting the authority of the Agency to increase a 
        transferred employee's pay.
    (h) Reorganization.--
            (1) Between 1st and 3rd year.--
                    (A) In general.--If the Agency determines, during 
                the period beginning 1 year after the designated 
                transfer date and ending 3 years after the designated 
                transfer date, that a reorganization of the staff of 
                the Agency is required--
                            (i) that reorganization shall be deemed a 
                        ``major reorganization'' for purposes of 
                        affording affected employees retirement under 
                        section 8336(d)(2) or 8414(b)(1)(B) of title 5, 
                        United States Code;
                            (ii) before the reorganization occurs, all 
                        employees in the same locality pay area as 
                        defined by the Office of Personnel Management 
                        shall be placed in a uniform position 
                        classification system; and
                            (iii) any resulting reduction in force 
                        shall be governed by the provisions of chapter 
                        35 of title 5, United States Code, except that 
                        the Agency shall--
                                    (I) establish competitive areas (as 
                                that term is defined in regulations 
                                issued by the Office of Personnel 
                                Management) to include at a minimum all 
                                employees in the same locality pay area 
                                as defined by the Office of Personnel 
                                Management;
                                    (II) establish competitive levels 
                                (as that term is defined in regulations 
                                issued by the Office of Personnel 
                                Management) without regard to whether 
                                the particular employees have been 
                                appointed to positions in the 
                                competitive service or the excepted 
                                service; and
                                    (III) afford employees appointed to 
                                positions in the excepted service 
                                (other than to a position excepted from 
                                the competitive service because of its 
                                confidential policy-making, policy-
                                determining, or policy-advocating 
                                character) the same assignment rights 
                                to positions within the Agency as 
                                employees appointed to positions in the 
                                competitive service.
                    (B) Service credit for reductions in force.--For 
                purposes of this paragraph, periods of service with a 
                Federal home loan bank, a joint office of the Federal 
                home loan banks, the Board of Governors, a Federal 
                reserve bank, the Federal Deposit Insurance 
                Corporation, or the National Credit Union 
                Administration shall be credited as periods of service 
                with a Federal agency.
            (2) After 3rd year.--
                    (A) In general.--If the Agency determines, at any 
                time after the 3-year period beginning on the 
                designated transfer date, that a reorganization of the 
                staff of the Agency is required, any resulting 
                reduction in force shall be governed by the provisions 
                of chapter 35 of title 5, United States Code, except 
                that the Agency shall establish competitive levels (as 
                that term is defined in regulations issued by the 
                Office of Personnel Management) without regard to types 
                of appointment held by particular employees transferred 
                under this section.
                    (B) Service credit for reductions in force.--For 
                purposes of this paragraph, periods of service with a 
                Federal home loan bank, a joint office of the Federal 
                home loan banks, the Board of Governors, a Federal 
                reserve bank, the Federal Deposit Insurance 
                Corporation, or the National Credit Union 
                Administration shall be credited as periods of service 
                with a Federal agency.
    (i) Benefits.--
            (1) Retirement benefits for transferred employees.--
                    (A) In general.--
                            (i) Continuation of existing retirement 
                        plan.--Except as provided in subparagraph (B), 
                        each transferred employee shall remain enrolled 
                        in his or her existing retirement plan as long 
                        as he or she remains employed by the Agency.
                            (ii) Employer's contribution.--The Agency 
                        shall pay any employer contributions to the 
                        existing retirement plan of each transferred 
                        employee as required under that plan.
                    (B) Option for employees transferred from federal 
                reserve system to be subject to federal employee 
                retirement program.--
                            (i) Election.--Any transferred employee who 
                        was enrolled in a Federal Reserve System 
                        retirement plan on the day before his or her 
                        transfer to the Agency may, during the period 
                        beginning 6 months after the designated 
                        transfer date and ending 1 year after the 
                        designated transfer date, elect to be subject 
                        to the Federal employee retirement program.
                            (ii) Effective date of coverage.--For any 
                        employee making an election under clause (i), 
                        coverage by the Federal employee retirement 
                        program shall begin 1 year after the designated 
                        transfer date.
                    (C) Agency participation in federal reserve system 
                retirement plan.--
                            (i) Separate account in federal reserve 
                        system retirement plan established.--A separate 
                        account in the Federal Reserve System 
                        retirement plan shall be established for Agency 
                        employees who do not make the election under 
                        subparagraph (B).
                            (ii) Funds attributable to transferred 
                        employees remaining in federal reserve system 
                        retirement plan transferred.--The proportionate 
                        share of funds in the Federal Reserve System 
                        retirement plan, including the proportionate 
                        share of any funding surplus in that plan, 
                        attributable to a transferred employee who does 
                        not make the election under subparagraph (B), 
                        shall be transferred to the account established 
                        under clause (i).
                            (iii) Employer contributions deposited.--
                        The Agency shall deposit into the account 
                        established under clause (i) the employer 
                        contributions that the Agency makes on behalf 
                        of employees who do not make the election under 
                        subparagraph (B).
                            (iv) Account administration.--The Agency 
                        shall administer the account established under 
                        clause (i) as a participating employer in the 
                        Federal Reserve System retirement plan.
                    (D) Definitions.--For purposes of this paragraph, 
                the following definitions shall apply:
                            (i) Existing retirement plan.--The term 
                        ``existing retirement plan'' means, with 
                        respect to any employee transferred under this 
                        section, the particular retirement plan 
                        (including the Financial Institutions 
                        Retirement Fund) and any associated thrift 
                        savings plan of the agency or Federal reserve 
                        bank from which the employee was transferred, 
                        which the employee was enrolled in on the day 
                        before the designated transfer date.
                            (ii) Federal employee retirement plan.--The 
                        term ``Federal employee retirement program'' 
                        means the retirement program for Federal 
                        employees established by chapters 83 and 84 of 
                        title 5, United States Code.
            (2) Benefits other than retirement benefits for transferred 
        employees.--
                    (A) During 1st year.--
                            (i) Existing plans continue.--Each 
                        transferred employee may, for 1 year after the 
                        designated transfer date, retain membership in 
                        any other employee benefit program of the 
                        agency or bank from which the employee 
                        transferred, including a dental, vision, long-
                        term care, or life insurance program, to which 
                        the employee belonged on the day before the 
                        designated transfer date.
                            (ii) Employer's contribution.--The Agency 
                        shall reimburse the agency or bank from which 
                        an employee was transferred for any cost 
                        incurred by that agency or bank in continuing 
                        to extend coverage in the benefit program to 
                        the employee as required under that program or 
                        negotiated agreements.
                    (B) Dental, vision, or life insurance after 1st 
                year.--If, after the 1-year period beginning on the 
                designated transfer date, the Agency decides not to 
                continue participation in any dental, vision, or life 
                insurance program of an agency or bank from which 
                employees transferred, a transferred employee who is a 
                member of such a program may, before the Agency's 
                decision takes effect, elect to enroll, without regard 
                to any regularly scheduled open season, in--
                            (i) the enhanced dental benefits 
                        established by chapter 89A of title 5, United 
                        States Code;
                            (ii) the enhanced vision benefits 
                        established by chapter 89B of title 5, United 
                        States Code; and
                            (iii) the Federal Employees Group Life 
                        Insurance Program established by chapter 87 of 
                        title 5, United States Code, without regard to 
                        any requirement of insurability.
                    (C) Long-term care insurance after 1st year.--If, 
                after the 1-year period beginning on the designated 
                transfer date, the Agency decides not to continue 
                participation in any long-term care insurance program 
                of an agency or bank from which employees transferred, 
                a transferred employee who is a member of such a 
                program may, before the Agency's decision takes effect, 
                elect to apply for coverage under the Federal Long Term 
                Care Insurance Program established by chapter 90 of 
                title 5, United States Code, under the underwriting 
                requirements applicable to a new active workforce 
                member (as defined in Part 875, title 5, Code of 
                Federal Regulations).
                    (D) Employee's contribution.--An individual 
                enrolled in the Federal Employees Health Benefits 
                program shall pay any employee contribution required by 
                the plan.
                    (E) Additional funding.--The Agency shall transfer 
                to the Federal Employees Health Benefits Fund 
                established under section 8909 of title 5, United 
                States Code, an amount determined by the Director of 
                the Office of Personnel Management, after consultation 
                with the Agency and the Office of Management and 
                Budget, to be necessary to reimburse the Fund for the 
                cost to the Fund of providing benefits under this 
                subparagraph.
                    (F) Credit for time enrolled in other plans.--For 
                employees transferred under this section, enrollment in 
                a health benefits plan administered by the Office of 
                the Comptroller of the Currency, the Office of Thrift 
                Supervision, the Federal Deposit Insurance Corporation, 
                the National Credit Union Administration, the Board of 
                Governors, or a Federal reserve bank, immediately 
                before enrollment in a health benefits plan under 
                chapter 89 of title 5, United States Code, shall be 
                considered as enrollment in a health benefits plan 
                under that chapter for purposes of section 
                8905(b)(1)(A) of title 5, United States Code.
                    (E) Special provisions to ensure continuation of 
                life insurance benefits.--
                            (i) In general.--An annuitant (as defined 
                        in section 8901(3) of title 5, United States 
                        Code) who is enrolled in a life insurance plan 
                        administered by the Board of Governors of the 
                        Federal Reserve System, the Federal Deposit 
                        Insurance Corporation, the Federal Trade 
                        Commission, the National Credit Union 
                        Administration, the Office of the Comptroller 
                        of the Currency, or the Office of Thrift 
                        Supervision on the day before the designated 
                        transfer date shall be eligible for coverage by 
                        a life insurance plan under sections 8706(b), 
                        8714a, 8714b, and 8714c of title 5, United 
                        States Code, or in a life insurance plan 
                        established by the Agency, without regard to 
                        any regularly scheduled open season and 
                        requirement of insurability.
                            (ii) Employee's contribution.--An 
                        individual enrolled in a life insurance plan 
                        under this clause shall pay any employee 
                        contribution required by the plan.
                            (iii) Additional funding.--The Agency shall 
                        transfer to the Employees' Life Insurance Fund 
                        established under section 8714 of title 5, 
                        United States Code, an amount determined by the 
                        Director of the Office of Personnel Management, 
                        after consultation with the Agency and the 
                        Office of Management and Budget, to be 
                        necessary to reimburse the Fund for the cost to 
                        the Fund of providing benefits under this 
                        subparagraph not otherwise paid for by the 
                        employee under clause (ii).
                            (iv) Credit for time enrolled in other 
                        plans.--For employees transferred under this 
                        section, enrollment in a life insurance plan 
                        administered by the Board of Governors, 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, or a Federal reserve bank 
                        immediately before enrollment in a life 
                        insurance plan under chapter 87 of title 5, 
                        United States Code, shall be considered as 
                        enrollment in a life insurance plan under that 
                        chapter for purposes of section 8706(b)(1)(A) 
                        of title 5, United States Code.
    (j) Implementation of Uniform Pay and Classification System.--Not 
later than 2 years after the designated transfer date, the Agency shall 
implement a uniform pay and classification system for all transferred 
employees.
    (k) Equitable Treatment.--In administering the provisions of this 
section, the Agency--
            (1) shall take no action that would unfairly disadvantage 
        transferred employees relative to each other based on their 
        prior employment by the Board of Governors, 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, 
        a Federal reserve bank, a Federal home loan bank, or a joint 
        office of the Federal home loan banks; and
            (2) may take such action as is appropriate in individual 
        cases so that employees transferred under this section receive 
        equitable treatment, with respect to those employees' status, 
        tenure, pay, benefits (other than benefits under programs 
        administered by the Office of Personnel Management), and 
        accrued leave or vacation time, for prior periods of service 
        with any Federal agency, including the Board of Governors of 
        the Federal Reserve System, 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, a Federal reserve 
        bank, a Federal home loan bank, or a joint office of the 
        Federal home loan banks.
    (l) No Private Right of Action.--This section shall not be 
construed as providing any transferred employee with any right of 
action to require the Agency or any officer or employee of the Agency 
to take any action under this section.
    (m) Implementation.--In implementing the provisions of this 
section, the Agency shall work with the Office of Personnel Management 
and other entities with expertise in matters related to employment to 
ensure a fair and orderly transition for affected employees.

