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12 U.S.C. § 5585 — Transfer of consumer financial protection functions
Federal law — U.S. Code and appendices · legal_authorities
**(a) Defined terms** For purposes of this part—
(1) the term “consumer financial protection functions” means—
(A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and
(B) the examination authority described in subsection (c)(1), with respect to a person described in [section 5515(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a&num=0&edition=prelim); and
(2) the terms “transferor agency” and “transferor agencies” mean, respectively—
(A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and
(B) the agencies listed in subparagraph (A), collectively.
**(b) In general** Except as provided in subsection (c), consumer financial protection functions are transferred as follows:
(1) **Board of Governors**
(A) *Transfer of functions* — All consumer financial protection functions of the Board of Governors are transferred to the Bureau.
(B) *Board of Governors authority* — The Bureau shall have all powers and duties that were vested in the Board of Governors, relating to consumer financial protection functions, on the day before the designated transfer date.
(2) **Comptroller of the Currency**
(A) *Transfer of functions* — All consumer financial protection functions of the Comptroller of the Currency are transferred to the Bureau.
(
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Source location: Title 12, Chapter 53, § 5585; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Defined terms** For purposes of this part—
(1) the term “consumer financial protection functions” means—
(A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and
(B) the examination authority described in subsection (c)(1), with respect to a person described in [section 5515(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a&num=0&edition=prelim); and
(2) the terms “transferor agency” and “transferor agencies” mean, respectively—
(A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and
(B) the agencies listed in subparagraph (A), collectively.
**(b) In general** Except as provided in subsection (c), consumer financial protection functions are transferred as follows:
(1) **Board of Governors**
(A) *Transfer of functions* — All consumer financial protection functions of the Board of Governors are transferred to the Bureau.
(B) *Board of Governors authority* — The Bureau shall have all powers and duties that were vested in the Board of Governors, relating to consumer financial protection functions, on the day before the designated transfer date.
(2) **Comptroller of the Currency**
(A) *Transfer of functions* — All consumer financial protection functions of the Comptroller of the Currency are transferred to the Bureau.
(B) *Comptroller authority* — The Bureau shall have all powers and duties that were vested in the Comptroller of the Currency, relating to consumer financial protection functions, on the day before the designated transfer date.
(3) **Director of the Office of Thrift Supervision**
(A) *Transfer of functions* — All consumer financial protection functions of the Director of the Office of Thrift Supervision are transferred to the Bureau.
(B) *Director authority* — The Bureau shall have all powers and duties that were vested in the Director of the Office of Thrift Supervision, relating to consumer financial protection functions, on the day before the designated transfer date.
(4) **Federal Deposit Insurance Corporation**
(A) *Transfer of functions* — All consumer financial protection functions of the Federal Deposit Insurance Corporation are transferred to the Bureau.
(B) *Corporation authority* — The Bureau shall have all powers and duties that were vested in the Federal Deposit Insurance Corporation, relating to consumer financial protection functions, on the day before the designated transfer date.
(5) **Federal Trade Commission**
(A) *Transfer of functions* — The authority of the Federal Trade Commission under an enumerated consumer law to prescribe rules, issue guidelines, or conduct a study or issue a report mandated under such law shall be transferred to the Bureau on the designated transfer date. Nothing in this title 11 See References in Text note below. shall be construed to require a mandatory transfer of any employee of the Federal Trade Commission.
(B) *Bureau authority*
(i) *In general* — The Bureau shall have all powers and duties under the enumerated consumer laws to prescribe rules, issue guidelines, or to conduct studies or issue reports mandated by such laws, that were vested in the Federal Trade Commission on the day before the designated transfer date.
(ii) *Federal Trade Commission Act* — Subject to part B, the Bureau may enforce a rule prescribed 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.] by the Federal Trade Commission with respect to an unfair or deceptive act or practice to the extent that such rule applies to a covered person or service provider with respect to the offering or provision of a consumer financial product or service as if it were a rule prescribed under [section 5531 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5531&num=0&edition=prelim).
(C) *Authority of the Federal Trade Commission*
(i) *In general* — No provision of this title 1 shall be construed as modifying, limiting, or otherwise affecting the authority of the Federal Trade Commission (including its authority with respect to affiliates described in [section 5515(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a/1&num=0&edition=prelim)) under the Federal Trade Commission Act or any other law, other than the authority under an enumerated consumer law to prescribe rules, issue official guidelines, or conduct a study or issue a report mandated under such law.
