1.This Act may be cited as the
Consumer Financial Protection Agency
Act of 2009
.
2.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.
<enum>I</enum><header>Consumer Financial
Protection Agency </header>
<section id="H89757F9C6B1E4814948246203FB5FECF"><enum>101.</enum><header>Definitions</header><text display-inline="no-display-inline">For the purposes of subtitles A through F of
this title, the following definitions shall apply:</text>
<paragraph id="HD12384E3B1AE4E248A6D5B74222AF236"><enum>(1)</enum><header>Affiliate</header><text>The
term <quote>affiliate</quote> means any person that controls, is controlled by,
or is under common control with another person.</text>
</paragraph><paragraph id="H12EE5D05DA944EC0A69DBC9645B5D6FE"><enum>(2)</enum><header>Agency</header><text>The
term <quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</paragraph><paragraph id="H9B26A2650EC54B068FCC79178D54D497"><enum>(3)</enum><header>Alternative
consumer financial product or service</header><text>The term <quote>alternative
consumer financial product or service</quote> 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.</text>
</paragraph><paragraph id="HB641C5659ADA4B4EBAD11946E1263ECD"><enum>(4)</enum><header>Appointed board
member</header><text>The term <quote>appointed Board member</quote> or
<quote>appointed Board members</quote> means a member or members of the Board
appointed by the President under section 112(a)(1).</text>
</paragraph><paragraph id="H32F98E633F884B099789EC5A444E6BB0"><enum>(5)</enum><header>Board</header><text display-inline="yes-display-inline">The term <quote>Board</quote> means the
Board of the Consumer Financial Protection Agency.</text>
</paragraph><paragraph id="H309C36E37DBE4CB89AE2BE1FCDCC038B"><enum>(6)</enum><header>Board of
governors</header><text>The term <quote>Board of Governors</quote> means the
Board of Governors of the Federal Reserve System.</text>
</paragraph><paragraph id="HF1F2FEAB8E904AF0ABEC6377B99A54A1"><enum>(7)</enum><header>Consumer</header><text>The
term <quote>consumer</quote> means an individual or an agent, trustee, or
representative acting on behalf of an individual.</text>
</paragraph><paragraph id="H3BD0A24C133C42089CFF1E2868F9D17C"><enum>(8)</enum><header>Consumer
financial product or service</header><text>The term <quote>consumer financial
product or service</quote> means any financial product or service to be used by
a consumer primarily for personal, family, or household purposes.</text>
</paragraph><paragraph id="H4363FF80E13947688B3DC469244113C4"><enum>(9)</enum><header>Covered
person</header><text>The term <quote>covered person</quote> means—</text>
<subparagraph id="H3DFA1DBCAE4448F5BB060DB0D95A4AED"><enum>(A)</enum><text>any person who
engages directly or indirectly in a financial activity, in connection with the
provision of a consumer financial product or service; or</text>
</subparagraph><subparagraph id="HCF0362B6327E44E287464677AD310B5A"><enum>(B)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H6B52E9E50CCB4D4F98D3A7272B43A95F"><enum>(10)</enum><header>Credit</header><text>The
term <quote>credit</quote> 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.</text>
</paragraph><paragraph id="HAAB013F66FAE4F18887A73378FCCD08D"><enum>(11)</enum><header>Credit
union</header><text>The term <quote>credit union</quote> 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).</text>
</paragraph><paragraph id="H41CE06C111F44A5C9B4FFE4D5B20065F"><enum>(12)</enum><header>Deposit</header><text>The
term <quote>deposit</quote>—</text>
<subparagraph id="HEB968AC1345E44AFBEBF396EE1CFBF55"><enum>(A)</enum><text>has the same
meaning as in section 3(l) of the Federal Deposit Insurance Act; and</text>
</subparagraph><subparagraph id="HE380FD89B8254445A099378B5BD30725"><enum>(B)</enum><text>includes a share
in a member account (as defined in section 101(5) of the Federal Credit Union
Act) at a credit union.</text>
</subparagraph></paragraph><paragraph id="H0D4F31E5A82049E88273DAD65AC5374F"><enum>(13)</enum><header>Deposit-taking
activity</header><text>The term <quote>deposit-taking activity</quote>
means—</text>
<subparagraph id="H8A28D1E21AC04182AC1BCB967789937F"><enum>(A)</enum><text>the acceptance of
deposits, the provision of other services related to the acceptance of
deposits, or the maintenance of deposit accounts;</text>
</subparagraph><subparagraph id="H26F45742D0AE458F80639162D13B5F55"><enum>(B)</enum><text>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</text>
</subparagraph><subparagraph id="HBD440CB687A74235978AE8A3ED08667A"><enum>(C)</enum><text>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.</text>
</subparagraph><continuation-text continuation-text-level="paragraph">For the
purposes of this title, the Agency may determine that the term
<quote>deposit-taking activity</quote> 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.</continuation-text></paragraph><paragraph id="HB184606709F24E5DA5BC0441529E2A08"><enum>(14)</enum><header>Designated
transfer date</header><text>The term <quote>designated transfer date</quote>
has the meaning provided in section 162.</text>
</paragraph><paragraph id="H10D62676D9F34FF68D805FD9617A9D82"><enum>(15)</enum><header>Director</header><text>The
term <quote>Director</quote> means the Director of the Agency.</text>
</paragraph><paragraph id="H2FC955D53EE84C8D85A2645E6C3EAE71"><enum>(16)</enum><header>Enumerated
consumer laws</header><text>The term <quote>enumerated consumer laws</quote>
means each of the following:</text>
<subparagraph id="H01250D08B6D84406A9C3091FF850366F"><enum>(A)</enum><text>The Alternative
Mortgage Transaction Parity Act (12 U.S.C. 3801 et seq.).</text>
</subparagraph><subparagraph id="H82EC0284CFB44424879650B40C1760E5"><enum>(B)</enum><text>The Electronic
Funds Transfer Act (15 U.S.C. 1693 et seq.)</text>
</subparagraph><subparagraph id="H8E1F0D4640994D42A324C90DB706D8F0"><enum>(C)</enum><text>The Equal Credit
Opportunity Act (15 U.S.C. 1691 et seq.).</text>
</subparagraph><subparagraph id="H7FE94F5C285640F6B18508052C82FDD4"><enum>(D)</enum><text display-inline="yes-display-inline">The Fair Credit Reporting Act (15 U.S.C.
1681 et seq.), except with respect to sections 615(e), 624, and 628.</text>
</subparagraph><subparagraph id="H132D9BD029C8429986D337BC5847EA3C"><enum>(E)</enum><text>The Fair Debt
Collection Practices Act (15 U.S.C. 1692 et seq.).</text>
</subparagraph><subparagraph id="H2EF3A30D567D4CBAA245C1FB25F2261F"><enum>(F)</enum><text>Subsections (c),
(d), (e), and (f) of section 43 of the Federal Deposit Insurance Act (12 U.S.C.
1831t).</text>
</subparagraph><subparagraph id="HDBE62EF3A8CE4ED7A6AF8955A6112293"><enum>(G)</enum><text>Sections 502, 503,
504, 505, 506, 507, 508, and 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6802
et seq.).</text>
</subparagraph><subparagraph id="H8FE3C112F8204FFD8A0585D316F53C5A"><enum>(H)</enum><text>The Home Mortgage
Disclosure Act (12 U.S.C. 2801 et seq.).</text>
</subparagraph><subparagraph id="HBF6598EAC9FC497EB91110F48CBA55C9"><enum>(I)</enum><text>The Real Estate
Settlement Procedures Act (12 U.S.C. 2601 et seq.).</text>
</subparagraph><subparagraph id="H30D2D080604C45C58F2937FFF1756720"><enum>(J)</enum><text>The Secure and
Fair Enforcement for Mortgage Licensing Act (12 U.S.C. 5101 et seq.).</text>
</subparagraph><subparagraph id="HACFD9FA3C8494E65991592CAAF876682"><enum>(K)</enum><text>The Truth in
Lending Act (15 U.S.C. 1601 et seq.).</text>
</subparagraph><subparagraph id="HC8B734F3B72E4955AFD26E439AAD4735"><enum>(L)</enum><text>The Truth in
Savings Act (12 U.S.C. 4301 et seq.).</text>
</subparagraph></paragraph><paragraph id="H1BBB2EB52AFA49958DED53481D7ABA8C"><enum>(17)</enum><header>Federal banking
agency</header><text>The term <quote>Federal banking agency</quote> 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 <quote>Federal banking
agencies</quote> means all of those agencies.</text>
</paragraph><paragraph id="H5E98A0E3553E445897351FD71DAA63DD"><enum>(18)</enum><header>Financial
activity</header><text>The term <quote>financial activity</quote> means any of
the following activities:</text>
<subparagraph id="HA6131650FBC148FE9A0D43EFCF597CF3"><enum>(A)</enum><text>Deposit-taking
activities.</text>
</subparagraph><subparagraph id="HB8D34E5958024F9AA028496D68ABD99C"><enum>(B)</enum><text>Extending credit
and servicing loans, including—</text>
<clause id="H05679EC1CB0246098F68708500157AA8"><enum>(i)</enum><text>acquiring,
brokering, or servicing loans or other extensions of credit;</text>
</clause><clause id="HB5A8B5C6598B4018BB465362C73819D4"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H3E0F74F241B44FB882B620BAAD805760"><enum>(C)</enum><text>Check-guaranty
services, including—</text>
<clause id="H350D5B48C6234C12A59D2E4A1B5C8484"><enum>(i)</enum><text>authorizing a
subscribing merchant to accept personal checks tendered by the merchant’s
customers in payment for goods and services; and</text>
</clause><clause id="H29F64FCA9F994F0FAF9F15E928A4ACAF"><enum>(ii)</enum><text>purchasing from a
subscribing merchant validly authorized checks that are subsequently
dishonored.</text>
</clause></subparagraph><subparagraph id="H2D316E86249D45729089AD0AF8972172"><enum>(D)</enum><text>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.</text>
</subparagraph><subparagraph id="H34CE0617BD4F4472931DA02F998A15C0"><enum>(E)</enum><text>Collection of debt
related to any consumer financial product or service.</text>
</subparagraph><subparagraph id="H8565C5FDBE194ADCB906B9D9C46DBEC5"><enum>(F)</enum><text>Providing real
estate settlement services, including providing title insurance.</text>
</subparagraph><subparagraph id="H00DCE34472884EBD88330F0C4FE156FF"><enum>(G)</enum><text>Leasing personal
or real property or acting as agent, broker, or adviser in leasing such
property if—</text>
<clause id="HA15A4C4A0D2D44708974CA21044CD744"><enum>(i)</enum><text>the
lease is on a non-operating basis;</text>
</clause><clause id="H1337F53989DF447BA558EF5DF754971D"><enum>(ii)</enum><text>the
initial term of the lease is at least 90 days; and</text>
</clause><clause id="H530C433E8E60468686269C60AAF74BBC"><enum>(iii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H794A1544F7F34DC9B8E850A22C13BEB1"><enum>(H)</enum><text>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).</text>
</subparagraph><subparagraph id="HB32239CBFF6B4C9EA81FE5D625980CDA"><enum>(I)</enum><text>Acting as
financial adviser to any person, including—</text>
<clause id="HCA6B961581494C0792005FD9BF0DCFDD"><enum>(i)</enum><text>providing
financial and other related advisory services;</text>
</clause><clause id="H2D0C9B50D664412489E467D27B9826E3"><enum>(ii)</enum><text>providing
educational courses, and instructional materials to consumers on individual
financial management matters; or</text>
</clause><clause id="HB50EA18E30EB4E57B1373D8264909B65"><enum>(iii)</enum><text>providing credit
counseling, tax-planning or tax-preparation services to any person.</text>
</clause></subparagraph><subparagraph id="HE955523D7DAD41AAA02776CCAE7B8B0D"><enum>(J)</enum><text>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—</text>
<clause id="H6D52997B7FDF4A8C8099A2A62A10A317"><enum>(i)</enum><text>the
data to be processed or furnished are financial, banking, or economic;
and</text>
</clause><clause id="H189400C7500448B9B81738E360DD188C"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H18CF726225C14F02980DA22013518087"><enum>(K)</enum><text>Money
transmitting.</text>
</subparagraph><subparagraph id="HED210A35E10543DF9AD685C568AD059B"><enum>(L)</enum><text>Sale or issuance
of stored value.</text>
</subparagraph><subparagraph id="H6A15359DDD8840ED83E7EF883BEA7E4D"><enum>(M)</enum><text>Acting as a money
services business.</text>
</subparagraph><subparagraph id="H7084D80000F046EC94AF05E74A1AF712"><enum>(N)</enum><text>Acting as a
custodian of money or any financial instrument.</text>
</subparagraph><subparagraph id="H47B559A6BFE64224A14A57B528246439"><enum>(O)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H15CE5454E3274BAEAF320E634E8A967B"><enum>(19)</enum><header>Financial
product or service</header><text>The term <quote>financial product or
service</quote> means any product or service that, directly or indirectly,
results from or is related to engaging in 1 or more financial
activities.</text>
</paragraph><paragraph id="HDE68E9C5C71D42B9978B79A9E0E9D2D5"><enum>(20)</enum><header>Foreign
exchange</header><text>The term <quote>foreign exchange</quote> means the
exchange, for compensation, of currency of the United States or of a foreign
government for currency of another government.</text>
</paragraph><paragraph id="H7BC1C26B6BEC49CD810AA10C64FA616B"><enum>(21)</enum><header>Insured
depository institution</header><text>The term <quote>insured depository
institution</quote> has the same meaning as in section 3 of the Federal Deposit
Insurance Act.</text>
</paragraph><paragraph id="H776DB49875A5488D9CD472FA6E638F84"><enum>(22)</enum><header>Money services
business</header><text>The term <quote>money services business</quote> means a
covered person that—</text>
<subparagraph id="H7617F29BA99E446E9FD078575082C5B5"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H7CFE7A1924224AB5A6BB8042D28FEB98"><enum>(B)</enum><text>issues payment
instruments or stored value.</text>
</subparagraph></paragraph><paragraph id="H4825AD46B30949FE89C315A556A17196"><enum>(23)</enum><header>Money
transmitting</header><text>The term <quote>money transmitting</quote> 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.</text>
</paragraph><paragraph id="H47083BC6321848F2B90717E7C5811E58"><enum>(24)</enum><header>Payment
instrument</header><text>The term <quote>payment instrument</quote> means a
check, draft, warrant, money order, traveler’s check, electronic instrument, or
other instrument, payment of money, or monetary value (other than
currency).</text>
</paragraph><paragraph id="HC1CE6CC928414987BD0680A790BAEE32"><enum>(25)</enum><header>Person</header><text>The
term <quote>person</quote> means an individual, partnership, company,
corporation, association (incorporated or unincorporated), trust, estate,
cooperative organization, or other entity.</text>
</paragraph><paragraph id="HBDE7621E9F1C47EABB94B7F26335A160"><enum>(26)</enum><header>Person
regulated by the Commodity Futures Trading Commission</header><text>The term
<quote>person regulated by the Commodity Futures Trading Commission</quote>
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.</text>
</paragraph><paragraph id="H0934E8489AE74AE8817ECC292353C1A0"><enum>(27)</enum><header>Person
regulated by the Securities and Exchange Commission</header><text>The term
<quote>person regulated by the Securities and Exchange Commission</quote>
means—</text>
<subparagraph id="H61FBDAAB280F4A1996D3584925699755"><enum>(A)</enum><text>a broker or dealer
that is required to be registered under the Securities Exchange Act of
1934;</text>
</subparagraph><subparagraph id="HD4145873BA4947849914246913B68A8E"><enum>(B)</enum><text>an investment
adviser that is required to be registered under the Investment Advisers Act of
1940; or</text>
</subparagraph><subparagraph id="H5FD3FDE78BC64AAFB669CB729482DF10"><enum>(C)</enum><text>an investment
company that is required to be registered under the Investment Company Act of
1940—</text>
</subparagraph><continuation-text continuation-text-level="paragraph">but only to
the extent that the person acts in a registered capacity.</continuation-text></paragraph><paragraph id="HB8A360AA996E4FBA9AEDAFCBA8EFDCD9"><enum>(28)</enum><header>Provision of a
consumer financial product or service</header><text>The term <quote>provision
of (or providing) a consumer financial product or service</quote> means the
advertisement, marketing, solicitation, sale, disclosure, delivery, or account
maintenance or servicing of a consumer financial product or service.</text>
</paragraph><paragraph id="HBA883D7E7DE54F3A8FD544CBAC89F219"><enum>(29)</enum><header>Secretary</header><text>The
term <quote>Secretary</quote> means the Secretary of the Treasury.</text>
</paragraph><paragraph id="HB91BF91DB56F47DBA75C073323C2DB8D"><enum>(30)</enum><header>Standard
consumer financial product or service</header><text>The term <quote>standard
consumer financial product or service</quote> means a consumer financial
product or service containing terms, conditions, and features defined by the
Agency.</text>
</paragraph><paragraph id="HD22EDEE6AC38498C99DB923526F49419"><enum>(31)</enum><header>State</header><text>The
term <quote>State</quote> 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.</text>
</paragraph><paragraph id="H11D22A2E09154A80B8E96A45B84BF69D"><enum>(32)</enum><header>Stored
value</header><text>The term <quote>stored value</quote> 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.</text>
</paragraph></section><subtitle id="H722363C47D1144CBBA4F009925152798"><enum>A</enum><header>Establishment of
the Agency</header>
<section id="H141E5146FA304906B0806DCFC7BAF798"><enum>111.</enum><header>Establishment
of the Consumer Financial Protection Agency</header>
<subsection id="HC215276886AF4EF482F2805FBC5BAAC8"><enum>(a)</enum><header>Agency
established</header><text>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.</text>
</subsection><subsection id="H7A5F44FD0B48417A8D6C9A6B406B84F2"><enum>(b)</enum><header>Principal
office</header><text>The principal office of the Agency shall be located in the
city of Washington, District of Columbia, at 1 or more sites.</text>
</subsection></section><section id="HDCCD7F66EB5C45489DA2643E573BDA51"><enum>112.</enum><header>Board</header>
<subsection id="HC2CC31572C7A400EBE3A2926C698CBA3"><enum>(a)</enum><header>Composition of
the board</header><text>The Agency shall have a Board that is composed of 5
members as follows:</text>
<paragraph id="HB898994BA2374208A81DB6C468AAEBB2"><enum>(1)</enum><text>4
members of the Board who shall be appointed by the President, by and with the
advice and consent of the Senate—</text>
<subparagraph id="H86AB05BBF8984D72ACB88628469C16E9"><enum>(A)</enum><text>from among
individuals who are citizens of the United States; and</text>
</subparagraph><subparagraph id="HE68D105D63004E529DDDB391BC6BB182"><enum>(B)</enum><text>who have a strong
competencies and experiences related to consumer financial products or
services; and</text>
</subparagraph></paragraph><paragraph id="HF1CD04A837E64E47A70AD7D51BED1691"><enum>(2)</enum><text>the head of the
agency responsible for chartering and regulating national banks.</text>
</paragraph></subsection><subsection id="H2071FE385836430EA2687D8593C8761F"><enum>(b)</enum><header>Director of the
agency</header><text>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.</text>
</subsection><subsection id="H2E1580A073754619AC33FDB468B4A154"><enum>(c)</enum><header>Terms of
appointed board members</header>
<paragraph id="H568B05E84AA74157A014A3BED68FA000"><enum>(1)</enum><header>In
general</header><text>An appointed Board member, including the Director of the
Agency, shall serve for a term of 5 years.</text>
</paragraph><paragraph id="H947D240CA5A445E0B8917EC00E05205E"><enum>(2)</enum><header>Removal for
cause</header><text>The President may remove any appointed Board member for
inefficiency, neglect of duty, or malfeasance in office.</text>
</paragraph><paragraph id="HF828A86EA39E49A0B6F8D66B6CA7E213"><enum>(3)</enum><header>Vacancies</header><text>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.</text>
</paragraph><paragraph id="H325E5800A293493F940EB6AC58F47F7E"><enum>(4)</enum><header>Continuation of
service</header><text>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.</text>
</paragraph><paragraph id="H3AFE599E345B4D959CC9DEFBA1CBA09E"><enum>(5)</enum><header>Initial
appointments staggered</header><text>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.</text>
</paragraph></subsection><subsection id="HB440A6B85C154CEEA6D3C4E2C54B19F5"><enum>(d)</enum><header>Compensation</header>
<paragraph id="HF6CC9BB46A7947C2811A0B0E0FCE94D0"><enum>(1)</enum><header>Director</header><text>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.</text>
</paragraph><paragraph id="H09B9F8D4517A454E8E2FB8C0198ADF48"><enum>(2)</enum><header>Other appointed
board members</header><text>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.</text>
</paragraph></subsection></section><section id="H9E7CD801BE10470E86A523999D2D77CF"><enum>113.</enum><header>Executive and
administrative powers</header>
<subsection id="HD9D6E508A1F14A3DBD51065A95595789"><enum>(a)</enum><header>Powers</header><text>The
Board may exercise all executive and administrative functions of the Agency,
including to—</text>
<paragraph id="HDBE64BF8D36E408482F867B02F96CE81"><enum>(1)</enum><text>establish rules
for conducting the Agency’s general business in a manner not inconsistent with
this title;</text>
</paragraph><paragraph id="HD05C605AA3044C5B829296C5FD3BDEF5"><enum>(2)</enum><text>bind the Agency
and enter into contracts;</text>
</paragraph><paragraph id="H2CFF0805F1D34995926E1802EDCD51C0"><enum>(3)</enum><text>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;</text>
</paragraph><paragraph id="H708A5ACBC8514F3FB2B86A62D8309F2B"><enum>(4)</enum><text>coordinate and
oversee the operation of all administrative, enforcement, and research
activities of the Agency;</text>
</paragraph><paragraph id="H882A354BD1F341AC86F3FF0466F51B88"><enum>(5)</enum><text>adopt and use a
seal;</text>
</paragraph><paragraph id="H1D1BF337929F49128B8EBD77AD30CFF0"><enum>(6)</enum><text>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;</text>
</paragraph><paragraph id="HF34DE0B7CB644B02ABB88AD0107EC087"><enum>(7)</enum><text>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;</text>
</paragraph><paragraph id="HE2CED959020F45D794BB4CD6619FDDCF"><enum>(8)</enum><text>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</text>
</paragraph><paragraph id="HE2E086C0AC6E442F820FCDA6D0E4BE89"><enum>(9)</enum><text>perform such other
functions as may be authorized or required by law.</text>
</paragraph></subsection><subsection id="H26E5D7F92B7048F0B18262B305FE20A1"><enum>(b)</enum><header>Transacting
business</header>
<paragraph id="H7051588013924FE388CD84EB3E087A0D"><enum>(1)</enum><header>Quorum</header><text>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.</text>
</paragraph><paragraph id="H7F7A81002A8846918E76BE00F1C7EC1A"><enum>(2)</enum><header>Voting</header><text>Other
than acts performed under delegated authority, the Board shall act through a
majority vote of its members assembled.</text>
</paragraph></subsection></section><section id="H729DD86D527B40C899DAFED39FA82843"><enum>114.</enum><header>Administration</header>
<subsection id="HF567B9E708F34B5BB94F12C9FE51CC33"><enum>(a)</enum><header>Officers</header><text>The
Agency shall appoint the following officials:</text>
<paragraph id="H94C9DD4888F54BBB9D97CDFDF7613636"><enum>(1)</enum><text>A
secretary, who shall be charged with maintaining the records of the Agency and
performing such other activities as the Board directs.</text>
</paragraph><paragraph id="H47449B1F0DBE41E884370EF3A5B124CC"><enum>(2)</enum><text>A
general counsel, who shall be charged with overseeing the legal affairs of the
Agency and performing such other activities as the Board directs.</text>
</paragraph><paragraph id="HB5C30DE61E464A0496958100CC7D6ED1"><enum>(3)</enum><text>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).</text>
</paragraph></subsection><subsection id="H181E0775CE9E4F6FB561861DDDE25B8F"><enum>(b)</enum><header>Personnel</header>
<paragraph id="H0F5F0638937E4E8E8E3CC90EF78FD088"><enum>(1)</enum><header>Appointment</header>
<subparagraph id="HDD07FA6AB2664176AEA19D4AF8ADB06A"><enum>(A)</enum><header>In
general</header><text>The Agency may fix the number of, and appoint and direct,
all employees of the Agency.</text>
</subparagraph><subparagraph id="H6A036867E3104BC1BF1C99F2FA7760D1"><enum>(B)</enum><header>Expedited
hiring</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H317EDEBC088F4FEEAC5DE5BF8CB5DED8"><enum>(2)</enum><header>Compensation</header>
<subparagraph id="H2FF4EC62D6934AC5AF1CD7D02C9C343F"><enum>(A)</enum><header>Pay</header><text>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.</text>
</subparagraph><subparagraph id="HF000117A96A049538FB1F61D24312D76"><enum>(B)</enum><header>Benefits</header><text>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.</text>
</subparagraph><subparagraph id="HC9980B4BAFE7426EAE21CC281EFC0C8C"><enum>(C)</enum><header>Minimum
standard</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H69A4200ECE844B2A85E5DE878A90075A"><enum>(c)</enum><header>Specific
functional units</header>
<paragraph id="H83C17DB391A6422BB0C8B6F8AC187B30"><enum>(1)</enum><header>Research</header><text>The
Agency shall establish a unit whose functions shall include researching,
analyzing, and reporting on—</text>
<subparagraph id="HDBF9ABFC0A3840538519F8F40C6947D3"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="H3A1EF85DE4B24F1D83EF53F5813EE7A7"><enum>(B)</enum><text>consumer
awareness, understanding, and use of disclosures and communications regarding
consumer financial products or services;</text>
</subparagraph><subparagraph id="H73F05EEE67024AAE8881477727830BE9"><enum>(C)</enum><text>consumer awareness
and understanding of costs, risks, and benefits of consumer financial products
or services; and</text>
</subparagraph><subparagraph id="H8A9A2F0E8C694C2281C8A6EFF2660733"><enum>(D)</enum><text>consumer behavior
with respect to consumer financial products or services.</text>
</subparagraph></paragraph><paragraph id="H3183CBBC9B914E5596A2996E21ACE76B"><enum>(2)</enum><header>Community
affairs</header><text>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.</text>
</paragraph><paragraph id="H89F8AA94F3EE4170AAF454D2AE820C08"><enum>(3)</enum><header>Consumer
complaints</header><text>The Agency shall establish a unit whose functions
shall include—</text>
<subparagraph id="H58D2A1687450412799EC7072A5BA1572"><enum>(A)</enum><text>establishing a
central database for collecting and tracking information on consumer complaints
about consumer financial products or services and resolution of complaints;
and</text>
</subparagraph><subparagraph id="H4DFA3C525C3645309497B294963E0D1D"><enum>(B)</enum><text>sharing data and
coordinating consumer complaints with Federal banking agencies, other Federal
agencies, and State regulators.</text>
</subparagraph></paragraph></subsection></section><section id="H51290C99EE3542F9ADA759A551D478DB"><enum>115.</enum><header>Consumer
Advisory Board</header>
<subsection id="HB903CFAE2EE84F0CBEE01490ED28BEE2"><enum>(a)</enum><header>Establishment
required</header><text>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.</text>
</subsection><subsection id="H27A37C90EE794A29B900285E4FCCD97A"><enum>(b)</enum><header>Membership</header><text>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.</text>
</subsection><subsection id="H834ECEDA4A724A73B7141AE80AAE06FF"><enum>(c)</enum><header>Meetings</header><text>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.</text>
</subsection><subsection id="H4E5B6CF2DA5149B38E71548217F5AC83"><enum>(d)</enum><header>Compensation and
travel expenses</header><text>Members of the Consumer Advisory Board who are
not full-time employees of the United States shall—</text>
<paragraph id="HF33C5A11005E40F989BEBC0F553702C1"><enum>(1)</enum><text>be entitled to
receive compensation at a rate fixed by the Agency while attending meetings of
the Consumer Advisory Board, including travel time; and</text>
</paragraph><paragraph id="H3CE3090AE5564A88B7C025E656EEBC69"><enum>(2)</enum><text>be allowed travel
expenses, including transportation and subsistence, while away from their homes
or regular places of business.</text>
</paragraph></subsection></section><section id="H04F9E5730446440AB05CFF741A7B9513"><enum>116.</enum><header>Coordination</header>
<subsection id="HED118EA36BA9457DABC34588B828A158"><enum>(a)</enum><header>Coordination
with other federal agencies and state regulators</header><text>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.</text>
</subsection><subsection id="H2A1B437CE4554327A60E07AC82DBF2A9"><enum>(b)</enum><header>Coordination of
consumer education initiatives</header>
<paragraph id="H83482094AF4340BDA03CBF221090C5F3"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HA64B779AEDED4EF7AA63CDBC198665CA"><enum>(2)</enum><header>Goals of
coordination</header><text>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.</text>
</paragraph></subsection></section><section id="HC55FED75BB82462995E3DB1AD70262BA"><enum>117.</enum><header>Reports to the
Congress</header>
<subsection id="HCAF681D7F8D64043B0558369C2F9E025"><enum>(a)</enum><header>Reports
required</header><text>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.</text>
</subsection><subsection id="HC1B50403D5D34260A6801209352049B3"><enum>(b)</enum><header>Contents</header><text>The
reports required by subsection (a) shall include—</text>
<paragraph id="H2A43A670FF944DC0B7642FDCF7292F4B"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="H52FE3C88FE374CCBA9A628C292C917CF"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="H595768445CEC4B0AA7B67B5B609FB1D4"><enum>(3)</enum><text>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</text>
</paragraph><paragraph id="H43432853960F467DB27881C93E72AC5A"><enum>(4)</enum><text>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.</text>
</paragraph></subsection></section><section id="HDB2A655FEA534C5AAF8CE364264E1413"><enum>118.</enum><header>Funding; fees
and assessments; penalties and fines</header>
<subsection id="HF2E4264D04594D23B69C70558C9BED0A"><enum>(a)</enum><header>Authorization of
appropriations</header><text>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.</text>
</subsection><subsection id="HC6A8F4F69E0B4366B717037871EEFFDD"><enum>(b)</enum><header>Fees and
assessments on covered persons</header>
<paragraph id="H5E7C6085150C43A1992AAEDA31671DE4"><enum>(1)</enum><header>Recovery of
expended funds</header><text>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.</text>
</paragraph><paragraph id="H24EF78C7A52A423CB2C05288064BA5D6"><enum>(2)</enum><header>Rulemaking</header><text>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.</text>
</paragraph><paragraph id="H455745A5858D42BBB15621B1036E5B7C"><enum>(3)</enum><header>Fees and
assessments as miscellaneous receipts</header><text>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.</text>
</paragraph></subsection><subsection id="HE499CFEEB81B44059092E3F65358F819"><enum>(c)</enum><header>Penalties and
fines</header>
<paragraph id="H7464DA41BB1F4A39912ED12740191322"><enum>(1)</enum><header>Establishment of
victims relief fund</header><text>There is established in the Treasury of the
United States a fund to be known as the <quote>Consumer Financial Protection
Agency Civil Penalty Fund</quote> (referred to in this section as the
<quote>Fund</quote>). 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.</text>
</paragraph><paragraph id="HA18177AD821C49A9B9F35602CB81F6F7"><enum>(2)</enum><header>Payment to
victims</header><text>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.</text>
</paragraph></subsection></section><section id="H04C2930F00D348809A5FAE3E10316BDB"><enum>119.</enum><header>Effective
date</header><text display-inline="no-display-inline">This subtitle shall take
effect on the date of the enactment of this Act.</text>
</section></subtitle><subtitle id="H115728FBEB2B45CB82A46BF8C42EE8D6"><enum>B</enum><header>General Powers of
the Agency</header>
<section id="H661AA355046646E68460EC9E4D3035A3"><enum>121.</enum><header>Mandate and
objectives</header>
<subsection id="HEF797A68B54B4B3AB556245E6F5377E0"><enum>(a)</enum><header>Mandate</header><text>The
