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15 U.S.C. § 1681s — Administrative enforcement

Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681s — Administrative enforcement

**(a) Enforcement by Federal Trade Commission** (1) **In general** — The Federal Trade Commission shall be authorized to enforce compliance with the requirements imposed by this subchapter under the Federal Trade Commission Act ([15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.), with respect to consumer reporting agencies and all other persons subject thereto, except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under any of subparagraphs (A) through (G) of subsection (b)(1), and subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], subsection (b).11 So in original. 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 subchapter shall constitute an unfair or deceptive act or practice in commerce, in violation of section 5(a) of the Federal Trade Commission Act ([15 U.S.C. 45(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/a&num=0&edition=prelim)), and shall be subject to enforcement by the Federal Trade Commission under section 5(b) of that Act [[15 U.S.C. 45(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/b&num=0&edition=prelim)] with respect to any consumer reporting agency or person that is subject to enforcement by the Federal Trade Commission pursuant to this subsection, irrespective of whether that person is engaged in commerce or meets any ot

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**(a) Enforcement by Federal Trade Commission** (1) **In general** — The Federal Trade Commission shall be authorized to enforce compliance with the requirements imposed by this subchapter under the Federal Trade Commission Act ([15 U.S.C. 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section41&num=0&edition=prelim) et seq.), with respect to consumer reporting agencies and all other persons subject thereto, except to the extent that enforcement of the requirements imposed under this subchapter is specifically committed to some other Government agency under any of subparagraphs (A) through (G) of subsection (b)(1), and subject to subtitle B of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5511](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5511&num=0&edition=prelim) et seq.], subsection (b).11 So in original. 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 subchapter shall constitute an unfair or deceptive act or practice in commerce, in violation of section 5(a) of the Federal Trade Commission Act ([15 U.S.C. 45(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/a&num=0&edition=prelim)), and shall be subject to enforcement by the Federal Trade Commission under section 5(b) of that Act [[15 U.S.C. 45(b)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/b&num=0&edition=prelim)] with respect to any consumer reporting agency or person that is 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 under the Federal Trade Commission Act. The Federal Trade Commission shall have such procedural, investigative, and enforcement powers, including the power to issue procedural rules in enforcing compliance with the requirements imposed under this subchapter 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 subchapter. Any person violating any of the provisions of this subchapter 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 of such Act are part of this subchapter. (2) **Penalties** (A) *Knowing violations* — Except as otherwise provided by subtitle B of the Consumer Financial Protection Act of 2010, in the event of a knowing violation, which constitutes a pattern or practice of violations of this subchapter, the Federal Trade 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 subchapter. In such action, such person shall be liable for a civil penalty of not more than $2,500 per violation. (B) *Determining penalty amount* — In determining the amount of a civil penalty under subparagraph (A), the court shall take into account the degree of culpability, any history of such prior conduct, ability to pay, effect on ability to continue to do business, and such other matters as justice may require. (C) *Limitation* — Notwithstanding paragraph (2), a court may not impose any civil penalty on a person for a violation of [section 1681s–2(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s–2/a/1&num=0&edition=prelim), unless the person has been enjoined from committing the violation, or ordered not to commit the violation, in an action or proceeding brought by or on behalf of the Federal Trade Commission, and has violated the injunction or order, and the court may not impose any civil penalty for any violation occurring before the date of the violation of the injunction or order. **(b) Enforcement by other agencies** (1) **In general** — Subject to subtitle B of the Consumer Financial Protection Act of 2010, compliance with the requirements imposed under this subchapter 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 [section 1681m(d) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681m/d&num=0&edition=prelim) shall be enforced under— (A) section 8 of the Federal Deposit Insurance Act ([12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)), by the appropriate Federal banking agency, as defined in section 3(q) of the Federal Deposit Insurance Act ([12 U.S.C. 1813(q)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim)), with