(ii) *Commission authority relating to rules prescribed by the Bureau* — Subject to part B, the Federal Trade Commission shall have authority to enforce 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.) a rule prescribed by the Bureau under this title 1 with respect to a covered person subject to the jurisdiction of the Federal Trade Commission under that Act, and a violation of such a rule by such a person shall be treated as a violation of a rule issued under section 18 of that Act ([15 U.S.C. 57a](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section57a&num=0&edition=prelim)) with respect to unfair or deceptive acts or practices.
(D) *Coordination* — To avoid duplication of or conflict between rules prescribed by the Bureau under [section 5531 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5531&num=0&edition=prelim) and the Federal Trade Commission under section 18(a)(1)(B) of the Federal Trade Commission Act [[15 U.S.C. 57a(a)(1)(B)](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section57a/a/1/B&num=0&edition=prelim)] that apply to a covered person or service provider with respect to the offering or provision of consumer financial products or services, the agencies shall negotiate an agreement with respect to rulemaking by each agency, including consultation with the other agency prior to proposing a rule and during the comment period.
(E) *Deference* — No provision of this title 1 shall be construed as altering, limiting, expanding, or otherwise affecting the deference that a court affords to the—
(i) Federal Trade Commission in making determinations regarding the meaning or interpretation of any provision of the Federal Trade Commission Act, or of any other Federal law for which the Commission has authority to prescribe rules; or
(ii) Bureau in making determinations regarding the meaning or interpretation of any provision of a Federal consumer financial law (other than any law described in clause (i)).
(6) **National Credit Union Administration**
(A) *Transfer of functions* — All consumer financial protection functions of the National Credit Union Administration are transferred to the Bureau.
(B) *National Credit Union Administration authority* — The Bureau 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.
(7) **Department of Housing and Urban Development**
(A) *Transfer of functions* — All consumer protection functions of the Secretary of the Department of Housing and Urban Development relating to the Real Estate Settlement Procedures Act of 1974 ([12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ([12 U.S.C. 5102](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5102&num=0&edition=prelim) [5101] et seq.), and the Interstate Land Sales Full Disclosure Act ([15 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1701&num=0&edition=prelim) et seq.) are transferred to the Bureau.
(B) *Authority of the Department of Housing and Urban Development* — The Bureau shall have all powers and duties that were vested in the Secretary of the Department of Housing and Urban Development relating to the Real Estate Settlement Procedures Act of 1974 ([12 U.S.C. 2601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section2601&num=0&edition=prelim) et seq.), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 ([12 U.S.C. 5101](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5101&num=0&edition=prelim) et seq.), and the Interstate Land Sales Full Disclosure Act ([15 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section1701&num=0&edition=prelim) et seq.), on the day before the designated transfer date.
**(c) Authorities of the prudential regulators**
(1) **Examination** — A transferor agency that is a prudential regulator shall have—
(A) authority to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in [section 5515(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a&num=0&edition=prelim), that is incidental to the backup and enforcement procedures provided to the regulator under [section 5515(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/c&num=0&edition=prelim); and
(B) exclusive authority (relative to the Bureau) to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in [section 5516(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5516/a&num=0&edition=prelim), except as provided to the Bureau under subsections (b) and (c) of [section 5516 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5516&num=0&edition=prelim).
(2) **Enforcement**
(A) *Limitation* — The authority of a transferor agency that is a prudential regulator to enforce compliance with Federal consumer financial laws with respect to a person described in [section 5515(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a&num=0&edition=prelim), shall be limited to the backup and enforcement procedures in 22 So in original. The word “in” probably should not appear. described in [section 5515(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/c&num=0&edition=prelim).
(B) *Exclusive authority* — A transferor agency that is a prudential regulator shall have exclusive authority (relative to the Bureau) to enforce compliance with Federal consumer financial laws with respect to a person described in [section 5516(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5516/a&num=0&edition=prelim), except as provided to the Bureau under subsections (b) and (c) of [section 5516 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5516&num=0&edition=prelim).