Agency shall seek to promote transparency, simplicity, fairness,
accountability, and access in the market for consumer financial products or
services.</text>
</subsection><subsection id="H59BCCAA93AF342D0989A0F015D71CF5D"><enum>(b)</enum><header>Objectives</header><text>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—</text>
<paragraph id="HFA5C5CDA7B5E4A2BBFFD6AC0E484482B"><enum>(1)</enum><text>consumers have,
understand, and can use the information they need to make responsible decisions
about consumer financial products or services;</text>
</paragraph><paragraph id="H6FC2B0014B6C4AD8A321288E5A2BA13D"><enum>(2)</enum><text>consumers are
protected from abuse, unfairness, deception, and discrimination;</text>
</paragraph><paragraph id="H867A894C2A0D4BC19965A309009BBC8A"><enum>(3)</enum><text>markets for
consumer financial products or services operate fairly and efficiently with
ample room for sustainable growth and innovation; and</text>
</paragraph><paragraph id="H281A087997E84AE5BBB4A104C3E167B4"><enum>(4)</enum><text>traditionally
underserved consumers and communities have access to financial services.</text>
</paragraph></subsection></section><section id="HAB633D8863954AF7A62EFDD834074715"><enum>122.</enum><header>Authorities</header>
<subsection id="H8A8C8AF408A94670A4C231E64CE7942F"><enum>(a)</enum><header>In
general</header><text>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.</text>
</subsection><subsection id="HD0F0A323528D479B8B1D6EF100E1F9BE"><enum>(b)</enum><header>Rulemaking,
orders, and guidance</header>
<paragraph id="H3470AB63468D43629042B387E0E3CA36"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HA2DBAADD5A18482A8613859242212A77"><enum>(2)</enum><header>Standards for
rulemaking</header><text>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—</text>
<subparagraph id="H5EDCD7494CCC4A619CAFC6BB04C846D4"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H8D722CE7F601474BBAE848CA70B3640D"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="HE181EF70318140B0A7E6B23053D0539C"><enum>(3)</enum><header>Exemptions</header>
<subparagraph id="HF5F65D8D7D93458789B29C00CC7BF010"><enum>(A)</enum><header>In
general</header><text>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).</text>
</subparagraph><subparagraph id="H878932395DA74DA289403C37FC9FFAC3"><enum>(B)</enum><header>Factors</header><text>In
issuing an exemption by rule or order as permitted in subparagraph (A), the
Agency shall as appropriate take into consideration the following—</text>
<clause id="H8A1E5C0065F441F99C4D29EAD0640E58"><enum>(i)</enum><text>total assets of
the covered person;</text>
</clause><clause id="HC999FE9191D64E9898A1FD363144748B"><enum>(ii)</enum><text>the
volume of transactions involving consumer financial products or services in
which the covered person engages;</text>
</clause><clause id="HBAE45CC3C0114231900605FBAE9DF7C1"><enum>(iii)</enum><text>the extent to
which the covered person engages in 1 or more financial activities; and</text>
</clause><clause id="HD282E1A3E1A241FFB5E845E9DAA3A698"><enum>(iv)</enum><text>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.</text>
</clause></subparagraph></paragraph></subsection><subsection id="HB756F013B923467E94B1C558A5D43B3D"><enum>(c)</enum><header>Examinations and
reports</header>
<paragraph id="H531E2F49CBD44657B0A36D500C1A8B0F"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HE34AFB23F9104508BE92EADEA206131D"><enum>(2)</enum><header>Content of
reports</header><text>The reports authorized in paragraph (1) may include such
information as necessary to keep the Agency informed as to—</text>
<subparagraph id="H8CBE11D8806C455FBDB6D0622CFEB82C"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HD4BB824E50224C39B7E632C84B25168F"><enum>(B)</enum><text>matters related to
the provision of consumer financial products or services including the
servicing or maintenance of accounts or extensions of credit.</text>
</subparagraph></paragraph><paragraph id="H373E36FB08DB48F8B07C0D262C5568D5"><enum>(3)</enum><header>Use of existing
reports</header><text>In general, the Agency shall, to the fullest extent
possible, use—</text>
<subparagraph id="H3E88104FF94B4531834117BFA8E8A899"><enum>(A)</enum><text>reports that a
covered person, or any affiliate thereof, has provided or been required to
provide to a Federal or State agency; and</text>
</subparagraph><subparagraph id="HE7E170F14F284A2EA5ADF8281B0EF2C2"><enum>(B)</enum><text>information that
has been reported publicly.</text>
</subparagraph></paragraph><paragraph id="HE9652150D0964A119F0A7C5D6D2E1802"><enum>(4)</enum><header>Reports from
nondepository covered persons</header><text>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.</text>
</paragraph><paragraph id="HA39BECF1024D487F9E2AB06CF1C54F5D"><enum>(5)</enum><header>Access by the
agency to reports of other regulators</header>
<subparagraph id="HC109F933FFA04E6F89F0A045D4AC01B3"><enum>(A)</enum><header>Examination and
financial condition reports</header><text>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.</text>
</subparagraph><subparagraph id="H4DA7EB4DBC114CAB92B3B90C1F4A1966"><enum>(B)</enum><header>Provision of
other reports to agency</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H552C5FE19D704CD4A42952E4191A74F8"><enum>(6)</enum><header>Access by other
regulators to reports of the agency</header><text>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.</text>
</paragraph><paragraph id="HEB53F47F55D04F689DF5A6FBA5743582"><enum>(7)</enum><header>Preservation of
authority</header><text>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.</text>
</paragraph></subsection><subsection id="HFA7D182C9C1D480885491DEBD10DE367"><enum>(d)</enum><header>Exclusive
rulemaking and examination authority</header><text>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.</text>
</subsection><subsection id="H692A23690C8947A5A52778C6B26E23C2"><enum>(e)</enum><header>Primary
enforcement authority</header>
<paragraph id="H52F3A16E9423425998C9D5B304F6E452"><enum>(1)</enum><header>The agency to
have primary enforcement authority</header><text>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.</text>
</paragraph><paragraph id="HB3BA8E418E4940A7B5A52640B8DDBC01"><enum>(2)</enum><header>Referral</header><text>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.</text>
</paragraph><paragraph id="HF3AD341A321D457A9EC44382CC9D9EEF"><enum>(3)</enum><header>Backstop
enforcement authority of other federal agency</header><text>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.</text>
</paragraph></subsection><subsection id="H5E40ABEB671945269E408E7F90EDC0F5"><enum>(f)</enum><header>Exceptions</header>
<paragraph id="HD7C7EE3BA31142EFA8E40A28B65885C5"><enum>(1)</enum><header>Department of
justice</header><text>Nothing in this title shall affect the authorities of the
Department of Justice.</text>
</paragraph><paragraph id="HB20157B3A45641D59DF4A06D37932335"><enum>(2)</enum><header>Persons
regulated by the securities and exchange commission</header>
<subparagraph id="H52D67F08179A41B284B1345D1F886B9B"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="H8B47B81370974112BAD5EDB1D3177192"><enum>(B)</enum><header>Consultation and
coordination</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H3AC9821218DD401686936B8611469946"><enum>(3)</enum><header>Persons
regulated by the commodity futures trading commission</header>
<subparagraph id="H976978FFE23B4477A5FECDF35EA28A61"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="H31D4FE071CDF43B580075BAF5B084E0C"><enum>(B)</enum><header>Consultation and
coordination</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H787134A1BAC740AC877F6A267F14C7ED"><enum>(g)</enum><header>No authority To
impose usury limit</header><text display-inline="yes-display-inline">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.</text>
</subsection></section><section id="H5066FDE8023E415BB0961887A87783C0"><enum>123.</enum><header>Collection of
information; confidentiality rules</header>
<subsection id="H14B76F626F074043A2B3989648B101F7"><enum>(a)</enum><header>Collection of
information</header>
<paragraph id="H63552AD4611449868EEB72B7552CB137"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H1E99B7E54D9B4D75AE7CF07B282D59B0"><enum>(2)</enum><header>Specific
authority</header><text>In order to gather such information, the Agency shall
have the power—</text>
<subparagraph id="H00A94A0F213A4F468DD9D4C120A7531D"><enum>(A)</enum><text>to gather and
compile information;</text>
</subparagraph><subparagraph id="H12327D15B8FC40A485376545BB2DF695"><enum>(B)</enum><text>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</text>
</subparagraph><subparagraph id="HBE68ACBF79F1439AA3E95D7E9102D0CE"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H3C9CC38B2DB24E2EBF6BF368882CEC3F"><enum>(b)</enum><header>Confidentiality
rules</header><text>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.</text>
</subsection></section><section id="H87EDCC3ADD434B32AD2E47B9DA5055C4"><enum>124.</enum><header>Monitoring;
assessments of significant rules; reports</header>
<subsection id="H90BA0E1FABC0483F92738AE58838E0AE"><enum>(a)</enum><header>Monitoring</header>
<paragraph id="H965DC9F4DD8349DAB1C79037CEA8EBF2"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H9D94BA4011C24316969F932CB5B7CCDC"><enum>(2)</enum><header>Means of
monitoring</header><text>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.</text>
</paragraph><paragraph id="HB87FEF1DB8914A5A96EFC66D68A3AB97"><enum>(3)</enum><header>Considerations</header><text>In
allocating its resources to perform the monitoring required by this section,
the Agency may consider, among other factors—</text>
<subparagraph id="HF5C26C14B25341FB9FE9328AEE7327F9"><enum>(A)</enum><text>likely risks and
costs to consumers associated with buying or using a type of consumer financial
product or service;</text>
</subparagraph><subparagraph id="HA389DCCEC4624E9E8E5419FAA18D14E0"><enum>(B)</enum><text>consumers’
understanding of the risks of a type of consumer financial product or
service;</text>
</subparagraph><subparagraph id="HA0DCAEDDCD7F473CBA88FE106F15E0E8"><enum>(C)</enum><text>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;</text>
</subparagraph><subparagraph id="H81FF2661844841AD8CCB4FE8B602EDA5"><enum>(D)</enum><text>rates of growth in
the provision of a consumer financial product or service;</text>
</subparagraph><subparagraph id="H320DC327390248F0924383E0A1591E1C"><enum>(E)</enum><text>extent, if any, to
which the risks of a consumer financial product or service may
disproportionately affect traditionally underserved consumers, if any;
or</text>
</subparagraph><subparagraph id="H6DBF4F490DC04B90B5AB355CA814F47B"><enum>(F)</enum><text>types, number, and
other pertinent characteristics of covered persons that provide the product or
service.</text>
</subparagraph></paragraph><paragraph id="H6CF2BECA6666424C8FEB3FD1E7A5A591"><enum>(4)</enum><header>Reports</header><text>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.</text>
</paragraph></subsection><subsection id="H40735E89F4C14E40AF332438DEAFC58D"><enum>(b)</enum><header>Assessment of
significant rules</header>
<paragraph id="HC0161B45C8124E37AF0D4F157818654B"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HE707644567CE42919C89D3158BB56DB5"><enum>(2)</enum><header>Basis for
assessment</header><text>The assessment shall reflect available evidence and
any data that the Agency reasonably may collect.</text>
</paragraph><paragraph id="H1F1DE51C3FBA4299AB24DC4C7319D152"><enum>(3)</enum><header>Reports</header><text>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.</text>
</paragraph><paragraph id="HA84C6FF5D9A94974A7F4A2A9AEFB1301"><enum>(4)</enum><header>Public commented
required</header><text>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.</text>
</paragraph></subsection><subsection id="HFAED9ADFC9824B0D90B22DE76F18223F"><enum>(c)</enum><header>Information
gathering</header><text>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.</text>
</subsection></section><section id="H78E9513B18F945C4AEBDA124AB1D3656"><enum>125.</enum><header>Authority to
restrict mandatory pre-dispute arbitration</header><text display-inline="no-display-inline">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.</text>
</section><section id="H2DF695B4CD4F415C9162E50AE5F81609"><enum>126.</enum><header>Effective
date</header><text display-inline="no-display-inline">This subtitle shall take
effect on the designated transfer date.</text>
</section></subtitle><subtitle id="H7CB6FE5A99C44424B845D85FA7D97795"><enum>C</enum><header>Specific
Authorities</header>
<section id="H4007ED08FB304A4FA1273FE4DBA239FA"><enum>131.</enum><header>Prohibiting
unfair, deceptive, or abusive acts or practices</header>
<subsection id="H73C348832943412AB31187FE05D002EA"><enum>(a)</enum><header>In
general</header><text>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.</text>
</subsection><subsection id="HF6D689DAF64E46B088508B689A5402B9"><enum>(b)</enum><header>Rulemaking
required</header>
<paragraph id="HD8D8CCFABCD145AF903DCDCEEBDA7492"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H602145542ECD4BCF80BDE8712123133C"><enum>(2)</enum><header>Includes
prevention measures</header><text>Regulations prescribed under this section may
include requirements for the purpose of preventing such acts or
practices.</text>
</paragraph></subsection><subsection id="HFA2B0AE81C724029910C2BE25D6DF76C"><enum>(c)</enum><header>Unfairness</header>
<paragraph id="H227E76E548F940119BD42A18CEBE11E1"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H9834B9B1350046B49D1C495FA8198ABE"><enum>(2)</enum><header>Established
public policy as factor</header><text>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.</text>
</paragraph></subsection><subsection id="HBE64C3BC03984D93B4F60F3BE511B0FF"><enum>(d)</enum><header>Consultation</header><text>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.</text>
</subsection></section><section id="H0E177D9B43FC48BB9451A81D410877D3"><enum>132.</enum><header>Disclosures and
communications</header>
<subsection id="H585411357FB74A98855D38725302DF82"><enum>(a)</enum><header>In
general</header><text>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.</text>
</subsection><subsection id="H50F36204762C4A2B8E95D2ECDE516C10"><enum>(b)</enum><header>Reasonable
disclosures and communications</header><text>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—</text>
<paragraph id="HC845DFEE6F3545EEB232C8F4A0FA9940"><enum>(1)</enum><text>balance
communication of the benefits of the product or service with communication of
significant risks and costs;</text>
</paragraph><paragraph id="H887192DB406E4B99983C07244B49D32E"><enum>(2)</enum><text>prominently
disclose the significant risks and costs, in reasonable proportion to the
disclosure of the benefits;</text>
</paragraph><paragraph id="HF33A6BBE476D43349363A918BB76DAFC"><enum>(3)</enum><text>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</text>
</paragraph><paragraph id="H06174484C4ED47D9930D27C5DB0F3D51"><enum>(4)</enum><text>comply with
standards prescribed by the Agency.</text>
</paragraph></subsection><subsection id="H9351C1CE7C284675AAD5BADB7ED644FD"><enum>(c)</enum><header>Basis for
rulemaking</header><text>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.</text>
</subsection><subsection id="HCC40EF317AFC4D7CB448ACBC41932349"><enum>(d)</enum><header>Combined
mortgage loan disclosure</header><text>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.</text>
</subsection></section><section id="H79AC13120F2C478BA78A193082D94D6F"><enum>133.</enum><header>Sales
practices</header><text display-inline="no-display-inline">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.</text>
</section><section id="H811D7E317A3448CE8D9DB359A983F292"><enum>134.</enum><header>Pilot
disclosures</header>
<subsection id="HB4C0B42744174D25933F0F39D4F7AE5C"><enum>(a)</enum><header>Pilot
disclosures</header><text>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.</text>
</subsection><subsection id="H5453A675E4444BF9A435E85AE59A60D1"><enum>(b)</enum><header>Standards</header><text>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.</text>
</subsection><subsection id="HEC5B36BFAB3B47B58CF90CD4C1CBC23D"><enum>(c)</enum><header>Transparency</header><text>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.</text>
</subsection></section><section id="H8A5DBD7D13E04572844095CE55CAF1B1"><enum>135.</enum><header>Adopting
operational standards to deter unfair, deceptive, or abusive practices</header>
<subsection id="H722286060FAD43F4B099ED3A60B041D8"><enum>(a)</enum><header>Authority To
prescribe standards</header><text>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—</text>
<paragraph id="H55393C94EBC64646B2F871B2DD690500"><enum>(1)</enum><text>background checks
for principals, officers, directors, or key personnel of the covered
person;</text>
</paragraph><paragraph id="H023D17BA900B4EDD947808B222E4F32D"><enum>(2)</enum><text>registration,
licensing, or certification;</text>
</paragraph><paragraph id="H32AF8DDC7BA64D22895DE25C602D522C"><enum>(3)</enum><text>bond or other
appropriate financial requirements to provide reasonable assurance of the
ability of the covered person to perform its obligations to consumers;</text>
</paragraph><paragraph id="HF0122BDD5C944A469CF1084685036618"><enum>(4)</enum><text>creating and
maintaining records of transactions or accounts; or</text>
</paragraph><paragraph id="HB0611AB27E4E467B850C812A097EB916"><enum>(5)</enum><text>procedures and
operations of the covered person relating to the provision of, or maintenance
of accounts for, consumer financial products or services.</text>
</paragraph></subsection><subsection id="H11351DB497244875BDE51C76C7992A99"><enum>(b)</enum><header>Agency authority
To prescribe standards</header><text>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.</text>
</subsection><subsection id="HD9106B18551648609FDFF092B30EB3F7"><enum>(c)</enum><header>Consultation</header><text>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.</text>
</subsection></section><section id="H7139619D83BB4EB89295BCE3E702459F"><enum>136.</enum><header>Standard
consumer financial products or services</header>
<subsection id="H297D38B7A7314B1192F7395FC6D95E0E"><enum>(a)</enum><header>Characteristics
of standard consumer financial products or services</header><text>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—</text>
<paragraph id="HD5BAD745FD164C39B7F362C06405EA5B"><enum>(1)</enum><text>is or can be
readily offered by covered persons that offer or seek to offer alternative
consumer financial products or services;</text>
</paragraph><paragraph id="HF2C48206615F4A5FA1E29512AE89B6E8"><enum>(2)</enum><text>is transparent to
consumers in its terms and features;</text>
</paragraph><paragraph id="H671A0DB8A8C245F79B83DC65017C4A7B"><enum>(3)</enum><text>poses lower risks
to consumers;</text>
</paragraph><paragraph id="H6149F08BA94F4361AAAF9D6DD0BE90EC"><enum>(4)</enum><text>facilitates
comparisons with and assessment of the benefits and costs of alternative
consumer financial products or services; and</text>
</paragraph><paragraph id="H814DF7450FC54392B0EA0FAB0C5C6339"><enum>(5)</enum><text>contains the
features or terms defined by the Agency for the product or service.</text>
</paragraph></subsection><subsection id="H48B2767283DF47B3AC5A0F2299A8552B"><enum>(b)</enum><header>Offering
standard consumer financial products or services</header>
<paragraph id="H4D0E7D1F277A431ABA11002C018BDB30"><enum>(1)</enum><header>In
general</header><text>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—</text>
<subparagraph id="H9CD2AB8528144945ACA47EB2D498C924"><enum>(A)</enum><text>warnings to
consumers about the heightened risks of alternative consumer financial products
or services; or</text>
</subparagraph><subparagraph id="HAF156E002FC5496F96EA08BAF62A6E40"><enum>(B)</enum><text>providing the
consumer with a meaningful opportunity to decline to obtain the standard
consumer financial product or service.</text>
</subparagraph></paragraph><paragraph id="HF815AED145FE4CCC8650A6542A4E654A"><enum>(2)</enum><header>Rulemaking
regarding the offering of standard consumer financial products or
services</header><text>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.</text>
</paragraph><paragraph id="HBB0AF60641DD4CB0A75EF75DCFE26E39"><enum>(3)</enum><header>General
applicability</header><text>Regulations prescribed by the Agency under this
section shall apply only to any covered person who—</text>
<subparagraph id="H9F764FE133F640018FCC381B7D5A4CA3"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HFBBF62C9C1F74EB2B8FF7A660DBB49B1"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph></subsection></section><section id="H6F75D894BC364D34AB7F8BF4D156E6E7"><enum>137.</enum><header>Duties</header>
<subsection id="H48EDAEE0ACDD43EAB5DB28A76F880436"><enum>(a)</enum><header>In
general</header>
<paragraph id="H74C15A89509145BE928CAE0D19912C99"><enum>(1)</enum><header>Regulations
ensuring fair dealing with consumers</header><text>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.</text>
</paragraph><paragraph id="H87697A6312524FD193724087486170A0"><enum>(2)</enum><header>Considerations
for duties</header><text>In prescribing such regulations, the Agency shall
consider whether—</text>
<subparagraph id="H21E72351D4064CA1B4993A0F3EA97C91"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="H3A112E8CBB254DC484922A6AC00F1C42"><enum>(B)</enum><text>the covered
person, employee, agent, or independent contractor provides the consumer with
advice with respect to any aspect of the transaction;</text>
</subparagraph><subparagraph id="HF4A7F0DA6ED14F528792EDBF69FFB1E0"><enum>(C)</enum><text>the consumer’s
reliance on any advice from the covered person, employee, agent, or independent
contractor would be reasonable and justifiable under the circumstances;</text>
</subparagraph><subparagraph id="H430DC99DDB3A40A49DDDD813E2CC0523"><enum>(D)</enum><text>the benefits to
consumers of imposing a particular duty would outweigh the costs; and</text>
</subparagraph><subparagraph id="HD4F59D58058C4E8B88BDFAC95B686245"><enum>(E)</enum><text>any other factors
as the Agency considers appropriate.</text>
</subparagraph></paragraph><paragraph id="HA8C0756A155A4D45B0CAB6122D0EBDA1"><enum>(3)</enum><header>Duties relating
to compensation practices</header><text>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.</text>
</paragraph></subsection><subsection id="H3D1D3B8C9A3144B88BE789B2D110E41F"><enum>(b)</enum><header>Administrative
proceedings</header>
<paragraph id="HDAB3F8CC485F4456861EABF2B9A7C132"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H0246AF4D5C1B4C3D96C6A47E2FA40B98"><enum>(2)</enum><header>Exclusivity of
remedy</header><text>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.</text>
</paragraph><paragraph id="HEB5F5B7B2D3D45A2822BD253963C6DA3"><enum>(3)</enum><header>Rule of
construction</header><text>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.</text>
</paragraph></subsection><subsection id="H23AEE86190C847B1B14B57CC7342606E"><enum>(c)</enum><header>Exclusions</header><text>This
section shall not be construed as authorizing the Agency to prescribe
regulations applicable to—</text>
<paragraph id="H56B6CD55A1B04BE1BC4298CEDC3BCAA9"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="HDFFCDE03DA914A56BFE3E13AD0BAA5D8"><enum>(2)</enum><text>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.</text>
</paragraph></subsection></section><section id="H8BDF90B8EE4B492BB923A28CABDBBC19"><enum>138.</enum><header>Consumer rights
to access information</header>
<subsection id="H4C668EB128F74B7A96FAE08C23B4DC02"><enum>(a)</enum><header>In
general</header><text>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.</text>
</subsection><subsection id="H0B11B85862DB4225B00AB2AC8084933E"><enum>(b)</enum><header>Exceptions</header><text>A
covered person shall not be required by this section to make available to the
consumer—</text>
<paragraph id="H5EC1B1B51FAB4659BAB3B9F5301464EB"><enum>(1)</enum><text>any confidential
commercial information, including an algorithm used to derive credit scores or
other risk scores or predictors;</text>
</paragraph><paragraph id="HC093541871FA457590A1589A26D8354B"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="HBFDC7D7B694B46049236C5C387D4F9C2"><enum>(3)</enum><text>any information
required to be kept confidential by any other law; or</text>
</paragraph><paragraph id="HD94CEC89C2A44B3FA80C2576A029B0FF"><enum>(4)</enum><text>any information
that the covered person cannot retrieve in the ordinary course of its business
with respect to that information.</text>
</paragraph></subsection><subsection id="HD03A8C1743E347E4A6F003823055F8FB"><enum>(c)</enum><header>No duty To
maintain records</header><text>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.</text>
</subsection><subsection id="H8C5E691476AD464F82B6F54E32D8EAB3"><enum>(d)</enum><header>Standardized
formats for data</header><text>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.</text>
</subsection><subsection id="HF77B69AA563C47EFBE6B060A48BDEFC9"><enum>(e)</enum><header>Consultation and
coordination</header><text>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—</text>
<paragraph id="H50C96E4812EF45DE9BD9CB35F1DB5DFA"><enum>(1)</enum><text>impose
substantively similar requirements on covered persons;</text>
</paragraph><paragraph id="HEEAE1AD90FD44475B6AA852AFD24F0C3"><enum>(2)</enum><text>take into account
conditions under which covered persons do business both in the United States
and in other countries; and</text>
</paragraph><paragraph id="HD322102878E741138DE477BF4D3AB401"><enum>(3)</enum><text>do not require or
promote the use of any particular technology in order to develop systems for
compliance.</text>
</paragraph></subsection></section><section id="HD427C916EE2241C495BDACBD6DE2DCE0"><enum>139.</enum><header>Prohibited
acts</header><text display-inline="no-display-inline">It shall be unlawful for
any person to—</text>
<paragraph id="H129858C9010F4AF28C14CB9E39F8A06D"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="HC5919B9681AF4721AD89D821AF4F3096"><enum>(2)</enum><text>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</text>
</paragraph><paragraph id="H251EACDFC99E4C2789AC053EA1D9645A"><enum>(3)</enum><text>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.</text>
</paragraph></section><section id="H0E79921EC629456484422EAE72CE9EA3"><enum>140.</enum><header>Effective
date</header><text display-inline="no-display-inline">This subtitle shall take
effect on the designated transfer date.</text>
</section></subtitle><subtitle id="H0FC6007DB8DD46E0AF78286563C10666"><enum>D</enum><header>Preservation of
State Law</header>
<section id="HC7FBD5E191FE4425B4CB1D19FB6BC680"><enum>141.</enum><header>Relation to
State law</header>
<subsection id="HFF3F678C48AD466FB76E0A80D3EED801"><enum>(a)</enum><header>In
general</header>
<paragraph id="H15F8CD786D3A491F9D452F4D73EB050A"><enum>(1)</enum><header>Rule of
construction</header><text>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.</text>
</paragraph><paragraph id="HC1D2898ED9344EBEAC1F8E6EE46E16EB"><enum>(2)</enum><header>Greater
protection under state law</header><text>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.</text>
</paragraph></subsection><subsection id="H18F2B3B71089424A83C7B6DEADAD2F37"><enum>(b)</enum><header>Relation to
other provisions of enumerated consumer laws that relate to state
law</header><text>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.</text>
</subsection></section><section id="H623FDE2B6DF14859956CFEF5C87DB8DF"><enum>142.</enum><header>Preservation of
enforcement powers of States</header>
<subsection id="HAAE437A5CBF04A3C80443B4F52953B73"><enum>(a)</enum><header>In
general</header>
<paragraph id="H013F0625DD0045888D14F6AE75936267"><enum>(1)</enum><header>Action by
state</header><text>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.</text>
</paragraph><paragraph id="H26C3D09DF923427088406C8096781706"><enum>(2)</enum><header>Rule of
construction</header><text>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.</text>
</paragraph></subsection><subsection id="HB1C70574DB61429682E71C3641497C66"><enum>(b)</enum><header>Consultation
required</header>
<paragraph id="H390C466988B9415C9362C50E93567BD8"><enum>(1)</enum><header>Notice</header>
<subparagraph id="HC8BF8E6FBA2F4C9E8C80C52F6366A8B9"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="H1955F3790D15497A8C3F4C1EAE369AB5"><enum>(B)</enum><header>Emergency
action</header><text>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.</text>
</subparagraph><subparagraph id="H259865CAE2304034A6885A98D7318256"><enum>(C)</enum><header>Contents of
notice</header><text>The notification required under this section shall, at a
minimum, describe—</text>
<clause id="H02052FE8E2BA42B2B8F01919A7AD7192"><enum>(i)</enum><text>the
identity of the parties;</text>
</clause><clause id="H8105C9FD355B4413936A0D5AB05B1BA6"><enum>(ii)</enum><text>the
alleged facts underlying the proceeding; and</text>
</clause><clause id="HCEF195FD1157467084E0F9D81CC0E08B"><enum>(iii)</enum><text>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.</text>
</clause></subparagraph></paragraph><paragraph id="HA2664E3F109747CC9812CBD66A950B58"><enum>(2)</enum><header>Agency
response</header><text>In any action described in paragraph (1), the Agency
may—</text>
<subparagraph id="HC0202D91A6DC43ABBC2663241AF3EAB6"><enum>(A)</enum><text>intervene in the
action as a party;</text>
</subparagraph><subparagraph id="H7C616D42747D4AA7B334429F3C2908E4"><enum>(B)</enum><text>upon
intervening—</text>
<clause id="H20DE3A5911064327A2F22D03E3D828DF"><enum>(i)</enum><text>remove the action
to the appropriate United States district court, if the action was not
originally brought there; and</text>
</clause><clause id="HD0C76B66E23940A88DF540BA185E8CC2"><enum>(ii)</enum><text>be
heard on all matters arising in the action; and</text>
</clause></subparagraph><subparagraph id="HC345D83CB1264F34A3E5DB8F5659FBC9"><enum>(C)</enum><text>appeal any order
or judgment to the same extent as any other party in the proceeding may.</text>
</subparagraph></paragraph></subsection><subsection id="H678AA8411A9C41E9B179FFD61FA474FE"><enum>(c)</enum><header>Regulations</header><text>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.</text>
</subsection><subsection id="HB4159CD348DB40E1B38418E3DC0D8DDB"><enum>(d)</enum><header>Preservation of
state claims</header><text>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.</text>
</subsection></section><section id="HDC6DFC40A02B4DAE9EA9628A102E986A"><enum>143.</enum><header>State law
preemption standards for national banks and subsidiaries clarified</header>
<subsection id="H94F89F3001A54C6291F042CC6A16E709"><enum>(a)</enum><header>In
general</header><text>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:</text>
<quoted-block id="HB76998F2B69245C293DA02E85F0370E5" style="OLC">
<section id="HA3FF11DD7D5D4CA4A5356449F5A3E8D0"><enum>5136C.</enum><header>State law
preemption standards for national banks and subsidiaries clarified</header>
<subsection id="H5BC1A93395F046C0ADCD3190DD2FAC59"><enum>(a)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="HCBC31BBD42054E10A1A48F368B2FAE01"><enum>(1)</enum><header>National
bank</header><text>The term <quote>national bank</quote> includes—</text>
<subparagraph id="H584429C6E5F242CCAB7B2457795F2C26"><enum>(A)</enum><text>any bank organized
under the laws of the United States;</text>
</subparagraph><subparagraph id="H3E64C3E19B194F2CA4398FF5DA0474B6"><enum>(B)</enum><text>any affiliate of a
national bank;</text>