respect to— (i) any national bank or State savings association, and any Federal branch or Federal agency of a foreign bank; (ii) any member bank of the Federal Reserve System (other than a national bank), a branch or agency of a foreign bank (other than a Federal branch, Federal agency, or insured State branch of a foreign bank), a commercial lending company owned or controlled by a foreign bank, and any organization operating under section 25 or 25A of the Federal Reserve Act [[12 U.S.C. 601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section601&num=0&edition=prelim) et seq., 611 et seq.]; and (iii) any bank or Federal savings association insured by the Federal Deposit Insurance Corporation (other than a member of the Federal Reserve System) and any insured State branch of a foreign bank; (B) the Federal Credit Union Act ([12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.), by the Administrator of the National Credit Union Administration with respect to any Federal credit union; (C) subtitle IV of title 49, by the Secretary of Transportation, with respect to all carriers subject to the jurisdiction of the Surface Transportation Board; (D) part A of subtitle VII of title 49, by the Secretary of Transportation, with respect to any air carrier or foreign air carrier subject to that part; (E) the Packers and Stockyards Act, 1921 ([7 U.S.C. 181](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section181&num=0&edition=prelim) et seq.) (except as provided in section 406 of that Act [[7 U.S.C. 226](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section226&num=0&edition=prelim), 227]), by the Secretary of Agriculture, with respect to any activities subject to that Act; (F) the Commodity Exchange Act [[7 U.S.C. 1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section1&num=0&edition=prelim) et seq.], with respect to a person subject to the jurisdiction of the Commodity Futures Trading Commission; (G) the Federal securities laws, and any other laws that are subject to the jurisdiction of the Securities and Exchange Commission, with respect to a person that is subject to the jurisdiction of the Securities and Exchange Commission; and (H) subtitle E of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5561](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5561&num=0&edition=prelim) et seq.], by the Bureau, with respect to any person subject to this subchapter. (2) **Incorporated definitions** — The terms used in paragraph (1) that are not defined in this subchapter or otherwise defined in section 3(s) of the Federal Deposit Insurance Act ([12 U.S.C. 1813(s)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/s&num=0&edition=prelim)) have the same meanings as in section 1(b) of the International Banking Act of 1978 ([12 U.S.C. 3101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3101&num=0&edition=prelim)). **(c) State action for violations** (1) **Authority of States** — In addition to such other remedies as are provided under State law, if the chief law enforcement officer of a State, or an official or agency designated by a State, has reason to believe that any person has violated or is violating this subchapter, the State— (A) may bring an action to enjoin such violation in any appropriate United States district court or in any other court of competent jurisdiction; (B) subject to paragraph (5), may bring an action on behalf of the residents of the State to recover— (i) damages for which the person is liable to such residents under sections 1681n and 1681o of this title as a result of the violation; (ii) in the case of a violation described in any of paragraphs (1) through (3) of [section 1681s–2(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s–2/c&num=0&edition=prelim), damages for which the person would, but for [section 1681s–2(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s–2/c&num=0&edition=prelim), be liable to such residents as a result of the violation; or (iii) damages of not more than $1,000 for each willful or negligent violation; and (C) in the case of any successful action under subparagraph (A) or (B), shall be awarded the costs of the action and reasonable attorney fees as determined by the court. (2) **Rights of Federal regulators** — The State shall serve prior written notice of any action under paragraph (1) upon the Bureau and the Federal Trade Commission or the appropriate Federal regulator determined under subsection (b) and provide the Bureau and the Federal Trade Commission or appropriate Federal regulator with a copy of its complaint, except in any case in which such prior notice is not feasible, in which case the State shall serve such notice immediately upon instituting such action. The Bureau and the Federal Trade Commission or appropriate Federal regulator shall have the right— (A) to intervene in the action; (B) upon so intervening, to be heard on all matters arising therein; (C) to remove the action to the appropriate United States district court; and (D) to file petitions for appeal. (3) **Investigatory powers** — For purposes of bringing any action under this subsection, nothing in this subsection shall prevent the chief law enforcement officer, or an official or agency designated by a State, from exercising the powers conferred on the chief law enforcement officer or such official by the laws of such State to conduct investigations or to administer oaths or affirmations or to compel the attendance of