SEC. 165. INCIDENTAL TRANSFERS.

    (a) Incidental Transfers Authorized.--The Director of the Office of 
Management and Budget, in consultation with the Secretary, shall make 
such additional incidental transfers and dispositions of assets and 
liabilities held, used, arising from, available, or to be made 
available, in connection with the functions transferred by this title, 
as the Director may determine necessary to accomplish the purposes of 
this title.
    (b) Sunset.--The authority provided in this section shall terminate 
5 years after the date of the enactment of this Act.

SEC. 166. INTERIM AUTHORITY OF THE SECRETARY.

    (a) In General.--The Secretary is authorized to perform the 
functions of the Agency under this subtitle until 3 of the appointed 
Board members are confirmed by the Senate in accordance with section 
112.
    (b) Interim Administrative Services by the Department of the 
Treasury.--The Department of the Treasury may provide administrative 
services necessary to support the Agency before the designated transfer 
date.
    (c) Interim Funding for the Department of the Treasury.--For the 
purposes of carrying out the authorities granted in this section, there 
are appropriated to the Department of the Treasury such sums as are 
necessary. Notwithstanding any other provision of law, such amounts 
shall be subject to apportionment under section 1517 of title 31, 
United States Code, and restrictions that generally apply to the use of 
appropriated funds in title 31, United States Code, and other laws.

                  Subtitle G--Regulatory Improvements

SEC. 171. COLLECTION OF DEPOSIT ACCOUNT DATA.

    (a) Purpose.--The purpose of this section is to promote awareness 
and understanding of the access of individuals and communities to 
financial services, and to identify business and community development 
needs and opportunities.
    (b) In General.--
            (1) Records required.--For each branch, automated teller 
        machine at which deposits are accepted, and other deposit 
        taking service facility with respect to any financial 
        institution, the financial institution shall maintain records 
        of the number and dollar amounts of deposit accounts of 
        customers.
            (2) Geo-coded addresses of depositors.--The customers' 
        addresses maintained pursuant to paragraph (1) shall be geo-
        coded so that data shall be collected regarding the census 
        tracts of the residence or business location of the customers.
            (3) Identification of depositor type.--In maintaining 
        records on any deposit account under this section, the 
        financial institution shall also record whether the deposit 
        account is for a residential or commercial customer.
            (4) Public availability.--
                    (A) In general.--The following information shall be 
                publicly available on an annual basis--
                            (i) the address and census tracts of each 
                        branch, automated teller machine at which 
                        deposits are accepted, and other deposit taking 
                        service facility with respect to any financial 
                        institution;
                            (ii) the type of deposit account including 
                        whether the account was a checking or savings 
                        account; and
                            (iii) data on the number and dollar amounts 
                        of the accounts, presented by census tract 
                        location of the residential and commercial 
                        customers.
                    (B) Protection of identity.--In the publicly 
                available data, any personally identifiable data 
                element shall be removed so as to protect the 
                identities of the commercial and residential customers.
    (c) Availability of Information.--
            (1) Submission to agencies.--The data required to be 
        compiled and maintained under this section by any financial 
        institution shall be submitted annually to the Agency, or to a 
        Federal banking agency, in accordance with rules prescribed by 
        the Agency.
            (2) Availability of information.--Information compiled and 
        maintained under this section shall be retained for not less 
        than 3 years after the date of preparation and shall be made 
        available to the public, upon request, in the form required 
        under rules prescribed by the Agency.
    (d) Agency Use.--The Agency--
            (1) shall assess the distribution of residential and 
        commercial accounts at such financial institution across income 
        and minority level of census tracts; and
            (2) may use the data for any other purpose as permitted by 
        law.
    (e) Regulations and Guidance.--
            (1) In general.--The Agency shall prescribe such 
        regulations and issue guidance as may be necessary to carry 
        out, enforce, and compile data pursuant to this section.
            (2) Data compilation regulations.--The Agency shall 
        prescribe regulations regarding the provision of data compiled 
        under this section to the Federal banking agencies to carry out 
        the purposes of this section and shall issue guidance to 
        financial institutions regarding measures to facilitate 
        compliance with the this section and the requirements of 
        regulations prescribed under this section.
    (f) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Agency.--The term ``Agency'' means the Consumer 
        Financial Protection Agency.
            (2) Credit union.--The term ``credit union'' means a 
        Federal credit union or a State-chartered credit union (as such 
        terms are defined in section 101 of the Federal Credit Union 
        Act).
            (3) Deposit account.--The term ``deposit account'' includes 
        any checking account, savings account, credit union share 
        account, and other type of account as defined by the Agency.
            (4) Federal banking agency.--The term ``Federal banking 
        agency'' means the Board of Governors of the Federal Reserve 
        System, the head of the agency responsible for chartering and 
        regulating national banks, the Director of the Office of Thrift 
        Supervision, the Federal Deposit Insurance Corporation, and the 
        National Credit Union Administration; and the term ``Federal 
        banking agencies'' means all of those agencies.
            (5) Financial institution.--The term ``financial 
        institution''--
                    (A) has the meaning given to the term ``insured 
                depository institution'' in section 3(c)(2) of the 
                Federal Deposit Insurance Act; and
                    (B) includes any credit union.
    (g) Effective Date.--This section shall take effect on the 
designated transfer date.

SEC. 172. SMALL BUSINESS DATA COLLECTION.

    (a) In General.--The Equal Credit Opportunity Act (15 U.S.C. 1691 
et seq.) is amended by inserting after section 704A the following new 
section:
``Sec. 704B. Small business loan data collection
    ``(a) Purpose.--The purpose of this section is to facilitate 
enforcement of fair lending laws and enable communities, governmental 
entities, and creditors to identify business and community development 
needs and opportunities of women- and minority-owned small businesses.
    ``(b) In General.--Subject to the requirements of this section, in 
the case of any application to a financial institution for credit for a 
small business, the financial institution shall--
            ``(1) inquire whether the business is a women- or minority-
        owned business, without regard to whether such application is 
        received in person, by mail, by telephone, by electronic mail 
        or other form of electronic transmission, or by any other means 
        and whether or not such application is in response to a 
        solicitation by the financial institution; and
            ``(2) maintain a record of the responses to such inquiry 
        separate from the application and accompanying information.
    ``(c) Right to Refuse.--Any applicant for credit may refuse to 
provide any information requested pursuant to subsection (b) in 
connection with any application for credit.
    ``(d) No Access by Underwriters.--
            ``(1) In general.--Where feasible, no loan underwriter or 
        other officer or employee of a financial institution, or any 
        affiliate of a financial institution, involved in making any 
        determination concerning an application for credit shall have 
        access to any information provided by the applicant pursuant to 
        a request under subsection (b) in connection with such 
        application.
            ``(2) Exception.--If a financial institution determines 
        that loan underwriter or other officer or employee of a 
        financial institution, or any affiliate of a financial 
        institution, involved in making any determination concerning an 
        application for credit should have access to any information 
        provided by the applicant pursuant to a request under 
        subsection (b), the financial institution will provide notice 
        to the applicant of the access of the underwriter to this 
        information, along with notice that the financial institution 
        may not discriminate on this basis of this information.
    ``(e) Form and Manner of Information.--
            ``(1) In general.--Each financial institution shall compile 
        and maintain, in accordance with regulations of the Agency, a 
        record of the information provided by any loan applicant 
        pursuant to a request under subsection (b).
            ``(2) Itemization.--Information compiled and maintained 
        under paragraph (1) shall also be itemized in order to clearly 
        and conspicuously disclose the following:
                    ``(A) The number of the application and the date 
                the application was received.
                    ``(B) The type and purpose of the loan or other 
                credit being applied for.
                    ``(C) The amount of the credit or credit limit 
                applied for and the amount of the credit transaction or 
                the credit limit approved for such applicant.
                    ``(D) The type of action taken with respect to such 
                application and the date of such action.
                    ``(E) The census tract in which is located the 
                principal place of business of the small business loan 
                applicant.
                    ``(F) The gross annual revenue of the business in 
                the last fiscal year of the small business loan 
                applicant preceding the date of the application.
                    ``(G) The race and ethnicity of the principal 
                owners of the business.
                    ``(H) Any additional data the Agency determines 
                would aid in fulfilling the purposes of this section.
            ``(3) Inclusion of personally identifiable information 
        prohibited.--In compiling and maintaining any record of 
        information under this section, a financial institution may not 
        include in such record the name, specific address (other than 
        the census tract required under paragraph (1)(E)), telephone 
        number, electronic mail address, and any other personally 
        identifiable information concerning any individual who is, or 
        is connected with, the small business loan applicant.
            ``(4) Discretion to delete or modify publicly available 
        data.--The Agency may, in the discretion of the Agency, delete 
        or modify data collected under this section which is or will be 
        available to the public if the Agency determines that the 
        deletion or modification of the data would advance a compelling 
        privacy interest.
    ``(f) Availability of Information.--
            ``(1) Submission to agency.--The data required to be 
        compiled and maintained under this section by any financial 
        institution shall be submitted annually to the Agency.
            ``(2) Availability of information.--
                    ``(A) In general.--Information compiled and 
                maintained under this section shall be retained for not 
                less than 3 years after the date of preparation and 
                shall be made available to the public, upon request, in 
                the form required under regulations prescribed by the 
                Agency.
                    ``(B) Annual disclosure to the public.--In addition 
                to the availability by request under subparagraph (A) 
                of data compiled and maintained under this section, the 
                Agency shall annually provide such data to the public.
                    ``(C) Procedures.--The procedures for disclosing 
                data compiled and maintained under this section to the 
                public shall be determined by the Agency by regulation.
            ``(3) Compilation of aggregate data.--
                    ``(A) In general.--The Agency may, in the 
                discretion of the Agency, compile for the Agency's own 
                use compilations of aggregate data.
                    ``(B) Public availability of aggregate data.--The 
                Agency may, in the discretion of the Agency, make 
                public compilations of aggregate data in such manner as 
                the Agency may determine to be appropriate.
    ``(g) Definitions.--For purposes of this section, the following 
definitions shall apply:
            ``(1) Financial institution.--The term `financial 
        institution' means any partnership, company, corporation, 
        association (incorporated or unincorporated), trust, estate, 
        cooperative organization, or other entity that engages in any 
        financial activity.
            ``(2) Minority-owned business.--The term `minority-owned 
        business' means a business--
                    ``(A) more than 50 percent of the ownership or 
                control of which is held by 1 or more minority 
                individuals; and
                    ``(B) more than 50 percent of the net profit or 
                loss of which accrues to 1 or more minority 
                individuals.
            ``(3) Women-owned business.--The term `women-owned 
        business' means a business--
                    ``(A) more than 50 percent of the ownership or 
                control of which is held by 1 or more women; and
                    ``(B) more than 50 percent of the net profit or 
                loss of which accrues to 1 or more women.
            ``(4) Minority.--The term `minority' has the meaning given 
        to such term by section 1204(c)(3) of the Financial 
        Institutions Reform, Recovery, and Enforcement Act of 1989.
            ``(5) Small business loan.--The term `small business loan' 
        shall be defined by the Agency, which may take into account--
                    ``(A) the gross revenues of the borrower;
                    ``(B) the total number of employees of the 
                borrower;
                    ``(C) the industry in which the borrower has its 
                primary operations; and
                    ``(D) the size of the loan.
    ``(h) Agency Action.--
            ``(1) In general.--The Agency shall prescribe such 
        regulations and issue such guidance as may be necessary to 
        carry out, enforce, and compile data pursuant to this section.
            ``(2) Exceptions.--The Agency, by regulation or order, may 
        adopt exceptions to any requirement of this section and may, 
        conditionally or unconditionally, exempt any financial 
        institution or class of institutions from the requirements of 
        this section as the Agency determines to be necessary or 
        appropriate to carry out the purposes and objectives of this 
        section.
            ``(3) Guidance.--The Agency shall issue guidance designed 
        to facilitate compliance with the requirements of this section, 
        including assisting financial institutions in working with 
        applicants to determine whether the applicants are women- or 
        minority-owned for the purposes of this section.''''.
    (b) Technical and Conforming Amendment.--Section 701(b) of the 
Equal Credit Opportunity Act (15 U.S.C. 1691(b)) is amended--
            (1) by striking ``or'' after the semicolon at the end of 
        paragraph (3);
            (2) by striking the period at the end of paragraph (4) and 
        inserting ``; or''; and
            (3) by inserting after paragraph (4), the following new 
        paragraph:
            ``(5) to make an inquiry under section 704B in accordance 
        with the requirements of such section.''.
    (c) Clerical Amendment.--The table of sections for title VII of the 
Consumer Credit Protection Act is amended by inserting after the item 
relating to section 704A the following new item:

``704B. Small business loan data collection.''.
    (d) Effective Date.--This section shall take effect on the 
designated transfer date.