</subparagraph><subparagraph id="H8A7EB008409544799B2F599E278139C6"><enum>(C)</enum><text>any subsidiary of
a national bank; and</text>
</subparagraph><subparagraph id="HE1349071F23343849D15E89107E17D0E"><enum>(D)</enum><text>any Federal branch
established in accordance with the International Banking Act of 1978.</text>
</subparagraph></paragraph><paragraph id="H944F2BC4481F4E3C8CB92B67C65FE868"><enum>(2)</enum><header>Other
definitions</header><text>The terms <quote>affiliate</quote>,
<quote>subsidiary</quote>, <quote>includes</quote>, and
<quote>including</quote> have the same meaning as in section 3 of the Federal
Deposit Insurance Act.</text>
</paragraph><paragraph id="H7834409657DF41A59503A67A596B3294"><enum>(3)</enum><header>State consumer
law</header><text>The term <quote>State consumer law</quote> means any law of a
State that—</text>
<subparagraph id="HD912017E41A9458BAF1E6C163DAB769C"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HAE9F6E738CB740E9B699AD5A5C7C36E8"><enum>(B)</enum><text>prevents
counterparties, successors, and assigns of financial contracts from engaging in
unfair or deceptive acts and practices.</text>
</subparagraph></paragraph></subsection><subsection id="HF4844C2884EE4B63922B5F031A9E0A8C"><enum>(b)</enum><header>State consumer
laws of general application</header><text>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.</text>
</subsection><subsection id="H87946AFB59CE4499A503C9DCBFAE4DB7"><enum>(c)</enum><header>State banking
laws enacted pursuant to federal law</header><text display-inline="yes-display-inline">Notwithstanding any other provision of
Federal law and except as provided in subsection (d), any State consumer law
that—</text>
<paragraph id="H3CD390C3AFAC47C39970DE0A280D7248"><enum>(1)</enum><text>is applicable to
State banks; and</text>
</paragraph><paragraph id="HB2C6241F016B40AD82FADABB877FB4D8"><enum>(2)</enum><text display-inline="yes-display-inline">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,</text>
</paragraph><continuation-text continuation-text-level="subsection">shall
apply to any national bank.</continuation-text></subsection><subsection id="H33580ACDF74B4DAE96FA5483BA974B84"><enum>(d)</enum><header>Exceptions</header>
<paragraph id="HB8E3D4D31637451D96EB48D9A7BD2157"><enum>(1)</enum><header>In
general</header><text>Subsections (b) and (c) shall not apply with respect to
any State consumer law if—</text>
<subparagraph id="H1D9E92E554FD46958B87E36CBECEFE83"><enum>(A)</enum><text>the State consumer
law discriminates against national banks; or</text>
</subparagraph><subparagraph id="H95538B3D6AD84C9BB5638A5380F54FA8"><enum>(B)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H5D10694D0155438B968A764418AE57D1"><enum>(2)</enum><header>Rule for
determining inconsistency</header><text>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.</text>
</paragraph></subsection><subsection id="H04F1880011BE419E8A04518C9E089E5C"><enum>(e)</enum><header>No negative
implications for applicability of other state laws</header><text>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.</text>
</subsection><subsection id="H95E6648C16C44CAF85363CAC412E1BC5"><enum>(f)</enum><header>Effect of
transfer of transaction</header><text>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.</text>
</subsection><subsection id="HC666F14E5CA643C281BF7673445F63DA"><enum>(g)</enum><header>Denial of
preemption not a deprivation of a civil right</header><text>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).</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H58F5CD5966AC47388C3EF58B90732B02"><enum>(b)</enum><header>Clerical
amendment</header><text>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:</text>
<quoted-block id="H4A8AA8DE491C473C80882617D9247B4D" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">5136C. State law preemption standards for
national banks and subsidiaries
clarified.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="HE258AAB1101F4DB1B7F0FCF1C088B082"><enum>144.</enum><header>Visitorial
standards</header><text display-inline="no-display-inline">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:</text>
<quoted-block id="H1BF6AA9E4FCE493A975AAFCF9BE1B305" style="OLC">
<subsection id="H2816D9273F0D4CCA8565CEA8ED8CE7E4"><enum>(h)</enum><header>Visitorial
powers</header>
<paragraph id="H3C28959667514A49B4A2063027741B51"><enum>(1)</enum><header>Rule of
construction</header><text>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—</text>
<subparagraph id="H83F0BF45ADF64DD599D1BDE1BD3DAF06"><enum>(A)</enum><text>to require a
national bank to produce records relative to the investigation of violations of
State consumer law, or Federal consumer laws;</text>
</subparagraph><subparagraph id="H1C728FADFA5442A38E8ABA569FB3EAEC"><enum>(B)</enum><text>to enforce any
applicable Federal or State law, as authorized by such law; or</text>
</subparagraph><subparagraph id="H3677749B79094ADD90C9E3A02C4E8EC2"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H726C110CA60247AFAB26D07A530C7743"><enum>(2)</enum><header>Consultation</header><text display-inline="yes-display-inline">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).</text>
</paragraph></subsection><subsection id="H46D35B1E69644072AEE768DDB5E3878B"><enum>(i)</enum><header>Enforcement
actions</header><text display-inline="yes-display-inline">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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HA8C99E123D424A0FB6BCA37D3C4A8A23"><enum>145.</enum><header>Clarification
of law applicable to nondepository institution subsidiaries</header><text display-inline="no-display-inline">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:</text>
<quoted-block id="H24628C4BD7F4427A9EC095B8DBF80CC0" style="OLC">
<subsection id="HD426A451120B4DF88E55DF5822A3FC21"><enum>(j)</enum><header>Clarification of
law applicable to nondepository institution subsidiaries and affiliates of
national banks</header>
<paragraph id="H0DFAB5BF678249429DBEF68229CD037A"><enum>(1)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<subparagraph id="HDE5799DEC06948C595328CDF87F88463"><enum>(A)</enum><header>Depository
institution, subsidiary, affiliate</header><text>The terms <quote>depository
institution</quote>, <quote>subsidiary</quote>, and <quote>affiliate</quote>
have the same meanings as in section 3 of the Federal Deposit Insurance
Act.</text>
</subparagraph><subparagraph id="H12BACBC5B0294133A476C18D7C0D51B2"><enum>(B)</enum><header>Nondepository
institution</header><text>The term <quote>nondepository institution</quote>
means any entity that is not a depository institution.</text>
</subparagraph></paragraph><paragraph id="H9C7425CD75254B51BAF95FD2042A4745"><enum>(2)</enum><header>In
general</header><text>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.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="H72D7A5375C2247C0A1A831F9DC10C846"><enum>146.</enum><header>State law
preemption standards for Federal savings associations and subsidiaries
clarified</header>
<subsection id="HC2D11CABCB284676910F14092FF39A83"><enum>(a)</enum><header>In
general</header><text>The Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) is
amended by inserting after section 5 the following new section:</text>
<quoted-block id="H5BF0601640F1462DAA491BB5CFC4ECEA" style="OLC">
<section id="H73DBE9E90F2D477187C8415CC7D20C16"><enum>6.</enum><header>State law
preemption standards for federal savings associations clarified</header>
<subsection id="HFA154931B347433695FBC166EC523C3A"><enum>(a)</enum><header>Definition</header><text>For
purposes of this section—</text>
<paragraph id="H56BBC6D284134E2299987EAB972FD99F"><enum>(1)</enum><text>the terms
<quote>includes</quote> and <quote>including</quote> have the same meaning as
in section 3(t) of the Federal Deposit Insurance Act.</text>
</paragraph><paragraph id="H83B07653B8574A968F70586B4D14CE95"><enum>(2)</enum><text>the term
<quote>State consumer law</quote> means any law of a State that:</text>
<subparagraph id="H04B28C6A349D4FC5871826544E9E4D1D"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HD82FCEE8C8994FB792B1A72F3945230F"><enum>(B)</enum><text>prevents
counterparties, successors, and assigns of financial contracts from engaging in
unfair or deceptive acts and practices.</text>
</subparagraph></paragraph></subsection><subsection id="HFF32094633CC4FB6965549A62FB8A758"><enum>(b)</enum><header>State consumer
laws of general application</header><text>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.</text>
</subsection><subsection id="H8CE66B7EE800471A9EFFDD8F78656558"><enum>(c)</enum><header>Exceptions</header>
<paragraph id="H1EFD772CE35B49D39EB30CC7B11F5594"><enum>(1)</enum><header>In
general</header><text>Subsection (b) shall not apply with respect to any State
law if—</text>
<subparagraph id="H994F4EF129604147913C566283555A58"><enum>(A)</enum><text>the State law
discriminates against Federal savings associations; or</text>
</subparagraph><subparagraph id="H7627D70424634A3B97A298BADAD6FB33"><enum>(B)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H54742E2B073840FF84FDA693FDDBCD6A"><enum>(2)</enum><header>Rule for
determining inconsistency</header><text>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.</text>
</paragraph></subsection><subsection id="H3DAE09BDB07D412EACCB16901CADC373"><enum>(d)</enum><header>State banking or
thrift laws enacted pursuant to federal law</header>
<paragraph id="H5F9595D613DB42759871ED1B8E68C076"><enum>(1)</enum><header>In
general</header><text>Notwithstanding any other provision of Federal law and
except as provided in paragraph (2), any State law that—</text>
<subparagraph id="H3441B3791D4F4F5EA76B3AFB49D8B59C"><enum>(A)</enum><text>is applicable to
State savings associations (as defined in section 3 of the Federal Deposit
Insurance Act); and</text>
</subparagraph><subparagraph id="HA8E2E926791C4437B8EF4ECBD7E019A9"><enum>(B)</enum><text>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,</text>
</subparagraph><continuation-text continuation-text-level="paragraph">shall
apply to any Federal savings association.</continuation-text></paragraph><paragraph id="HDDBF029D069D48B8AFE245CCCBAD0489"><enum>(2)</enum><header>Exceptions</header><text>Paragraph
(1) shall not apply with respect to any State law if—</text>
<subparagraph id="H3549C68B20E24CFC910E9F6E8BB246B0"><enum>(A)</enum><text>the State law
discriminates against Federal savings associations; or</text>
</subparagraph><subparagraph id="HD3622CEB90684C4EAA73BF2BD2D553C2"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H010550D7AE2B4670BD8D21DF9AAEAA1C"><enum>(e)</enum><header>No negative
implications for applicability of other state laws</header><text>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.</text>
</subsection><subsection id="H3ABA3783E86849BFBBF3EDD3DE256F69"><enum>(f)</enum><header>Effect of
transfer of transaction</header><text>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.</text>
</subsection><subsection id="H12BFBEBDE91644849C07CDAB6BE38AC8"><enum>(g)</enum><header>Denial of
preemption not a deprivation of a civil right</header><text>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).</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H41F5FC633D1F46B6A1CDF8E8126C83B2"><enum>(b)</enum><header>Clerical
amendment</header><text>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:</text>
<quoted-block id="H55F7D5BD6124494DA653DB090D672AB4" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">6. State law preemption standards for
Federal savings associations and subsidiaries
clarified.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="HE30F0DFC13C848E08CF4B2176DC37F7A"><enum>147.</enum><header>Visitorial
standards</header><text display-inline="no-display-inline">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:</text>
<quoted-block id="H3EF61FC5861F4EE99E9E494597F49AD3" style="OLC">
<subsection id="H23F3818496B94AFF916DCF1489794FB0"><enum>(h)</enum><header>Visitorial
powers</header>
<paragraph id="H54518EA349F445AEAC6D1DBFAC8E8AB1"><enum>(1)</enum><header>In
general</header><text>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—</text>
<subparagraph id="H79E3141146E347DE8356A8212FA3D455"><enum>(A)</enum><text>to require a
Federal savings association to produce records relative to the investigation of
violations of State consumer law, or Federal consumer laws;</text>
</subparagraph><subparagraph id="H8CA23A5EB0734DA58D7E2005028172E8"><enum>(B)</enum><text>to enforce any
applicable Federal or State law, as authorized by such law; or</text>
</subparagraph><subparagraph id="HD3672473FB29497D88CD6D4A862C3E7B"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="HBC327A2B81584D59A8A8336CD897673C"><enum>(2)</enum><header>Consultation</header><text display-inline="yes-display-inline">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).</text>
</paragraph></subsection><subsection id="H5F5F74D63F584EAB9FEE1A96658B3F84"><enum>(i)</enum><header>Enforcement
actions</header><text display-inline="yes-display-inline">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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HDB130C6607C54C6089D5005B732CD909"><enum>148.</enum><header>Clarification
of law applicable to nondepository institution subsidiaries</header><text display-inline="no-display-inline">Section 6 of the Home Owners’ Loan Act is
amended by adding after subsection (i) (as added by section 147) the following
new subsection:</text>
<quoted-block id="H1D13120CE3264D1F840A3CF93DBB7ADC" style="OLC">
<subsection id="HE6B99594BA64460B915D8CA3CEBA8984"><enum>(j)</enum><header>Clarification of
law applicable to nondepository institution subsidiaries and affiliates of
federal savings associations</header>
<paragraph id="H0D37C3FC4F954F528D622D5EE5057719"><enum>(1)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<subparagraph id="H00116F556784458183B9C5F47B2D2491"><enum>(A)</enum><header>Depository
institution, subsidiary, affiliate</header><text>The terms <quote>depository
institution</quote>, <quote>subsidiary</quote>, and <quote>affiliate</quote>
have the same meanings as in section 3 of the Federal Deposit Insurance
Act.</text>
</subparagraph><subparagraph id="HBCB71422B3A54EA2A058388D26C260BA"><enum>(B)</enum><header>Nondepository
institution</header><text>The term <quote>nondepository institution</quote>
means any entity that is not a depository institution.</text>
</subparagraph></paragraph><paragraph id="HFA0A34733AD84DF8904CA6DE194387A1"><enum>(2)</enum><header>In
general</header><text>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.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="HE695D55899D14FEFB07F1576B408EBB6"><enum>149.</enum><header>Effective
date</header><text display-inline="no-display-inline">This subtitle shall take
effect on the designated transfer date.</text>
</section></subtitle><subtitle id="H87B370B6C16941AB9B4D612199622524"><enum>E</enum><header>Enforcement
Powers</header>
<section id="H0B0D5AD3984840CF9AD31FF89AF89EE4"><enum>151.</enum><header>Definitions</header><text display-inline="no-display-inline">For purposes of this subtitle, the following
definitions shall apply:</text>
<paragraph id="HF7C839E3307248B7912C5A6A9DEDAC93"><enum>(1)</enum><header>Civil
investigative demand and demand</header><text>The terms <quote>civil
investigative demand</quote> and <quote>demand</quote> mean any demand issued
by the Agency.</text>
</paragraph><paragraph id="H7C782034033945478D99794D8971955C"><enum>(2)</enum><header>Agency
investigation</header><text>The term <quote>Agency investigation</quote> 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.</text>
</paragraph><paragraph id="H969C1DCB60EA441D88C008CB56BACBF4"><enum>(3)</enum><header>Agency
investigator</header><text>The term <quote>Agency investigator</quote> 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.</text>
</paragraph><paragraph id="HF958EE374AB1437A9B10C199322BD5BB"><enum>(4)</enum><header>Custodian</header><text>The
term <quote>custodian</quote> means the custodian or any deputy custodian
designated by the Agency.</text>
</paragraph><paragraph id="HF84DC974045C4E15A2572FAF6A582124"><enum>(5)</enum><header>Documentary
material</header><text>The term <quote>documentary material</quote> includes
the original or any copy of any book, record, report, memorandum, paper,
communication, tabulation, chart, or other document.</text>
</paragraph><paragraph id="HE0A8D8CE38634C81B2C9327D639BC582"><enum>(6)</enum><header>Violation</header><text>The
term <quote>violation</quote> 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.</text>
</paragraph></section><section id="H4057AC11147C4B508C674B2F30B4C90F"><enum>152.</enum><header>Investigations
and administrative discovery</header>
<subsection id="HF9EC2EBEFAE64875980E1AF3FDC2BFB7"><enum>(a)</enum><header>Subpoenas</header>
<paragraph id="H34BE4798C84649119A37AA1DF3B35C18"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H81B63E745215459590B8326D94D1C802"><enum>(2)</enum><header>Failure to
obey</header><text>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.</text>
</paragraph><paragraph id="H8B290E65B8BB40109C56389F122153BB"><enum>(3)</enum><header>Contempt</header><text>Any
failure to obey an order of the court under this subsection may be punished by
the court as a contempt thereof.</text>
</paragraph></subsection><subsection id="H73BF8021FA304E22AAAABAC2A12DDACE"><enum>(b)</enum><header>Demands</header>
<paragraph id="H76700D6500BE43878F410E26ECD9085D"><enum>(1)</enum><header>In
general</header><text>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—</text>
<subparagraph id="HCF643DCB425943BD994D69F12B719C8A"><enum>(A)</enum><text>produce such
documentary material for inspection and copying or reproduction;</text>
</subparagraph><subparagraph id="HF48B623FBE4D4CBA8DFF40B64A87401B"><enum>(B)</enum><text>submit such
tangible things;</text>
</subparagraph><subparagraph id="H3C23FDAD748945B49C6E12180EFDF2B3"><enum>(C)</enum><text>file written
reports or answers to questions;</text>
</subparagraph><subparagraph id="H4BF37D702BF14909A2E445566859869A"><enum>(D)</enum><text>give oral
testimony concerning documentary material or other information; or</text>
</subparagraph><subparagraph id="H7CFB3F648D004BB0A883B057E92B5263"><enum>(E)</enum><text>furnish any
combination of such material, answers, or testimony.</text>
</subparagraph></paragraph><paragraph id="H307594574E9F4D6AB056642A7BFAD0B6"><enum>(2)</enum><header>Requirements</header><text>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.</text>
</paragraph><paragraph id="HEC0F350F0CF0428F9E4E8B953D82DE2F"><enum>(3)</enum><header>Production of
documents</header><text>Each civil investigative demand for the production of
documentary material shall—</text>
<subparagraph id="H277E1B61604B45A19739DC776306EC7D"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="HB3031AD323E3447D9C4EC3B25AAC2E32"><enum>(B)</enum><text>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</text>
</subparagraph><subparagraph id="HD89B098B9C2A4F96BEB44AF789F7132C"><enum>(C)</enum><text>identify the
custodian to whom such material shall be made available.</text>
</subparagraph></paragraph><paragraph id="H75A18360FF1049B3A540181DAC042319"><enum>(4)</enum><header>Production of
things</header><text>Each civil investigative demand for the submission of
tangible things shall—</text>
<subparagraph id="H39EF7887B2B646CF9115323928F983F0"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="HEDE307D426AB46B2A81A840063A1CB44"><enum>(B)</enum><text>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</text>
</subparagraph><subparagraph id="H6C1F64169CF941A79C4B4DA4134F3E5B"><enum>(C)</enum><text>identify the
custodian to whom such things shall be submitted.</text>
</subparagraph></paragraph><paragraph id="H1D2E84CD646B4E0DB5D898483A6200B6"><enum>(5)</enum><header>Demand for
written reports or answers</header><text>Each civil investigative demand for
written reports or answers to questions shall—</text>
<subparagraph id="H2276F21C38D84CC2A745DAB07C55B7F0"><enum>(A)</enum><text>propound with
definiteness and certainty the reports to be produced or the questions to be
answered;</text>
</subparagraph><subparagraph id="H028760ECA32744B3A30C4666D16C644A"><enum>(B)</enum><text>prescribe a date
or dates at which time written reports or answers to questions shall be
submitted; and</text>
</subparagraph><subparagraph id="H3B3B9A80F41B4636B1A454A519ADB0C7"><enum>(C)</enum><text>identify the
custodian to whom such reports or answers shall be submitted.</text>
</subparagraph></paragraph><paragraph id="H8D140619E12E4FDCA496F9C3E78409DB"><enum>(6)</enum><header>Oral
testimony</header><text>Each civil investigative demand for the giving of oral
testimony shall—</text>
<subparagraph id="HEF241A62D3AD4CF29960254E870FA32D"><enum>(A)</enum><text>prescribe a date,
time, and place at which oral testimony shall be commenced; and</text>
</subparagraph><subparagraph id="H4151E9C9C5594ACFA23E25C1E6F84D69"><enum>(B)</enum><text>identify a Agency
investigator who shall conduct the investigation and the custodian to whom the
transcript of such investigation shall be submitted.</text>
</subparagraph></paragraph><paragraph id="H1D5906EDA7944988916B6F6983B41DF9"><enum>(7)</enum><header>Service</header>
<subparagraph id="H4BDD20F7FC1E4F789E19472518A65624"><enum>(A)</enum><text>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.</text>
</subparagraph><subparagraph id="HE05990D84B724B0F978A59F7BE1D50E1"><enum>(B)</enum><text>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.</text>
</subparagraph><subparagraph id="H0E8B5A47E7314F8FBE69C601AE793F8B"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="HD6F2E45BE2CB4908937CDE3F73D5CD0F"><enum>(8)</enum><header>Method of
service</header><text>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—</text>
<subparagraph id="H6A805663CD6B4555B041130F03F31F2E"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="HF4BD78EA149245E191905BC7FFF840BB"><enum>(B)</enum><text>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</text>
</subparagraph><subparagraph id="HCFD319C0DBEF48F181C86662D4D79B74"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H5158573D667E40E8A01F2717A09594BC"><enum>(9)</enum><header>Proof of
service</header>
<subparagraph id="H5C1B6DE7D85B4753AAE7035648358F72"><enum>(A)</enum><text>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.</text>
</subparagraph><subparagraph id="H405B8588EADA4BBC9C80D553F6B169E3"><enum>(B)</enum><text>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.</text>
</subparagraph></paragraph><paragraph id="H4D856F7A21C7475FA25D6AE20F6E0DFF"><enum>(10)</enum><header>Production of
documentary material</header><text>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.</text>
</paragraph><paragraph id="HB756FC11FD774CB9AA8FB077CDDFBEFA"><enum>(11)</enum><header>Submission of
tangible things</header><text>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.</text>
</paragraph><paragraph id="H2FB4F00408564D8C9F85075E53219C5A"><enum>(12)</enum><header>Separate
answers</header><text>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.</text>
</paragraph><paragraph id="HA7A51C8669274A4DB96405E29016C704"><enum>(13)</enum><header>Testimony</header>
<subparagraph id="H8B9904316FDF4F5AA60F23BECB23FF80"><enum>(A)</enum><header>Procedure</header>
<clause id="HFCBD959DDCCF4889843977D6C62425EE"><enum>(i)</enum><header>Oath and
recordation</header><text>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.</text>
</clause><clause id="HFDFB0E2F304C46E89512FA6F983552A6"><enum>(ii)</enum><header>Transcriptions</header><text>The
testimony shall be taken stenographically and transcribed.</text>
</clause><clause id="H6133FAAF6A154FF4923B07E5BB3961EB"><enum>(iii)</enum><header>Copy to
custodian</header><text>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.</text>
</clause></subparagraph><subparagraph id="HDB75F7084A2A49168CE72BD5F2716BBE"><enum>(B)</enum><header>Parties
present</header><text>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.</text>
</subparagraph><subparagraph id="H2BA09AE1AA2E4512B6E03FFD08D87BB2"><enum>(C)</enum><header>Location</header><text>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.</text>
</subparagraph><subparagraph id="H079B330DFBC54987A0FAB63D2F8BD54B"><enum>(D)</enum><header>Attorney
representation</header>
<clause id="H8C3B76737F2247E1AF77654DB96412A1"><enum>(i)</enum><header>In
general</header><text>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.</text>
</clause><clause id="H4270FE435BC94B4D974EAC7A0D688CDB"><enum>(ii)</enum><header>Confidential
advice</header><text>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.</text>
</clause><clause id="HE1C7168FF9894F2395449672FBFFBA88"><enum>(iii)</enum><header>Objections</header><text>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.</text>
</clause><clause id="H0EC1231141464083983333492587A0D2"><enum>(iv)</enum><header>Refusal to
answer</header><text display-inline="yes-display-inline">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.</text>
</clause><clause id="H5FA1544AED9A4FE5B85F34E632108390"><enum>(v)</enum><header>Petition for
order</header><text>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.</text>
</clause><clause id="HD5973D55577949A783D0A37ABDDEA975"><enum>(vi)</enum><header>Basis for
compelling testimony</header><text>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.</text>
</clause></subparagraph><subparagraph id="H4C1761D469734270AF390FD260F520F3"><enum>(E)</enum><header>Transcripts</header>
<clause id="HEE36A95F487C45F9AAE0139D789FB198"><enum>(i)</enum><header>Right to
examine</header><text>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.</text>
</clause><clause id="H91B9E2A31A7A4B7F8AB5E5E6C7ACE9F6"><enum>(ii)</enum><header>Reading the
transcript</header><text>The transcript shall be read to or by the witness,
unless such examination and reading are waived by the witness.</text>
</clause><clause id="HE61F2A3D031A43F39C821EF5A9AE6054"><enum>(iii)</enum><header>Request for
changes</header><text>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.</text>
</clause><clause id="HC52204B7827E47D08A97323A12DEBCDF"><enum>(iv)</enum><header>Signature</header><text>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.</text>
</clause><clause id="H03DB2BEBF69046F38AAA6A9CA0E80678"><enum>(v)</enum><header>Agency action in
lieu of signature</header><text>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.</text>
</clause></subparagraph><subparagraph id="HF62DB650CADF499AB61919D64BA6ED9C"><enum>(F)</enum><header>Certification by
investigator</header><text>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.</text>
</subparagraph><subparagraph id="H8D35C86483EE4C17918955B6356A764D"><enum>(G)</enum><header>Copy of
transcript</header><text>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.</text>
</subparagraph><subparagraph id="H9A74A968A5AE4A9CA82590951C6B29E3"><enum>(H)</enum><header>Witness
fees</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H6DAC02BE68264817AA78B63F41D30361"><enum>(c)</enum><header>Confidential
treatment of demand material</header>
<paragraph id="H1BD5FD61C02C486FB53478B3C6FF1710"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H50ABD380124B4E2E8B3F36360D8BCCCC"><enum>(2)</enum><header>Disclosure to
congress</header><text>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.</text>
</paragraph></subsection><subsection id="H4161750EF94740698DD0F7E41C56A487"><enum>(d)</enum><header>Petition for
enforcement</header>
<paragraph id="H557D459BB98448DFBA3E12FD4DB73BD4"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HABE3E0D52BDA4FEA81B55012BFEC9C25"><enum>(2)</enum><header>Service of
process</header><text>All process of any court to which application may be made
as provided in this subsection may be served in any judicial district.</text>
</paragraph></subsection><subsection id="HBC515606585C4A2C865A941717A41608"><enum>(e)</enum><header>Petition for
order modifying or setting aside demand</header>
<paragraph id="H452A90898F29415F9DE259E5FBD2604B"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H059EA1723FA34745BC1F164E778E75A5"><enum>(2)</enum><header>Compliance
during pendency</header><text>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.</text>
</paragraph><paragraph id="HA62D1CDB07EB44CA8ABB068EE26B9A06"><enum>(3)</enum><header>Specific
grounds</header><text>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.</text>
</paragraph></subsection><subsection id="HF6A66553E899419FB13FB00F815B73AC"><enum>(f)</enum><header>Custodial
control</header><text>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.</text>
</subsection><subsection id="H523869C2F96846C98DD29A4FAA33F634"><enum>(g)</enum><header>Jurisdiction of
court</header>
<paragraph id="HFAA7A4B539EF413992205B27114710C4"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H19C5AA9C09A44992A35E0828BBC9AC4E"><enum>(2)</enum><header>Appeal</header><text>Any
final order so entered shall be subject to appeal pursuant to section 1291 of
title 28, United States Code.</text>
</paragraph></subsection></section><section id="H39A2F50AF6EC4A29ADB09C1856DFE8A8"><enum>153.</enum><header>Hearings and
adjudication proceedings</header>
<subsection id="H6AAC77B1F56C41ABB9BFAC1FFF06B964"><enum>(a)</enum><header>In
general</header><text>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—</text>
<paragraph id="H8C69E0A474254FEC9CE6F13D6FF2AD6E"><enum>(1)</enum><text>the provisions of
this title, including any regulations prescribed by the Agency under this
title; and</text>
</paragraph><paragraph id="H17E0E2CC676F43FEAAAFBB9106EC72CD"><enum>(2)</enum><text>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.</text>
</paragraph></subsection><subsection id="HCF21F8D5A40A47D7ACA38D2214EE8DD1"><enum>(b)</enum><header>Special rules
for cease-and-desist proceedings</header>
<paragraph id="HB24AF8E877F0449286500CF8C41C6917"><enum>(1)</enum><header>Issuance</header>
<subparagraph id="H046483DCCB0842498E05EF03AD463BFB"><enum>(A)</enum><header>Notice of
charges</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="H6DE4A3AF505748CA91BAFD6D4C527544"><enum>(B)</enum><header>Contents of
notice</header><text>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.</text>
</subparagraph><subparagraph id="HD74C3A1C49134D0F86057BBC06C01264"><enum>(C)</enum><header>Time of
hearing</header><text>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.</text>
</subparagraph><subparagraph id="H563FA107BBFD479E863120A65C175C1E"><enum>(D)</enum><header>Nonappearance
deemed to be consent to order</header><text>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.</text>
</subparagraph><subparagraph id="H255A69BD599C41BD97E62CD7335F7601"><enum>(E)</enum><header>Issuance of
order</header><text>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.</text>
</subparagraph><subparagraph id="HC03D4233810A4CD8A929AFAE8EF9A3FE"><enum>(F)</enum><header>Includes
requirement for corrective action</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H6071402E05C947A4B75992BE659C3B4C"><enum>(2)</enum><header>Effectiveness of
order</header><text>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.</text>
</paragraph><paragraph id="H30FCCAB219624AAD92AEDCD950ACA9FF"><enum>(3)</enum><header>Decision and
appeal</header>
<subparagraph id="HE8B7EFB1126C4E2C8254B6BC9FFF3E2A"><enum>(A)</enum><header>Place of and
procedures for hearing</header><text>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.</text>
</subparagraph><subparagraph id="HBEA54069D48749719759889C08F3B1A0"><enum>(B)</enum><header>Time limit for
decision</header><text>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—</text>
<clause id="HF5A2850542A1442D8B8F762170DEB0D5"><enum>(i)</enum><text>render its