witnesses or the production of documentary and other evidence. (4) **Limitation on State action while Federal action pending** — If the Bureau, the Federal Trade Commission, or the appropriate Federal regulator has instituted a civil action or an administrative action under section 8 of the Federal Deposit Insurance Act [[12 U.S.C. 1818](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1818&num=0&edition=prelim)] for a violation of this subchapter, no State may, during the pendency of such action, bring an action under this section against any defendant named in the complaint of the Bureau, the Federal Trade Commission, or the appropriate Federal regulator for any violation of this subchapter that is alleged in that complaint. (5) **Limitations on State actions for certain violations** (A) *Violation of injunction required* — A State may not bring an action against a person under paragraph (1)(B) for a violation described in any of paragraphs (1) through (3) of [section 1681s–2(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s–2/c&num=0&edition=prelim), unless— (i) the person has been enjoined from committing the violation, in an action brought by the State under paragraph (1)(A); and (ii) the person has violated the injunction. (B) *Limitation on damages recoverable* — In an action against a person under paragraph (1)(B) for a violation described in any of paragraphs (1) through (3) of [section 1681s–2(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s–2/c&num=0&edition=prelim), a State may not recover any damages incurred before the date of the violation of an injunction on which the action is based. **(d) Enforcement under other authority** For the purpose of the exercise by any agency referred to in subsection (b) of its powers under any Act referred to in that subsection, a violation of any requirement imposed under this subchapter shall be deemed to be a violation of a requirement imposed under that Act. In addition to its powers under any provision of law specifically referred to in subsection (b), each of the agencies referred to in that subsection may exercise, for the purpose of enforcing compliance with any requirement imposed under this subchapter any other authority conferred on it by law. **(e) Regulatory authority** (1) **In general** — The Bureau shall prescribe such regulations as are necessary to carry out the purposes of this subchapter, except with respect to sections 1681m(e) and 1681w of this title. The Bureau may prescribe regulations as may be necessary or appropriate to administer and carry out the purposes and objectives of this subchapter, and to prevent evasions thereof or to facilitate compliance therewith. Except as provided in section 1029(a) of the Consumer Financial Protection Act of 2010 [[12 U.S.C. 5519(a)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5519/a&num=0&edition=prelim)], the regulations prescribed by the Bureau under this subchapter shall apply to any person that is subject to this subchapter, notwithstanding the enforcement authorities granted to other agencies under this section. (2) **Deference** — Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to a Federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this subchapter that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter 22 So in original. Probably should be followed by a period. The regulations prescribed by the Bureau under this subchapter shall apply to any person that is subject to this subchapter, notwithstanding the enforcement authorities granted to other agencies under this section. **(f) Coordination of consumer complaint investigations** (1) **In general** — Each consumer reporting agency described in [section 1681a(p) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681a/p&num=0&edition=prelim) shall develop and maintain procedures for the referral to each other such agency of any consumer complaint received by the agency alleging identity theft, or requesting a fraud alert under [section 1681c–1 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681c-1&num=0&edition=prelim) or a block under [section 1681c–2 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681c-2&num=0&edition=prelim). (2) **Model form and procedure for reporting identity theft** — The Commission,33 So in original. Probably should be “Bureau,”. in consultation with the Federal Trade Commission, the Federal banking agencies, and the National Credit Union Administration, shall develop a model form and model procedures to be used by consumers who are victims of identity theft for contacting and informing creditors and consumer reporting agencies of the fraud. (3) **Annual summary reports** — Each consumer reporting agency described in [section 1681a(p) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681a/p&num=0&edition=prelim) shall submit an annual summary report to the Bureau on consumer complaints received by the agency on identity theft or fraud alerts. **(g) Bureau regulation of coding of trade names** If the Bureau determines that a person described in paragraph (9) of [section 1681s–2(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s–2/a&num=0&edition=prelim) has not met the requirements of such paragraph, the Bureau shall take action to ensure the person’s compliance with such paragraph, which may include issuing model guidance or prescribing reasonable policies and procedures, as necessary to ensure that such person complies with such paragraph.