                   Subtitle H--Conforming Amendments

SEC. 181. AMENDMENTS TO THE INSPECTOR GENERAL ACT OF 1978.

    (a) Establishment.--Section 8G(a)(2) of the Inspector General Act 
of 1978 (5 U.S.C. App. 3, 8G(a)(2)) is amended by inserting ``the 
Consumer Financial Protection Agency,'' before ``the Consumer Product 
Safety Commission,''.
    (b) Effective Date.--This section shall take effect on the date of 
the enactment of this Act.

SEC. 182. AMENDMENTS TO THE PRIVACY ACT OF 1974.

    (a) Applicability.--Section 552a of title 5, United States Code, is 
amended by adding at the end the following new subsection:
    ``(w) Applicability to Consumer Financial Protection Agency.--
Except as provided in the Consumer Financial Protection Agency Act of 
2009, this section shall apply with respect to the Consumer Financial 
Protection Agency.''.
    (b) Effective Date.--This section shall take effect on the date of 
the enactment of this Act.

SEC. 183. AMENDMENTS TO THE ALTERNATIVE MORTGAGE TRANSACTION PARITY ACT 
              OF 1982.

    (a) Section 803(1).--Section 803(1) of the Alternative Mortgage 
Transaction Parity Act of 1982 (12 U.S.C. 3802(1)) is amended by 
striking paragraphs (B) and (C).
    (b) Section 804(a).--Section 804(a) of the Alternative Mortgage 
Transaction Parity Act of l982 (12 U.S.C. 3803(a)) is amended--
            (1) in paragraphs (1), (2), and (3), by inserting ``on or 
        before the designated transfer date, as determined in section 
        1062 of the Consumer Financial Protection Agency Act of 2009'' 
        after ``transactions made'' each place such term appears;
            (2) in paragraph (2), by striking ``and'' at the end;
            (3) in paragraph (3), by striking the period at the end and 
        inserting ``; and''; and
            (4) by adding at the end the following new paragraph:
            ``(4) with respect to transactions made after the 
        designated transfer date, as determined in section 1062 of the 
        Consumer Financial Protection Agency Act of 2009, only in 
        accordance with regulations governing alternative mortgage 
        transactions as issued by the Consumer Financial Protection 
        Agency for federally chartered housing creditors, in accordance 
        with the rulemaking authority granted to the Consumer Financial 
        Protection Agency with regard to federally chartered housing 
        creditors under laws other than this section.''.
    (c) Section 804.--Section 804 of the Alternative Mortgage 
Transaction Parity Act of l982 (12 U.S.C. 3803) is amended--
            (1) by striking subsection (c) and inserting the following 
        new subsection:
    ``(c) Effect of State Law.--
            ``(1) In general.--An alternative mortgage transaction may 
        be made by a housing creditor in accordance with this section, 
        notwithstanding any State Constitution, law, or regulation that 
        prohibits an alternative mortgage transaction.
            ``(2) Rule of construction.--For purposes of this 
        subsection, a State Constitution, law, or regulation that 
        prohibits an alternative mortgage transaction does not include 
        any State Constitution, law, or regulation that regulates 
        mortgage transactions generally, including any restriction on 
        prepayment penalties or late charges.''; and
            (2) by adding at the end the following new subsection:
    ``(d) Duties of Consumer Financial Protection Agency.--The Consumer 
Financial Protection Agency shall--
            ``(1) review the regulations identified by the Comptroller 
        of the Currency, the National Credit Union Administration, and 
        the Director of the Office of Thrift Supervision (as those 
        regulations exist on the designated transfer date, as 
        determined in section 1062 of the Consumer Financial Protection 
        Agency Act of 2009) as applicable under paragraphs (1), (2), 
        and (3) of subsection (a);
            ``(2) determine whether such regulations are fair and not 
        deceptive and otherwise meet the objectives of title I of the 
        Consumer Financial Protection Agency Act of 2009; and
            ``(3) prescribe regulations under subsection (a)(4) after 
        the designated transfer date, as determined under such Act.''.
    (d) Effective Date and Scope of Application.--
            (1) Effective date.--This section shall take effect on the 
        designated transfer date.
            (2) Scope of application.--The amendments made by 
        subsection (a) shall not affect any transaction covered by the 
        Alternative Mortgage Transaction Parity Act of l982 which is 
        entered into on or before the designated transfer date.

SEC. 184. AMENDMENTS TO THE CONSUMER CREDIT PROTECTION ACT.