decision (which shall include findings of fact upon which its decision is
predicated) and shall issue; and</text>
</clause><clause id="HDF7B1DADF7B649869FA82C5E0D9E9196"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H81B19734453F430AA6063302DF694557"><enum>(C)</enum><header>Modification of
order generally</header><text>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.</text>
</subparagraph><subparagraph id="HC6C54687984F44E3A31B7769EF2274B2"><enum>(D)</enum><header>Modification of
order after filing record on appeal</header><text>Upon such filing of the
record, the Agency may modify, terminate, or set aside any such order with
permission of the court.</text>
</subparagraph></paragraph><paragraph id="HD4F5013D07554200A10CD0B0320122E3"><enum>(4)</enum><header>Appeal to court
of appeals</header>
<subparagraph id="H24FCF8F4CE384227B3F411A5D44B7B39"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="HD1C1B58675AE43DE87D6D5450F471C96"><enum>(B)</enum><header>Transmittal of
copy to the Agency</header><text>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.</text>
</subparagraph><subparagraph id="HEC3CB0EC702443C0A3046EE86F3BD547"><enum>(C)</enum><header>Jurisdiction of
court</header><text>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.</text>
</subparagraph><subparagraph id="H27162CC5092D4B7E9AFD38EC3109825B"><enum>(D)</enum><header>Scope of
review</header><text>Review of such proceedings shall be had as provided in
chapter 7 of title 5 of the United States Code.</text>
</subparagraph><subparagraph id="H2565B1609E4B415C9A3C2698BF81A1EA"><enum>(E)</enum><header>Finality</header><text>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.</text>
</subparagraph></paragraph><paragraph id="HA195DEC5539E4ABB8DDD28A9050B6FD1"><enum>(5)</enum><header>No
stay</header><text>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.</text>
</paragraph></subsection><subsection id="H480903E007B548F0AC9255E83BA69F8E"><enum>(c)</enum><header>Special rules
for temporary cease-and-desist proceedings</header>
<paragraph id="H5E104800888D4F79BD950F812078B708"><enum>(1)</enum><header>Issuance</header>
<subparagraph id="HA676CE91239C4872A19C3FCD6B6B9850"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="H535F29D167C24636AEDA5CE7F536D28A"><enum>(B)</enum><header>Other
requirements</header><text>Any temporary order issued under this paragraph may
include any requirement authorized under this subtitle.</text>
</subparagraph><subparagraph id="HF44595B6AFD54A5A911B2E4F80C4444A"><enum>(C)</enum><header>Effect date of
order</header><text display-inline="yes-display-inline">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.</text>
</subparagraph></paragraph><paragraph id="H11D6824C9BB04533B1C6F9221A2D1E3C"><enum>(2)</enum><header>Appeal</header><text>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.</text>
</paragraph><paragraph id="HE0B37B03FC1740DF8A5D14831B2E04BA"><enum>(3)</enum><header>Incomplete or
inaccurate records</header>
<subparagraph id="HBFEDAE3F6BB449D7A7266563650DEEA5"><enum>(A)</enum><header>Temporary
order</header><text>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—</text>
<clause id="HA88FDF3B1FBC4078BE72786B020E785C"><enum>(i)</enum><text>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</text>
</clause><clause id="H126D5177827F4300AA5595637823D14E"><enum>(ii)</enum><text>affirmative
action to restore such books or records to a complete and accurate state, until
the completion of the proceedings under subsection (b)(1).</text>
</clause></subparagraph><subparagraph id="H7C6E39DF50F940968AFA5E74D5429919"><enum>(B)</enum><header>Effective
period</header><text>Any temporary order issued under subparagraph (A)—</text>
<clause id="HFEEA15670DF24EA0BA2C43428E25DE43"><enum>(i)</enum><text>shall take effect
upon service; and</text>
</clause><clause id="HFAE28B84F2DF4AB98B348FEF3B220194"><enum>(ii)</enum><text>unless set aside,
limited, or suspended by a court in proceedings under paragraph (2), shall
remain in effect and enforceable until the earlier of—</text>
<subclause id="H39DADF6679754E2CB5116A6962E71EF2"><enum>(I)</enum><text>the completion of
the proceeding initiated under subsection (b) in connection with the notice of
charges; or</text>
</subclause><subclause id="HE2A3D82582134E6F911E6E3B4B035C89"><enum>(II)</enum><text>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.</text>
</subclause></clause></subparagraph></paragraph></subsection><subsection id="H91D49F2023A24CB995D0D53D0494CBD3"><enum>(d)</enum><header>Special rules
for enforcement of orders</header>
<paragraph id="HC4204DDC858D47E7801200424D918425"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H656270BB1857487280C7373390D5370F"><enum>(2)</enum><header>Exception</header><text>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.</text>
</paragraph></subsection><subsection id="H47A19215BEC448179DB9315FE6B4F98A"><enum>(e)</enum><header>Regulations</header><text>The
Agency shall prescribe regulations establishing such procedures as may be
necessary to carry out this section.</text>
</subsection></section><section id="H32F9560663D74AEEB1E1AA5F97C35922"><enum>154.</enum><header>Litigation
authority</header>
<subsection id="H551798399F794F2BACDC1D6637175C8A"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="H17D06757F60A452DA0D8350922AC1F95"><enum>(b)</enum><header>Representation</header><text>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.</text>
</subsection><subsection id="H4BB79A79CFAD4FD4846B8B6DEE530D04"><enum>(c)</enum><header>Compromise of
actions</header><text>The Agency may compromise or settle any action if such
compromise is approved by the court.</text>
</subsection><subsection id="HF193F16B66BF40938A747BCF544A3F45"><enum>(d)</enum><header>Notice to the
attorney general</header><text>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.</text>
</subsection><subsection id="H90D63ADB016B4D579EF4D56A30ACEF77"><enum>(e)</enum><header>Appearance
before the supreme court</header><text>The Agency may represent itself in its
own name before the Supreme Court of the United States, if—</text>
<paragraph id="H2706FEB9F78548C1AB3891F3A6ABCF39"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H926A26EE6D5742ECAEA666B74FAB8A9E"><enum>(2)</enum><text>the Attorney
General concurs with such request or fails to take action within 60 days of the
Agency’s request.</text>
</paragraph></subsection><subsection id="HB58DB8D4D0194B7E915A93B5AF181F39"><enum>(f)</enum><header>Forum</header><text>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.</text>
</subsection><subsection id="H7920BEAC71C34B46B16764B6DC71F863"><enum>(g)</enum><header>Time for
bringing action</header>
<paragraph id="H2C51802C3BF1407EBA7C6CE5EA98E51E"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HC888EAB5C6864F6B829864F9FC8C0986"><enum>(2)</enum><header>Limitations
under other federal laws</header>
<subparagraph id="H8B38CF58AFCE407DA3D9CA80BCB112BC"><enum>(A)</enum><text>For purposes of
this section, an action arising under this title shall not include claims
arising solely under enumerated consumer laws.</text>
</subparagraph><subparagraph id="H90C75F8834624EBA9D405AE15F690ED1"><enum>(B)</enum><text>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.</text>
</subparagraph><subparagraph id="HF0A129D981DC43B5BBFE47ADBB46A2D4"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph></subsection></section><section id="HE323B028477146B6A35F0F4BBC2E4D85"><enum>155.</enum><header>Relief
available</header>
<subsection id="H2F987F05CD3C4AD79E291069928A02DE"><enum>(a)</enum><header>Administrative
proceedings or court actions</header>
<paragraph id="HFDB78E3E0FF848CD8FA6B37B8BCCB0AC"><enum>(1)</enum><header>Jurisdiction</header><text>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.</text>
</paragraph><paragraph id="H775584ACC60A42F8AAF0091460D1DC7D"><enum>(2)</enum><header>Relief</header><text>Such
relief may include—</text>
<subparagraph id="H67B8EFEB0A83450BBEB94139CDBAE1EF"><enum>(A)</enum><text>rescission or
reformation of contracts;</text>
</subparagraph><subparagraph id="H594F29B55AF04F9587660147B992AA96"><enum>(B)</enum><text>refund of moneys
or return of real property;</text>
</subparagraph><subparagraph id="HF8524F2CFB6D4EFE8CD4048D593017A6"><enum>(C)</enum><text>restitution;</text>
</subparagraph><subparagraph id="H3F1E8C2FBB384CBFB6D039413DAFB478"><enum>(D)</enum><text>compensation for
unjust enrichment;</text>
</subparagraph><subparagraph id="H84C1BA95D6F64FB4B16D2AA4E5219557"><enum>(E)</enum><text>payment of
damages;</text>
</subparagraph><subparagraph id="HB2955AA075CF44C5A3C7DEA690C23431"><enum>(F)</enum><text>public
notification regarding the violation, including the costs of
notification;</text>
</subparagraph><subparagraph id="HC65D1799F4F447948D654F7970A53C19"><enum>(G)</enum><text>limits on the
activities or functions of the person; and</text>
</subparagraph><subparagraph id="HD9F1EABE51DC4A61BD62ECC5D84D354C"><enum>(H)</enum><text>civil money
penalties, as set forth more fully in subsection (d).</text>
</subparagraph></paragraph><paragraph id="HDD7A62BF3E2B4C488D0E8353F51DD1BE"><enum>(3)</enum><header>No exemplary or
punitive damages</header><text>Nothing in this subsection shall be construed as
authorizing the imposition of exemplary or punitive damages.</text>
</paragraph></subsection><subsection id="H2A68D67E23214FC780BF6F24DD951018"><enum>(b)</enum><header>Recovery of
costs</header><text>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.</text>
</subsection><subsection id="H7428192C71484AC48C65B62096039931"><enum>(c)</enum><header>Civil money
penalty in court and administrative actions</header>
<paragraph id="H69E49E371D004099800BA3B713E104CA"><enum>(1)</enum><text display-inline="yes-display-inline">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:</text>
<subparagraph id="H45651A2757374A2584DE805651B6B554"><enum>(A)</enum><header>First
tier</header><text>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.</text>
</subparagraph><subparagraph id="HD88D0F2DB1CF4D81A80C97122B2226A7"><enum>(B)</enum><header>Second
tier</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="H0CC0D5CAA0DB4CD68860F9885C0E1BC5"><enum>(C)</enum><header>Third
tier</header><text display-inline="yes-display-inline">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.</text>
</subparagraph></paragraph><paragraph id="H42561BFDB6BB442E8DB3EB255BC0BD32"><enum>(2)</enum><header>Mitigating
factors</header><text>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—</text>
<subparagraph id="H5B7C0A8251594C078E98990E10B3EA92"><enum>(A)</enum><text>the size of
financial resources and good faith of the person charged;</text>
</subparagraph><subparagraph id="H175D3E43BB754D7485CCAAA7A08C085B"><enum>(B)</enum><text>the gravity of the
violation;</text>
</subparagraph><subparagraph id="HB2D4735D480843E4A13F07BEC4490EC4"><enum>(C)</enum><text>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;</text>
</subparagraph><subparagraph id="HD127A43576174597B856B1965935F720"><enum>(D)</enum><text>the history of
previous violations; and</text>
</subparagraph><subparagraph id="H567076D6CD15420180EBB337EFDFB0FB"><enum>(E)</enum><text>such other matters
as justice may require.</text>
</subparagraph></paragraph><paragraph id="H794004F4D75E48FFA37E063315ADF9AB"><enum>(3)</enum><header>Authority to
modify or remit penalty</header><text>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.</text>
</paragraph><paragraph id="H424F7BCC892F425698445C0EBFF1034C"><enum>(4)</enum><header>Notice and
hearing</header><text display-inline="yes-display-inline">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—</text>
<subparagraph id="H09EE02DF5F914BADBBF5644F92BD8658"><enum>(A)</enum><text>the Agency gives
notice and an opportunity for a hearing to the person accused of the violation;
or</text>
</subparagraph><subparagraph id="H9E6520140FB548FB9FDB125122522C16"><enum>(B)</enum><text>the appropriate
court has ordered such assessment and entered judgment in favor of the
Agency.</text>
</subparagraph></paragraph></subsection></section><section id="HD75F2113C45847599BC741C9AE9DAB40"><enum>156.</enum><header>Referrals for
criminal proceedings</header><text display-inline="no-display-inline">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.</text>
</section><section id="HF37BA2DE534F4409B3A6A04B63C7B226"><enum>157.</enum><header>Employee
protection</header>
<subsection id="H44BDD05CA983406690BCF5D0A0792DDD"><enum>(a)</enum><header>In
general</header><text>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.</text>
</subsection><subsection id="H97F09A08536E49138CB0691110136A4E"><enum>(b)</enum><header>Agency review of
termination</header>
<paragraph id="H25A164BC8A7B477C9B4E03FAE36D775A"><enum>(1)</enum><header>Application for
review</header><text>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.</text>
</paragraph><paragraph id="H49DC6C44ACCA4B0FB42F4E418AEEC1AB"><enum>(2)</enum><header>Copy to
respondent</header><text display-inline="yes-display-inline">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.</text>
</paragraph><paragraph id="H64F2A82ABF3A4A998AE959B4C6858B63"><enum>(3)</enum><header>Investigation</header><text>Upon
receipt of such application, the Agency shall cause such investigation to be
made as the Agency deems appropriate.</text>
</paragraph><paragraph id="H3BA3959A84964E00A4401179912AE215"><enum>(4)</enum><header>Hearing</header><text>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.</text>
</paragraph><paragraph id="HD2BE1CC73267407E867F92BB2AB23966"><enum>(5)</enum><header>Notice of time
and place for hearing</header><text>The parties shall be given written notice
of the time and place of the hearing at least 5 days prior to the
hearing.</text>
</paragraph><paragraph id="HA7BE66EC2C27414F9D0F49C2A30C2538"><enum>(6)</enum><header>Procedure</header><text>Any
hearing under this subsection shall be of record and shall be subject to
section 554 of title 5, United States Code.</text>
</paragraph><paragraph id="H981FFBCC38BA4B52A6A9B61C08BF25ED"><enum>(7)</enum><header>Determination</header>
<subparagraph id="H06A548157CE84981B1DEEC731BB7E0EC"><enum>(A)</enum><header>In
general</header><text>Upon receiving the report of such investigation, the
Agency shall make findings of fact.</text>
</subparagraph><subparagraph id="H721A6151D64B4514A16BE3D68DB19131"><enum>(B)</enum><header>Issuance of
decision</header><text>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.</text>
</subparagraph><subparagraph id="HF816705606D04AC58E29563218DA6DA8"><enum>(C)</enum><header>Denial of
application</header><text>If the Agency finds insufficient evidence to support
the allegations made in the application, the Agency shall deny the
application.</text>
</subparagraph></paragraph><paragraph id="HCC7E8832CAFE4DB2AF2BD35BB70E9272"><enum>(8)</enum><header>Judicial
review</header><text>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.</text>
</paragraph></subsection><subsection id="H578E7D07126B44A7948D259D21C9DF81"><enum>(c)</enum><header>Costs and
expenses</header><text>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.</text>
</subsection><subsection id="H55E9B5FA97844CCB9CE7740AA639F12D"><enum>(d)</enum><header>Exception</header><text>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.</text>
</subsection></section><section id="H4FAD6E0B4856438DB739E733C4C87BE2"><enum>158.</enum><header>Effective
date</header><text display-inline="no-display-inline">This subtitle shall take
effect on the designated transfer date.</text>
</section></subtitle><subtitle id="H34D200C5E1924AADB991AD342326E609"><enum>F</enum><header>Transfer of
Functions and Personnel; Transitional Provisions</header>
<section id="H667A006B0E634F97ACF220116FE2B32C"><enum>161.</enum><header>Transfer of
certain functions</header>
<subsection id="H0D8CE9D7A8974B43B37BFB566B18DCE8"><enum>(a)</enum><header>In
general</header><text>Except as provided in subsection (b), consumer financial
protection functions are transferred as follows:</text>
<paragraph id="HE9CABB4A152141388EA9E2BB61BB9CFB"><enum>(1)</enum><header>Board of
governors</header>
<subparagraph id="H562FB7B77C7B46A6AFCA55B5718C1A43"><enum>(A)</enum><header>Transfer of
functions</header><text>All consumer financial protection functions of the
Board of Governors are transferred to the Agency.</text>
</subparagraph><subparagraph id="HAA69B51D59FB4760A66CF12C2F85CA25"><enum>(B)</enum><header>Board of
governors’ authority</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H9A515BDEF90848868A25F3F7E7BD4F46"><enum>(2)</enum><header>Comptroller of
the currency</header>
<subparagraph id="HA432C8D63E1146A48AAAEA28CF0DF2F6"><enum>(A)</enum><header>Transfer of
functions</header><text>All consumer financial protection functions of the
Comptroller of the Currency are transferred to the Agency.</text>
</subparagraph><subparagraph id="HE600362D58524DBF87C71C49A91A08DB"><enum>(B)</enum><header>Comptroller’s
authority</header><text>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.</text>
</subparagraph></paragraph><paragraph id="HEC965A86752F45D59499F9E8BF8A9B7E"><enum>(3)</enum><header>Director of the
office of thrift supervision</header>
<subparagraph id="HBE651983F5604091B9D7B5C17FCD78FD"><enum>(A)</enum><header>Transfer of
functions</header><text>All consumer financial protection functions of the
Director of the Office of Thrift Supervision are transferred to the
Agency.</text>
</subparagraph><subparagraph id="H13BE9534723049D196EFB1D243B5B5DD"><enum>(B)</enum><header>Director’s
authority</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H111183E8459B4F5CA31FC326C4CA0329"><enum>(4)</enum><header>Federal deposit
insurance corporation</header>
<subparagraph id="H2E897C9AE9B8475D8864B95627259DCF"><enum>(A)</enum><header>Transfer of
functions</header><text>All consumer financial protection functions of the
Federal Deposit Insurance Corporation are transferred to the Agency.</text>
</subparagraph><subparagraph id="H33E9712A77414337B460B61BD95C834F"><enum>(B)</enum><header>Corporation’s
authority</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H67D2F8D707014BCD962A0CFF3D2F43E7"><enum>(5)</enum><header>Federal trade
commission</header>
<subparagraph id="H535FEEE3A2E949E2AB0675C154525B9B"><enum>(A)</enum><header>Transfer of
functions</header><text>All consumer financial protection functions of the
Federal Trade Commission are transferred to the Agency.</text>
</subparagraph><subparagraph id="HECCAA8C379BC40989D7A1B6D2B26BBEA"><enum>(B)</enum><header>Commission’s
authority</header><text>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.</text>
</subparagraph></paragraph><paragraph id="H3103801FA8BE466B82BE234200083EE6"><enum>(6)</enum><header>National credit
union administration</header>
<subparagraph id="H934B11FDF1E64375BCACF92A70591219"><enum>(A)</enum><header>Transfer of
functions</header><text>All consumer financial protection functions of the
National Credit Union Administration are transferred to the Agency.</text>
</subparagraph><subparagraph id="H6EC30C877689417B8709416D727C1AF6"><enum>(B)</enum><header>National credit
union administration’s authority</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H4B5F148988E04F18B01457E0D213D346"><enum>(b)</enum><header>Transfers of
functions subject to backstop enforcement authority remaining with transferor
agencies</header><text>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).</text>
</subsection><subsection id="H3E28E2985ADD40F38390DA802747CD15"><enum>(c)</enum><header>Termination of
authority of transferor agencies To collect fees for consumer financial
protection purposes</header><text>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.</text>
</subsection><subsection id="HACE10663C5A24771ADF64106C66E9D3A"><enum>(d)</enum><header>Consumer
financial protection functions defined</header><text display-inline="yes-display-inline">For purposes of this subtitle, the term
<quote>consumer financial protection functions</quote> 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.</text>
</subsection><subsection id="H2B33E50D58BF4FCD92B4A11E56BB2463"><enum>(e)</enum><header>Effective
date</header><text>Subsections (a) and (b) shall take effect on the designated
transfer date.</text>
</subsection></section><section id="HF60803BA629740DF9C0E76E11AB4820A"><enum>162.</enum><header>Designated
transfer date</header>
<subsection id="H187A8CE3A39642C8954D7A22725A2061"><enum>(a)</enum><header>In
general</header><text>Not later than 60 days after the date of the enactment of
this Act, the Secretary—</text>
<paragraph id="HD92A30E7484D42DFA9DB2F70B5670C6F"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H6B41A969EFF747ECBA43E4CDD02AE470"><enum>(2)</enum><text>shall publish
notice of that designation in the Federal Register.</text>
</paragraph></subsection><subsection id="HC6A5CC5D2FA44D1787D618BEFB313DAA"><enum>(b)</enum><header>Changing
designation</header><text>The Secretary—</text>
<paragraph id="H39635CA01F46499E8DFE2E2ED14BCCFE"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H710A748AE767424DAFE330EBCDB1A4C2"><enum>(2)</enum><text>shall publish
notice of any changed designation in the Federal Register.</text>
</paragraph></subsection><subsection id="HE92AA36A472C43E0AFB19AB3E3160E72"><enum>(c)</enum><header>Permissible
dates</header>
<paragraph id="HBAF9EE85E00145BFACE10B4041F509F5"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H2ED2774BD5B241A5AD0A0AF7B811F7A6"><enum>(2)</enum><header>Extension of
time</header><text>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—</text>
<subparagraph id="HB01C4F95EC7143398E440D859491F047"><enum>(A)</enum><text>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;</text>
</subparagraph><subparagraph id="H2AF4FB431CF443EB9B98899445A353EC"><enum>(B)</enum><text>an explanation of
why an extension is necessary for the orderly implementation of this title;
and</text>
</subparagraph><subparagraph id="H3F6B32E6B5B84788ACF3146C4FF57388"><enum>(C)</enum><text>a description of
the steps that will be taken to effect an orderly and timely implementation of
this title within the extended time period.</text>
</subparagraph></paragraph><paragraph id="H9C97C5D292BF4E18BED704DDF96B88F9"><enum>(3)</enum><header>Extension
limited</header><text>In no case shall any date designated under this section
be later than 24 months after the date of the enactment of this Act.</text>
</paragraph></subsection></section><section id="HF31AE03D2E044C7C8CEC9F92518FA6A0"><enum>163.</enum><header>Savings
provisions</header>
<subsection id="HFB283C73D6A44D899652547CBD6E8667"><enum>(a)</enum><header>Board of
governors</header>
<paragraph id="H703FF86FE0184368982768526E6EDFAA"><enum>(1)</enum><header>Existing rights,
duties, and obligations not affected</header><text>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—</text>
<subparagraph id="HC3593D2FAE8E4683B670508E4CBE1536"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H9CF6A4C7B6B544F5BE46513BF43C0EFB"><enum>(B)</enum><text>existed on the day
before the designated transfer date.</text>
</subparagraph></paragraph><paragraph id="HE5CB689885AE4A67817727CF6C0082AD"><enum>(2)</enum><header>Continuation of
suits</header><text>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.</text>
</paragraph></subsection><subsection id="H361E0C22629F4A93AEF8E7578D5CCD9D"><enum>(b)</enum><header>Federal deposit
insurance corporation</header>
<paragraph id="HFF29BD7D968943038C21B688B9100FA1"><enum>(1)</enum><header>Existing rights,
duties, and obligations not affected</header><text>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—</text>
<subparagraph id="HD95E18428F79454787AE7EA759F57140"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HFF9348EC40874B35BC8F0DC89ACDD228"><enum>(B)</enum><text>existed on the day
before the designated transfer date.</text>
</subparagraph></paragraph><paragraph id="H82025C540D5249029C97BF5C30AE9989"><enum>(2)</enum><header>Continuation of
suits</header><text>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.</text>
</paragraph></subsection><subsection id="H615EC3B0A0C045EEB8B4343B8492D103"><enum>(c)</enum><header>Federal trade
commission</header>
<paragraph id="HF34DFB9FFABE48839473F315E54DF4D3"><enum>(1)</enum><header>Existing rights,
duties, and obligations not affected</header><text>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—</text>
<subparagraph id="H9C7C9B4D64564F558605EDF48DA70718"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HE83F805117DE45A9B01354B80CF02681"><enum>(B)</enum><text>existed on the day
before the designated transfer date.</text>
</subparagraph></paragraph><paragraph id="H0C5713D4A3004A04B4FBB50A56D34B16"><enum>(2)</enum><header>Continuation of
suits</header><text>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.</text>
</paragraph></subsection><subsection id="H6ADB0E06972842E4B691B44241951F91"><enum>(d)</enum><header>National credit
union administration</header>
<paragraph id="H4346703DC34C4B1DA4E0CA990D2F1957"><enum>(1)</enum><header>Existing rights,
duties, and obligations not affected</header><text>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—</text>
<subparagraph id="H9EA7D4BBBE9C48DA9A89D40B347E5AC4"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HE7249E4E1E6842A0B1451DBF85910875"><enum>(B)</enum><text>existed on the day
before the designated transfer date.</text>
</subparagraph></paragraph><paragraph id="H4481EAB25EC846CFB8A2DA7B71B87F3F"><enum>(2)</enum><header>Continuation of
suits</header><text>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.</text>
</paragraph></subsection><subsection id="H1566DA8F3B43445CA3BF036A1CED7265"><enum>(e)</enum><header>Comptroller of
the Currency</header>
<paragraph id="HA040C97B5B824F12947D73826150ACB9"><enum>(1)</enum><header>Existing rights,
duties, and obligations not affected</header><text>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—</text>
<subparagraph id="H789E0E2A37B142E1A193AD7A36B01696"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H0437DC1782AC462B87069E557D412D28"><enum>(B)</enum><text>existed on the day
before the designated transfer date.</text>
</subparagraph></paragraph><paragraph id="H6FF4C52B4C624BF59308C52D0063270A"><enum>(2)</enum><header>Continuation of
suits</header><text>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.</text>
</paragraph></subsection><subsection id="HDED1103BB33145869435BA307351966E"><enum>(f)</enum><header>Office of thrift
supervision</header>
<paragraph id="HF7D73604B89A484DA3C8EDA6E9398F60"><enum>(1)</enum><header>Existing rights,
duties, and obligations not affected</header><text>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—</text>
<subparagraph id="H18AF38E833874159B4CC822CC8110893"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H0E86E2CC7C304DB8ABC8F54F9972EE19"><enum>(B)</enum><text>that existed on
the day before the designated transfer date.</text>
</subparagraph></paragraph><paragraph id="HDE2A5933D9F5462BAE290E65C8A41821"><enum>(2)</enum><header>Continuation of
suits</header><text>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.</text>
</paragraph></subsection><subsection id="H6D3E04F8DB774A91B2B655E8F790EEAC"><enum>(g)</enum><header>Continuation of
existing orders, regulations, determinations, agreements, and
resolutions</header><text>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.</text>
</subsection><subsection id="H3D1FE0E73AB54574A54F13439A914F1F"><enum>(h)</enum><header>Identification
of regulations continued</header><text>Not later than the designated transfer
date, the Agency—</text>
<paragraph id="HEDA007143637462289DB8AC619C7BBD8"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H8D225562C4EA4FD6A8FE495B8453B63D"><enum>(2)</enum><text>shall publish a
list of such regulations in the Federal Register.</text>
</paragraph></subsection><subsection id="H7FCA6EBF30C144B7AD9F96B641DAB662"><enum>(i)</enum><header>Status of
regulations proposed or not yet effective</header>
<paragraph id="H8027171C95154CB3993DD8911EE9FA3C"><enum>(1)</enum><header>Proposed
regulations</header><text>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.</text>
</paragraph><paragraph id="HD1195AE36E4B41BE8BEC94E7B98102CC"><enum>(2)</enum><header>Regulations not
yet effective</header><text>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.</text>
</paragraph></subsection></section><section id="HF3F62783E58542768751C93E5CA6CF2D"><enum>164.</enum><header>Transfer of
certain personnel</header>
<subsection id="H23B27981500C4B1193A8281C1D90BBB0"><enum>(a)</enum><header>In
general</header>
<paragraph id="HAD865A18B1DB41528C922FE109FA426E"><enum>(1)</enum><header>Certain federal
reserve system employees transferred</header>
<subparagraph id="H5841AD48E85B4C3DA14A5C015A30A624"><enum>(A)</enum><header>Identifying
employees for transfer</header><text>The Agency and the Board of Governors
shall—</text>
<clause id="H0532147898524EF9BF8B03AA8BD4DA57"><enum>(i)</enum><text>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</text>
</clause><clause id="HC37154919AA443C9807B047C344CBAA8"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="HB71B1D969B114C839EAFA92AD23D92BE"><enum>(B)</enum><header>Identified
employees transferred</header><text>All employees of the Board of Governors
identified under subparagraph (A)(ii) shall be transferred to the Agency for
employment.</text>
</subparagraph><subparagraph id="H8751C56C26A349EDAACB78FC334D2441"><enum>(C)</enum><header>Federal reserve
bank employees</header><text>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).</text>
</subparagraph></paragraph><paragraph id="HA6F67126C1104A6C8786C516A94CB3CF"><enum>(2)</enum><header>Certain fdic
employees transferred</header>
<subparagraph id="HB3C758432AD24C3880794CA677DA591F"><enum>(A)</enum><header>Identifying
employees for transfer</header><text>The Agency and the Board of Directors of
the Federal Deposit Insurance Corporation shall—</text>
<clause id="H645936C82CC94568973DF5A6B6DC89C4"><enum>(i)</enum><text>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</text>
</clause><clause id="H4A4AA76088AD488FB2A7271BCD55F379"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="HDE35EDECD2334147A2281E3903B2294B"><enum>(B)</enum><header>Identified
employees transferred</header><text>All employees of the Corporation identified
under subparagraph (A)(ii) shall be transferred to the Agency for
employment.</text>
</subparagraph></paragraph><paragraph id="H3B2CE635890D4CB0BFB0D0AA883954B2"><enum>(3)</enum><header>Certain ncua
employees transferred</header>
<subparagraph id="H7F8DFA39C2924222B3E033D9CDC445A7"><enum>(A)</enum><header>Identifying
employees for transfer</header><text>The Agency and the National Credit Union
Administration Board shall—</text>
<clause id="HD8FD42E6745E4607BF22C7F55FC07845"><enum>(i)</enum><text>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</text>
</clause><clause id="H7B254A8920104F1F9B52FA429977062F"><enum>(ii)</enum><text>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.</text>
</clause></subparagraph><subparagraph id="H0D83605F357C45C888B5BA762CB351F7"><enum>(B)</enum><header>Identified
employees transferred</header><text>All employees of the National Credit Union
Administration identified under subparagraph (A)(ii) shall be transferred to
the Agency for employment.</text>
</subparagraph></paragraph><paragraph id="HFCD33D19DDE0450198CE8D4A8E3A3611"><enum>(4)</enum><header>Appointment
authority for excepted service and senior executive service
transferred</header>
<subparagraph id="HD9379F61E82B494C80F8B3BAA2AD20FD"><enum>(A)</enum><header>In
general</header><text>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).</text>
</subparagraph><subparagraph id="H2E5E4E104C9A404A89EFB4ACB2CF125D"><enum>(B)</enum><header>Declining