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 601 — Authorization; conditions and regulations

Any national banking association possessing a capital and surplus of $1,000,000 or more may file application with the Board of Governors of the Federal Reserve System for permission to exercise, upon such conditions and under such regulations as may be prescribed by the said board, the following powers:

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15 U.S.C. § 58 — Short title

This subchapter may be cited as the “Federal Trade Commission Act”.

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7 U.S.C. § 1 — Short title

This chapter may be cited as the “Commodity Exchange Act.”

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15 U.S.C. § 1681 — Congressional findings and statement of purpose

**(a) Accuracy and fairness of credit reporting** The Congress makes the following findings: (1) The banking system is dependent upon fair and accurate credit reporting. Inaccurate credit reports directly impair the efficiency of the banking system, and unfair credit reporting methods undermine the public confidence which is essential to the continued functioning of the banking system. (2) An elaborate mechanism has been developed for investigating and evaluating the credit worthiness, credit standing, credit capacity, character, and general reputation of consumers. (3) Consumer reporting agencies have assumed a vital role in assembling and evaluating consumer credit and other information on consumers. (4) There is a need to insure that consumer reporting agencies exercise their grave responsibilities with fairness, impartiality, and a respect for the consumer’s right to privacy. **(b) Reasonable procedures** It is the purpose of this subchapter to require that consumer reporting agencies adopt reasonable procedures for meeting the needs of commerce for consumer credit, personnel, insurance, and other information in a manner which is fair and equitable to the consumer, with regard to the confidentiality, accuracy, relevancy, and proper utilization of such information in accordance with the requirements of this subchapter.

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12 U.S.C. § 3101 — Definitions

For the purposes of this chapter— (1) “agency” means any office or any place of business of a foreign bank located in any State of the United States at which credit balances are maintained incidental to or arising out of the exercise of banking powers, checks are paid, or money is lent but at which deposits may not be accepted from citizens or residents of the United States; (2) “Board” means the Board of Governors of the Federal Reserve System; (3) “branch” means any office or any place of business of a foreign bank located in any State of the United States at which deposits are received; (4) “Comptroller” means the Comptroller of the Currency; (5) “Federal agency” means an agency of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (6) “Federal branch” means a branch of a foreign bank established and operating under [section 3102 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3102&num=0&edition=prelim); (7) “foreign bank” means any company organized under the laws of a foreign country, a territory of the United States, Puerto Rico, Guam, American Samoa, or the Virgin Islands, which engages in the business of banking, or any subsidiary or affiliate, organized under such laws, of any such company. For the purposes of this chapter the term “foreign bank” includes, without limitation, foreign commercial banks, foreign merchant banks and other foreign institutions that engage in banking activities usual in connection with the business of banking in the countries where such foreign institutions are organized or operating; (8) “foreign country” means any country other than the United States, and

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 191 — Appointment of receiver for a national bank

**(a) In general** The Comptroller of the Currency may, without prior notice or hearings, appoint a receiver for any national bank (and such receiver shall be the Federal Deposit Insurance Corporation if the national bank is an insured bank (as defined in [section 1813(h) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/h&num=0&edition=prelim))) if the Comptroller determines, in the Comptroller’s discretion, that— (1) 1 or more of the grounds specified in [section 1821(c)(5) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1821/c/5&num=0&edition=prelim) exist; or (2) the association’s board of directors consists of fewer than 5 members. **(b) Judicial review** If the Comptroller of the Currency appoints a receiver under subsection (a), the national bank may, within 30 days thereafter, bring an action in the United States district court for the judicial district in which the home office of such bank is located, or in the United States District Court for the District of Columbia, for an order requiring the Comptroller of the Currency to remove the receiver, and the court shall, upon the merits, dismiss such action or direct the Comptroller of the Currency to remove the receiver.