    (a) Truth in Lending Act.--
            (1) Section 103.--Section 103 of the Truth in Lending Act 
        (15 U.S.C. 1602) is amended by striking subsection (b) and 
        inserting the following new subsection:
    ``(b) Agency Definitions.--
            ``(1) Board.--The term `Board' means the `Board of 
        Governors of the Federal Reserve System'.
            ``(2) Agency.--The term `Agency' means the Consumer 
        Financial Protection Agency.''.
            (2) Universal amendment relating to board of governors of 
        the federal reserve system.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the Truth in Lending Act (15 U.S.C. 1601 et seq.) 
                is amended by striking ``Board'' each place such term 
                appears, including in chapters 4 and 5 relating to 
                credit billing and consumer leases, and inserting 
                ``Agency''.
                    (B) Exceptions.--The amendment described in 
                subparagraph (A) shall not apply to sections 108(a) (as 
                amended by paragraph (4)) and 140(d)) or any reference 
                in either such section to the term ``Board''.
            (3) Section 105.--Section 105(b) of the Truth in Lending 
        Act (15 U.S.C. 1604(b)) is amended by striking the first 
        sentence and inserting the following: ``The Agency shall 
        publish a single, integrated disclosure for mortgage loan 
        transactions, including real estate settlement cost statements, 
        which include the disclosure requirements of this title, in 
        conjunction with the disclosure requirements of the Real Estate 
        Settlement Procedures Act that, taken together, may apply to 
        transactions subject to both or either law. The purpose of such 
        model disclosure shall be to facilitate compliance with the 
        disclosure requirements of those titles, and to aid the 
        borrower or lessee in understanding the transaction by 
        utilizing readily understandable language to simplify the 
        technical nature of the disclosures.''.
            (4) Section 108.--Section 108 of the Truth in Lending Act 
        (15 U.S.C. 1607) is amended--
                    (A) by striking subsection (a) and inserting the 
                following new subsection:
    ``(a) Enforcing Agencies.--Subject to section 1022 of the Consumer 
Financial Protection Agency Act of 2009, compliance with the 
requirements imposed under this title shall be enforced as follows:
            ``(1) Under section 8 of the Federal Deposit Insurance Act, 
        in the case of--
                    ``(A) national banks, and Federal branches and 
                Federal agencies of foreign banks, by the head of the 
                agency responsible for chartering and regulating 
                national banks;
                    ``(B) member banks of the Federal Reserve System 
                (other than national banks), branches and agencies of 
                foreign banks (other than Federal branches, Federal 
                agencies, and insured State branches of foreign banks), 
                commercial lending companies owned or controlled by 
                foreign banks, and organizations operating under 
                section 25 or 25(a) of the Federal Reserve Act, by the 
                Board;
                    ``(C) depository institution insured by the Federal 
                Deposit Insurance Corporation (other than members of 
                the Federal Reserve System, Federal savings 
                associations, and savings and loan holding companies) 
                and insured State branches of foreign banks, by the 
                Board of Directors of the Federal Deposit Insurance 
                Corporation; and
                    ``(D) Federal savings associations and savings and 
                loan holding companies, by the Director of the Office 
                of Thrift Supervision.
            ``(2) Under subtitle E of the Consumer Financial Protection 
        Agency Act of 2009, by the Agency in the case of a covered 
        person under that Act.
            ``(3) Under the Federal Credit Union Act, by the head of 
        the agency responsible for chartering and regulating Federal 
        credit unions.
            ``(4) Under the Federal Aviation Act of 1958, by the 
        Secretary of Transportation with respect to any air carrier or 
        foreign air carrier subject to that Act.
            ``(5) Under the Packers and Stockyards Act, 1921 (except as 
        provided in section 406 of that Act), by the Secretary of 
        Agriculture with respect to any activities subject to that Act.
            ``(6) Under the Farm Credit Act of 1971, by the Farm Credit 
        Administration with respect to any Federal land bank, Federal 
        land bank association, Federal intermediate credit bank, or 
        production credit association.''; and
                    (B) by striking subsection (c) and inserting the 
                following new subsection:
    ``(c) Overall Enforcement Authority of the Federal Trade 
Commission.--Except to the extent that enforcement of the requirements 
imposed under this title is specifically committed to some other 
Government agency under subsection (a) and subject to section 1022 of 
the Consumer Financial Protection Agency Act of 2009, the Federal Trade 
Commission shall enforce such requirements. For the purpose of the 
exercise by the Federal Trade Commission of its functions and powers 
under the Federal Trade Commission Act, a violation of any requirement 
imposed under this title shall be deemed a violation of a requirement 
imposed under that Act. All of the functions and powers of the Federal 
Trade Commission under the Federal Trade Commission Act are available 
to the Commission to enforce compliance by any person with the 
requirements under this title, irrespective of whether that person is 
engaged in commerce or meets any other jurisdictional tests in the 
Federal Trade Commission Act.''.
            (5) Universal amendment relating to the federal trade 
        commission.--
                    (A) In general.--Except as provided in subparagraph 
                (B), the Truth in Lending Act (15 U.S.C. 1601 et seq.) 
                is amended by striking ``Federal Trade Commission'' 
                each place such term appears and inserting ``Agency''.
                    (B) Exceptions.--The amendment described in 
                subparagraph (A) shall not apply to sections 108(c) (as 
                amended by paragraph (4)) and 129(m) (as amended by 
                paragraph (7)) or any reference in either such section 
                to the term ``Federal Trade Commission''.
            (6) Section 127.--Subparagraph (C) of section 127(b)(11) of 
        the Truth in Lending Act (15 U.S.C. 1637(b)(11)) is amended to 
        read as follows:
                    ``(C) Notwithstanding subparagraphs (A) and (B), in 
                the case of a creditor with respect to which compliance 
                with this title is enforced by the Agency, the 
                following statement, in a prominent location on the 
                front of the billing statement, disclosed clearly and 
                conspicuously: `Minimum Payment Warning: Making only 
                the required minimum payment will increase the interest 
                you pay and the time it takes to repay your balance. 
                For example, making only the typical 5 percent minimum 
                monthly payment on a balance of $300 at an interest 
                rate of 17 percent would take 24 months to repay the 
                balance in full. For an estimate of the time it would 
                take to repay your balance, making only minimum monthly 
                payments, call the Consumer Financial Protection Agency 
                at this toll-free number: _________ [the blank space to 
                be filled in by the creditor].' A creditor who is 
                subject to this subparagraph shall not be subject to 
                subparagraph (A) or (B).''.
            (7) Section 129.--Section 129(m) of the Truth in Lending 
        Act (15 U.S.C. 1639(m)) is amended to read as follows:
    ``(m) Civil Penalties in Federal Trade Commission Enforcement 
Actions.--For purposes of enforcement by the Federal Trade Commission, 
any violation of a regulation issued by the Agency pursuant to 
subsection (l)(2) of this section shall be treated as a violation of a 
rule promulgated under section 18 of the Federal Trade Commission Act 
(15 U.S.C. 57a) regarding unfair or deceptive acts or practices.''.
    (b) Fair Credit Reporting Act.--
            (1) Section 603.--Section 603 of the Fair Credit Reporting 
        Act (15 U.S.C. 1681a) is amended--
                    (A) by redesignating subsections (w) and (x) as 
                subsections (x) and (y), respectively; and
                    (B) by inserting after subsection (v) the following 
                new subsection:
    ``(w) Agency.--The term `Agency' means the Consumer Financial 
Protection Agency.''.
            (2) Universal amendments relating to the federal trade 
        commission.--Other than in connection with the amendment made 
        by paragraph (7)(A), the Fair Credit Reporting Act (15 U.S.C. 
        1681a) is amended--
                    (A) by striking ``Federal Trade Commission'' each 
                place such term appears and inserting ``Agency'';
                    (B) by striking ``Commission'' each place such term 
                appears (other than in connection with the term amended 
                in subparagraph (A)) and inserting ``Agency''; and
                    (C) by striking ``Federal banking agencies, the 
                National Credit Union Administration, and the 
                Commission shall jointly'' each place such term appears 
                in sections 605(h)(2), 615(e)(1), 623(a)(8)(A), 
                623(e)(1), 628(a)(1), and 628(a)(3) and inserting 
                ``Agency shall''.
            (3) Section 603.--Section 603(k)(2) of the Fair Credit 
        Reporting Act (15 U.S.C. 1681a(k)(2)) is amended by striking 
        ``Board of Governors of the Federal Reserve System'' and 
        inserting ``Agency''.
            (4) Section 604.--Subsection 604(g) of the Fair Credit 
        Reporting Act (15 U.S.C. 1681b(g)) is amended--
                    (A) by striking subparagraph (C) of paragraph (3) 
                and inserting the following new subsections:
                    ``(C) as otherwise determined to be necessary and 
                appropriate, by regulation or order and subject to 
                paragraph (6), by the Agency (with respect to any 
                covered person subject to the jurisdiction of such 
                agency under paragraph (2) of section 621(b)), or the 
                applicable State insurance authority (with respect to 
                any person engaged in providing insurance or 
                annuities).'';
                    (B) by striking paragraph (5) and inserting the 
                following new paragraph:
            ``(5) Regulations and effective date for paragraph (2).--
                    ``(A) Regulations required.--The Agency may, after 
                notice and opportunity for comment, prescribe 
                regulations that permit transactions under paragraph 
                (2) that are determined to be necessary and appropriate 
                to protect legitimate operational, transactional, risk, 
                consumer, and other needs (and which shall include 
                permitting actions necessary for administrative 
                verification purposes), consistent with the intent of 
                paragraph (2) to restrict the use of medical 
                information for inappropriate purposes.''; and
                    (C) by striking paragraph (6).
            (5) Section 611.--Subsection 611(e)(2) of the Fair Credit 
        Reporting Act (15 U.S.C.1681i(e)(2)) is amended to read as 
        follows:
            ``(2) Exclusion.--Complaints received or obtained by the 
        Agency pursuant to its investigative authority under the 
        Consumer Financial Protection Agency Act of 2009 shall not be 
        subject to paragraph (1).''.
            (6) Section 615.--Subparagraph 615(h)(6)(A) of the Fair 
        Credit Reporting Act (15 U.S.C. 1681m(h)(6)(A)) is amended to 
        read as follows:
                    ``(A) Rules required.--The Agency shall prescribe 
                rules.''.
            (7) Section 621.--Section 621 of the Fair Credit Reporting 
        Act (15 U.S.C. 1681s) is amended--
                    (A) by striking subsection (a) and inserting the 
                following new subsection:
    ``(a) Enforcement by Federal Trade Commission.--
            ``(1) In general.--Subject to section 1022 of the Consumer 
        Financial Protection Agency Act of 2009, compliance with the 
        requirements imposed under this title shall be enforced under 
        the Federal Trade Commission Act by the Federal Trade 
        Commission with respect to consumer reporting agencies and all 
        other persons subject thereto, except to the extent that 
        enforcement of the requirements imposed under this title is 
        specifically committed to some other government agency under 
        subsection (b) hereof. For the purpose of the exercise by the 
        Federal Trade Commission of its functions and powers under the 
        Federal Trade Commission Act, a violation of any requirement or 
        prohibition imposed under this title shall constitute an unfair 
        or deceptive act or practice in commerce in violation of 
        section 5(a) of the Federal Trade Commission Act and shall be 
        subject to enforcement by the Federal Trade Commission under 
        section 5(b) of such Act with respect to any consumer reporting 
        agency or person subject to enforcement by the Federal Trade 
        Commission pursuant to this subsection, irrespective of whether 
        that person is engaged in commerce or meets any other 
        jurisdictional tests in the Federal Trade Commission Act. The 
        Federal Trade Commission shall have such procedural, 
        investigative, and enforcement powers (subject to section 1022 
        of the Consumer Financial Protection Agency Act of 2009), 
        including the power to issue procedural rules in enforcing 
        compliance with the requirements imposed under this title and 
        to require the filing of reports, the production of documents, 
        and the appearance of witnesses as though the applicable terms 
        and conditions of the Federal Trade Commission Act were part of 
        this title. Any person violating any of the provisions of this 
        title shall be subject to the penalties and entitled to the 
        privileges and immunities provided in the Federal Trade 
        Commission Act as though the applicable terms and provisions 
        thereof were part of this title.
            ``(2) Civil money penalties.--
                    ``(A) In general.--Subject to section 1022 of the 
                Consumer Financial Protection Agency Act of 2009, in 
                the event of a knowing violation, which constitutes a 
                pattern or practice of violations of this title, the 
                Commission may commence a civil action to recover a 
                civil penalty in a district court of the United States 
                against any person that violates this title. In such 
                action, such person shall be liable for a civil penalty 
                of not more than $2,500 per violation.
                    ``(B) Factors in determining amount.--In 
                determining the amount of a civil penalty under 
                subparagraph (A), the court shall take into account the 
                degree of culpability, any history of prior such 
                conduct, ability to pay, effect on ability to continue 
                to do business, and such other matters as justice may 
                require.
            ``(3) Exception.--Notwithstanding paragraph (2), a court 
        may not impose any civil penalty on a person for a violation of 
        section 623(a)(1) unless the person has been enjoined from 
        committing the violation, or ordered not to commit the 
        violation, in an action or proceeding brought by or on behalf 
        of the Federal Trade Commission, and has violated the 
        injunction or order, and the court may not impose any civil 
        penalty for any violation occurring before the date of the 
        violation of the injunction or order.'';
                    (B) by striking subsection (b) and inserting the 
                following new subsection:
    ``(b) Enforcement by Other Agencies.--Subject to section 1022 of 
the Consumer Financial Protection Agency Act of 2009, compliance with 
the requirements imposed under this title with respect to consumer 
reporting agencies, persons who use consumer reports from such 
agencies, persons who furnish information to such agencies, and users 
of information that are subject to subsection (d) of section 615 shall 
be enforced as follows:
            ``(1) Under section 8 of the Federal Deposit Insurance Act, 
        in the case of--
                    ``(A) national banks, and Federal branches and 
                Federal agencies of foreign banks, by the head of the 
                agency responsible for chartering and regulating 
                national banks;
                    ``(B) member banks of the Federal Reserve System 
                (other than national banks), branches and agencies of 
                foreign banks (other than Federal branches, Federal 
                agencies, and insured State branches of foreign banks), 
                commercial lending companies owned or controlled by 
                foreign banks, and organizations operating under 
                section 25 or 25A of the Federal Reserve Act, by the 
                Board of Governors of the Federal Reserve System;
                    ``(C) banks insured by the Federal Deposit 
                Insurance Corporation (other than members of the 
                Federal Reserve System, Federal savings associations, 
                and savings and loan holding companies) and insured 
                State branches of foreign banks, by the Board of 
                Directors of the Federal Deposit Insurance Corporation; 
                and
                    ``(D) Federal savings associations and savings and 
                loan holding companies, by the Director of the Office 
                of Thrift Supervision.
            ``(2) Under subtitle E of the Consumer Financial Protection 
        Agency Act of 2009, by the Agency in the case of a covered 
        person under that Act.
            ``(3) Under the Federal Credit Union Act, by the National 
        Credit Union Administration Board with respect to any Federal 
        credit union.
            ``(4) Under subtitle IV of title 49, United States Code, by 
        the Secretary of Transportation, with respect to all carriers 
        subject to the jurisdiction of the Surface Transportation 
        Board.
            ``(5) Under the Federal Aviation Act of 1958, by the 
        Secretary of Transportation with respect to any air carrier or 
        foreign air carrier subject to that Act.
            ``(6) Under the Packers and Stockyards Act, 1921 (except as 
        provided in section 406 of that Act), by the Secretary of 
        Agriculture with respect to any activities subject to that Act.
Any term used in paragraph (1) that is not defined in this title or 
otherwise defined in section 3(s) of the Federal Deposit Insurance Act 