transfers allowed</header><text>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).</text>
</subparagraph></paragraph></subsection><subsection id="H8734E8F12DA24745BBA57DA69FC5E8D3"><enum>(b)</enum><header>Timing of
transfers and position assignments</header><text>Each employee to be
transferred under this section shall—</text>
<paragraph id="H4BEF06353EB54D52BB13550398EBA614"><enum>(1)</enum><text>be transferred not
later than 90 days after the designated transfer date; and</text>
</paragraph><paragraph id="HD396458AC9244733AB04F26AB77B8CFB"><enum>(2)</enum><text>receive notice of
his or her position assignment not later than 120 days after the effective date
of his or her transfer.</text>
</paragraph></subsection><subsection id="H7C624FACA26646E4840EC1520DD921E4"><enum>(c)</enum><header>Transfer of
function</header>
<paragraph id="H2C91033DA7624087976BE6E029AF84E7"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H2F5A8D094AEF4312B0EC78E496DF7A1F"><enum>(2)</enum><header>Priority of this
title</header><text>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.</text>
</paragraph></subsection><subsection id="HB15371E9981640C3AC23DA34F034B1CC"><enum>(d)</enum><header>Equal status and
tenure positions</header>
<paragraph id="H7E2654A2D7F143D7A6148360B2090675"><enum>(1)</enum><header>Employees
transferred from fdic, ftc, ncua, occ, and ots</header><text>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.</text>
</paragraph><paragraph id="H534881D2DDA94C718729850D4BCF892E"><enum>(2)</enum><header>Employees
transferred from the federal reserve system</header>
<subparagraph id="HE8D4985F871B42B493BF904BACF8FCFD"><enum>(A)</enum><header>Comparability</header><text>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.</text>
</subparagraph><subparagraph id="HF0008F93B300435B8ABDE98AAD846C02"><enum>(B)</enum><header>Service periods
credited</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H44296F82863448F5B21E60FE2C6B0CD6"><enum>(e)</enum><header>Additional
certification requirements limited</header><text>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.</text>
</subsection><subsection id="H130D62B65F4E4DBB9575AE9ED5E3A01F"><enum>(f)</enum><header>Personnel
actions limited</header>
<paragraph id="H119F9557343042429435A02EBA3D9AE8"><enum>(1)</enum><header>1-year
protection</header><text>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.</text>
</paragraph><paragraph id="H0040E8172094489BADF712F6C92E1857"><enum>(2)</enum><header>Exceptions</header><text>Paragraph
(1) shall not be construed as limiting the right of the Agency to—</text>
<subparagraph id="H772641957E0B453185151F015ECFD10E"><enum>(A)</enum><text>separate an
employee for cause or for unacceptable performance;</text>
</subparagraph><subparagraph id="H175C09E51A0C4939860C992D131B4E50"><enum>(B)</enum><text>terminate an
appointment to a position excepted from the competitive service because of its
confidential policy-making, policy-determining, or policy-advocating character;
or</text>
</subparagraph><subparagraph id="H5B96C1F4F8964FBEBFB3FBFC98C731AE"><enum>(C)</enum><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H6E33CFCFA3EA4F61A8294380F8C84103"><enum>(g)</enum><header>Pay</header>
<paragraph id="HBDBE7B8136D94C25AEA3C88C20962955"><enum>(1)</enum><header>1-year
protection</header><text>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.</text>
</paragraph><paragraph id="H733BC3D2757E430EA5BF30AE1320A562"><enum>(2)</enum><header>Exceptions</header><text>Paragraph
(1) shall not be construed as limiting the right of the Agency to reduce the
rate of basic pay of a transferred employee—</text>
<subparagraph id="H4AA4E925B3134A8087D3B5FCEC5876B5"><enum>(A)</enum><text>for cause;</text>
</subparagraph><subparagraph id="HFB0A79138F5142849CFA490D73FE2ADF"><enum>(B)</enum><text>for unacceptable
performance; or</text>
</subparagraph><subparagraph id="H6098D8148726454FB01E3C5C591C33AD"><enum>(C)</enum><text>with the
employee’s consent.</text>
</subparagraph></paragraph><paragraph id="H3CA9434B4C5C4F5589783DA360C77C2F"><enum>(3)</enum><header>Protection only
while employed</header><text>Paragraph (1) applies to a transferred employee
only while that employee remains employed by the Agency.</text>
</paragraph><paragraph id="HF081E12A1A8D4BB29042BA8D969614BC"><enum>(4)</enum><header>Pay increases
permitted</header><text>Paragraph (1) shall not be construed as limiting the
authority of the Agency to increase a transferred employee’s pay.</text>
</paragraph></subsection><subsection id="H48A918BABCFF41A3853BD3D3C09FD4E3"><enum>(h)</enum><header>Reorganization</header>
<paragraph id="H80840FDB0FB540889DBCD60F2E3F1613"><enum>(1)</enum><header>Between 1st and
3rd year</header>
<subparagraph id="HA93CCCE2CDE74E579AD8467507D4AFFD"><enum>(A)</enum><header>In
general</header><text>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—</text>
<clause id="H3297C6B5E36F48ED9BBA47FD3D8AC2B2"><enum>(i)</enum><text>that
reorganization shall be deemed a <quote>major reorganization</quote> for
purposes of affording affected employees retirement under section 8336(d)(2) or
8414(b)(1)(B) of title 5, United States Code;</text>
</clause><clause id="HB19B781F6A584BC48BD1F4F4E86F15DA"><enum>(ii)</enum><text>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</text>
</clause><clause id="H0316245DC77E42EBA9514BC4C11FABED"><enum>(iii)</enum><text>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—</text>
<subclause id="H7BE6FB92C91C407F8409063E07A7DDB9"><enum>(I)</enum><text>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;</text>
</subclause><subclause id="HF132184955B344A181FBFB8DCD677A94"><enum>(II)</enum><text>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</text>
</subclause><subclause id="HBA0E0AD1FB244F2CBE719FB58CEB19AD"><enum>(III)</enum><text>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.</text>
</subclause></clause></subparagraph><subparagraph id="H9AC3B448454749C1938F0C7BB89727BE"><enum>(B)</enum><header>Service credit
for reductions in force</header><text>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.</text>
</subparagraph></paragraph><paragraph id="HD89667357D2B4AFB863696238CB86BB8"><enum>(2)</enum><header>After 3rd
year</header>
<subparagraph id="H29A2680542314DC8819E95C4CB1DEBEE"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="HD4B8778F500C410080C19D62C035F1B5"><enum>(B)</enum><header>Service credit
for reductions in force</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H23CD9219BF6C49AA8A585243AA28EBC4"><enum>(i)</enum><header>Benefits</header>
<paragraph id="H1BD355C48F8945E58EEBEF0F438C3EF1"><enum>(1)</enum><header>Retirement
benefits for transferred employees</header>
<subparagraph id="H5E776C55676149FF97FF5421AF3DFC79"><enum>(A)</enum><header>In
general</header>
<clause id="HCB3F341EC1B244AE82D1552DFEE265C2"><enum>(i)</enum><header>Continuation of
existing retirement plan</header><text>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.</text>
</clause><clause id="H0B07D4073102466FAF070CA2AB3E4B5B"><enum>(ii)</enum><header>Employer’s
contribution</header><text>The Agency shall pay any employer contributions to
the existing retirement plan of each transferred employee as required under
that plan.</text>
</clause></subparagraph><subparagraph id="H8099033F6A494DB28F9037A7BF87241A"><enum>(B)</enum><header>Option for
employees transferred from federal reserve system to be subject to federal
employee retirement program</header>
<clause id="HA95BE298EFFE46D1B4578BFF7D8452FC"><enum>(i)</enum><header>Election</header><text>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.</text>
</clause><clause id="H57A371350C2448E8A8BC5362F986D351"><enum>(ii)</enum><header>Effective date
of coverage</header><text>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.</text>
</clause></subparagraph><subparagraph id="H232DABBCB43740F194085CED69AC7BF1"><enum>(C)</enum><header>Agency
participation in federal reserve system retirement plan</header>
<clause id="H9BCEF8C99D0E4F329E3C8E64CBF8C308"><enum>(i)</enum><header>Separate account
in federal reserve system retirement plan established</header><text>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).</text>
</clause><clause id="H060551EF4BB8490EA5496F92ADAD5BE8"><enum>(ii)</enum><header>Funds
attributable to transferred employees remaining in federal reserve system
retirement plan transferred</header><text>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).</text>
</clause><clause id="HEBA8B9C1D87046EFB481C2B06E84F196"><enum>(iii)</enum><header>Employer
contributions deposited</header><text>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).</text>
</clause><clause id="H4E43AB966775417E859B9F32A8932AAA"><enum>(iv)</enum><header>Account
administration</header><text>The Agency shall administer the account
established under clause (i) as a participating employer in the Federal Reserve
System retirement plan.</text>
</clause></subparagraph><subparagraph id="H43A27F5447774FAEA6E6139D1C4192F9"><enum>(D)</enum><header>Definitions</header><text>For
purposes of this paragraph, the following definitions shall apply:</text>
<clause id="HA1D49BAAE47643D6B2666A0A003F00B8"><enum>(i)</enum><header>Existing
retirement plan</header><text>The term <quote>existing retirement plan</quote>
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.</text>
</clause><clause id="HDD25CF8E530D4192BE88E3E16C124F91"><enum>(ii)</enum><header>Federal
employee retirement plan</header><text>The term <quote>Federal employee
retirement program</quote> means the retirement program for Federal employees
established by chapters 83 and 84 of title 5, United States Code.</text>
</clause></subparagraph></paragraph><paragraph id="HF5007953537B4F01A7F5742EFDB845A9"><enum>(2)</enum><header>Benefits other
than retirement benefits for transferred employees</header>
<subparagraph id="H65F4E90F8BA74E26B507163C1CB45AD1"><enum>(A)</enum><header>During 1st
year</header>
<clause id="HF2F877CBA26B427C8500ACAB0DCF8F08"><enum>(i)</enum><header>Existing plans
continue</header><text>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.</text>
</clause><clause id="H2091CA5D73424A3ABD398373193CDE0A"><enum>(ii)</enum><header>Employer’s
contribution</header><text>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.</text>
</clause></subparagraph><subparagraph id="H3F43C42C05B8417E8908E33403D823FD"><enum>(B)</enum><header>Dental, vision,
or life insurance after 1st year</header><text>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—</text>
<clause id="HF02253AC255E47899A157D8312F41A07"><enum>(i)</enum><text>the
enhanced dental benefits established by chapter 89A of title 5, United States
Code;</text>
</clause><clause id="H4D6F29285F244F10A729B39AD7B8B156"><enum>(ii)</enum><text>the
enhanced vision benefits established by chapter 89B of title 5, United States
Code; and</text>
</clause><clause id="H27E748D4C975450FA22FCAE99B438695"><enum>(iii)</enum><text>the Federal
Employees Group Life Insurance Program established by chapter 87 of title 5,
United States Code, without regard to any requirement of insurability.</text>
</clause></subparagraph><subparagraph id="H3B0233754FD74C1090563C897F68514E"><enum>(C)</enum><header>Long-term care
insurance after 1st year</header><text>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).</text>
</subparagraph><subparagraph id="H6EB56CC334C24A6F8F55E6C3B2C73905"><enum>(D)</enum><header>Employee’s
contribution</header><text>An individual enrolled in the Federal Employees
Health Benefits program shall pay any employee contribution required by the
plan.</text>
</subparagraph><subparagraph id="H317087F2B90F4756A93B5D30EED0A572"><enum>(E)</enum><header>Additional
funding</header><text>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.</text>
</subparagraph><subparagraph id="H7F8FCD35549040CEBF0521741DB7F152"><enum>(F)</enum><header>Credit for time
enrolled in other plans</header><text>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.</text>
</subparagraph><subparagraph id="HDFC3AD678B64424A98B982831A6F86AF"><enum>(E)</enum><header>Special
provisions to ensure continuation of life insurance benefits</header>
<clause id="H30F3D9B0FB4B448EAC2D838036E0EB6C"><enum>(i)</enum><header>In
general</header><text>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.</text>
</clause><clause id="HCA47F9CD756C4E76B16A35DA62543066"><enum>(ii)</enum><header>Employee’s
contribution</header><text>An individual enrolled in a life insurance plan
under this clause shall pay any employee contribution required by the
plan.</text>
</clause><clause id="H9D1098EA57A24FB7A4B52D617110B86E"><enum>(iii)</enum><header>Additional
funding</header><text>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).</text>
</clause><clause id="HDE3C9AF3CF58495FA907D85E00410182"><enum>(iv)</enum><header>Credit for time
enrolled in other plans</header><text>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.</text>
</clause></subparagraph></paragraph></subsection><subsection id="H23F55F53B6FD435DAAAF61F2C1C08C78"><enum>(j)</enum><header>Implementation
of uniform pay and classification system</header><text>Not later than 2 years
after the designated transfer date, the Agency shall implement a uniform pay
and classification system for all transferred employees.</text>
</subsection><subsection id="HB20A4F1FCA584144B336B453E9EE84AD"><enum>(k)</enum><header>Equitable
treatment</header><text>In administering the provisions of this section, the
Agency—</text>
<paragraph id="HFE27BBA19C3F4D5A968279DDFDAEE3E2"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H38A371ED324346B49DD809EF4EF77359"><enum>(2)</enum><text>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.</text>
</paragraph></subsection><subsection id="H55A01F0F25254AC683CF9A4E5EEA14EE"><enum>(l)</enum><header>No private right
of action</header><text>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.</text>
</subsection><subsection id="H39DE6543D75947129E5914A17472F2B6"><enum>(m)</enum><header>Implementation</header><text>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.</text>
</subsection></section><section id="H2CD2FBFB8C3E47FC93EB39A8F19B53A3"><enum>165.</enum><header>Incidental
transfers</header>
<subsection id="H6B99AF4AE66644378494461FDE2C2580"><enum>(a)</enum><header>Incidental
transfers authorized</header><text>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.</text>
</subsection><subsection id="HDB5F194955CD438FA2D9E099EAE247D3"><enum>(b)</enum><header>Sunset</header><text>The
authority provided in this section shall terminate 5 years after the date of
the enactment of this Act.</text>
</subsection></section><section id="HEE66069161324A63B9157DC334F55F1D"><enum>166.</enum><header>Interim
authority of the Secretary</header>
<subsection id="H1DB15740AF764E3389BC8CB5E54629B7"><enum>(a)</enum><header>In
general</header><text>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.</text>
</subsection><subsection id="H1FC4EEF826BC42AEADFB85F88569E77D"><enum>(b)</enum><header>Interim
administrative services by the department of the treasury</header><text>The
Department of the Treasury may provide administrative services necessary to
support the Agency before the designated transfer date.</text>
</subsection><subsection id="HE562E1DA31ED4F88AE7ECBE281086C8A"><enum>(c)</enum><header>Interim funding
for the department of the treasury</header><text>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.</text>
</subsection></section></subtitle><subtitle id="H6E2955B909674EEEA9302F6B976BDFD3"><enum>G</enum><header>Regulatory
Improvements</header>
<section display-inline="no-display-inline" id="HDF98DE4712FA4EA88CD198A81BADF9B9"><enum>171.</enum><header>Collection of
deposit account data</header>
<subsection id="HE09FDC11CA1C420BA94F37E60FBF3E84"><enum>(a)</enum><header>Purpose</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="HB0E09FBE19B342829ECDD53930621041"><enum>(b)</enum><header>In
general</header>
<paragraph id="H44EACC78E2C647C1828DCE10FDAE7FD4"><enum>(1)</enum><header>Records
required</header><text>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.</text>
</paragraph><paragraph id="H9C0255CBAC914EF88239DA8636577CFE"><enum>(2)</enum><header>Geo-coded
addresses of depositors</header><text>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.</text>
</paragraph><paragraph id="HC1D0B95F32244D50B45D38EE2E9CDAA5"><enum>(3)</enum><header>Identification
of depositor type</header><text>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.</text>
</paragraph><paragraph id="H433A4AF282CE45E3BF125AF8C77BACFA"><enum>(4)</enum><header>Public
availability</header>
<subparagraph id="HC72B484572AB45F29FC48B8185A0E478"><enum>(A)</enum><header>In
general</header><text>The following information shall be publicly available on
an annual basis—</text>
<clause id="HB9BFDF566034492693195B220F45AE2B"><enum>(i)</enum><text>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;</text>
</clause><clause id="HE56507BE65544C0D903B5D1AED1EA070"><enum>(ii)</enum><text>the
type of deposit account including whether the account was a checking or savings
account; and</text>
</clause><clause id="H0568395FDFB74C4891B87586C8B25492"><enum>(iii)</enum><text>data on the
number and dollar amounts of the accounts, presented by census tract location
of the residential and commercial customers.</text>
</clause></subparagraph><subparagraph id="HCE6B0101EF8F4166BF10C8CC1C41CCA4"><enum>(B)</enum><header>Protection of
identity</header><text>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.</text>
</subparagraph></paragraph></subsection><subsection id="H6A77ACAFAAD648639796DE47597DC7BD"><enum>(c)</enum><header>Availability of
information</header>
<paragraph id="HED72802C0A364962B22B1F9988925454"><enum>(1)</enum><header>Submission to
agencies</header><text>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.</text>
</paragraph><paragraph id="HFEE2558D6FED4EAB86002D7F36406513"><enum>(2)</enum><header>Availability of
information</header><text>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.</text>
</paragraph></subsection><subsection id="H471962AE70A9430FAA4783F130E655F6"><enum>(d)</enum><header>Agency
use</header><text>The Agency—</text>
<paragraph id="H0A46F463232C46608C23BAD644B2B8F9"><enum>(1)</enum><text>shall assess the
distribution of residential and commercial accounts at such financial
institution across income and minority level of census tracts; and</text>
</paragraph><paragraph id="H9133B31A709142D2BA9DED2ADF264C6A"><enum>(2)</enum><text>may use the data
for any other purpose as permitted by law.</text>
</paragraph></subsection><subsection id="H82AFE4B643004AC597603499BFB523C5"><enum>(e)</enum><header>Regulations and
guidance</header>
<paragraph id="H3770BCEF272042508D333D3D8FFC5C06"><enum>(1)</enum><header>In
general</header><text>The Agency shall prescribe such regulations and issue
guidance as may be necessary to carry out, enforce, and compile data pursuant
to this section.</text>
</paragraph><paragraph id="H6329B010EC8A4D698D02BAB436FD2CF7"><enum>(2)</enum><header>Data compilation
regulations</header><text>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.</text>
</paragraph></subsection><subsection id="H8F409601039349D88F6C9DD5D89328C0"><enum>(f)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="H072996F309EE4D45A707A09530E4D894"><enum>(1)</enum><header>Agency</header><text>The
term <quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</paragraph><paragraph id="H5787F1E99198427A815C83C54A03678E"><enum>(2)</enum><header>Credit
union</header><text>The term <quote>credit union</quote> 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).</text>
</paragraph><paragraph id="H8849E292635F47C4ACB927768E88B1A1"><enum>(3)</enum><header>Deposit
account</header><text>The term <quote>deposit account</quote> includes any
checking account, savings account, credit union share account, and other type
of account as defined by the Agency.</text>
</paragraph><paragraph id="H3980F730BB9146D4A54E355B3E93DAB8"><enum>(4)</enum><header>Federal banking
agency</header><text>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 <quote>Federal banking agencies</quote>
means all of those agencies.</text>
</paragraph><paragraph id="HA50B5170912B4FEC9B59DEEA75B0ED2D"><enum>(5)</enum><header>Financial
institution</header><text>The term <quote>financial institution</quote>—</text>
<subparagraph id="H6A23DCDC61E346CDBA3E6EA3CC5BCA42"><enum>(A)</enum><text>has the meaning
given to the term <quote>insured depository institution</quote> in section
3(c)(2) of the Federal Deposit Insurance Act; and</text>
</subparagraph><subparagraph id="HFECF0E22EDC84B39B1DDAA0D78A87C42"><enum>(B)</enum><text>includes any
credit union.</text>
</subparagraph></paragraph></subsection><subsection id="H834A2F3630B448E6993B709BBFDB8D48"><enum>(g)</enum><header>Effective
date</header><text>This section shall take effect on the designated transfer
date.</text>
</subsection></section><section id="HC4106B044EA34D388AE75566FDB99CCC"><enum>172.</enum><header>Small business
data collection</header>
<subsection id="H79C3AB6AD49F4B93A2962EB7E805C43D"><enum>(a)</enum><header>In
general</header><text display-inline="yes-display-inline">The Equal Credit
Opportunity Act (15 U.S.C. 1691 et seq.) is amended by inserting after section
704A the following new section:</text>
<quoted-block display-inline="no-display-inline" id="H6BD1F32EB04D477AADAA0593A0D46291" style="USC">
<section id="H3C45647847C649BF9279CC1FF7A20878"><enum>704B.</enum><header>Small business
loan data collection</header>
<subsection id="HB388394CA72D4087B961FE95F6FB3DA3"><enum>(a)</enum><header>Purpose</header><text display-inline="yes-display-inline">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.</text>
</subsection><subsection id="H3C6D6ADE1A3042F8BAE7FBB8D8237D1D"><enum>(b)</enum><header>In
general</header><text>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—</text>
<paragraph id="HAEAEDFE76EE14F5C89700E45130D136E"><enum>(1)</enum><text>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</text>
</paragraph><paragraph id="H9F94D613A1A5423CB4084D367D73243C"><enum>(2)</enum><text>maintain a record
of the responses to such inquiry separate from the application and accompanying
information.</text>
</paragraph></subsection><subsection id="H57D4458778E54E57AD05A966A2F4AFBB"><enum>(c)</enum><header>Right to
refuse</header><text>Any applicant for credit may refuse to provide any
information requested pursuant to subsection (b) in connection with any
application for credit.</text>
</subsection><subsection id="H0CC7A85FA9D64B9FBC99534EE23449A5"><enum>(d)</enum><header>No access by
underwriters</header>
<paragraph id="H9EF4406F414942C6A2EDD8D870326AF9"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H05D836E0A8034FA7BC3D97E4CC9F188C"><enum>(2)</enum><header>Exception</header><text>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.</text>
</paragraph></subsection><subsection id="HD98ACBB1037F438C9A155E4CC1709643"><enum>(e)</enum><header>Form and manner
of information</header>
<paragraph id="HE784DDFF3E054FECBBC7261B94970221"><enum>(1)</enum><header>In
general</header><text>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).</text>
</paragraph><paragraph id="HD52FE57FAA014DA8A77C86D98A45237F"><enum>(2)</enum><header>Itemization</header><text>Information
compiled and maintained under paragraph (1) shall also be itemized in order to
clearly and conspicuously disclose the following:</text>
<subparagraph id="H706E5E65CAA647AB9BA29844E1A00444"><enum>(A)</enum><text>The number of the
application and the date the application was received.</text>
</subparagraph><subparagraph id="H5EBC8D0394B541F08E9EFC43F2A6E064"><enum>(B)</enum><text>The type and
purpose of the loan or other credit being applied for.</text>
</subparagraph><subparagraph id="HDF176BA180E0465980DFCA14A58FB71D"><enum>(C)</enum><text>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.</text>
</subparagraph><subparagraph id="H8FDCC855369D486091478621DC150DFE"><enum>(D)</enum><text>The type of action
taken with respect to such application and the date of such action.</text>
</subparagraph><subparagraph id="H48F8E61A78434C40A1F4EA631E00DDD7"><enum>(E)</enum><text>The census tract
in which is located the principal place of business of the small business loan
applicant.</text>
</subparagraph><subparagraph id="H2AD0FEE507F74B0CB376B0461145F4D4"><enum>(F)</enum><text>The gross annual
revenue of the business in the last fiscal year of the small business loan
applicant preceding the date of the application.</text>
</subparagraph><subparagraph id="HBD9D5179B9734FBE9C2277C3CBE9306F"><enum>(G)</enum><text>The race and
ethnicity of the principal owners of the business.</text>
</subparagraph><subparagraph id="HDFB754AB97F848C1882AE6546EBF4222"><enum>(H)</enum><text>Any additional
data the Agency determines would aid in fulfilling the purposes of this
section.</text>
</subparagraph></paragraph><paragraph id="HAB67C40CE93D4BAFB66C97550E3952BA"><enum>(3)</enum><header>Inclusion of
personally identifiable information prohibited</header><text>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.</text>
</paragraph><paragraph id="HE6D103ED5B7D4C8EAD2F88EF6F2E0CC7"><enum>(4)</enum><header>Discretion to
delete or modify publicly available data</header><text>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.</text>
</paragraph></subsection><subsection id="H1219B67B07054D0AA1477D531ABC0571"><enum>(f)</enum><header>Availability of
information</header>
<paragraph id="H35BBD01E0BE34670A73D01D75BCF5C4B"><enum>(1)</enum><header>Submission to
agency</header><text>The data required to be compiled and maintained under this
section by any financial institution shall be submitted annually to the
Agency.</text>
</paragraph><paragraph id="HAC790F4711BF405992F744167B14DE42"><enum>(2)</enum><header>Availability of
information</header>
<subparagraph id="H0883392166EC4279902E003E5CA32746"><enum>(A)</enum><header>In
general</header><text>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.</text>
</subparagraph><subparagraph id="H128545029A284E6EAA20A0FD6705E44D"><enum>(B)</enum><header>Annual
disclosure to the public</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="HEF82730BE03147FD84615B88B22FEA94"><enum>(C)</enum><header>Procedures</header><text display-inline="yes-display-inline">The procedures for disclosing data compiled
and maintained under this section to the public shall be determined by the
Agency by regulation.</text>
</subparagraph></paragraph><paragraph id="H06F11D3DC7614EE6B023F159BDEED0B8"><enum>(3)</enum><header>Compilation of
aggregate data</header>
<subparagraph id="H96AED741DAE5419D9F96052966CB8223"><enum>(A)</enum><header>In
general</header><text>The Agency may, in the discretion of the Agency, compile
for the Agency’s own use compilations of aggregate data.</text>
</subparagraph><subparagraph id="H0D65C0395C8E4F7F82538D7C3ECFB54E"><enum>(B)</enum><header>Public
availability of aggregate data</header><text display-inline="yes-display-inline">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.</text>
</subparagraph></paragraph></subsection><subsection id="HB5022B5CBB1C402D966B95A1FD85A96B"><enum>(g)</enum><header>Definitions</header><text>For
purposes of this section, the following definitions shall apply:</text>
<paragraph id="H6C5048DA7BAD424DA210378C4B933D3A"><enum>(1)</enum><header>Financial
institution</header><text>The term <quote>financial institution</quote> means
any partnership, company, corporation, association (incorporated or
unincorporated), trust, estate, cooperative organization, or other entity that
engages in any financial activity.</text>
</paragraph><paragraph id="H864073E7BC264FE8B1E21630D34F3899"><enum>(2)</enum><header>Minority-owned
business</header><text>The term <quote>minority-owned business</quote> means a
business—</text>
<subparagraph id="H56FDF715661F42CE969002BA0DD627A7"><enum>(A)</enum><text>more than 50
percent of the ownership or control of which is held by 1 or more minority
individuals; and</text>
</subparagraph><subparagraph id="H1681124F839949F8B0F82A22922B68F9"><enum>(B)</enum><text>more than 50
percent of the net profit or loss of which accrues to 1 or more minority
individuals.</text>
</subparagraph></paragraph><paragraph id="H4221F944E4C94DF28F0EA2543593F680"><enum>(3)</enum><header>Women-owned
business</header><text>The term <quote>women-owned business</quote> means a
business—</text>
<subparagraph id="H251F5B4816AC4FB7B58E590C5CAA30F0"><enum>(A)</enum><text>more than 50
percent of the ownership or control of which is held by 1 or more women;
and</text>
</subparagraph><subparagraph id="HDB71F44E83E0431E8F83558ADA8606FD"><enum>(B)</enum><text>more than 50
percent of the net profit or loss of which accrues to 1 or more women.</text>
</subparagraph></paragraph><paragraph id="H3E0D80A974464D12849E9E53D4F42363"><enum>(4)</enum><header>Minority</header><text>The
term <quote>minority</quote> has the meaning given to such term by section
1204(c)(3) of the Financial Institutions Reform, Recovery, and Enforcement Act
of 1989.</text>
</paragraph><paragraph id="HC4116FCE22E64AB19BDF276147FF2ED8"><enum>(5)</enum><header>Small business
loan</header><text>The term ‘small business loan’ shall be defined by the
Agency, which may take into account—</text>
<subparagraph id="HC234A85D49774DE6B8A1F66A2C266F4F"><enum>(A)</enum><text>the gross revenues
of the borrower;</text>
</subparagraph><subparagraph id="HDDC0B667BF6B4FDBAC355EE0DF72E5B3"><enum>(B)</enum><text>the total number
of employees of the borrower;</text>
</subparagraph><subparagraph id="H57CB701A301E46EB930387FE68E516BA"><enum>(C)</enum><text>the industry in
which the borrower has its primary operations; and</text>
</subparagraph><subparagraph id="HBDA6C972C83A427095575065F52F9B64"><enum>(D)</enum><text>the size of the
loan.</text>
</subparagraph></paragraph></subsection><subsection id="H6594E129513F4517B8D72CFC5D503994"><enum>(h)</enum><header>Agency
action</header>
<paragraph id="H70438F3EC7404F4DA61267C722F28AEB"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="H99E1D24B86224DDB80874E2F6CE4E0B2"><enum>(2)</enum><header>Exceptions</header><text>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.</text>
</paragraph><paragraph id="H082E390C0E514DB892976BECAC663CDB"><enum>(3)</enum><header>Guidance</header><text>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.”</text>
</paragraph></subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H75ACFB03CADB4EF282C8117E3032DB10"><enum>(b)</enum><header>Technical and
conforming amendment</header><text display-inline="yes-display-inline">Section
701(b) of the Equal Credit Opportunity Act (15 U.S.C. 1691(b)) is
amended—</text>
<paragraph id="HE8251B19C17C46C287B284294D4F12BB"><enum>(1)</enum><text>by striking
<quote>or</quote> after the semicolon at the end of paragraph (3);</text>
</paragraph><paragraph id="H6C196737672A45D6816FA24D0724BAA2"><enum>(2)</enum><text>by striking the
period at the end of paragraph (4) and inserting <quote>; or</quote>;
and</text>
</paragraph><paragraph id="HC97A72E979A04B10AA82D67A2178BDD3"><enum>(3)</enum><text>by inserting after
paragraph (4), the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H12880E6C039445D695A3F8DFEDBDBCBF" style="OLC">
<paragraph id="H9E2A2E7BBAA5448EABA93F997F8A6AB5"><enum>(5)</enum><text display-inline="yes-display-inline">to make an inquiry under section 704B in
accordance with the requirements of such
section.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HB4E16DB6FE0A440BB5E7F646249849CA"><enum>(c)</enum><header>Clerical
amendment</header><text>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:</text>
<quoted-block display-inline="no-display-inline" id="H056A74F3713149B8BC1C446950171C7E" style="OLC">
<toc regeneration="no-regeneration">
<toc-entry level="section">704<enum-in-header>B</enum-in-header>.