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Federal law — U.S. Code and appendices · legal_authorities

15 U.S.C. § 1681a — Definitions; rules of construction

**(a)** Definitions and rules of construction set forth in this section are applicable for the purposes of this subchapter. **(b)** The term “person” means any individual, partnership, corporation, trust, estate, cooperative, association, government or governmental subdivision or agency, or other entity. **(c)** The term “consumer” means an individual. **(d) Consumer Report.—** (1) **In general.—** — The term “consumer report” means any written, oral, or other communication of any information by a consumer reporting agency bearing on a consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living which is used or expected to be used or collected in whole or in part for the purpose of serving as a factor in establishing the consumer’s eligibility for— (A) credit or insurance to be used primarily for personal, family, or household purposes; (B) employment purposes; or (C) any other purpose authorized under [section 1681b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681b&num=0&edition=prelim). (2) **Exclusions.—** — Except as provided in paragraph (3), the term “consumer report” does not include— (A) subject to [section 1681s–3 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1681s-3&num=0&edition=prelim), any— (i) report containing information solely as to transactions or experiences between the consumer and the person making the report; (ii) communication of that information among persons related by common ownership or affiliated by corporate control; or (iii) communication of other information among persons related by common ownership or affiliated by corporate control, if it

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 1818 — Termination of status as insured depository institution

**(a) Termination of insurance** (1) **Voluntary termination** — Any insured depository institution which is not— (A) a national member bank; (B) a State member bank; (C) a Federal branch; (D) a Federal savings association; or (E) an insured branch which is required to be insured under subsection (a) or (b) 11 See References in Text note below. of [section 3104 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section3104&num=0&edition=prelim), may terminate such depository institution’s status as an insured depository institution if such insured institution provides written notice to the Corporation of the institution’s intent to terminate such status not less than 90 days before the effective date of such termination. (2) **Involuntary termination** (A) *Notice to primary regulator* — If the Board of Directors determines that— (i) an insured depository institution or the directors or trustees of an insured depository institution have engaged or are engaging in unsafe or unsound practices in conducting the business of the depository institution; (ii) an insured depository institution is in an unsafe or unsound condition to continue operations as an insured institution; or (iii) an insured depository institution or the directors or trustees of the insured institution have violated any applicable law, regulation, order, condition imposed in writing by the Corporation in connection with the approval of any application or other request by the insured depository institution, or written agreement entered into between the insured depository institution and the Corporation, the Board of Directors shall notify the appropriate Federal banking agency with respect to such institution (if other than the Corp

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49 U.S.C. § 1301 — Establishment of Board

**(a) Establishment.—** The Surface Transportation Board is an independent establishment of the United States Government. **(b) Membership.—** (1) The Board shall consist of 5 members, to be appointed by the President, by and with the advice and consent of the Senate. Not more than 3 members may be appointed from the same political party. (2) At all times— (A) at least 3 members of the Board shall be individuals with professional standing and demonstrated knowledge in the fields of transportation, transportation regulation, or economic regulation; and (B) at least 2 members shall be individuals with professional or business experience (including agriculture) in the private sector. (3) The term of each member of the Board shall be 5 years and shall begin when the term of the predecessor of that member ends. An individual appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of that individual was appointed, shall be appointed for the remainder of that term. When the term of office of a member ends, the member may continue to serve until a successor is appointed and qualified, but for a period not to exceed one year. The President may remove a member for inefficiency, neglect of duty, or malfeasance in office. (4) No individual may serve as a member of the Board for more than 2 terms. In the case of an individual appointed to fill a vacancy occurring before the expiration of the term for which the predecessor of that individual was appointed, such individual may not be appointed for more than one additional term. (5) A member of the Board may not have a pecuniary interest in, hold an official relation to, or own stock in or bonds of, a carrier providing transportation by any mode and may not engage in another busines

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Federal law — U.S. Code and appendices · legal_authorities

12 U.S.C. § 5511 — GAO study of financial regulations

**(a) Study** Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of— (1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules; (2) efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of [section 5512(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5512/b/2&num=0&edition=prelim), information requests, and examinations; and (3) other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate. **(b) Report** Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.

Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5511

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