shall have the meaning given to such term in section 1(b) of the 
International Banking Act of 1978.'';
                    (C) by striking subsection (e) and inserting the 
                following new subsection:
    ``(e) Regulatory Authority.--The Agency shall prescribe such 
regulations as necessary to carry out the purposes of this Act with 
respect to a covered person described in subsection (b)''; and
                    (D) in the heading of subsection (g) by striking 
                ``FTC''.
            (8) Section 623.--Section 623 of the Fair Credit Reporting 
        Act (15 U.S.C. 1681s-2) is amended--
                    (A) by amending subparagraph (a)(7)(D) to read as 
                follows:
                    ``(D) Model disclosure.--
                            ``(i) Duty of agency to prepare.--The 
                        Agency shall prescribe a brief model disclosure 
                        a financial institution may use to comply with 
                        subparagraph (A), which shall not exceed 30 
                        words.
                            ``(ii) Use of model not required.--No 
                        provision of this paragraph shall be construed 
                        as requiring a financial institution to use any 
                        such model form prescribed by the Agency.
                            ``(iii) Compliance using model.--A 
                        financial institution shall be deemed to be in 
                        compliance with subparagraph (A) if the 
                        financial institution uses any such model form 
                        prescribed by the Agency, or the financial 
                        institution uses any such model form and 
                        rearranges its format.''.
                    (B) by amending subsection (e) to read as follows:
    ``(e) Accuracy Guidelines and Regulations Required.--
            ``(1) Guidelines.--The Agency shall, with respect to the 
        entities that are subject to its enforcement authority under 
        section 621--
                    ``(A) establish and maintain guidelines for use by 
                each person that furnishes information to a consumer 
                reporting agency regarding the accuracy and integrity 
                of the information relating to consumers that such 
                entities furnish to consumer reporting agencies, and 
                update such guidelines as often as necessary; and
                    ``(B) prescribe regulations requiring each person 
                that furnishes information to a consumer reporting 
                agency to establish reasonable policies and procedures 
                or implementing the guidelines established pursuant to 
                subparagraph (A).
            ``(2) Criteria.--In developing the guidelines required by 
        paragraph (1)(A), the Agency shall--
                    ``(A) identify patterns, practices, and specific 
                forms of activity that can compromise the accuracy and 
                integrity of information furnished to consumer 
                reporting agencies;
                    ``(B) review the methods (including technological 
                means) used to furnish information relating to 
                consumers to consumer reporting agencies;
                    ``(C) determine whether persons that furnish 
                information to consumer reporting agencies maintain and 
                enforce policies to ensure the accuracy and integrity 
                of information furnished to consumer reporting 
                agencies; and
                    ``(D) examine the policies and processes that 
                persons that furnish information to consumer reporting 
                agencies employ to conduct reinvestigations and correct 
                inaccurate information relating to consumers that has 
                been furnished to consumer reporting agencies.''
    (c) Equal Credit Opportunity Act.--
            (1) Section 701.--Section 701 of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691) is amended by striking 
        ``Board'' each place such term appears and inserting 
        ``Agency''.
            (2) Section 702.--Section 702(c) of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691a) is amended to read as 
        follows:
    ``(c) The term `Agency' means the Consumer Financial Protection 
Agency.''.
            (3) Section 703.--Section 703 of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691b) is amended--
                    (A) by striking subsection (b);
                    (B) by redesignating paragraphs (1), (2), (3), (4), 
                and (5) of subsection (a) as subsections (a), (b), (c), 
                (d), and (e), respectively;
                    (C) in subsection (c) (as so redesignated)--
                            (i) by striking ``paragraph (2)'' and 
                        inserting ``subsection (b)''; and
                            (ii) by striking ``such paragraph'' and 
                        inserting ``such subsection;''
                    (D) in subsection (d) (as so redesignated)--
                            (i) by striking ``subsection'' and 
                        inserting ``section'''
                            (ii) by striking ``Act'' and inserting 
                        ``title''; and
                            (iii) by striking ``this paragraph'' and 
                        inserting ``this subsection''; and
                    (E) by striking ``Board'' each place such term 
                appears in such section and inserting ``Agency''.
            (4) Section 704.--Section 704 of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691c) is amended--
                    (A) in subsection (a)--
                            (i) in the matter preceding paragraph (1), 
                        by striking ``Compliance'' and inserting 
                        ``Subject to section 1022 of the Consumer 
                        Financial Protection Agency Act of 2009, 
                        compliance'';
                            (ii) in paragraph (1)(A), by striking 
                        ``Office of the Comptroller of the Currency'' 
                        and inserting ``head of the agency responsible 
                        for chartering and regulating national banks'';
                            (iii) in paragraph (1)(B), by striking 
                        ``and'' after the semicolon;
                            (iv) in paragraph (1)(C), by inserting 
                        ``and'' after the semicolon;
                            (v) by inserting after subparagraph (C) of 
                        paragraph (1) the following new subparagraph:
                    ``(D) savings associations and savings and loan 
                holding companies by the Director of the Office of 
                Thrift Supervision;''; and
                            (vi) by amending paragraph (2) to read as 
                        follows:
            ``(2) Subtitle E of the Consumer Financial Protection 
        Agency Act of 2009, by the Agency in case of a covered person 
        under that Act.'';
                    (B) by striking subsection (c) and inserting the 
                following new subsection:
    ``(c) Overall Enforcement Authority of Federal Trade Commission.--
Except to the extent that enforcement of the requirements imposed under 
this title is specifically committed to some other Government agency 
under subsection (a) and subject to section 1022 of the Consumer 
Financial Protection Agency Act of 2009, the Federal Trade Commission 
shall enforce such requirements. For the purpose of the exercise by the 
Federal Trade Commission of its functions and powers under the Federal 
Trade Commission Act, a violation of any requirement imposed under this 
title shall be deemed a violation of a requirement imposed under that 
Act. All of the functions and powers of the Federal Trade Commission 
under the Federal Trade Commission Act are available to the Commission 
to enforce compliance by any person with the requirements imposed under 
this title, irrespective of whether that person is engaged in commerce 
or meets any other jurisdictional tests in the Federal Trade Commission 
Act, including the power to enforce any rule prescribed by the Agency 
under this title in the same manner as if the violation had been a 
violation of a Federal Trade Commission trade regulation rule.''; and
                    (C) in subsection (d), by striking ``Board'' and 
                inserting ``Agency''.
            (5) Section 704a.--Section 704A(a)(1) of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691c-1(a)(1)) is amended in by 
        striking ``Board'' and inserting ``Agency''.
            (6) Section 705.--Section 705 of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691d) is amended--
                    (A) in subsection (f), by striking ``Board'' each 
                place such term appears and inserting ``Agency''; and
                    (B) in subsection (g), by striking ``Board'' and 
                inserting ``Agency''.
            (7) Section 706.--Section 706(e) of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691e(e)) is amended--
                    (A) by striking ``Board'' each place such term 
                appears and inserting ``Agency''; and
                    (B) by striking ``Federal Reserve System'' and 
                inserting ``Consumer Financial Protection Agency''.
            (8) Section 707.--Section 707 of the Equal Credit 
        Opportunity Act (15 U.S.C. 1691f) is amended by striking 
        ``Board'' each place such term appears and inserting 
        ``Agency''.
    (d) Fair Debt Collection Practices Act.--
            (1) Section 803.--Section 803 of the Fair Debt Collection 
        Practices Act (15 U.S.C. 1692a) is amended--
                    (A) by redesignating paragraphs (1), (2), (3), (4), 
                (5), (6), (7), and (8) as paragraphs (2), (3), (4), 
                (5), (6), (7), (8), and (9), respectively; and
                    (B) by inserting before paragraph (2) (as so 
                redesignated) the following new paragraph:
            ``(1) The term `Agency' means the Consumer Financial 
        Protection Agency.''.
            (2) Section 813.--Section 813(e) of the Fair Debt 
        Collection Practices Act (15 U.S.C. 1692k(e)) is amended by 
        striking ``Commission'' and inserting ``Agency''.
            (3) Section 814.--Section 814 of the Fair Debt Collection 
        Practices Act (15 U.S.C. 1692l) is amended--
                    (A) by striking subsection (a) and inserting the 
                following new subsection:
    ``(a) Federal Trade Commission.--Subject to section 1022 of the 
Consumer Financial Protection Agency Act of 2009, compliance with this 
title shall be enforced by the Commission, except to the extent that 
enforcement of the requirements imposed under this title is 
specifically committed to another agency under subsection (b). For 
purpose of the exercise by the Commission of its functions and powers 
under the Federal Trade Commission Act, a violation of this title shall 
be deemed an unfair or deceptive act or practice in violation of that 
Act. All of the functions and powers of the Commission under the 
Federal Trade Commission Act are available to the Commission to enforce 
compliance by any person with this title, irrespective of whether that 
person is engaged in commerce or meets any other jurisdictional tests 
in the Federal Trade Commission Act, including the power to enforce the 
provisions of this title in the same manner as if the violation had 
been a violation of a Federal Trade Commission trade regulation 
rule.'';
                    (B) in subsection (b)--
                            (i) in the matter preceding paragraph (1), 
                        by striking ``Compliance'' and inserting 
                        ``Subject to section 1022 of the Consumer 
                        Financial Protection Agency Act of 2009, 
                        compliance''.
                            (ii) in paragraph (1)(A), by striking 
                        ``Office of the Comptroller of the Currency;'' 
                        and inserting ``head of the agency responsible 
                        for chartering and regulating national banks'';
                            (iii) in paragraph (1)(B), by striking 
                        ``and'' after the semicolon;
                            (iv) in paragraph (1)(C), by inserting 
                        ``and'' after the semicolon;
                            (v) by inserting after subparagraph (C) of 
                        paragraph (1) the following new subparagraph:
                    ``(D) savings associations and savings and loan 
                holding companies by the Director of the Office of 
                Thrift Supervision;''; and
                            (vi) by striking paragraph (2) and 
                        inserting the following new paragraph:
            ``(2) subtitle E of the Consumer Financial Protection 
        Agency Act of 2009 by the Agency in the case of a covered 
        person under the Act''; and
                    (C) in subsection (d), by striking ``Commission'' 
                and inserting ``Agency''.
            (4) Section 815.--Section 815 (15 U.S.C. 1692m) is amended 
        by striking ``Commission'' each place such term appears and 
        inserting ``Agency''.
            (5) Section 817.--Section 817 (15 U.S.C. 1692o) is amended 
        by striking ``Commission'' each place such term appears and 
        inserting ``Agency''.
    (e) Electronic Fund Transfer Act.--
            (1) Section 903.--Section 903 of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693a) is amended--
                    (A) by striking paragraph (3) and inserting the 
                following new paragraph:
            ``(3) the term `Agency' means the Consumer Financial 
        Protection Agency;''; and
                    (B) in paragraph (6), by striking ``Board'' and 
                inserting ``Agency''.
            (2) Section 904.--Section 904 of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693b) is amended by striking ``Board'' 
        each place such term appears and inserting ``Agency''.
            (3) Section 905.--Section 905 of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693c) is amended by striking ``Board'' 
        each place such term appears and inserting ``Agency''.
            (4) Section 906.--Section 906(b) of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693d(b)) is amended by striking 
        ``Board'' and inserting ``Agency''.
            (5) Section 907.--Section 907(b) of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693e(b)) is amended by striking 
        ``Board'' and inserting ``Agency''.
            (6) Section 908.--Section 908(f)(7) of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693f(f)(7)) is amended by striking 
        ``Board'' and inserting ``Agency''.
            (7) Section 910.--Section 910(a)(1)(E) of the Electronic 
        Fund Transfer Act (15 U.S.C. 1693h(a)(1)(E)) is amended by 
        striking ``Board'' and inserting ``Agency''.
            (8) Section 911.--Section 911(b)(3) of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693i(b)(3) is amended by striking 
        ``Board'' and inserting ``Agency''.
            (9) Section 915.--Section 915(d) of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693m(d)) is amended--
                    (A) by striking ``Board'' each place such term 
                appears and inserting ``Agency''; and
                    (B) by striking ``Federal Reserve System'' and 
                inserting ``Consumer Financial Protection Agency''.
            (10) Section 917.--Section 917 of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693o) is amended--
                    (A) in subsection (a)--
                            (i) by striking ``Compliance'' and 
                        inserting ``Subject to section 1022 of the 
                        Consumer Financial Protection Agency Act of 
                        2009, compliance'';
                            (ii) in paragraph (1)(A), by striking 
                        ``Office of the Comptroller of the Currency'' 
                        and inserting ``head of the agency responsible 
                        for chartering and regulating national banks''; 
                        and
                            (iii) by striking paragraph (2) and 
                        inserting:
            ``(2) subtitle E of the Consumer Financial Protection 
        Agency Act of 2009, by the Agency in the case of a covered 
        person under that Act.''; and
                    (B) by striking subsection (c) and inserting the 
                following new subsection:
    ``(c) Overall Enforcement Authority of the Federal Trade 
Commission.--Except to the extent that enforcement of the requirements 
imposed under this title is specifically committed to some other 
Government agency under subsection (a) and subject to section 1022 of 
the Consumer Financial Protection Agency Act of 2009, the Federal Trade 
Commission shall enforce such requirements. For the purpose of the 
exercise by the Federal Trade Commission of its functions and powers 
under the Federal Trade Commission Act, a violation of any requirement 
imposed under this title shall be deemed a violation of a requirement 
imposed under that Act. All of the functions and powers of the Federal 
Trade Commission under the Federal Trade Commission Act are available 
to the Commission to enforce compliance by any person subject to the 
jurisdiction of the Commission with the requirements imposed under this 
title, irrespective of whether that person is engaged in commerce or 
meets any other jurisdictional tests in the Federal Trade Commission 
Act.''.
            (11) Section 918.--Section 918 of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693p) is amended by striking ``Board'' 
        each place such term appears and inserting ``Agency''.
            (12) Section 919.--Section 919 of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693q) is amended by striking ``Board'' 
        each place such term appears and inserting ``Agency''.
            (13) Section 920.--Section 920 of the Electronic Fund 
        Transfer Act (15 U.S.C. 1693r) is amended by striking ``Board'' 
        each place such term appears and inserting ``Agency''.
    (f) Amendments to HOEPA Relating to the Truth in Lending Act.--
Section 158 of the Home Ownership and Equity Protection Act of 1994 (15 
U.S.C. 1601 nt.) (relating to hearings on home equity lending) is 
amended--
            (1) in subsection (a), by striking ``Board of Governors of 
        the Federal Reserve System, in consultation with the Consumer 
        Advisory Council of the Board,'' and inserting ``Consumer 
        Financial Protection Agency, in consultation with the Advisory 
        Board to the Agency''; and
            (2) in subsection (b), by striking ``Board of Governors of 
        the Federal Reserve System'' and inserting ``Consumer Financial 
        Protection Agency''.
    (g) Amendment to the Fair and Accurate Credit Transactions Act of 
2003 Relating to the Fair Credit Reporting Act.--Section 214(b)(1) of 
the Fair and Accurate Credit Transactions Act of 2003 (15 U.S.C. 1681s-
3 nt.) is amended by striking ``The Federal banking agencies, the 
National Credit Union Administration, and the Commission, with respect 
to the entities that are subject to their respective enforcement 
authority under section 621 of the Fair Credit Reporting Act and'' and 
inserting ``The Consumer Financial Protection Agency, with respect to a 
person subject to the enforcement authority of the Agency, and''.