Small business loan data
collection.</toc-entry>
</toc>
<after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H27B0F5A92FAE49829D381E2F70E80615"><enum>(d)</enum><header>Effective
date</header><text display-inline="yes-display-inline">This section shall take
effect on the designated transfer date.</text>
</subsection></section></subtitle><subtitle id="H3283AAD3875549ACB31C0CDF04B9AD4F"><enum>H</enum><header>Conforming
Amendments</header>
<section id="HAD2C0733BCF249199BD3B09F7274651A"><enum>181.</enum><header>Amendments to
the Inspector General Act of 1978</header>
<subsection id="H7886CDCB0A9D44E1977508BBC6E9682C"><enum>(a)</enum><header>Establishment</header><text>Section
8G(a)(2) of the Inspector General Act of 1978 (5 U.S.C. App. 3, 8G(a)(2)) is
amended by inserting <quote>the Consumer Financial Protection Agency,</quote>
before <quote>the Consumer Product Safety Commission,</quote>.</text>
</subsection><subsection id="H626FE318E8D34040B50F8351F44E5100"><enum>(b)</enum><header>Effective
date</header><text>This section shall take effect on the date of the enactment
of this Act.</text>
</subsection></section><section id="HA737643C2E7345AAA7F13F5EA3A24C37"><enum>182.</enum><header>Amendments to
the Privacy Act of 1974</header>
<subsection id="H746D7D808FF349A0A472DD74F2C570D7"><enum>(a)</enum><header>Applicability</header><text>Section
552a of title 5, United States Code, is amended by adding at the end the
following new subsection:</text>
<quoted-block id="HD0EE766791734788BE26D4C57361A6F1" style="OLC">
<subsection id="H3AFDDB0B150E438F985AF57AFB7495FB"><enum>(w)</enum><header>Applicability to
consumer financial protection agency</header><text>Except as provided in the
Consumer Financial Protection Agency Act of 2009, this section shall apply with
respect to the Consumer Financial Protection
Agency.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H2AA55F2BE8DA41D6A253256EDC516C7E"><enum>(b)</enum><header>Effective
date</header><text>This section shall take effect on the date of the enactment
of this Act.</text>
</subsection></section><section id="HBC930CD85B0E4FE5B779AF41FD795DDF"><enum>183.</enum><header>Amendments to
the Alternative Mortgage Transaction Parity Act of 1982</header>
<subsection id="HFBB0028824DA4028B9FF7C17ECF1926A"><enum>(a)</enum><header>Section
803<enum-in-header>(1)</enum-in-header></header><text>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).</text>
</subsection><subsection id="HA7B30C13D5CC4FB5A4F24DE5D91F0C1D"><enum>(b)</enum><header>Section
804<enum-in-header>(a)</enum-in-header></header><text>Section 804(a) of the
Alternative Mortgage Transaction Parity Act of l982 (12 U.S.C. 3803(a)) is
amended—</text>
<paragraph display-inline="no-display-inline" id="H2A5B558340CA4E07A3A6A5962AB147DA"><enum>(1)</enum><text display-inline="yes-display-inline">in paragraphs (1), (2), and (3), by
inserting <quote>on or before the designated transfer date, as determined in
section 1062 of the Consumer Financial Protection Agency Act of 2009</quote>
after <quote>transactions made</quote> each place such term appears;</text>
</paragraph><paragraph id="HCB7B9F1F425B4A9584605C11CEB966A9"><enum>(2)</enum><text>in paragraph (2),
by striking <quote>and</quote> at the end;</text>
</paragraph><paragraph id="H7C62886924484793AC1D3961DF13B323"><enum>(3)</enum><text>in paragraph (3),
by striking the period at the end and inserting <quote>; and</quote>;
and</text>
</paragraph><paragraph id="H1084D3B715BD499A92F9ED6D2C80CD75"><enum>(4)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block id="H0417DF3E60DF457EA26CC46DD1017935" style="OLC">
<paragraph id="H72105752C3DC4D19A97FD39B342CD7E8"><enum>(4)</enum><text>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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HBA74948BD8384D02BC4E74EAA98A2AB1"><enum>(c)</enum><header>Section
804</header><text display-inline="yes-display-inline">Section 804 of the
Alternative Mortgage Transaction Parity Act of l982 (12 U.S.C. 3803) is
amended—</text>
<paragraph id="HCEF88C66C3784F98ACAA688C83D23778"><enum>(1)</enum><text>by striking
subsection (c) and inserting the following new subsection:</text>
<quoted-block id="H7BC07A01D38B4B52B1667F22906E1693" style="OLC">
<subsection id="HB7DE13E0F1EA407DB155F616F1CE4F60"><enum>(c)</enum><header>Effect of state
law</header>
<paragraph id="HA6097158304946D4BAB63AF179B82218"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HF65E6CF60AF34320855978B8BC06F826"><enum>(2)</enum><header>Rule of
construction</header><text>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.</text>
</paragraph></subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H9096DF55F991449FAC94C753841F54A0"><enum>(2)</enum><text>by adding at the
end the following new subsection:</text>
<quoted-block id="H18B3CDFB54B446F2A97794448A8B998E" style="OLC">
<subsection id="H77B8A108517B4EFFA4E7AF87AB8870CC"><enum>(d)</enum><header>Duties of
Consumer Financial Protection Agency</header><text>The Consumer Financial
Protection Agency shall—</text>
<paragraph id="HEED9C5D3A3AB48648E9966C52640E70C"><enum>(1)</enum><text>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);</text>
</paragraph><paragraph id="H8AACC98ACC2D4BD69338127C00FFFB6E"><enum>(2)</enum><text>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</text>
</paragraph><paragraph id="H3D67A9561FD64E3680E161490C676307"><enum>(3)</enum><text>prescribe
regulations under subsection (a)(4) after the designated transfer date, as
determined under such
Act.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HCB39EECF54AA4079A959FC38EA2B291C"><enum>(d)</enum><header>Effective date
and scope of application</header>
<paragraph id="H1F487E4FD29A47E2909DF528A6FD6658"><enum>(1)</enum><header>Effective
date</header><text display-inline="yes-display-inline">This section shall take
effect on the designated transfer date.</text>
</paragraph><paragraph id="HE3D9CD4DA66947EEB26A6FB62A99B2D9"><enum>(2)</enum><header>Scope of
application</header><text>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.</text>
</paragraph></subsection></section><section id="HBDB6D66CA8A64D2396D72C585C813757"><enum>184.</enum><header>Amendments to
the Consumer Credit Protection Act</header>
<subsection id="H521837EB43164626988D30E8B1845E69"><enum>(a)</enum><header>Truth in Lending
Act</header>
<paragraph id="HC6A4146BE3EC4AFE93C73241643090A9"><enum>(1)</enum><header>Section
103</header><text>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:</text>
<quoted-block display-inline="no-display-inline" id="HEB20DECD37534006A0A58DF9AD850270" style="OLC">
<subsection id="H57917415658742EA8C195CC0B21EBFDD"><enum>(b)</enum><header>Agency
definitions</header>
<paragraph id="HE20913196E99428F8FA6D5ACCA297DDF"><enum>(1)</enum><header>Board</header><text display-inline="yes-display-inline">The term <quote>Board</quote> means the
<quote>Board of Governors of the Federal Reserve System</quote>.</text>
</paragraph><paragraph id="H7006E0CE7B02403CA78FF5CBA007ABDB"><enum>(2)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <quote>Agency</quote> means the
Consumer Financial Protection
Agency.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H0681067E680648C09EAD1A7385B23D6A"><enum>(2)</enum><header>Universal
amendment relating to Board of Governors of the Federal Reserve System</header>
<subparagraph id="H1366B928EC2C41F594A2AEABF9DD6711"><enum>(A)</enum><header>In
general</header><text>Except as provided in subparagraph (B), the Truth in
Lending Act (15 U.S.C. 1601 et seq.) is amended by striking
<quote>Board</quote> each place such term appears, including in chapters 4 and
5 relating to credit billing and consumer leases, and inserting
<quote>Agency</quote>.</text>
</subparagraph><subparagraph id="H8D85003829C140229AD63755EF3AE391"><enum>(B)</enum><header>Exceptions</header><text>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 <quote>Board</quote>.</text>
</subparagraph></paragraph><paragraph id="H9F2062AB8EF4482BA69976FA5CA10939"><enum>(3)</enum><header>Section
105</header><text>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:
<quote>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.</quote>.</text>
</paragraph><paragraph id="H3D7F8378FCFC4533AC0666FAB5B7D127"><enum>(4)</enum><header>Section
108</header><text>Section 108 of the Truth in Lending Act (15 U.S.C. 1607) is
amended—</text>
<subparagraph id="HCBA5791F77A84110A11297417199B7E4"><enum>(A)</enum><text>by striking
subsection (a) and inserting the following new subsection:</text>
<quoted-block id="H7E91707ED2FB476EBDD1A8E387D323B5" style="OLC">
<subsection id="HCD390962DCC64B9682FB4F7E12587DB7"><enum>(a)</enum><header>Enforcing
agencies</header><text>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:</text>
<paragraph id="HF27163942ED34AF1ABE1B56329340441"><enum>(1)</enum><text>Under section 8 of
the Federal Deposit Insurance Act, in the case of—</text>
<subparagraph id="H1D7331C50F9149EB9E4211ACFCEEAC0A"><enum>(A)</enum><text display-inline="yes-display-inline">national banks, and Federal branches and
Federal agencies of foreign banks, by the head of the agency responsible for
chartering and regulating national banks;</text>
</subparagraph><subparagraph id="HE8F0AA31AACF41A0B06A755A35CC3C59"><enum>(B)</enum><text>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;</text>
</subparagraph><subparagraph id="H2882C78F758549538BBE6ECACD8EA98C"><enum>(C)</enum><text display-inline="yes-display-inline">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</text>
</subparagraph><subparagraph id="HB208D5296B494AE4883809C9E68E0216"><enum>(D)</enum><text>Federal savings
associations and savings and loan holding companies, by the Director of the
Office of Thrift Supervision.</text>
</subparagraph></paragraph><paragraph id="HE55BFB8EB0B448A386F87419C152C214"><enum>(2)</enum><text>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.</text>
</paragraph><paragraph id="H138BFF8C7A3A4A41B16EF3FD13EEB9A0"><enum>(3)</enum><text>Under the Federal
Credit Union Act, by the head of the agency responsible for chartering and
regulating Federal credit unions.</text>
</paragraph><paragraph id="HE9CCD5121DBF435082FDF065E56A4B74"><enum>(4)</enum><text>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.</text>
</paragraph><paragraph id="H38A644147FB544F398F14787B8A3ED8B"><enum>(5)</enum><text>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.</text>
</paragraph><paragraph id="H2E22E60E65B94742AC83E508516E46E8"><enum>(6)</enum><text>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.</text>
</paragraph></subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HF44470C37570449ABAD6E2CCD9E1C8FF"><enum>(B)</enum><text display-inline="yes-display-inline">by striking subsection (c) and inserting
the following new subsection:</text>
<quoted-block id="H2E218C0E17A14165A13C1C372A0DAE8C" style="OLC">
<subsection id="H4BADC34C283B4545A57225E2E4CFFB82"><enum>(c)</enum><header>Overall
enforcement authority of the Federal Trade Commission</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HB70833D599BF46649C23BBB6D08988FF"><enum>(5)</enum><header>Universal
amendment relating to the Federal Trade Commission</header>
<subparagraph id="H06BA6EAF6F3B494A86A0C6F0A8A4C06D"><enum>(A)</enum><header>In
general</header><text>Except as provided in subparagraph (B), the Truth in
Lending Act (15 U.S.C. 1601 et seq.) is amended by striking <quote>Federal
Trade Commission</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</subparagraph><subparagraph id="HCCDA44B775CC4DA99D7F866FCEB389F4"><enum>(B)</enum><header>Exceptions</header><text display-inline="yes-display-inline">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
<quote>Federal Trade Commission</quote>.</text>
</subparagraph></paragraph><paragraph id="H20218B9D72E046D4B268824BBCFD4DED"><enum>(6)</enum><header>Section
127</header><text>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:</text>
<quoted-block id="HD43C8BA8B8634757904738FBB6E059AF" style="OLC">
<subparagraph id="H8A77C7521DE54577B496C5A51B38258F"><enum>(C)</enum><text>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: <quote>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].</quote> A creditor who is
subject to this subparagraph shall not be subject to subparagraph (A) or
(B).</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H0B2E408DA2254CF8B8F6004B80EDFE39"><enum>(7)</enum><header>Section
129</header><text>Section 129(m) of the Truth in Lending Act (15 U.S.C.
1639(m)) is amended to read as follows:</text>
<quoted-block id="H31ECDB926F714C61893122BC5DAA2B57" style="OLC">
<subsection id="H9865B6A6D618416BAE525C8417E4F324"><enum>(m)</enum><header>Civil penalties
in federal trade commission enforcement actions</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HD3847B107D044E12A55861A4F68CC38A"><enum>(b)</enum><header>Fair Credit
Reporting Act</header>
<paragraph id="HE9487ADBEEC04ADC8E3E5AB1C0127782"><enum>(1)</enum><header>Section
603</header><text>Section 603 of the Fair Credit Reporting Act (15 U.S.C.
1681a) is amended—</text>
<subparagraph id="H60C85666F490466D84E1FC3A532A08B0"><enum>(A)</enum><text>by redesignating
subsections (w) and (x) as subsections (x) and (y), respectively; and</text>
</subparagraph><subparagraph id="HE1A96CA3AF0048C790EA29E9A514F062"><enum>(B)</enum><text>by inserting after
subsection (v) the following new subsection:</text>
<quoted-block id="H8F95BEB7591A48E28F5300580159B0F0" style="OLC">
<subsection id="H8CA28BF6C5C249D7AF2B881CA927DD57"><enum>(w)</enum><header>Agency</header><text>The
term <quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H9B94DE2C7BE24D90989888F86DC0329C"><enum>(2)</enum><header>Universal
amendments relating to the Federal Trade Commission</header><text>Other than in
connection with the amendment made by paragraph (7)(A), the Fair Credit
Reporting Act (15 U.S.C. 1681a) is amended—</text>
<subparagraph id="H93540CA100E44636A48B10D849279F19"><enum>(A)</enum><text>by striking
<quote>Federal Trade Commission</quote> each place such term appears and
inserting <quote>Agency</quote>;</text>
</subparagraph><subparagraph id="H2A03228A5F7248589B0981D5B2D67B54"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>Commission</quote> each
place such term appears (other than in connection with the term amended in
subparagraph (A)) and inserting <quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="H4F64FF9A0CB44BF991435742CFE99C9C"><enum>(C)</enum><text>by striking
<quote>Federal banking agencies, the National Credit Union Administration, and
the Commission shall jointly</quote> 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 <quote>Agency shall</quote>.</text>
</subparagraph></paragraph><paragraph id="H8D843600F1A44BE0A6AF6F4FB070A13F"><enum>(3)</enum><header>Section
603</header><text>Section 603(k)(2) of the Fair Credit Reporting Act (15 U.S.C.
1681a(k)(2)) is amended by striking <quote>Board of Governors of the Federal
Reserve System</quote> and inserting <quote>Agency</quote>.</text>
</paragraph><paragraph id="H3F63E43F0EC441B1922EBABA8E8CE5C0"><enum>(4)</enum><header>Section
604</header><text>Subsection 604(g) of the Fair Credit Reporting Act (15 U.S.C.
1681b(g)) is amended—</text>
<subparagraph id="H3FAFD4715653415A937CFE3DFAA8AD37"><enum>(A)</enum><text display-inline="yes-display-inline">by striking subparagraph (C) of paragraph
(3) and inserting the following new subsections:</text>
<quoted-block id="H492E224BFB5546D7AAD439EFA0CD1395" style="OLC">
<subparagraph id="HDC575930BE26418B917694B752569A1E"><enum>(C)</enum><text>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).</text>
</subparagraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H14586D6AB3804659935D9BE27A496844"><enum>(B)</enum><text display-inline="yes-display-inline">by striking paragraph (5) and inserting the
following new paragraph:</text>
<quoted-block id="H9B2AC7B33A7B4E5F83BB3348C672A642" style="OLC">
<paragraph id="HCFE78EE63A874ABBB5B441AFBD1D9D08"><enum>(5)</enum><header>Regulations and
effective date for paragraph (2)</header>
<subparagraph id="H2A095381C93F4A019DAC6C1413E12641"><enum>(A)</enum><header>Regulations
required</header><text>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.</text>
</subparagraph></paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H60043F4531EC46B29ED909A633B8CFFC"><enum>(C)</enum><text>by striking
paragraph (6).</text>
</subparagraph></paragraph><paragraph id="HE7BEF88E6B9046B4946A3CB879120BD9"><enum>(5)</enum><header>Section
611</header><text>Subsection 611(e)(2) of the Fair Credit Reporting Act (15
U.S.C.1681i(e)(2)) is amended to read as follows:</text>
<quoted-block id="H9B0691F435D94D8C8A98E57A94086A4B" style="OLC">
<paragraph id="HC7DC56729ED7436AAE3066AAA154AEDC"><enum>(2)</enum><header>Exclusion</header><text>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).</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H8F9B590D4F7D4365928F4E0C3F6BCDBF"><enum>(6)</enum><header>Section
615</header><text>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:</text>
<quoted-block id="H8E9693742C824FABA1D1CB5D5EA20B9A" style="OLC">
<subparagraph id="HB2AE4E03DB2F4D97BDDE1DE12DB14CC1"><enum>(A)</enum><header>Rules
required</header><text>The Agency shall prescribe
rules.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H947D7F14B59F4D2FBEF185E649F86B0B"><enum>(7)</enum><header>Section
621</header><text>Section 621 of the Fair Credit Reporting Act (15 U.S.C.
1681s) is amended—</text>
<subparagraph id="H6DD63E94589F4ED4B832498901E3908B"><enum>(A)</enum><text>by striking
subsection (a) and inserting the following new subsection:</text>
<quoted-block id="HAC0B65B141B841269994BC1310028990" style="OLC">
<subsection id="HFC3669CC2A094F9A86F404D68FF4F658"><enum>(a)</enum><header>Enforcement by
Federal Trade Commission</header>
<paragraph id="HE63EFC42C5FE474E9893E5C5E178EDA6"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HEE86C0E619364A4BABDBB0C95DB427E3"><enum>(2)</enum><header>Civil money
penalties</header>
<subparagraph id="HEFF04EEA6B134285B9A4938175524B0F"><enum>(A)</enum><header>In
general</header><text display-inline="yes-display-inline">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.</text>
</subparagraph><subparagraph id="H4CD8A57E35684C2D92E757FE6905F105"><enum>(B)</enum><header>Factors in
determining amount</header><text>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.</text>
</subparagraph></paragraph><paragraph id="HE851479BC95B4CE8BEB9455E79AB76C0"><enum>(3)</enum><header>Exception</header><text>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.</text>
</paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H624A78991B3E4829B7EC6E95F6B58A52"><enum>(B)</enum><text display-inline="yes-display-inline">by striking subsection (b) and inserting
the following new subsection:</text>
<quoted-block id="H320008286B3240F2B19127CF5D7ACF6A" style="OLC">
<subsection id="H1AD380C61E6E428FAFB20D3D8E28B986"><enum>(b)</enum><header>Enforcement by
other agencies</header><text>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:</text>
<paragraph id="H8691683E1C134BCE849B634BB69FD2C8"><enum>(1)</enum><text>Under section 8 of
the Federal Deposit Insurance Act, in the case of—</text>
<subparagraph id="H1452DB9752BB47229578B3FB1B664805"><enum>(A)</enum><text>national banks,
and Federal branches and Federal agencies of foreign banks, by the head of the
agency responsible for chartering and regulating national banks;</text>
</subparagraph><subparagraph id="HAD374350868D4BDCBDB049DED6D8AA79"><enum>(B)</enum><text>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;</text>
</subparagraph><subparagraph id="H073A65160F004741914E62A2D615FFE5"><enum>(C)</enum><text display-inline="yes-display-inline">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</text>
</subparagraph><subparagraph id="HC95BB3309A1A414490398103F9A7FA19"><enum>(D)</enum><text>Federal savings
associations and savings and loan holding companies, by the Director of the
Office of Thrift Supervision.</text>
</subparagraph></paragraph><paragraph id="HD14CD2B788FE46CC95D3EE449E1D4D66"><enum>(2)</enum><text>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.</text>
</paragraph><paragraph id="H0185BA4E23774E359C1C36AB9688A3BC"><enum>(3)</enum><text>Under the Federal
Credit Union Act, by the National Credit Union Administration Board with
respect to any Federal credit union.</text>
</paragraph><paragraph id="H7AE64698136E43DC941ED52A17861A2B"><enum>(4)</enum><text>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.</text>
</paragraph><paragraph id="H11EB19C604AB46C6B0B6CC4F11D34182"><enum>(5)</enum><text>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.</text>
</paragraph><paragraph id="H059ED4F1A49D45088A85E9A7B124CC33"><enum>(6)</enum><text>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.</text>
</paragraph><continuation-text continuation-text-level="subsection">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.</continuation-text></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HC433447200384C649C7C37F28C6FCA22"><enum>(C)</enum><text>by striking
subsection (e) and inserting the following new subsection:</text>
<quoted-block id="H9CE9856AE8F34D46869BD12A0562F023" style="OLC">
<subsection id="HEA935C25946144D5BBD39E0451819161"><enum>(e)</enum><header>Regulatory
authority</header><text>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)</text>
</subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HD535A01D79644D36A8659C60524CD377"><enum>(D)</enum><text>in the heading of
subsection (g) by striking <quote><header-in-text level="subsection" style="OLC">FTC</header-in-text></quote>.</text>
</subparagraph></paragraph><paragraph id="HD5D5F6A159164A00AD20C8145B470CF3"><enum>(8)</enum><header>Section
623</header><text>Section 623 of the Fair Credit Reporting Act (15 U.S.C.
1681s–2) is amended—</text>
<subparagraph id="HB55ED069985444A2AEB2CE781B50665F"><enum>(A)</enum><text>by amending
subparagraph (a)(7)(D) to read as follows:</text>
<quoted-block id="H0C7AC1A16C5746F08CCC951B5B0FD355" style="OLC">
<subparagraph id="HAADC26FB8A9A4DE2B8D7B2DF77DA56EE"><enum>(D)</enum><header>Model
disclosure</header>
<clause id="H0AF9D98F12994406A6A986EC28748853"><enum>(i)</enum><header>Duty of agency
to prepare</header><text>The Agency shall prescribe a brief model disclosure a
financial institution may use to comply with subparagraph (A), which shall not
exceed 30 words.</text>
</clause><clause id="H3D3B4F92E8EB469E8A2A7BB8B0BE9D9E"><enum>(ii)</enum><header>Use of model
not required</header><text>No provision of this paragraph shall be construed as
requiring a financial institution to use any such model form prescribed by the
Agency.</text>
</clause><clause id="H35C0497AB718429BB84B49F9AACA3FA1"><enum>(iii)</enum><header>Compliance
using model</header><text>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.</text>
</clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H44B85B0C93DE43DE86B8F021D196F500"><enum>(B)</enum><text>by amending
subsection (e) to read as follows:</text>
<quoted-block id="H55CC418BD26043649B0D4496BBFBA1FC" style="OLC">
<subsection id="HE6591A54747F4CEA86E55D90C612C8AE"><enum>(e)</enum><header>Accuracy
guidelines and regulations required</header>
<paragraph id="HEACC733631FF485F943E8A1EB9CA0462"><enum>(1)</enum><header>Guidelines</header><text>The
Agency shall, with respect to the entities that are subject to its enforcement
authority under section 621—</text>
<subparagraph id="H8EA8D8478C8947D49573A2A3D80E1DA6"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="HAF5BE78E7B34478E99337A1A6E74F46D"><enum>(B)</enum><text>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).</text>
</subparagraph></paragraph><paragraph id="H904B05C8A1AF4533BC3B7F709ACB95AF"><enum>(2)</enum><header>Criteria</header><text>In
developing the guidelines required by paragraph (1)(A), the Agency
shall—</text>
<subparagraph id="HEF671DE6C3D24D8ABA27E3BB5B1F49A7"><enum>(A)</enum><text>identify patterns,
practices, and specific forms of activity that can compromise the accuracy and
integrity of information furnished to consumer reporting agencies;</text>
</subparagraph><subparagraph id="H54D26CEDC3F84E87957F53D1BD65388F"><enum>(B)</enum><text>review the methods
(including technological means) used to furnish information relating to
consumers to consumer reporting agencies;</text>
</subparagraph><subparagraph id="H267AE20386A14282BFB19D154D2AA007"><enum>(C)</enum><text>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</text>
</subparagraph><subparagraph id="HE7175EF1BE1540FEB8AA3418555CFB9E"><enum>(D)</enum><text>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.</text>
</subparagraph></paragraph></subsection><after-quoted-block></after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="H4045B47619B3440AA1FDF204F9CA31A6"><enum>(c)</enum><header>Equal Credit
Opportunity Act</header>
<paragraph id="H689CFDD1F02D437B9C7674DFC2FCCDEC"><enum>(1)</enum><header>Section
701</header><text display-inline="yes-display-inline">Section 701 of the Equal
Credit Opportunity Act (15 U.S.C. 1691) is amended by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H75254C74A4854917BC03E55B3A143412"><enum>(2)</enum><header>Section
702</header><text>Section 702(c) of the Equal Credit Opportunity Act (15 U.S.C.
1691a) is amended to read as follows:</text>
<quoted-block id="HCCBAC9C375304227AC12B7C63AE73A72" style="OLC">
<subsection id="HCBD3E420E8B64E05B1FB6EC05FD96ABB"><enum>(c)</enum><text>The term
<quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H5B6424047A4847FE95A491363AD86C38"><enum>(3)</enum><header>Section
703</header><text display-inline="yes-display-inline">Section 703 of the Equal
Credit Opportunity Act (15 U.S.C. 1691b) is amended—</text>
<subparagraph id="H85EEB432389042EB8F978F6785650717"><enum>(A)</enum><text>by striking
subsection (b);</text>
</subparagraph><subparagraph id="HE8F99F53ED3D4CDD87FA6006F558A7B5"><enum>(B)</enum><text>by redesignating
paragraphs (1), (2), (3), (4), and (5) of subsection (a) as subsections (a),
(b), (c), (d), and (e), respectively;</text>
</subparagraph><subparagraph id="H89C15B1248054D0EBA4E7AE00868B0F7"><enum>(C)</enum><text>in subsection (c)
(as so redesignated)—</text>
<clause id="HAA949885A8CD48B4A8A2672A7CD897DF"><enum>(i)</enum><text>by
striking <quote>paragraph (2)</quote> and inserting <quote>subsection
(b)</quote>; and</text>
</clause><clause id="H3FF69F8561894949BB721A974FE1C9CD"><enum>(ii)</enum><text>by
striking <quote>such paragraph</quote> and inserting <quote>such
subsection;</quote></text>
</clause></subparagraph><subparagraph id="H44C2AB16C6744DEE86DA1BBD2512F13F"><enum>(D)</enum><text>in subsection (d)
(as so redesignated)—</text>
<clause id="HC1681F48D0714C9EB8421DF3B03BFADC"><enum>(i)</enum><text>by
striking <quote>subsection</quote> and inserting <quote>section</quote>’</text>
</clause><clause id="HAA9030BE82ED402E9E8915DF42188825"><enum>(ii)</enum><text>by
striking <quote>Act</quote> and inserting <quote>title</quote>; and</text>
</clause><clause id="H5C1B268F6F954B84AD85A9BD7D5DF404"><enum>(iii)</enum><text display-inline="yes-display-inline">by striking <quote>this paragraph</quote>
and inserting <quote>this subsection</quote>; and</text>
</clause></subparagraph><subparagraph id="HF414E892048044349C90CDB20A74EDEA"><enum>(E)</enum><text display-inline="yes-display-inline">by striking <quote>Board</quote> each place
such term appears in such section and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H7725B3046DF145A7BEBB960CFF1136DD"><enum>(4)</enum><header>Section
704</header><text>Section 704 of the Equal Credit Opportunity Act (15 U.S.C.
