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12 U.S.C. § 5491 — Other authority

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

12 U.S.C. § 5491 — Other authority

Unless otherwise provided by its terms, this subchapter does not divest any appropriate financial regulator, any Supervisory Agency, or any other Federal or State agency, of any authority derived from any other applicable law, except that any standards prescribed by the Board of Governors under [section 5464 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5464&num=0&edition=prelim) shall supersede any less stringent requirements established under other authority to the extent of any conflict.

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Source file: Laws/federal/codes/united-states-code/title-12/section-5491-other-authority--a4e158b377.md
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Source location: Title 12, Chapter 53, § 5491; chapter-053-wall-street-reform-and-consumer-protection.md

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

12 U.S.C. § 5464 — Findings and purposes

**(a) Findings** Congress finds the following: (1) The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearing and settlement of payment, securities, and other financial transactions. (2) Financial market utilities that conduct or support multilateral payment, clearing, or settlement activities may reduce risks for their participants and the broader financial system, but such utilities may also concentrate and create new risks and thus must be well designed and operated in a safe and sound manner. (3) Payment, clearing, and settlement activities conducted by financial institutions also present important risks to the participating financial institutions and to the financial system. (4) Enhancements to the regulation and supervision of systemically important financial market utilities and the conduct of systemically important payment, clearing, and settlement activities by financial institutions are necessary— (A) to provide consistency; (B) to promote robust risk management and safety and soundness; (C) to reduce systemic risks; and (D) to support the stability of the broader financial system. **(b) Purpose** The purpose of this subchapter is to mitigate systemic risk in the financial system and promote financial stability by— (1) authorizing the Board of Governors to promote uniform standards for the— (A) management of risks by systemically important financial market utilities; and (B) conduct of systemically important payment, clearing, and settlement activities by financial institutions; (2) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important financial market utilities; (3) strengthening the liquidity of systemically

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

12 U.S.C. § 5513 — Data standards

**(a) Requirement** The Bureau shall, by rule, adopt data standards for all collections of information that are regularly filed with or submitted to the Bureau. **(b) Consistency** The data standards required under subsection (a) shall incorporate, and ensure compatibility with (to the extent feasible), all applicable data standards established in the rules promulgated under [section 5334 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5334&num=0&edition=prelim), including, to the extent practicable, by having the characteristics described in clauses (i) through (vi) of subsection (c)(1)(B) of such section 5334.

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

12 U.S.C. § 5603 — Interim authority of the Secretary

**(a) In general** The Secretary is authorized to perform the functions of the Bureau under this part until the Director of the Bureau is confirmed by the Senate in accordance with [section 5491 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5491&num=0&edition=prelim). **(b) Interim administrative services by the Department of the Treasury** The Department of the Treasury may provide administrative services necessary to support the Bureau before the designated transfer date.

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

15 U.S.C. § 78a — Short title

This chapter may be cited as the “Securities Exchange Act of 1934.”

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

12 U.S.C. § 5491 — Establishment of the Bureau of Consumer

Page 1945 TITLE 12—BANKS AND BANKING § 5492 1 See References in Text note below. PART A—BUREAU OF CONSUMER FINANCIAL PROTECTION § 5491. Establishment of the Bureau of Consumer Financial Protection (a) Bureau established There is established in the Federal Reserve System, an independent bureau to be known as the ‘‘Bureau of Consumer Financial Protec- tion’’, which shall regulate the offering and pro- vision of consumer financial products or services under the Federal consumer financial laws. The Bureau shall be considered an Executive agency, as defined in section 105 of title 5. Except as oth- erwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, shall apply to the exercise of the powers of the Bureau. (b) Director and Deputy Director (1) In general There is established the position of the Di- rector, who shall serve as the head of the Bu- reau. (2) Appointment Subject to paragraph (3), the Director shall be appointed by the President, by and with the advice and consent of the Senate. (3) Qualification The President shall nominate the Director from among individuals who are citizens of the United States. (4) Compensation The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under section 5313 of title 5. (5) Deputy Director There is established the position of Deputy Director, who shall— (A) be appointed by the Director; and (B) serve as acting Director in the absence or unavailability of the Director. (c) Term (1) In general The Director shall serve for a term of 5 years. (2) Expiration of term An individual may serve as Director after

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