SEC. 185. AMENDMENTS TO THE EXPEDITED FUNDS AVAILABILITY ACT.

    (a) Section 605.--Section 605(f)(1) of the Expedited Funds 
Availability Act (12 U.S.C. 4004(f)(1)) is amended by inserting ``, in 
consultation with the Director of the Consumer Financial Protection 
Agency,''after ``Board''.
    (b) Section 609.--Section 609(a) of the Expedited Funds 
Availability Act (12 U.S.C. 4008(a)) is amended by inserting ``, in 
consultation with the Director of the Consumer Financial Protection 
Agency,''after ``Board''.

SEC. 186. AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.

    (a) Section 8.--Section 8(t) the Federal Deposit Insurance Act (12 
U.S.C. 1818(t)) is amended by adding at the end the following new 
paragraph:
            ``(6) Referral to consumer financial protection 
        commission.--Each appropriate Federal banking agency shall make 
        a referral to the Consumer Financial Protection Agency when the 
        Federal banking agency has a reasonable belief that a violation 
        of an enumerated consumer law, as defined in section 1022(e)(2) 
        of the Consumer Financial Protection Agency Act of 2009, by any 
        insured depository institution or institution-affiliated party 
        within the jurisdiction of that appropriate Federal banking 
        agency.''.
    (b) Section 43.--Section 43 of the Federal Deposit Insurance Act 
(12 U.S.C. 1831t) is amended--
            (1) in subsection (c), by striking ``Federal Trade 
        Commission'' and inserting ``Agency'';
            (2) in subsection (d), by striking ``Federal Trade 
        Commission'' and inserting ``Agency'';
            (3) in subsection (e)--
                    (A) in paragraph (1), by striking ``Federal Trade 
                Commission'' and inserting ``Agency''; and
                    (B) by adding at the end the following new 
                paragraph:
            ``(5) Agency.--The term `Agency' means the Consumer 
        Financial Protection Agency.''.
    (e) Section 43(f).--Section 43(f) of the Federal Deposit Insurance 
Act (12 U.S.C. 1831t(f)) is amended--
            (1) by striking paragraph (1) and inserting the following 
        new paragraph:
            ``(1) Limited enforcement authority.--Compliance with the 
        requirements of subsections (b), (c) and (e), and any 
        regulation prescribed or order issued under such subsection, 
        shall be enforced under the Consumer Financial Protection 
        Agency Act of 2009 by the Agency.''; and
            (2) in paragraph (2), by striking subparagraph (C) and 
        inserting the following new subparagraph:
                    ``(C) Limitation on state action while federal 
                action pending.--If the Agency has instituted an 
                enforcement action for a violation of this section, no 
                appropriate State supervisory may, during the pendency 
                of such action, bring an action under this section 
                against any defendant named in the complaint of the 
                Agency for any violation of this section that is 
                alleged in that complaint.''.

SEC. 187. AMENDMENTS TO THE GRAMM-LEACH-BLILEY ACT.

    (a) Section 504.--Section 504(a)(1) of the Gramm-Leach-Bliley Act 
(15 U.S.C. 6804(a)(1)) is amended--
            (1) by striking ``The Federal banking agencies, the 
        National Credit Union Administration, the Secretary of the 
        Treasury,'' and inserting ``The Consumer Financial Protection 
        Agency and''; and
            (2) by striking ``, and the Federal Trade Commission''.
    (b) Section 505.--
            (1) Section 505(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 
        6805(a)) is amended--
                    (A) in the matter preceding paragraph (1), by 
                striking ``This subtitle and the regulations prescribed 
                thereunder shall be enforced by'' and inserting 
                ``Subject to section 1022 of the Consumer Financial 
                Protection Agency Act of 2009, this subtitle and the 
                regulations prescribed under this title shall be 
                enforced by the Consumer Financial Protection 
                Agency,''; and
                    (B) by inserting after paragraph (7) the following 
                new paragraph:
            ``(8) Under the Consumer Financial Protection Agency Act of 
        2009, by the Consumer Financial Protection Agency in the case 
        of financial institutions and other covered persons subject to 
        the jurisdiction of the Agency under that Act, but not with 
        respect to the standards under section 501.''.
            (2) Section 505(b)(1) of the Gramm-Leach-Bliley Act (15 
        U.S.C. 6805(b)(1)) is amended by inserting ``, other than the 
        Consumer Financial Protection Agency,'' after ``described in 
        subsection (a)''.

SEC. 188. AMENDMENTS TO THE HOME MORTGAGE DISCLOSURE ACT OF 1975.

    (a) Section 303.--Section 303 of the Home Mortgage Disclosure Act 
of 1975 (12 U.S.C. 2802) is amended--
            (1) by redesignating paragraphs (1), (2), (3), (4), (5), 
        and (6) as paragraphs (2), (3), (4), (5), (6), and (7), 
        respectively; and
            (2) by inserting before paragraph (2) (as so redesignated) 
        the following new paragraph:
            ``(1) The term `Agency' means the Consumer Financial 
        Protection Agency.''.
    (b) Universal Amendment Relating to Agency.--Except as provided in 
subsections (c), (d), (e), and (f), the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2801-11) is amended by striking ``Board'' each place 
such term appears and inserting ``Agency''.
    (c) Section 304.--Section 304 of the Home Mortgage Disclosure Act 
of 1975 (12 U.S.C. 2803(h)) is amended--
            (1) in subsection (b)--
                    (A) by striking ``and'' after the semicolon at the 
                end of paragraph (3);
                    (B) by striking ``and gender'' in paragraph (4), 
                and inserting ``age, and gender'';
                    (C) by striking the period at the end of paragraph 
                (4) and inserting a semicolon; and
                    (D) by inserting after paragraph (4) the following 
                new paragraphs:
            ``(5) the number and dollar amount of mortgage loans 
        grouped according to the following measurements:
                    ``(A) the total points and fees payable at 
                origination in connection with the mortgage as 
                determined by the Agency, taking into account 15 U.S.C. 
                1602(aa)(4);
                    ``(B) the difference between the annual percentage 
                rate associated with the loan and a benchmark rate or 
                rates for all loans;
                    ``(C) the term in months of any prepayment penalty 
                or other fee or charge payable on repayment of some 
                portion of principal or the entire principal in advance 
                of scheduled payments; and
                    ``(D) such other information as the Agency may 
                require; and
            ``(6) the number and dollar amount of mortgage loans and 
        completed applications grouped according to the following 
        measurements:
                    ``(A) the value of the real property pledged or 
                proposed to be pledged as collateral;
                    ``(B) the actual or proposed term in months of any 
                introductory period after which the rate of interest 
                may change;
                    ``(C) the presence of contractual terms or proposed 
                contractual terms that would allow the mortgagor or 
                applicant to make payments other than fully-amortizing 
                payments during any portion of the loan term;
                    ``(D) the actual or proposed term in months of the 
                mortgage loan;
                    ``(E) the channel through which application was 
                made, including retail, broker, and other relevant 
                categories;
                    ``(F) as the Agency may determine to be 
                appropriate, a unique identifier that identifies the 
                loan originator as set forth in Section 1503 of the 
                Secure and Fair Enforcement for Mortgage Licensing Act 
                of 2008;
                    ``(G) as the Agency may determine to be 
                appropriate, a universal loan identifier that 
                corresponds to the real property pledged or proposed to 
                be pledged as collateral;
                    ``(H) as the Agency may determine to be 
                appropriate, the parcel number that corresponds to the 
                real property pledged or proposed to be pledged as 
                collateral;
                    ``(I) the credit score of mortgage applicants and 
                mortgagors in such form as the Agency may proscribe; 
                and
                    ``(J) such other information as the Agency may 
                require.'';
            (2) by striking subsection (h) and inserting the following 
        new subsection:
    ``(h) Submission to Agencies.--The data required to be disclosed 
under subsection (b) shall be submitted to the Agency and to the 
appropriate agency for each institution reporting under this title. 
Notwithstanding the requirement of section 304(a)(2)(A) for disclosure 
by census tract, the Agency, in cooperation with other appropriate 
regulators, including--
            ``(1) the head of the agency responsible for chartering and 
        regulating national banks for national banks and Federal 
        branches, Federal agencies of foreign banks, and savings 
        associations;
            ``(2) the Federal Deposit Insurance Corporation for 
        depository institutions insured by the Federal Deposit 
        Insurance Corporation (other than members of the Federal 
        Reserve System, Federal savings associations, and savings and 
        loan holding companies) and insured State branches of foreign 
        banks;
            ``(3) the Director of the Office of Thrift Supervision for 
        Federal savings associations and savings and loan holding 
        companies;
            ``(4) the National Credit Union Administration Board for 
        credit unions; and
            ``(5) the Secretary of Housing and Urban Development for 
        other lending institutions not regulated by the agencies 
        referred to in paragraphs (1) through (4), shall develop 
        regulations prescribing the format for such disclosures, the 
        method for submission of the data to the appropriate regulatory 
        agency, and the procedures for disclosing the information to 
        the public. These regulations shall also require the collection 
        of data required to be disclosed under subsection (b) with 
        respect to loans sold by each institution reporting under this 
        title, and, in addition, shall require disclosure of the class 
        of the purchaser of such loans. Any reporting institution may 
        submit in writing to the Agency or to the appropriate agency 
        such additional data or explanations as it deems relevant to 
        the decision to originate or purchase mortgage loans.'';
            (3) in subsection (i), by striking ``subsection (b)(4)'' 
        and inserting ``paragraphs (4), (5), and (6) of subsections 
        (b)'';
            (4) in subsection (j)--
                    (A) by striking ``(as'' where such term appears in 
                paragraph (1) and inserting ``(containing loan-level 
                and application-level information relating to 
                disclosures required under subsections (a) and (b) and 
                as otherwise'';
                    (B) by striking ``in the format in which such 
                information is maintained by the institution'' where 
                such term appears in paragraph (2)(A), and inserting 
                ``in such formats as the Agency may require'';
                    (C) by inserting ``credit score or similar 
                measurement,'' after ``number,'' where such term 
                appears in paragraph (2)(B)(i); and
                    (D) by striking paragraph (3) and inserting the 
                following new paragraph:
            ``(3) Change of form not required.--A depository 
        institution meets the disclosure requirement of paragraph (1) 
        if the institution provides the information required under such 
        paragraph in such formats as the Agency may require.''; and
            (5) by striking paragraph (2) of subsection (m) and 
        inserting the following new paragraph:
            ``(2) Form of information.--In complying with paragraph 
        (1), a depository institution shall provide the person 
        requesting the information with a copy of the information 
        requested in such formats as the Agency may require.''.
    (d) Section 305.--Section 305 of the Home Mortgage Disclosure Act 
of 1975 (12 U.S.C. 2804) is amended--
            (1) by striking subsection (b) and inserting the following 
        new subsection:
    ``(b) Powers of Certain Other Agencies.--Compliance with the 
requirements imposed under this title shall be enforced under--
            ``(1) section 8 of the Federal Deposit Insurance Act, in 
        the case of--
                    ``(A) national banks, and Federal branches and 
                Federal agencies of foreign banks, by the head of the 
                agency responsible for chartering and regulating 
                national banks;
                    ``(B) member banks of the Federal Reserve System 
                (other than national banks), branches and agencies of 
                foreign banks (other than Federal branches, Federal 
                agencies, and insured State branches of foreign banks), 
                commercial lending companies owned or controlled by 
                foreign banks, and organizations operating under 
                section 25 or 25(a) of the Federal Reserve Act, by the 
                Board;
                    ``(C) depository institutions insured by the 
                Federal Deposit Insurance Corporation (other than 
                members of the Federal Reserve System, Federal savings 
                associations, and savings and loan holding companies) 
                and insured State branches of foreign banks, by the 
                Board of Directors of the Federal Deposit Insurance 
                Corporation; and
                    ``(D) Federal savings associations, and savings and 
                loan holding companies, by the Director of the Office 
                of Thrift Supervision;
            ``(2) subtitle E of the Consumer Financial Protection 
        Agency Act of 2009, by the Agency in the case of a covered 
        person under that Act;
            ``(3) the Federal Credit Union Act, by the Administrator of 
        the National Credit Union Administration with respect to any 
        credit union; and
            ``(4) other lending institutions, by the Secretary of 
        Housing and Urban Development. The terms used in paragraph (1) 
        that are not defined in this title or otherwise defined in 
        section 3(s) of the Federal Deposit Insurance Act (12 U.S.C. 
        1813(s)) shall have the meaning given to them in section 1(b) 
        of the International Banking Act of 1978 (12 U.S.C. 3101).
The terms used in paragraph (1) that are not defined in this title or 
otherwise defined in section 3(s) of the Federal Deposit Insurance Act 
(12 U.S.C. 1813(s)) shall have the meaning given to them in section 
1(b) of the International Banking Act of 1978''; and
            (2) by inserting at the end of section 305 the following 
        new subsection:
    ``(d) Overall Enforcement Authority of the Consumer Financial 
Protection Agency.--Subject to section 1022 of the Consumer Financial 
Protection Agency Act of 2009, enforcement of the requirements imposed 
under this title is committed to each of the agencies under subsection 
(b). The Agency may exercise its authorities under the Consumer 
Financial Protection Agency Act of 2009 to exercise principal authority 
to examine and enforce compliance by any person with the requirements 
under this title.''.
    (e) Section 306.--Subsection 306(b) of the Home Mortgage Disclosure 
Act of 1975 (12 U.S.C. 2805(b)) is amended to read as follows:
    ``(b) The Agency may, by regulation, exempt from the requirements 
of this title any State chartered depository institution within any 
State or subdivision of any state if the Agency determines that, under 
the law of such State or subdivision, that institution is subject to 
requirements substantially similar to those imposed under this title, 
and that such law contains adequate provisions for enforcement. 
Notwithstanding any other provision of this subsection, compliance with 
the requirements imposed under this subsection shall be enforced by the 
head of the agency responsible for chartering and regulating national 
banks under section 8 of the Federal Deposit Insurance Act in the case 
of national banks and savings association the deposits of which are 
insured by the Federal Deposit Insurance Corporation.''.
    (f) Section 307.--Section 307 of the Home Mortgage Disclosure Act 
of 1975 (12 U.S.C. 2806) is amended to read as follows:

``SEC. 307. RESEARCH AND IMPROVED METHODS.

    ``(a) Enhanced Compliance in Economical Manner.--
            ``(1) In general.--The Director of the Consumer Financial 
        Protection Agency, with the assistance of the Secretary, the 
        Director of the Bureau of the Census, the Board of Governors of 
        the Federal Reserve System, the Federal Deposit Insurance 
        Corporation, and such other persons as the Consumer Financial 
        Protection Agency deems appropriate, shall develop or assist in 
        the improvement of, methods of matching addresses and census 
        tracts to facilitate compliance by depository institutions in 
        as economical a manner as possible with the requirements of 
        this title.
            ``(2) Authorization of appropriation.--There is authorized 
        to be appropriated such sums as may be necessary to carry out 
        this subsection.
            ``(3) Authority of agency.--The Director of the Consumer 
        Financial Protection Agency is authorized to utilize, contract 
        with, act through, or compensate any person or agency in order 
        to carry out this subsection.
    ``(b) Recommendations to the Congress.--The Director of the 
Consumer Financial Protection Agency shall recommend to the Committee 
on Financial Services of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate such additional 
legislation as the Director of the Consumer Financial Protection Agency 
deems appropriate to carry out the purpose of this title.''.

SEC. 189. AMENDMENTS TO DIVISION D OF THE OMNIBUS APPROPRIATIONS ACT, 
              2009.

    (a) Section 626(a) of title VI of division D of the Omnibus 
Appropriations Act, 2009 (15 U.S.C. 1638 nt.) (as amended by the Credit 
Card Accountability Responsibility and Disclosure Act of 2009) is 
amended--
            (1) by striking by paragraph (1) and inserting the 
        following new paragraph:
            ``(1) The Consumer Financial Protection Agency shall have 
        authority to prescribe rules with respect to mortgage loans in 
        accordance with section 553 of title 5, United States Code. 
        Such rulemaking shall relate to unfair or deceptive acts or 
        practices regarding mortgage loans, which may include unfair or 
        deceptive acts or practices involving loan modification and 
        foreclosure rescue services. Any violation of a rule prescribed 
        under this subsection shall be treated as a violation of a rule 
        prohibiting unfair, deceptive, or abusive acts or practices 
        under the Consumer Financial Protection Agency Act of 2009.'';
            (2) by striking paragraph (2);
            (3) by striking paragraph (3); and
            (4) by striking paragraph (4) and inserting the following 
        new paragraph:
            ``(2) The Consumer Financial Protection Agency shall 
        enforce the rules issued under paragraph (1) in the same 
        manner, by the same means, and with the same jurisdiction, 
        powers, and duties as though all applicable terms and 
        provisions of the Consumer Financial Protection Agency Act of 
        2009 were incorporated into and made part of this section.''.
    (b) Section 626(b) of title VI of division D of the Omnibus 
Appropriations Act, 2009 (15 U.S.C. 1638 nt.) is amended--
            (1) by striking ``Federal Trade Commission'' and inserting 
        ``Consumer Financial Protection Agency'';
            (2) by striking ``the Commission'' and inserting ``the 
        Consumer Financial Protection Agency''; and
            (3) by striking ``primary Federal regulatory'' and 
        inserting ``Consumer Financial Protection Agency''.

SEC. 190. AMENDMENTS TO THE REAL ESTATE SETTLEMENT PROCEDURES ACT OF 
              1974.

    (a) Section 3.--Section 3 of the Real Estate Settlement Procedures 
Act of 1974 (12 U.S.C. 2602) is amended by adding at the end the 
following new paragraph--
            ``(9) the term `Agency' means the Consumer Financial 
        Protection Agency.''.
    (b) Section 4.--Section 4 of the Real Estate Settlement Procedures 
Act of 1974 (12 U.S.C. 2603) is amended--
            (1) in subsection (a), by striking the first sentence and 
        inserting the following: ``The Agency shall publish a single, 
        integrated disclosure for mortgage loan transactions, including 
        real estate settlement cost statements, which include the 
        disclosure requirements of this title, in conjunction with the 
        disclosure requirements of the Truth in Lending Act (15 U.S.C. 
        1601 note et seq.) that, taken together, may apply to 
        transactions subject to both or either law. The purpose of such 
        model disclosure shall be to facilitate compliance with the 
        disclosure requirements of those titles, and to aid the 
        borrower or lessee in understanding the transaction by 
        utilizing readily understandable language to simplify the 
        technical nature of the disclosures.'';
            (2) by striking ``Secretary'' each place it appears and 
        inserting ``Agency''; and
            (3) by striking ``form'' each place it appears and 
        inserting ``forms''.
    (c) Section 5.--Section 5 of the Real Estate Settlement Procedures 
Act of 1974 (12 U.S.C. 2604) is amended--
            (1) by striking ``Secretary'' each place such term appears, 
        and inserting ``Agency''; and
            (2) by striking the first sentence of subsection (a), and 
        inserting ``The Agency shall prepare and distribute booklets 
        jointly complying with the requirements of the Truth in Lending 
        Act (15 U.S.C. 1601 note et seq.) and the provisions of this 
        title, in order to help persons borrowing money to finance the 
        purchase of residential real estate better to understand the 
        nature and costs of real estate settlement services.''.
    (d) Section 6.--Section 6 of the Real Estate Settlement Procedures 
Act of 1974 (12 U.S.C. 2605) is amended by striking ``Secretary'' and 
inserting ``Agency''; and by striking ``by regulations that shall take 
effect not later than April 20, 1991,''.
    (e) Section 7.--Section 7 of the Real Estate Settlement Procedures 
Act of 1974 (12 U.S.C. 2606) is amended by striking ``Secretary'' and 
inserting ``Agency''.
    (f) Section 8.--Section 8(d)(4) of the Real Estate Settlement 
Procedures Act of 1974 (12 U.S.C. 2607(d)(4)) is amended--
            (1) by striking ``The Secretary,'' and inserting ``The 
        Agency, the Secretary,''; and
            (2) by adding at the end the following new sentence: 
        ``However, to the extent that a Federal law authorizes the 
        Agency and other Federal and State agencies to enforce or 
        administer the law, the Agency shall have primary authority to 
        enforce or administer that Federal law in accordance with 
        section 1022 of the Consumer Financial Protection Agency Act of 
        2009.''.
    (g) Section 10.--Section 10(d) of the Real Estate Settlement 
Procedures Act of 1974 (12 U.S.C. 2609(d)) is amended by striking 
``Secretary'' and inserting ``Agency''.
    (h) Section 16.--Section 16 of the Real Estate Settlement 
Procedures Act of 1974 (12 U.S.C. 2614) is amended by inserting ``the 
Agency,'' before ``the Secretary''.
    (i) Section 18.--Section 18 of the Real Estate Settlement 
Procedures Act of 1974 (12 U.S.C. 2616) is amended by striking 
``Secretary'' and inserting ``Agency''.
    (j) Section 19.--Section 19 of the Real Estate Settlement 
Procedures Act of 1974 (12 U.S.C. 2617) is amended by striking 
``Secretary'' each place where it appears and inserting ``Agency''.