1691c) is amended—</text>
<subparagraph id="HDDBD0737546141B58565080A77CF7378"><enum>(A)</enum><text>in subsection
(a)—</text>
<clause id="HD9CD35AC00DC4A06AB7193D997753E8E"><enum>(i)</enum><text>in
the matter preceding paragraph (1), by striking <quote>Compliance</quote> and
inserting <quote>Subject to section 1022 of the Consumer Financial Protection
Agency Act of 2009, compliance</quote>;</text>
</clause><clause id="H2BB705AC714E496C96491AA74B87DA88"><enum>(ii)</enum><text>in
paragraph (1)(A), by striking <quote>Office of the Comptroller of the
Currency</quote> and inserting <quote>head of the agency responsible for
chartering and regulating national banks</quote>;</text>
</clause><clause display-inline="no-display-inline" id="H64102CA6B1CE43C683A288FA5DD8E727"><enum>(iii)</enum><text>in paragraph
(1)(B), by striking <quote>and</quote> after the semicolon;</text>
</clause><clause id="H22A4CA364BD9488BAE02459FB1A638C1"><enum>(iv)</enum><text>in
paragraph (1)(C), by inserting <quote>and</quote> after the semicolon;</text>
</clause><clause id="HE2B0B422C9864FEAB71D0330311A308A"><enum>(v)</enum><text>by
inserting after subparagraph (C) of paragraph (1) the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HCAE95841E22C4BE5A948129CEC1F1FD0" style="OLC">
<subparagraph id="H81563F2240D2429183DDF98B66E458CC"><enum>(D)</enum><text display-inline="yes-display-inline">savings associations and savings and loan
holding companies by the Director of the Office of Thrift
Supervision;</text>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</clause><clause id="HF8F6B580EB79423DB720F1ED0FF9B0D9"><enum>(vi)</enum><text>by
amending paragraph (2) to read as follows:</text>
<quoted-block id="H2F35A215B838446D87AF8A7BF4D5EAE6" style="OLC">
<paragraph id="H46B71E6D0764400E87157455644BD4A2"><enum>(2)</enum><text>Subtitle E of the
Consumer Financial Protection Agency Act of 2009, by the Agency in case of a
covered person under that
Act.</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="HB0492765402B442795BF5BE36B655CAA"><enum>(B)</enum><text>by striking
subsection (c) and inserting the following new subsection:</text>
<quoted-block id="HF8CFE4E898AE49668D566105E192B99F" style="OLC">
<subsection id="H4AC5E266AB684E26A33C6931ED085510"><enum>(c)</enum><header>Overall
enforcement authority of Federal Trade Commission</header><text>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.</text>
</subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H35C6807A10AA4C9CA49063BD38A14CCB"><enum>(C)</enum><text>in subsection (d),
by striking <quote>Board</quote> and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H6829DECFEAF54AE5AB3280F31116AF4F"><enum>(5)</enum><header>Section
704<enum-in-header>A</enum-in-header></header><text>Section 704A(a)(1) of the
Equal Credit Opportunity Act (15 U.S.C. 1691c–1(a)(1)) is amended in by
striking <quote>Board</quote> and inserting <quote>Agency</quote>.</text>
</paragraph><paragraph id="H99A0ACF1F8094B048E6B4317FB1C67D2"><enum>(6)</enum><header>Section
705</header><text>Section 705 of the Equal Credit Opportunity Act (15 U.S.C.
1691d) is amended—</text>
<subparagraph id="H61366BBFB2CA4B368F5BBE1436C95828"><enum>(A)</enum><text>in subsection (f),
by striking <quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="H267E5DE2E7AB43A18C018BDDA4C27070"><enum>(B)</enum><text>in subsection (g),
by striking <quote>Board</quote> and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H96E62BB9A21148C48C5BBF55202DA95F"><enum>(7)</enum><header>Section
706</header><text>Section 706(e) of the Equal Credit Opportunity Act (15 U.S.C.
1691e(e)) is amended—</text>
<subparagraph id="H6499AA4770E64F8EA86A98B87DB1C278"><enum>(A)</enum><text>by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="HAB26F0ADA3064A9CA8A0BDA6ED0384E9"><enum>(B)</enum><text>by striking
<quote>Federal Reserve System</quote> and inserting <quote>Consumer Financial
Protection Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="HBCCCCD25B193421CB6096C1BD3A2D9B2"><enum>(8)</enum><header>Section
707</header><text>Section 707 of the Equal Credit Opportunity Act (15 U.S.C.
1691f) is amended by striking <quote>Board</quote> each place such term appears
and inserting <quote>Agency</quote>.</text>
</paragraph></subsection><subsection id="HD388C6F7ED6B4914B0B620FA1CFC3D25"><enum>(d)</enum><header>Fair Debt
Collection Practices Act</header>
<paragraph id="HF684B0E7D5714507B3EC554D4CE4B71A"><enum>(1)</enum><header>Section
803</header><text>Section 803 of the Fair Debt Collection Practices Act (15
U.S.C. 1692a) is amended—</text>
<subparagraph id="H94ADB2E4A32C414592E140651FB83AF3"><enum>(A)</enum><text>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</text>
</subparagraph><subparagraph id="H746D5FB0FE2A4C78B82421435721BF83"><enum>(B)</enum><text>by inserting
before paragraph (2) (as so redesignated) the following new paragraph:</text>
<quoted-block id="H7BF31343EB1F4BC199A127C7E27B1AB0" style="OLC">
<paragraph id="H1F825AFD71974EEFBE3B4317AEB85372"><enum>(1)</enum><text>The term
<quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HF94FFB8B9ADB44C591CD69FF57965F25"><enum>(2)</enum><header>Section
813</header><text>Section 813(e) of the Fair Debt Collection Practices Act (15
U.S.C. 1692k(e)) is amended by striking <quote>Commission</quote> and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="HCFE2841200BB431C9A2E5EE1B10764DA"><enum>(3)</enum><header>Section
814</header><text>Section 814 of the Fair Debt Collection Practices Act (15
U.S.C. 1692l) is amended—</text>
<subparagraph id="H60303701510D452D992E9F64A6F19ACF"><enum>(A)</enum><text>by striking
subsection (a) and inserting the following new subsection:</text>
<quoted-block id="H2A27FED5F11E4938AA98D1053FAD032B" style="OLC">
<subsection id="H3BF126F2FE95469087E4DF03DB671F2C"><enum>(a)</enum><header>Federal Trade
Commission</header><text>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.</text>
</subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HC6C6D0BC782E40328838744833CAEE5A"><enum>(B)</enum><text>in subsection
(b)—</text>
<clause id="HBEAA1F2040A34EFBB2069D96ABA57092"><enum>(i)</enum><text>in
the matter preceding paragraph (1), by striking <quote>Compliance</quote> and
inserting <quote>Subject to section 1022 of the Consumer Financial Protection
Agency Act of 2009, compliance</quote>.</text>
</clause><clause id="HE22CCBD8233D47EDB024C59FEDE50469"><enum>(ii)</enum><text>in
paragraph (1)(A), by striking <quote>Office of the Comptroller of the
Currency;</quote> and inserting <quote>head of the agency responsible for
chartering and regulating national banks</quote>;</text>
</clause><clause id="H85CA747148774AB580BD29760389BF61"><enum>(iii)</enum><text>in
paragraph (1)(B), by striking <quote>and</quote> after the semicolon;</text>
</clause><clause id="HB79E806D9B2C43B0A373323209F0BAFC"><enum>(iv)</enum><text>in
paragraph (1)(C), by inserting <quote>and</quote> after the semicolon;</text>
</clause><clause id="H7D9EA2B8012846E7AFED4140E6197CAB"><enum>(v)</enum><text>by
inserting after subparagraph (C) of paragraph (1) the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HCEEC1CFA2ED74F50B285FC7318CF324A" style="OLC">
<subparagraph id="HE5E1630F8DC8429FAE5448D81C494AB6"><enum>(D)</enum><text display-inline="yes-display-inline">savings associations and savings and loan
holding companies by the Director of the Office of Thrift
Supervision;</text>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</clause><clause id="HD3869F732BCA43FCA290E8C13BD0825C"><enum>(vi)</enum><text>by
striking paragraph (2) and inserting the following new paragraph:</text>
<quoted-block id="HB1E8AAA9D26D49ADBB19C23D7D083B1B" style="OLC">
<paragraph id="HD2C04D1853D54BC183067FF5C4323DF4"><enum>(2)</enum><text>subtitle E of the
Consumer Financial Protection Agency Act of 2009 by the Agency in the case of a
covered person under the Act</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="H42C7D30C551D42E18C4663436E6DD420"><enum>(C)</enum><text>in subsection (d),
by striking <quote>Commission</quote> and inserting
<quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="HFBBC9DC98859425EA84B47F7D40D0E56"><enum>(4)</enum><header>Section
815</header><text>Section 815 (15 U.S.C. 1692m) is amended by striking
<quote>Commission</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H5CA0189A6BCC4F31A3A6A245018BF698"><enum>(5)</enum><header>Section
817</header><text display-inline="yes-display-inline">Section 817 (15 U.S.C.
1692o) is amended by striking <quote>Commission</quote> each place such term
appears and inserting <quote>Agency</quote>.</text>
</paragraph></subsection><subsection id="HF08B09887D6A473BB534B8F06D471E0C"><enum>(e)</enum><header>Electronic Fund
Transfer Act</header>
<paragraph id="HFB2CB30B22A548DBA0C7E7F2A5FDBE35"><enum>(1)</enum><header>Section
903</header><text>Section 903 of the Electronic Fund Transfer Act (15 U.S.C.
1693a) is amended—</text>
<subparagraph id="HFF38924C3A954EB3969C1977EB4C8960"><enum>(A)</enum><text>by striking
paragraph (3) and inserting the following new paragraph:</text>
<quoted-block id="HAFFD30151F0E4056850AD3B91A081B53" style="OLC">
<paragraph id="H6D4C440C46C146CD863DC89A749A3EA4"><enum>(3)</enum><text>the term
<quote>Agency</quote> means the Consumer Financial Protection
Agency;</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H1AF521A5599D49EF9F794C2C62C732E5"><enum>(B)</enum><text>in paragraph (6),
by striking <quote>Board</quote> and inserting <quote>Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H0E1959B1D08645249011236F4D88EBCA"><enum>(2)</enum><header>Section
904</header><text display-inline="yes-display-inline">Section 904 of the
Electronic Fund Transfer Act (15 U.S.C. 1693b) is amended by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H4B62EF1A827B4E73AF3151234C5D4BF5"><enum>(3)</enum><header>Section
905</header><text display-inline="yes-display-inline">Section 905 of the
Electronic Fund Transfer Act (15 U.S.C. 1693c) is amended by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="HD23CEC0C05F142B1ABF462B485447790"><enum>(4)</enum><header>Section
906</header><text>Section 906(b) of the Electronic Fund Transfer Act (15 U.S.C.
1693d(b)) is amended by striking <quote>Board</quote> and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H9EDD9A96064D41BCA0CDE57D23E1BD4C"><enum>(5)</enum><header>Section
907</header><text>Section 907(b) of the Electronic Fund Transfer Act (15 U.S.C.
1693e(b)) is amended by striking <quote>Board</quote> and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H08F9E0F815CF4E02B7A0337DF0CD1D90"><enum>(6)</enum><header>Section
908</header><text>Section 908(f)(7) of the Electronic Fund Transfer Act (15
U.S.C. 1693f(f)(7)) is amended by striking <quote>Board</quote> and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H8F46FA702691410389680E167F7E5CD1"><enum>(7)</enum><header>Section
910</header><text>Section 910(a)(1)(E) of the Electronic Fund Transfer Act (15
U.S.C. 1693h(a)(1)(E)) is amended by striking <quote>Board</quote> and
inserting <quote>Agency</quote>.</text>
</paragraph><paragraph id="H7FBE6C9D9E60436B8F0C31A418D98DB5"><enum>(8)</enum><header>Section
911</header><text>Section 911(b)(3) of the Electronic Fund Transfer Act (15
U.S.C. 1693i(b)(3) is amended by striking <quote>Board</quote> and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H07275333D01D495A8DB29E3671044CE0"><enum>(9)</enum><header>Section
915</header><text>Section 915(d) of the Electronic Fund Transfer Act (15 U.S.C.
1693m(d)) is amended—</text>
<subparagraph display-inline="no-display-inline" id="H584AA7094362411EA2E77F8EEC93872F"><enum>(A)</enum><text>by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="H2A68B7B3E3F34E4F936FA34EB68F403E"><enum>(B)</enum><text>by striking
<quote>Federal Reserve System</quote> and inserting <quote>Consumer Financial
Protection Agency</quote>.</text>
</subparagraph></paragraph><paragraph id="H0591D1096F4D4E0096207C0CD08704AA"><enum>(10)</enum><header>Section
917</header><text>Section 917 of the Electronic Fund Transfer Act (15 U.S.C.
1693o) is amended—</text>
<subparagraph id="H31252B6D64C341B89A869CAE708B9213"><enum>(A)</enum><text>in subsection
(a)—</text>
<clause id="H1699387B45AA443BBEB4082EA01DD0D7"><enum>(i)</enum><text>by
striking <quote>Compliance</quote> and inserting <quote>Subject to section 1022
of the Consumer Financial Protection Agency Act of 2009,
compliance</quote>;</text>
</clause><clause id="HFA92CE6BD8524559B1B9391927D4BF8E"><enum>(ii)</enum><text>in
paragraph (1)(A), by striking <quote>Office of the Comptroller of the
Currency</quote> and inserting <quote>head of the agency responsible for
chartering and regulating national banks</quote>; and</text>
</clause><clause id="H815605E0C58F409F833FF1005505EB7F"><enum>(iii)</enum><text>by
striking paragraph (2) and inserting:</text>
<quoted-block id="HD7E9564AC1D14E40963A03E28CEEF0D5" style="OLC">
<paragraph id="HA4D28A98937E4AA68CD2A14B24190C5F"><enum>(2)</enum><text>subtitle E of the
Consumer Financial Protection Agency Act of 2009, by the Agency in the case of
a covered person under that Act.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</clause></subparagraph><subparagraph id="H888937469BF24059BBC08228095CD17A"><enum>(B)</enum><text>by striking
subsection (c) and inserting the following new subsection:</text>
<quoted-block id="HB6137E2579EA4916A32DB7AC488D5B9F" style="OLC">
<subsection id="HF15D5278484A41D88A2742F0DA2A8812"><enum>(c)</enum><header>Overall
enforcement authority of the Federal Trade Commission</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H13DA1C4A189B4A4BB58F81044C09C7A6"><enum>(11)</enum><header>Section
918</header><text display-inline="yes-display-inline">Section 918 of the
Electronic Fund Transfer Act (15 U.S.C. 1693p) is amended by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="H1A64C7BE450C42BFB1AA12D63012D6E4"><enum>(12)</enum><header>Section
919</header><text display-inline="yes-display-inline">Section 919 of the
Electronic Fund Transfer Act (15 U.S.C. 1693q) is amended by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</paragraph><paragraph id="HA9783F765BD74FD6A94F07CFF26EC102"><enum>(13)</enum><header>Section
920</header><text display-inline="yes-display-inline">Section 920 of the
Electronic Fund Transfer Act (15 U.S.C. 1693r) is amended by striking
<quote>Board</quote> each place such term appears and inserting
<quote>Agency</quote>.</text>
</paragraph></subsection><subsection id="H38114B74FCD74051A06A98813A172AC1"><enum>(f)</enum><header>Amendments to
HOEPA relating to the Truth in Lending Act</header><text>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—</text>
<paragraph id="H92D2B20B94D846A586B3F9A98C0FE166"><enum>(1)</enum><text>in subsection (a),
by striking <quote>Board of Governors of the Federal Reserve System, in
consultation with the Consumer Advisory Council of the Board,</quote> and
inserting <quote>Consumer Financial Protection Agency, in consultation with the
Advisory Board to the Agency</quote>; and</text>
</paragraph><paragraph id="HB415210CF5EA49F186B7499EC8D56CB1"><enum>(2)</enum><text display-inline="yes-display-inline">in subsection (b), by striking <quote>Board
of Governors of the Federal Reserve System</quote> and inserting
<quote>Consumer Financial Protection Agency</quote>.</text>
</paragraph></subsection><subsection id="HF4AC18E5E22944A79B614F4E9660C3B8"><enum>(g)</enum><header>Amendment to the
Fair and Accurate Credit Transactions Act of 2003 relating to the Fair Credit
Reporting Act</header><text display-inline="yes-display-inline">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 <quote>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</quote> and inserting
<quote>The Consumer Financial Protection Agency, with respect to a person
subject to the enforcement authority of the Agency, and</quote>.</text>
</subsection></section><section id="H4C1BE38923344C1496140B7C7CBE67FF"><enum>185.</enum><header>Amendments to
the Expedited Funds Availability Act</header>
<subsection id="HC738DFE8CA174E829E3A8D8E092E58ED"><enum>(a)</enum><header>Section
605</header><text display-inline="yes-display-inline">Section 605(f)(1) of the
Expedited Funds Availability Act (12 U.S.C. 4004(f)(1)) is amended by inserting
<quote>, in consultation with the Director of the Consumer Financial Protection
Agency,</quote>after <quote>Board</quote>.</text>
</subsection><subsection id="HE1B9A6D798C74990BC52DB831A93D2AC"><enum>(b)</enum><header>Section
609</header><text display-inline="yes-display-inline">Section 609(a) of the
Expedited Funds Availability Act (12 U.S.C. 4008(a)) is amended by inserting
<quote>, in consultation with the Director of the Consumer Financial Protection
Agency,</quote>after <quote>Board</quote>.</text>
</subsection></section><section id="HF3DE998778DA4A15B1F5621282CFA226"><enum>186.</enum><header>Amendments to
the Federal Deposit Insurance Act</header>
<subsection id="H62E399F1312D4CCFB592AE6FEF163817"><enum>(a)</enum><header>Section
8</header><text>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:</text>
<quoted-block id="H81FCC67EF3314309A55B6C1EE92F26B6" style="OLC">
<paragraph id="H39301B7F98F84305B7608C4F60ADF046"><enum>(6)</enum><header>Referral to
consumer financial protection commission</header><text>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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H3C225F82CE4C40E5A1688C6E851A2302"><enum>(b)</enum><header>Section
43</header><text>Section 43 of the Federal Deposit Insurance Act (12 U.S.C.
1831t) is amended—</text>
<paragraph id="H8C0FE7E924964C9ABB1ED476A1E006BD"><enum>(1)</enum><text>in subsection (c),
by striking <quote>Federal Trade Commission</quote> and inserting
<quote>Agency</quote>;</text>
</paragraph><paragraph id="HA0F2E57E61C64DCD8835245120078A16"><enum>(2)</enum><text>in subsection (d),
by striking <quote>Federal Trade Commission</quote> and inserting
<quote>Agency</quote>;</text>
</paragraph><paragraph id="H2A292EB31CAC492DADBF712B7570247F"><enum>(3)</enum><text>in subsection
(e)—</text>
<subparagraph id="HBA466F55ABA049CB9E6B0B7F23C5F8C2"><enum>(A)</enum><text>in paragraph (1),
by striking <quote>Federal Trade Commission</quote> and inserting
<quote>Agency</quote>; and</text>
</subparagraph><subparagraph id="H9C614D184B8A4378911713A5B83E42D5"><enum>(B)</enum><text>by adding at the
end the following new paragraph:</text>
<quoted-block id="H63A7C1C3FB4D442D91F304DC60E29E33" style="OLC">
<paragraph id="HC4ABB1B7DACD4A2DA9B6158A6FD12590"><enum>(5)</enum><header>Agency</header><text>The
term <quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="H036B89EC3A5143449855FC6F944A59C9"><enum>(e)</enum><header>Section
43<enum-in-header>(f)</enum-in-header></header><text>Section 43(f) of the
Federal Deposit Insurance Act (12 U.S.C. 1831t(f)) is amended—</text>
<paragraph id="H14F08AA171F4471BA6450236A14F4044"><enum>(1)</enum><text>by striking
paragraph (1) and inserting the following new paragraph:</text>
<quoted-block id="HB969694FC3D94C9A92DFFFE17DE53A77" style="OLC">
<paragraph id="HC58006FAF2534D4E8F2F91C3C96740F9"><enum>(1)</enum><header>Limited
enforcement authority</header><text>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.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H02099373E551453EB9768A4D0214DA0B"><enum>(2)</enum><text display-inline="yes-display-inline">in paragraph (2), by striking subparagraph
(C) and inserting the following new subparagraph:</text>
<quoted-block id="H4E363222E3CB4D1BAE200D4EDA003EB1" style="OLC">
<subparagraph id="H48D5C6B111154487B06F6B67CEDD70E1"><enum>(C)</enum><header>Limitation on
state action while federal action pending</header><text>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.</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="H4B77CAB54BB34A1780C13BA053D8211D"><enum>187.</enum><header>Amendments to
the Gramm-Leach-Bliley Act</header>
<subsection id="H878C5764C9824E00B8AB82A8403FE46F"><enum>(a)</enum><header>Section
504</header><text>Section 504(a)(1) of the Gramm-Leach-Bliley Act (15 U.S.C.
6804(a)(1)) is amended—</text>
<paragraph id="H34E0FFE476494C578C4E3B727F55A505"><enum>(1)</enum><text>by striking
<quote>The Federal banking agencies, the National Credit Union Administration,
the Secretary of the Treasury,</quote> and inserting <quote>The Consumer
Financial Protection Agency and</quote>; and</text>
</paragraph><paragraph id="HD70AF2A3F788416C9534BE2E922FAC82"><enum>(2)</enum><text>by striking
<quote>, and the Federal Trade Commission</quote>.</text>
</paragraph></subsection><subsection id="H60BE2725DCC544C5A4584A8ACF265064"><enum>(b)</enum><header>Section
505</header>
<paragraph id="HE71880577522438590043A98E2B8EF96"><enum>(1)</enum><text>Section 505(a) of
the Gramm-Leach-Bliley Act (15 U.S.C. 6805(a)) is amended—</text>
<subparagraph id="H61C9A5956FF746D4904006B9A8207FC8"><enum>(A)</enum><text>in the matter
preceding paragraph (1), by striking <quote>This subtitle and the regulations
prescribed thereunder shall be enforced by</quote> and inserting <quote>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,</quote>; and</text>
</subparagraph><subparagraph id="H31FD44D521114E7CA8A6239CD1D1AA83"><enum>(B)</enum><text>by inserting after
paragraph (7) the following new paragraph:</text>
<quoted-block id="H98F2FD5988074AE9A99CDCD242039501" style="OLC">
<paragraph id="H472A1B06B81C4CCF9FEE6B455278F7BD"><enum>(8)</enum><text>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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H101DFF99D3AD4A2FBFFD841CCCECF8FD"><enum>(2)</enum><text>Section 505(b)(1)
of the Gramm-Leach-Bliley Act (15 U.S.C. 6805(b)(1)) is amended by inserting
<quote>, other than the Consumer Financial Protection Agency,</quote> after
<quote>described in subsection (a)</quote>.</text>
</paragraph></subsection></section><section id="HFBA645EE70694674BF757E429C5A5FE1"><enum>188.</enum><header>Amendments to
the Home Mortgage Disclosure Act of 1975</header>
<subsection id="H5ACB5D5379F641C581E15C96DE86532E"><enum>(a)</enum><header>Section
303</header><text>Section 303 of the Home Mortgage Disclosure Act of 1975 (12
U.S.C. 2802) is amended—</text>
<paragraph id="HBA995CE27BE54B29B527B99D96D6D6B0"><enum>(1)</enum><text>by redesignating
paragraphs (1), (2), (3), (4), (5), and (6) as paragraphs (2), (3), (4), (5),
(6), and (7), respectively; and</text>
</paragraph><paragraph id="HC79EC319D00B4053A8EAEC8F1BAD0DEF"><enum>(2)</enum><text>by inserting
before paragraph (2) (as so redesignated) the following new paragraph:</text>
<quoted-block id="H0BC53DB563804DD1B216A4B07F49F833" style="OLC">
<paragraph id="HF700F07832DD4C79A881E14B3B41AD31"><enum>(1)</enum><text>The term
<quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H1BFA90714B164E0A9ABFE615F63AD65B"><enum>(b)</enum><header>Universal
amendment relating to Agency</header><text>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 <quote>Board</quote> each place such term
appears and inserting <quote>Agency</quote>.</text>
</subsection><subsection id="H44524F513CC14109ABA59304489570D8"><enum>(c)</enum><header>Section
304</header><text>Section 304 of the Home Mortgage Disclosure Act of 1975 (12
U.S.C. 2803(h)) is amended—</text>
<paragraph id="HA11C53648E404F5DA3E200AF34771FC8"><enum>(1)</enum><text>in subsection
(b)—</text>
<subparagraph id="H9DFEA6F30BFB4E61A74B644AC8BF3197"><enum>(A)</enum><text>by striking
<quote>and</quote> after the semicolon at the end of paragraph (3);</text>
</subparagraph><subparagraph id="H06BAEDE0E72C40BAB8A14FF7E589B52F"><enum>(B)</enum><text>by striking
<quote>and gender</quote> in paragraph (4), and inserting <quote>age, and
gender</quote>;</text>
</subparagraph><subparagraph id="H978B47FA926E4C3D9845EBB9C176D193"><enum>(C)</enum><text display-inline="yes-display-inline">by striking the period at the end of
paragraph (4) and inserting a semicolon; and</text>
</subparagraph><subparagraph id="HDDCBC7CFD4DC4177AFB2C198C32872F2"><enum>(D)</enum><text>by inserting after
paragraph (4) the following new paragraphs:</text>
<quoted-block id="H2F4A6409991344E29F1C77769B2D335E" style="OLC">
<paragraph id="H3253E68B850C4CA3B179580E2B6E1FB6"><enum>(5)</enum><text>the number and
dollar amount of mortgage loans grouped according to the following
measurements:</text>
<subparagraph id="HAD9E488C6A334295BBFB8D27E66B2BA5"><enum>(A)</enum><text>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);</text>
</subparagraph><subparagraph id="H9B9A65A450BE4675BD16A931B948BF11"><enum>(B)</enum><text>the difference
between the annual percentage rate associated with the loan and a benchmark
rate or rates for all loans;</text>
</subparagraph><subparagraph id="H1735E0DBD4404F919A160491B1A8B488"><enum>(C)</enum><text>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</text>
</subparagraph><subparagraph id="HB0A02EFF06554321B54245491A088628"><enum>(D)</enum><text>such other
information as the Agency may require; and</text>
</subparagraph></paragraph><paragraph id="H6C644932A4B54442B67BB4622674C674"><enum>(6)</enum><text>the number and
dollar amount of mortgage loans and completed applications grouped according to
the following measurements:</text>
<subparagraph id="H3A94340F27EE4076A8EB8547DA5A1752"><enum>(A)</enum><text>the value of the
real property pledged or proposed to be pledged as collateral;</text>
</subparagraph><subparagraph id="H81ACAE649C1C40FBBAF459070191BC8B"><enum>(B)</enum><text>the actual or
proposed term in months of any introductory period after which the rate of
interest may change;</text>
</subparagraph><subparagraph id="HE37429A8259E416098633CB2973BB798"><enum>(C)</enum><text>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;</text>
</subparagraph><subparagraph id="H816A53EAAAE745F18F3D571F8691EB2F"><enum>(D)</enum><text>the actual or
proposed term in months of the mortgage loan;</text>
</subparagraph><subparagraph id="H32629FDCBF2C44C29565FBD6D6CCEBCD"><enum>(E)</enum><text>the channel
through which application was made, including retail, broker, and other
relevant categories;</text>
</subparagraph><subparagraph id="HDA7105EB309D4AE8AC8CCE2785C74A89"><enum>(F)</enum><text>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;</text>
</subparagraph><subparagraph id="HBF6B6BB6FB064B08932AAAB60FFA5E09"><enum>(G)</enum><text>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;</text>
</subparagraph><subparagraph id="HC13539E4174E47CDA69A88B878302756"><enum>(H)</enum><text>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;</text>
</subparagraph><subparagraph id="H05B4C8598B344ABD8DF9D6A9AA0CD00F"><enum>(I)</enum><text>the credit score
of mortgage applicants and mortgagors in such form as the Agency may proscribe;
and</text>
</subparagraph><subparagraph id="H39464C551A674614ACAD4DFB314133DC"><enum>(J)</enum><text>such other
information as the Agency may
require.</text>
</subparagraph></paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HD3E9FA8D3B414CCC9A42F4E9F9EFCB4B"><enum>(2)</enum><text display-inline="yes-display-inline">by striking subsection (h) and inserting
the following new subsection:</text>
<quoted-block id="H21CA1379920E44389FE4E50201B4DCE7" style="OLC">
<subsection id="H880C8E46EB764DA88A76A696359A8710"><enum>(h)</enum><header>Submission to
agencies</header><text>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—</text>
<paragraph id="HDD0E1F4748C449498418E0BF954893CB"><enum>(1)</enum><text>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;</text>
</paragraph><paragraph id="H0288A5E5D1BD41F881F96A7E81898233"><enum>(2)</enum><text>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;</text>
</paragraph><paragraph id="H7CAB1D108CF147E6BF2DB26312A7605F"><enum>(3)</enum><text>the Director of
the Office of Thrift Supervision for Federal savings associations and savings
and loan holding companies;</text>
</paragraph><paragraph id="H5E752C39FAB64060AFEF397927030511"><enum>(4)</enum><text>the National
Credit Union Administration Board for credit unions; and</text>
</paragraph><paragraph id="H64636325DB454983B99E16A1399C47BD"><enum>(5)</enum><text>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.</text>
</paragraph></subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H04B7109B328E4B84A32D074436EAA6AA"><enum>(3)</enum><text>in subsection (i),
by striking <quote>subsection (b)(4)</quote> and inserting <quote>paragraphs
(4), (5), and (6) of subsections (b)</quote>;</text>
</paragraph><paragraph id="H43D5D2BA0C7345908254087F031AF1AA"><enum>(4)</enum><text>in subsection
(j)—</text>
<subparagraph id="HE2E69C9A605F40588DC3CE13585DDA94"><enum>(A)</enum><text display-inline="yes-display-inline">by striking <quote>(as</quote> where such
term appears in paragraph (1) and inserting <quote>(containing loan-level and
application-level information relating to disclosures required under
subsections (a) and (b) and as otherwise</quote>;</text>
</subparagraph><subparagraph id="H4A0028BCF25D44C29ECD6B1A6D2D4156"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>in the format in which
such information is maintained by the institution</quote> where such term
appears in paragraph (2)(A), and inserting <quote>in such formats as the Agency
may require</quote>;</text>
</subparagraph><subparagraph id="H2DD8B70C24EB462785050C3FAE980401"><enum>(C)</enum><text display-inline="yes-display-inline">by inserting <quote>credit score or similar
measurement,</quote> after <quote>number,</quote> where such term appears in
paragraph (2)(B)(i); and</text>
</subparagraph><subparagraph id="H24B96A4F2F104D1EB3D2D517CC91963D"><enum>(D)</enum><text>by striking
paragraph (3) and inserting the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H23F69E7DC73F4425AD90FC3F7C6B822A" style="OLC">
<paragraph id="H70FC834FAF3E417E88B49A5863BC537B"><enum>(3)</enum><header>Change of form
not required</header><text display-inline="yes-display-inline">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.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="H39D5D293E39B4D118551DED7DDF3D0E2"><enum>(5)</enum><text>by striking
paragraph (2) of subsection (m) and inserting the following new
paragraph:</text>
<quoted-block display-inline="no-display-inline" id="HBF3DBE28137246C0B740816F3D57B149" style="OLC">
<paragraph id="HC8C275A53AA94D09BC41FE373CD5EAB2"><enum>(2)</enum><header>Form of
information</header><text display-inline="yes-display-inline">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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="HDCA126F77DC841AEAD06D3DBA3295C04"><enum>(d)</enum><header>Section
305</header><text>Section 305 of the Home Mortgage Disclosure Act of 1975 (12
U.S.C. 2804) is amended—</text>
<paragraph id="HD8D62BF69C0040769261766F8E72FE90"><enum>(1)</enum><text>by striking
subsection (b) and inserting the following new subsection:</text>
<quoted-block id="H8D16DD04BD5A4CAA969D55335811CE69" style="OLC">
<subsection id="H6975E16D1E0D4C7D93361CA9BAF934F9"><enum>(b)</enum><header>Powers of
certain other agencies</header><text>Compliance with the requirements imposed
under this title shall be enforced under—</text>
<paragraph id="H1240C7474296492FB2A74DC2D01B1691"><enum>(1)</enum><text>section 8 of the
Federal Deposit Insurance Act, in the case of—</text>
<subparagraph id="H2AB982392480420C98065B5FDC5D54B6"><enum>(A)</enum><text>national banks,
and Federal branches and Federal agencies of foreign banks, by the head of the
agency responsible for chartering and regulating national banks;</text>
</subparagraph><subparagraph id="H2A55C6FF38504EDDA3A8F4BE5952EB2B"><enum>(B)</enum><text>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;</text>
</subparagraph><subparagraph id="H8160259804AD4E7EB37608E94A6C77A7"><enum>(C)</enum><text>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</text>
</subparagraph><subparagraph id="H723626200CDD4E2B86C3F9B0EE8E2D55"><enum>(D)</enum><text display-inline="yes-display-inline">Federal savings associations, and savings
and loan holding companies, by the Director of the Office of Thrift
Supervision;</text>
</subparagraph></paragraph><paragraph id="H4D020147DC4143EA9FD10415558055D3"><enum>(2)</enum><text>subtitle E of the
Consumer Financial Protection Agency Act of 2009, by the Agency in the case of
a covered person under that Act;</text>
</paragraph><paragraph id="HBA5590BFC37D441AB15536EC3B323DA5"><enum>(3)</enum><text>the Federal Credit
Union Act, by the Administrator of the National Credit Union Administration
with respect to any credit union; and</text>
</paragraph><paragraph id="H31DA51017E3C4B1CB78BB31C60C2D6CC"><enum>(4)</enum><text>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).</text>
</paragraph><continuation-text continuation-text-level="subsection">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</continuation-text></subsection><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H4239A3226C5A4A65B258070AB22D83B1"><enum>(2)</enum><text>by inserting at
the end of section 305 the following new subsection:</text>
<quoted-block id="H7BF1109F7FC84E12B2C849246C6615C0" style="OLC">
<subsection id="H95F20D0393B04C48868D0191014E1B65"><enum>(d)</enum><header>Overall
enforcement authority of the consumer financial protection
agency</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H4CD565D81A1B4B76A77D3251592E0906"><enum>(e)</enum><header>Section
306</header><text>Subsection 306(b) of the Home Mortgage Disclosure Act of 1975
(12 U.S.C. 2805(b)) is amended to read as follows:</text>
<quoted-block id="HB36224E215A1431AB4448A633DF5D9E1" style="OLC">
<subsection id="HAB532AF7194C46748A730024B9588D06"><enum>(b)</enum><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H72A37B9E2D314D73A8839D602C404B8C"><enum>(f)</enum><header>Section
307</header><text>Section 307 of the Home Mortgage Disclosure Act of 1975 (12
U.S.C. 2806) is amended to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H2A4C24AEC5BA4355BC75F788A7FA6DA2" style="OLC">
<section id="H8BAE6051420149B2B5356A8202E89B09"><enum>307.</enum><header>Research and
improved methods</header>
<subsection id="H95918CA23E364ED891525E3C8A3C7D19"><enum>(a)</enum><header>Enhanced
compliance in economical manner</header>
<paragraph id="H138E27E4EFC14BE1B7D647661557D4DF"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HCBAAF3D154FB403E93A32537E289C98C"><enum>(2)</enum><header>Authorization of
appropriation</header><text>There is authorized to be appropriated such sums as
may be necessary to carry out this subsection.</text>
</paragraph><paragraph id="H046AAED191354EED9354FBB2334EE51A"><enum>(3)</enum><header>Authority of
agency</header><text>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.</text>
</paragraph></subsection><subsection display-inline="no-display-inline" id="HC2C451D5863F467693093EAD7B509298"><enum>(b)</enum><header>Recommendations
to the Congress</header><text>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.</text>
</subsection></section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section commented="no" id="HA7CD9A9E4F2249B9BF9621360B16A594"><enum>189.</enum><header>Amendments to
division D of the Omnibus Appropriations Act, 2009</header>
<subsection commented="no" id="H74FFBAC8E5E14E1A916B324D061574A3"><enum>(a)</enum><text>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—</text>
<paragraph commented="no" id="HF90F9E7C4D3D4B4CB77BF2539447E850"><enum>(1)</enum><text>by striking by
paragraph (1) and inserting the following new paragraph:</text>
<quoted-block id="H3D9518104F6C4D0BB668A2CBEB3962E5" style="OLC">
<paragraph commented="no" id="H66057687461D43A4ACAE2921A537F8E9"><enum>(1)</enum><text>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.</text>
</paragraph><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph commented="no" id="H7DF2FB9444114E86A24EEFD418ECE7DD"><enum>(2)</enum><text>by striking
paragraph (2);</text>
</paragraph><paragraph commented="no" id="HC6BDDB52831041BBACF6ECF9A560FD2C"><enum>(3)</enum><text>by striking
paragraph (3); and</text>
</paragraph><paragraph commented="no" id="H3CB7CC9EF0FE4704B6EEFCC3440F930F"><enum>(4)</enum><text>by striking
paragraph (4) and inserting the following new paragraph:</text>
<quoted-block id="HA7E5EB65AF0E42E0AF61C3FD3BC291B1" style="OLC">
<paragraph commented="no" id="HDD7A881B2AA94ED0A2550A9B7813D01D"><enum>(2)</enum><text>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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection commented="no" id="HC2A6764AB7264ECA95B6A7D3D599DE6D"><enum>(b)</enum><text display-inline="yes-display-inline">Section 626(b) of title VI of division D of
the Omnibus Appropriations Act, 2009 (15 U.S.C. 1638 nt.) is amended—</text>
<paragraph commented="no" id="H68B849A5ABDF4CDCB20EEC4FA21E4FE2"><enum>(1)</enum><text>by striking
<quote>Federal Trade Commission</quote> and inserting <quote>Consumer Financial
Protection Agency</quote>;</text>
</paragraph><paragraph commented="no" id="H6226FC8A00A344F69CBFD3CF23FB9E0E"><enum>(2)</enum><text>by striking
<quote>the Commission</quote> and inserting <quote>the Consumer Financial
Protection Agency</quote>; and</text>
</paragraph><paragraph commented="no" id="HFF1A12663A19408A94E9410AF21C1E00"><enum>(3)</enum><text>by striking
<quote>primary Federal regulatory</quote> and inserting <quote>Consumer
Financial Protection Agency</quote>.</text>
</paragraph></subsection></section><section id="HDF704FFB457442359796F3A138570896"><enum>190.</enum><header>Amendments to
the Real Estate Settlement Procedures Act of 1974</header>
<subsection id="H1375E7B561474557AF0E630A4FE4E34E"><enum>(a)</enum><header>Section
3</header><text>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—</text>
<quoted-block id="H2A340377D7054A25A9E2295A3A5A6175" style="OLC">
<paragraph id="HE574C1201B0E408F84D53CA588750175"><enum>(9)</enum><text>the term
<quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H0A98173AD45942898D293E3A888874F5"><enum>(b)</enum><header>Section
4</header><text display-inline="yes-display-inline">Section 4 of the Real
Estate Settlement Procedures Act of 1974 (12 U.S.C. 2603) is amended—</text>
<paragraph id="HC33EC7D2FD594E9BBB2621FBC36290A0"><enum>(1)</enum><text>in subsection (a),
by striking the first sentence and inserting the following: <quote>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.</quote>;</text>
</paragraph><paragraph id="H6A442522EF8843A0A5230821DF56D1D7"><enum>(2)</enum><text>by striking
<quote>Secretary</quote> each place it appears and inserting
<quote>Agency</quote>; and</text>
</paragraph><paragraph id="H6C5A7211AF6C4B00AB4889F08621CFC3"><enum>(3)</enum><text>by striking
<quote>form</quote> each place it appears and inserting
<quote>forms</quote>.</text>
</paragraph></subsection><subsection id="HEB5EE59400634DB784A5199AC4269F2D"><enum>(c)</enum><header>Section
5</header><text>Section 5 of the Real Estate Settlement Procedures Act of 1974
(12 U.S.C. 2604) is amended—</text>
<paragraph id="HCF54161949CD48A0902898DF77F94EAA"><enum>(1)</enum><text>by striking
<quote>Secretary</quote> each place such term appears, and inserting
<quote>Agency</quote>; and</text>
</paragraph><paragraph id="H0D0A1CA9D57C4D82B0AF162BBE099B67"><enum>(2)</enum><text>by striking the
first sentence of subsection (a), and inserting <quote>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.</quote>.</text>
</paragraph></subsection><subsection id="H3CEFCC96DF1647DA92D5986C659CEF6A"><enum>(d)</enum><header>Section
6</header><text>Section 6 of the Real Estate Settlement Procedures Act of 1974
(12 U.S.C. 2605) is amended by striking <quote>Secretary</quote> and inserting
<quote>Agency</quote>; and by striking <quote>by regulations that shall take
effect not later than April 20, 1991,</quote>.</text>
</subsection><subsection id="H8D5F19D75FD246D3BB741DD17A959CA3"><enum>(e)</enum><header>Section
7</header><text>Section 7 of the Real Estate Settlement Procedures Act of 1974
(12 U.S.C. 2606) is amended by striking <quote>Secretary</quote> and inserting
<quote>Agency</quote>.</text>
</subsection><subsection id="H7E4A91262DA046788B724F681A693832"><enum>(f)</enum><header>Section
8</header><text>Section 8(d)(4) of the Real Estate Settlement Procedures Act of
1974 (12 U.S.C. 2607(d)(4)) is amended—</text>
<paragraph id="HFABD924CFBDC41089AF58200A3D3E53E"><enum>(1)</enum><text>by striking
<quote>The Secretary,</quote> and inserting <quote>The Agency, the
Secretary,</quote>; and</text>
</paragraph><paragraph id="H51F52A9A31404145BF1F283BBA7C9828"><enum>(2)</enum><text>by adding at the
end the following new sentence:<quote>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.</quote>.</text>
</paragraph></subsection><subsection id="HC7B64642665C440CA4C16FC831D77DAC"><enum>(g)</enum><header>Section
10</header><text>Section 10(d) of the Real Estate Settlement Procedures Act of
1974 (12 U.S.C. 2609(d)) is amended by striking <quote>Secretary</quote> and
inserting <quote>Agency</quote>.</text>
</subsection><subsection id="HDB5F1214398F4C9DACC91EBD8A4B93D5"><enum>(h)</enum><header>Section
16</header><text>Section 16 of the Real Estate Settlement Procedures Act of
1974 (12 U.S.C. 2614) is amended by inserting <quote>the Agency,</quote> before
<quote>the Secretary</quote>.</text>
</subsection><subsection id="HC88247F43B584C15BEA6986E83A6CDE9"><enum>(i)</enum><header>Section
18</header><text>Section 18 of the Real Estate Settlement Procedures Act of
1974 (12 U.S.C. 2616) is amended by striking <quote>Secretary</quote> and
inserting <quote>Agency</quote>.</text>
</subsection><subsection id="H931F9B9D04D5424587659A30EB0BF4CC"><enum>(j)</enum><header>Section
19</header><text>Section 19 of the Real Estate Settlement Procedures Act of
1974 (12 U.S.C. 2617) is amended by striking <quote>Secretary</quote> each
place where it appears and inserting <quote>Agency</quote>.</text>
</subsection></section><section id="H0D3A7AA4ECBE4DABB49F86A464235637"><enum>191.</enum><header>Amendments to
the Right to Financial Privacy Act of 1978</header>
<subsection id="H3BAE086C57A0450894B81A8DB3905FAE"><enum>(a)</enum><header>Amendments to
section 1101</header><text>Section 1101 of the Right to Financial Privacy Act
of 1978 (12 U.S.C. 3401) is amended—</text>
<paragraph id="HCA9E5D7E430147389C1915508FFF62D2"><enum>(1)</enum><text>by striking
paragraph (1) and inserting the following new paragraph:</text>
<quoted-block id="H36F72D1675284A79AB5A97F4140CFBF7" style="OLC">
<paragraph id="HDF7C9AFFBA7443C19BCB5E09A75B1170"><enum>(1)</enum><text><quote>financial
institution</quote> 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;</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="H383C65DFA4284586981956CE72364201"><enum>(2)</enum><text>in paragraph
(7)—</text>
<subparagraph id="H1691B64CAFD644ADAE3135C34F3B91E8"><enum>(A)</enum><text>by redesignating
subparagraphs (F), (G), (H), and (I) as subparagraphs (G), (H), (I), and (J),
respectively; and</text>
</subparagraph><subparagraph id="H25A6685A6C6A46628E11D0EC9452071C"><enum>(B)</enum><text>by inserting after
subparagraph (E) the following new subparagraph:</text>
<quoted-block id="H9531A913FFD745C48CF0986BC624E329" style="OLC">
<subparagraph id="HE62A2478BBBA4C44B592CFF7706C973A"><enum>(F)</enum><text>the Consumer
Financial Protection
Agency;</text>
</subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subparagraph></paragraph></subsection><subsection id="HF7C5DDFABC4C433BAA4EA6CB4398165B"><enum>(b)</enum><header>Amendments to
section 1112</header><text>Section 1112(e) of the Right to Financial Privacy
Act (12 U.S.C. 3412) is amended by striking <quote>and the Commodity Futures
Trading Commission is permitted</quote> and inserting <quote>the Commodity
Futures Trading Commission, and the Consumer Financial Protection Agency is
permitted</quote>.</text>
</subsection><subsection id="HA8994E171AE5486FBFA6C577F549921D"><enum>(c)</enum><header>Amendments to
section 1113</header><text>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—</text>
<quoted-block id="H8842E982917E4C5F881FEB09FB3045CB" style="OLC">
<subsection id="H4E7DD791764840478A4B334D7C6FE483"><enum>(r)</enum><header>Disclosure to
the consumer financial protection agency</header><text>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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection></section><section id="H70F2A35CF06A4F55B450797E07FBF884"><enum>192.</enum><header>Amendments to
the Secure and Fair Enforcement for Mortgage Licensing Act of 2008</header>
<subsection id="HD5AA7AC8AC4F47A39958D56461848585"><enum>(a)</enum><header>Section
1503</header><text display-inline="yes-display-inline">Section 1503 of the
Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5102)
is amended—</text>
<paragraph id="HEAC138564AE84EF08693C795884C0F68"><enum>(1)</enum><text>by striking
paragraph (1) and inserting the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H0946AC6836B94E76B33BEC2FF31CA607" style="OLC">
<paragraph id="H3B8B73EC56094FE7AD1A971D1CE00D7D"><enum>(1)</enum><header>Agency</header><text display-inline="yes-display-inline">The term <quote>Agency</quote> means the
Consumer Financial Protection Agency.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="HF8E706A69C2B4ECB96FA0FCAD31B7E34"><enum>(2)</enum><text>by striking
paragraph (9) and inserting the following new paragraph:</text>
<quoted-block display-inline="no-display-inline" id="H8287DE563B0D4B9EB06D718295649D04" style="OLC">
<paragraph id="HAA69ED7F79E74C9D82FF8F8B648A3BA9"><enum>(9)</enum><header>Director</header><text display-inline="yes-display-inline">The term <quote>Director</quote> means the
Director of the Consumer Financial Protection
Agency.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="H37D91FD7EC844A57BAE2B2771749C5C9"><enum>(b)</enum><header>Universal
amendments relating to Agency</header><text display-inline="yes-display-inline">The Secure and Fair Enforcement for
Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended—</text>
<paragraph id="H5178BC3CEC314C44AB908B33EDA67C72"><enum>(1)</enum><text>by striking
<quote>a Federal banking agency</quote> each place such term appears and
inserting <quote>the Agency</quote>;</text>
</paragraph><paragraph id="HED181C915A3F42D594B19FDFE1C9E59C"><enum>(2)</enum><text>by striking
<quote>Federal banking agencies</quote> each place such term appears and
inserting <quote>Agency</quote>; and</text>
</paragraph><paragraph id="H4816497D727F46FE99EF4840BBA601AB"><enum>(3)</enum><text>by striking
<quote>Secretary</quote> each place such term appears and inserting
<quote>Director</quote>.</text>
</paragraph></subsection><subsection id="H740D647EE4574731A91BCCBEECEF168F"><enum>(c)</enum><header>Section
1507</header><text display-inline="yes-display-inline">Section 1507 of the
Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5106)
is amended—</text>
<paragraph id="H5EDFD96089394C2F99C94262821F53F6"><enum>(1)</enum><text>in subsection
(a)—</text>
<subparagraph id="H7ADFB5C75371466ABEE035E83C8C3BCA"><enum>(A)</enum><text>by striking
paragraph (1) and inserting the following new paragraph:</text>
<quoted-block id="HA02282F6269D47518BBAC698FC90E14D" style="OLC">
<paragraph id="H4E65643CC6C3465FA353B1401C63233A"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="H1EAEFE3AE54A454AB8EE8A965CADEC0D"><enum>(B)</enum><text display-inline="yes-display-inline">by striking <quote>appropriate Federal
banking agency and the Farm Credit Administration</quote> where such term
appears in paragraph (2) and inserting <quote>Agency</quote>;</text>
</subparagraph></paragraph><paragraph id="H6CEBDE2C14114333B74CBF514ECB7336"><enum>(2)</enum><text>in subsection (b),
by striking <quote>Federal banking agencies, through the Financial Institutions
Examination Council and the Farm Credit Administration</quote>, and inserting
<quote>Agency</quote>; and</text>
</paragraph><paragraph id="H85DBA18CDB754ED08E7197F4D1BBEDDE"><enum>(3)</enum><text>in subsection (c),
by striking <quote>Federal banking agencies</quote>, and inserting
<quote>Agency</quote>.</text>
</paragraph></subsection><subsection id="HD61B4A9FAB6D4A4D9666D128ACF2F989"><enum>(d)</enum><header>Section
1508</header>
<paragraph id="H39BDC619F78242DE8A56E1CF3857929C"><enum>(1)</enum><header>In
general</header><text>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—</text>
<quoted-block id="H8C4F121EE931401EA867AE99C5563421" style="OLC">
<subsection id="H0CC51B2F52C44359AD5D01885C378A39"><enum>(f)</enum><header>Regulations</header>
<paragraph id="H3F83E13FD8564FA68744115E801B678C"><enum>(1)</enum><header>In
general</header><text>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.</text>
</paragraph><paragraph id="HB4765A8EC9C84063865DE60A37FBF883"><enum>(2)</enum><header>Factors taken
into account</header><text>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.</text>
</paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph><paragraph id="H115C430718DF4116B445BF257695A648"><enum>(2)</enum><header>Clerical
amendment</header><text display-inline="yes-display-inline">The heading for
section 1508 of the Secure and Fair Enforcement for Mortgage Licensing Act of
2008 is amended by striking <quote><header-in-text level="section" style="OLC">Secretary of Housing and Urban Development</header-in-text></quote>
and inserting <quote><header-in-text level="section" style="OLC">Consumer
Financial Protection Agency</header-in-text></quote>.</text>
</paragraph></subsection><subsection id="HF1964C3B00EC4C9A9962E38CD977394E"><enum>(e)</enum><header>Section
1510</header><text display-inline="yes-display-inline">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:</text>
<quoted-block id="H565276427A824E50B4221DF7C1666780" style="OLC">
<section id="H028B154367CE488DA1852795411341B7"><enum>1510.</enum><header>Fees</header><text display-inline="no-display-inline">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.</text>
</section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H2CD9F8395F9343F3859FB6FAFB5351AF"><enum>(f)</enum><header>Section
1513</header><text display-inline="yes-display-inline">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:</text>
<quoted-block id="H5036D8769AF846C48479D5A6283B3800" style="OLC">
<section id="HBF37693090AD4DFDBC2C5F9CA35F6552"><enum>1513.</enum><header>Liability
provisions</header><text display-inline="no-display-inline">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.</text>
</section><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H64CFCDF7B7CB4543B165202BBF16A195"><enum>(g)</enum><header>Section
1514</header><text>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 <quote><header-in-text level="section" style="OLC">under HUD backup
licensing system</header-in-text></quote> and inserting <quote><header-in-text level="section" style="OLC">by the Agency</header-in-text></quote>.</text>
</subsection></section><section id="HFFBFE6A3E5CA4CFA82C1DDF9B6CB1BBE"><enum>193.</enum><header>Amendments to
the Truth in Savings Act</header>
<subsection id="H4A12B6928A2648618C22A20322C920AE"><enum>(a)</enum><header>Section
263</header><text>Section 263 of the Truth in Savings Act (12 U.S.C. 4302) is
amended in subsection (b) by striking <quote>Board</quote> each place such term
appears and inserting <quote>Agency</quote>.</text>
</subsection><subsection id="H90B1315F9BB146D5B3F1E1F8FF9C1BEA"><enum>(b)</enum><header>Section
265</header><text display-inline="yes-display-inline">Section 265 of the Truth
in Savings Act (12 U.S.C. 4304) is amended by striking <quote>Board</quote>
each place such term appears and inserting <quote>Agency</quote>.</text>
</subsection><subsection id="H7215D9DA299E4CF9B33F33B999458A4B"><enum>(c)</enum><header>Section
266</header><text>Section 266(e) of the Truth in Savings Act is amended (12
U.S.C. 4305) by striking <quote>Board</quote> and inserting
<quote>Agency</quote>.</text>
</subsection><subsection id="H80B64EDA9B3347AAA5B1C13EBFC81B5C"><enum>(d)</enum><header>Section
269</header><text display-inline="yes-display-inline">Section 269 of the Truth
in Savings Act (12 U.S.C. 4308) is amended by striking <quote>Board</quote>
each place such term appears and inserting <quote>Agency</quote>.</text>
</subsection><subsection id="HAB6B74EE180741B7A7961B2C36B161BD"><enum>(e)</enum><header>Section
270</header><text>Section 270 of the Truth in Savings Act (12 U.S.C. 4309) is
amended—</text>
<paragraph id="H4E0DBB6983974424995E42638239D7F6"><enum>(1)</enum><text>in subsection
(a)—</text>
<subparagraph id="H99FB1E0929C34EEE8B9D4986CBED990D"><enum>(A)</enum><text>by striking
<quote>Compliance</quote> and inserting <quote>Subject to section 1022 of the
Consumer Financial Protection Agency Act of 2009, compliance</quote>;</text>
</subparagraph><subparagraph id="H854822FEB61A4CDAA20C1BE7AEAF5316"><enum>(B)</enum><text>by striking
subparagraph (A) of paragraph (1) and inserting the following new
subparagraph:</text>
<quoted-block display-inline="no-display-inline" id="HE12282D4AABC4F1F906B7444606056D7" style="OLC">
<subparagraph id="H02F5A421E8FD4105A6CC83D794E562F5"><enum>(A)</enum><text display-inline="yes-display-inline">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;</text>
</subparagraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph><subparagraph id="HDC20DFEDEF4C49EC982A5E0374E956B0"><enum>(C)</enum><text>by adding at the
end, the following new paragraph:</text>
<quoted-block id="H6A0EBA95FA264D0DB2A3C56351AB7555" style="OLC">
<paragraph id="HDFFE34E6655E4ED59318F6361F793106"><enum>(3)</enum><text>subtitle E of the
Consumer Financial Protection Agency Act of 2009, by the Agency in the case of
a covered person under that Act.</text>
</paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</subparagraph></paragraph><paragraph id="HD55B91F44DD74008BD74A526231133EA"><enum>(2)</enum><text>in subsection (c),
by striking <quote>Board</quote> and inserting <quote>Agency</quote>.</text>
</paragraph></subsection><subsection id="H47F68468E43841F6864A8B5DAB9FAC5C"><enum>(f)</enum><header>Section
272</header><text>Section 272 of the Truth in Savings Act (12 U.S.C. 4311) is
amended—</text>
<paragraph id="H7B2DEE335B034E1CB40668D6566B3EE0"><enum>(1)</enum><text>in subsection (a),
by striking <quote>Board</quote> and inserting <quote>Agency</quote>;
and</text>
</paragraph><paragraph id="HE021B0208404462899D0C788E9168D6D"><enum>(2)</enum><text>in subsection (b),
by striking <quote>regulation prescribed by the Board</quote> each place it
appears and inserting <quote>regulation prescribed by the
Agency</quote>.</text>
</paragraph></subsection><subsection id="H63E8939437764020B96F2309A1B41F54"><enum>(g)</enum><header>Section
273</header><text>Section 273 of the Truth in Savings Act (12 U.S.C. 4312) is
amended in the last sentence by striking <quote>Board</quote> and inserting
<quote>Agency</quote>.</text>
</subsection><subsection id="H4C1000E2885148E0A8A204C5D71364CC"><enum>(h)</enum><header>Section
274</header><text>Section 274 of the Truth in Savings Act (12 U.S.C. 4313) is
amended—</text>
<paragraph id="HDECBE1F3FFDD4BB5B35545B655C8386B"><enum>(1)</enum><text>in paragraph (2)
by striking <quote>Board</quote> and inserting <quote>Agency</quote>;
and</text>
</paragraph><paragraph id="HF15A315D509649AC8DF4363B3444DDB3"><enum>(2)</enum><text>by striking
paragraph (4) and inserting the following new paragraph:</text>
<quoted-block id="HC1D23ADEB2064D5ABB83B5613FA80066" style="OLC">
<paragraph id="H6F701956E4D84F2392BF0BD034D50AEA"><enum>(4)</enum><header>Agency</header><text>The
term <quote>Agency</quote> means the Consumer Financial Protection
Agency.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection></section><section id="H8E2A713450F44E298CA31017C867D2C7"><enum>194.</enum><header>Effective
date</header><text display-inline="no-display-inline">The amendments made by
sections 183 through 193 shall take effect on the designated transfer
date.</text>
</section></subtitle><enum>J</enum><header>Improvements to
the Federal Trade Commission Act</header>
<section id="HBED5DA31E92C4D74A504A0256FE7C49E" section-type="subsequent-section"><enum>201.</enum><header>Amendments to the
Federal Trade Commission Act</header>
<subsection id="H5F704E64B7074C069776C74F613C1D7F"><enum>(a)</enum><text display-inline="yes-display-inline">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:</text>
<quoted-block display-inline="no-display-inline" id="H6118482C662C40B8889DB765C315FFFB" style="OLC">
<paragraph id="H165BE08D15B5498BA8D7346404618C5D"><enum>(5)</enum><text display-inline="yes-display-inline">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.</text>
</paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="HB0ACBBC0280C41F8993EFD9099A5EDF2"><enum>(b)</enum><text>Section 5(m)(1)(A)
of the Federal Trade Commission Act (15 U.S.C. 45(m)(1)(A)) is amended—</text>
<paragraph id="H24B01C91B1874FD3B8FCCF83275A7FBA"><enum>(1)</enum><text>by inserting
<quote>this Act or</quote> after <quote>violates</quote> the first place it
appears;</text>
</paragraph><paragraph id="HCCB36424C1564067B1D1763E00A515EA"><enum>(2)</enum><text>by inserting a
comma after <quote>chapter</quote> and after <quote>section)</quote>;
and</text>
</paragraph><paragraph id="H012C16F8058C41D6805F2CA50AA87CEC"><enum>(3)</enum><text>by inserting
<quote>a violation of this Act or is</quote> before
<quote>prohibited</quote>.</text>
</paragraph></subsection><subsection id="H3220C5B2BF7E4B39A1949688D49532D1"><enum>(c)</enum><text>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:</text>
<quoted-block display-inline="no-display-inline" id="H8BEBF0EE00B643CBB655BFD6E0CC9AFF" style="OLC">
<subsection id="HE23B71C826E649B883D20225320FCB74"><enum>(o)</enum><header>Unlawful
assistance</header><text display-inline="yes-display-inline">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.</text>
</subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</subsection><subsection id="H79761D133BEC4EDD98DD005F16266F4B"><enum>(d)</enum><text>Section 18 of the
Federal Trade Commission Act (15 U.S.C. 57a) is amended—</text>
<paragraph id="HA8D4A044EFE04E0490DE2AB8945B9F87"><enum>(1)</enum><text>in subsection
(a)(1)(B), by adding after <quote>pursuant to this section</quote> the
following: <quote>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</quote>;</text>
</paragraph><paragraph id="HD7AA6D7F6A134B6AB0BF90609A89C77D"><enum>(2)</enum><text>by amending
subsection (b) to read as follows:</text>
<quoted-block display-inline="no-display-inline" id="H706638C2E06C4B5AA8EFE1BB3828D2E4" style="OLC">
<subsection id="H4D4DBE34F5834F63B51B88E742F7F6DD"><enum>(b)</enum><header>Procedure
applicable</header><text display-inline="yes-display-inline">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).</text>
</subsection><after-quoted-block>;</after-quoted-block></quoted-block>
</paragraph><paragraph id="H79B2E87A3CD9431485F4D49FA51C12EA"><enum>(3)</enum><text>by striking
subsections (c), (d)(1), (d)(2), (f), (i), and (j), and redesignating
subsections (e), (g) and (h) as (d), (e) and (f);</text>
</paragraph><paragraph id="H32382B4BBBC647289D3B4F6E770AF54D"><enum>(4)</enum><text>by redesignating
paragraph (d)(3) as subsection (c); and</text>
</paragraph><paragraph id="HDB5400D4C75444C1B3B60E992E43B699"><enum>(5)</enum><text>in subsection
(e)—</text>
<subparagraph id="H299E56571357405594C438230B673D01"><enum>(A)</enum><text>in paragraph
(1)(B), by striking <quote>the transcript required by subsection (c)(5) of this
section,</quote>;</text>
</subparagraph><subparagraph id="H54EB6CD16FB745B8B76010C9B95A202E"><enum>(B)</enum><text>in paragraph (2),
by striking everything following <quote>error)</quote>; and</text>
</subparagraph><subparagraph id="HB83619ECD5A643CD9B2268D2EC09CB7C"><enum>(C)</enum><text>in paragraph (5),
by striking subparagraph (C).</text>
</subparagraph></paragraph></subsection></section>