SEC. 191. AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978.

    (a) Amendments to Section 1101.--Section 1101 of the Right to 
Financial Privacy Act of 1978 (12 U.S.C. 3401) is amended--
            (1) by striking paragraph (1) and inserting the following 
        new paragraph:
            ``(1) `financial institution' means any bank, savings 
        association, card issuer as defined in section 103(n) of the 
        Truth in Lending Act, credit union, or consumer finance 
        institution located in any State or territory of the United 
        States, the District of Columbia, Puerto Rico, Guam, American 
        Samoa, or the Virgin Islands;''; and
            (2) in paragraph (7)--
                    (A) by redesignating subparagraphs (F), (G), (H), 
                and (I) as subparagraphs (G), (H), (I), and (J), 
                respectively; and
                    (B) by inserting after subparagraph (E) the 
                following new subparagraph:
                    ``(F) the Consumer Financial Protection Agency;''.
    (b) Amendments to Section 1112.--Section 1112(e) of the Right to 
Financial Privacy Act (12 U.S.C. 3412) is amended by striking ``and the 
Commodity Futures Trading Commission is permitted'' and inserting ``the 
Commodity Futures Trading Commission, and the Consumer Financial 
Protection Agency is permitted''.
    (c) Amendments to Section 1113.--Section 1113 of the Right to 
Financial Privacy Act (12 U.S.C. 3413) is amended by adding at the end 
the following new subsection--
    ``(r) Disclosure to the Consumer Financial Protection Agency.--
Nothing in this chapter shall apply to the examination by or disclosure 
to the Consumer Financial Protection Agency of financial records or 
information in the exercise of its authority with respect to a 
financial institution.''.

SEC. 192. AMENDMENTS TO THE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE 
              LICENSING ACT OF 2008.

    (a) Section 1503.--Section 1503 of the Secure and Fair Enforcement 
for Mortgage Licensing Act of 2008 (12 U.S.C. 5102) is amended--
            (1) by striking paragraph (1) and inserting the following 
        new paragraph:
            ``(1) Agency.--The term `Agency' means the Consumer 
        Financial Protection Agency.''; and
            (2) by striking paragraph (9) and inserting the following 
        new paragraph:
            ``(9) Director.--The term `Director' means the Director of 
        the Consumer Financial Protection Agency.''.
    (b) Universal Amendments Relating to Agency.--The Secure and Fair 
Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.) 
is amended--
            (1) by striking ``a Federal banking agency'' each place 
        such term appears and inserting ``the Agency'';
            (2) by striking ``Federal banking agencies'' each place 
        such term appears and inserting ``Agency''; and
            (3) by striking ``Secretary'' each place such term appears 
        and inserting ``Director''.
    (c) Section 1507.--Section 1507 of the Secure and Fair Enforcement 
for Mortgage Licensing Act of 2008 (12 U.S.C. 5106) is amended--
            (1) in subsection (a)--
                    (A) by striking paragraph (1) and inserting the 
                following new paragraph:
            ``(1) In general.--The Agency shall develop and maintain a 
        system for registering employees of a subsidiary that is owned 
        and controlled by a depository institution, and regulated by 
        the Agency as a registered loan originator with the Nationwide 
        Mortgage Licensing System and Registry. The system shall be 
        implemented before the end of a the 1-year period beginning 
        July 30, 2009.''; and
                    (B) by striking ``appropriate Federal banking 
                agency and the Farm Credit Administration'' where such 
                term appears in paragraph (2) and inserting ``Agency'';
            (2) in subsection (b), by striking ``Federal banking 
        agencies, through the Financial Institutions Examination 
        Council and the Farm Credit Administration'', and inserting 
        ``Agency''; and
            (3) in subsection (c), by striking ``Federal banking 
        agencies'', and inserting ``Agency''.
    (d) Section 1508.--
            (1) In general.--Section 1508 of the Secure and Fair 
        Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5107) 
        is amended by adding at the end the following new subsection--
    ``(f) Regulations.--
            ``(1) In general.--The Agency may prescribe regulations 
        setting minimum net worth or surety bond requirements for 
        residential mortgage loan originators and minimum requirements 
        for recovery funds paid into by loan originators.
            ``(2) Factors taken into account.--Such regulations shall 
        take into account the need to provide originators adequate 
        incentives to originate affordable and sustainable mortgage 
        loans as well as the need to ensure a competitive origination 
        market that maximizes consumers' access to affordable and 
        sustainable mortgage loans.''.
            (2) Clerical amendment.--The heading for section 1508 of 
        the Secure and Fair Enforcement for Mortgage Licensing Act of 
        2008 is amended by striking ``secretary of housing and urban 
        development'' and inserting ``consumer financial protection 
        agency''.
    (e) Section 1510.--Section 1510 of the Secure and Fair Enforcement 
for Mortgage Licensing Act of 2008 (12 U.S.C. 5109) is amended to read 
as follows:

``SEC. 1510. FEES.

    ``The Agency, the Farm Credit Administration, and the Nationwide 
Mortgage Licensing System and Registry may charge reasonable fees to 
cover the costs of maintaining and providing access to information from 
the Nationwide Mortgage Licensing System and Registry, to the extent 
that such fees are not charged to consumers for access to such system 
and registry.''.
    (f) Section 1513.--Section 1513 of the Secure and Fair Enforcement 
for Mortgage Licensing Act of 2008 (12 U.S.C. 5112) is amended to read 
as follows:

``SEC. 1513. LIABILITY PROVISIONS.

    ``The Agency, any State official or agency, or any organization 
serving as the administrator of the Nationwide Mortgage Licensing 
System and Registry or a system established by the Director under 
section 5108 of this title, or any officer or employee of any such 
entity, shall not by subject to any civil action or proceeding for 
monetary damages by reason of the good faith action or omission of any 
officer or employee of any such entity, while acting within the scope 
of office or employment, relating to the collection, furnishing, or 
dissemination of information concerning persons who are loan 
originators or are applying for licensing or registration as loan 
originators.''.
    (g) Section 1514.--The heading for section 1514 of the Secure and 
Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5113) is 
amended by striking ``under hud backup licensing system'' and inserting 
``by the agency''.

SEC. 193. AMENDMENTS TO THE TRUTH IN SAVINGS ACT.

    (a) Section 263.--Section 263 of the Truth in Savings Act (12 
U.S.C. 4302) is amended in subsection (b) by striking ``Board'' each 
place such term appears and inserting ``Agency''.
    (b) Section 265.--Section 265 of the Truth in Savings Act (12 
U.S.C. 4304) is amended by striking ``Board'' each place such term 
appears and inserting ``Agency''.
    (c) Section 266.--Section 266(e) of the Truth in Savings Act is 
amended (12 U.S.C. 4305) by striking ``Board'' and inserting 
``Agency''.
    (d) Section 269.--Section 269 of the Truth in Savings Act (12 
U.S.C. 4308) is amended by striking ``Board'' each place such term 
appears and inserting ``Agency''.
    (e) Section 270.--Section 270 of the Truth in Savings Act (12 
U.S.C. 4309) is amended--
            (1) in subsection (a)--
                    (A) by striking ``Compliance'' and inserting 
                ``Subject to section 1022 of the Consumer Financial 
                Protection Agency Act of 2009, compliance'';
                    (B) by striking subparagraph (A) of paragraph (1) 
                and inserting the following new subparagraph:
                    ``(A) by the head of the agency responsible for 
                chartering and regulating national banks for national 
                banks, and Federal branches and Federal agencies of 
                foreign banks;''; and
                    (C) by adding at the end, the following new 
                paragraph:
            ``(3) subtitle E of the Consumer Financial Protection 
        Agency Act of 2009, by the Agency in the case of a covered 
        person under that Act.''; and
            (2) in subsection (c), by striking ``Board'' and inserting 
        ``Agency''.
    (f) Section 272.--Section 272 of the Truth in Savings Act (12 
U.S.C. 4311) is amended--
            (1) in subsection (a), by striking ``Board'' and inserting 
        ``Agency''; and
            (2) in subsection (b), by striking ``regulation prescribed 
        by the Board'' each place it appears and inserting ``regulation 
        prescribed by the Agency''.
    (g) Section 273.--Section 273 of the Truth in Savings Act (12 
U.S.C. 4312) is amended in the last sentence by striking ``Board'' and 
inserting ``Agency''.
    (h) Section 274.--Section 274 of the Truth in Savings Act (12 
U.S.C. 4313) is amended--
            (1) in paragraph (2) by striking ``Board'' and inserting 
        ``Agency''; and
            (2) by striking paragraph (4) and inserting the following 
        new paragraph:
            ``(4) Agency.--The term `Agency' means the Consumer 
        Financial Protection Agency.''.

SEC. 194. EFFECTIVE DATE.

    The amendments made by sections 183 through 193 shall take effect 
on the designated transfer date.

       TITLE J--IMPROVEMENTS TO THE FEDERAL TRADE COMMISSION ACT

SEC. 201. AMENDMENTS TO THE FEDERAL TRADE COMMISSION ACT.

    (a) Section 5(a) of the Federal Trade Commission Act (15 U.S.C. 
45(a)) is amended by adding at the end the following new paragraph:
            ``(5) In any investigation or proceeding in which it 
        appears to the Commission that an unfair or deceptive act or 
        practice is being committed in connection with the marketing, 
        sale, provision or delivery of a consumer financial product or 
        service, the Commission shall consult and coordinate with the 
        Consumer Financial Protection Agency, as the agencies deem to 
        be appropriate.''.
    (b) Section 5(m)(1)(A) of the Federal Trade Commission Act (15 
U.S.C. 45(m)(1)(A)) is amended--
            (1) by inserting ``this Act or'' after ``violates'' the 
        first place it appears;
            (2) by inserting a comma after ``chapter'' and after 
        ``section)''; and
            (3) by inserting ``a violation of this Act or is'' before 
        ``prohibited''.
    (c) Section 5 of the Federal Trade Commission Act (15 U.S.C. 45) is 
amended by adding at the end thereof the following new subsection:
    ``(o) Unlawful Assistance.--It is unlawful for any person, 
knowingly or recklessly, to provide substantial assistance to another 
in violating any provision of this Act or of any other Act enforceable 
by the Commission that relates to unfair or deceptive acts or 
practices. Any such violation shall constitute an unfair or deceptive 
act or practice described in section 5(a)(1) of this Act.''.
    (d) Section 18 of the Federal Trade Commission Act (15 U.S.C. 57a) 
is amended--
            (1) in subsection (a)(1)(B), by adding after ``pursuant to 
        this section'' the following: ``or with regard to the 
        marketing, sale, provision or delivery to an individual, for 
        personal, family or household purposes, of a consumer financial 
        product or service that is subject to the jurisdiction of the 
        Consumer Financial Protection Agency under the Consumer 
        Financial Protection Agency Act of 2009'';
            (2) by amending subsection (b) to read as follows:
    ``(b) Procedure Applicable.--When prescribing a rule under 
subsection (a)(1)(B) of this section, the Commission shall proceed in 
accordance with section 553 of Title 5 (without regard to any reference 
in such section to sections 556 and 557 of such title).'';
            (3) by striking subsections (c), (d)(1), (d)(2), (f), (i), 
        and (j), and redesignating subsections (e), (g) and (h) as (d), 
        (e) and (f);
            (4) by redesignating paragraph (d)(3) as subsection (c); 
        and
            (5) in subsection (e)--
                    (A) in paragraph (1)(B), by striking ``the 
                transcript required by subsection (c)(5) of this 
                section,'';
                    (B) in paragraph (2), by striking everything 
                following ``error)''; and
                    (C) in paragraph (5), by striking subparagraph (C).
                                 <all>