(C) *Statutory enforcement* — For purposes of carrying out the authorities under, and subject to the limitations of, part B, each prudential regulator may enforce compliance with the requirements imposed under this title,1 and any rule or order prescribed by the Bureau under this title,1 under—
(i) the Federal Credit Union Act ([12 U.S.C. 1751](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1751&num=0&edition=prelim) et seq.), by the National Credit Union Administration Board with respect to any covered person or service provider that is an insured credit union, or service provider thereto, or any affiliate of an insured credit union, who is subject to the jurisdiction of the Board under that Act; and
(ii) [section 1818 of this title](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 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim), with respect to a covered person or service provider that is a person described in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim) and who is subject to the jurisdiction of that agency, as set forth in sections 1813(q) and 1818 of this title; or
(iii) the Bank Service Company Act ([12 U.S.C. 1861](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1861&num=0&edition=prelim) et seq.).
**(d) Effective date** Subsections (b) and (c) shall become effective on the designated transfer date.
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Federal law — U.S. Code and appendices · legal_authorities
In order to increase uniformity, reduce regulatory burden, enhance consumer protection, and reduce fraud, the States, through the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators, are hereby encouraged to establish a Nationwide Mortgage Licensing System and Registry for the residential mortgage industry that accomplishes all of the following objectives:
(1) Provides uniform license applications and reporting requirements for State-licensed loan originators.
(2) Provides a comprehensive licensing and supervisory database.
(3) Aggregates and improves the flow of information to and between regulators.
(4) Provides increased accountability and tracking of loan originators.
(5) Streamlines the licensing process and reduces the regulatory burden.
(6) Enhances consumer protections and supports anti-fraud measures.
(7) Provides consumers with easily accessible information, offered at no charge, utilizing electronic media, including the Internet, regarding the employment history of, and publicly adjudicated disciplinary and enforcement actions against, loan originators.
(8) Establishes a means by which residential mortgage loan originators would, to the greatest extent possible, be required to act in the best interests of the consumer.
(9) Facilitates responsible behavior in the subprime mortgage market place and provides comprehensive training and examination requirements related to subprime mortgage lending.
(10) Facilitates the collection and disbursement of consumer complaints on behalf of State and Federal mortgage regulators.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5101
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** The Congress finds that significant reforms in the real estate settlement process are needed to insure that consumers throughout the Nation are provided with greater and more timely information on the nature and costs of the settlement process and are protected from unnecessarily high settlement charges caused by certain abusive practices that have developed in some areas of the country. The Congress also finds that it has been over two years since the Secretary of Housing and Urban Development and the Administrator of Veterans’ Affairs submitted their joint report to the Congress on “Mortgage Settlement Costs” and that the time has come for the recommendations for Federal legislative action made in that report to be implemented.
**(b)** It is the purpose of this chapter to effect certain changes in the settlement process for residential real estate that will result—
(1) in more effective advance disclosure to home buyers and sellers of settlement costs;
(2) in the elimination of kickbacks or referral fees that tend to increase unnecessarily the costs of certain settlement services;
(3) in a reduction in the amounts home buyers are required to place in escrow accounts established to insure the payment of real estate taxes and insurance; and
(4) in significant reform and modernization of local recordkeeping of land title information.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 2601
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
**(b) Regulatory authority** Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
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Federal law — U.S. Code and appendices · legal_authorities
This subchapter may be cited as the “Federal Trade Commission Act”.
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Federal law — U.S. Code and appendices · legal_authorities
**(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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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Commission to prescribe rules and general statements of policy**
(1) Except as provided in subsection (h), the Commission may prescribe—
(A) interpretive rules and general statements of policy with respect to unfair or deceptive acts or practices in or affecting commerce (within the meaning of [section 45(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/a/1&num=0&edition=prelim)), and
(B) rules which define with specificity acts or practices which are unfair or deceptive acts or practices in or affecting commerce (within the meaning of [section 45(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/a/1&num=0&edition=prelim)), except that the Commission shall not develop or promulgate any trade rule or regulation with regard to the regulation of the development and utilization of the standards and certification activities pursuant to this section. Rules under this subparagraph may include requirements prescribed for the purpose of preventing such acts or practices.
(2) The Commission shall have no authority under this subchapter, other than its authority under this section, to prescribe any rule with respect to unfair or deceptive acts or practices in or affecting commerce (within the meaning of [section 45(a)(1) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section45/a/1&num=0&edition=prelim)). The preceding sentence shall not affect any authority of the Commission to prescribe rules (including interpretive rules), and general statements of policy, with respect to unfair methods of competition in or affecting commerce.
**(b) Procedures applicable**
(1) When prescribing a rule under subsection (a)(1)(B) of t
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Short title** This chapter may be cited as the “Bank Service Company Act”.
**(b) Definitions** For the purpose of this chapter—
(1) the term “appropriate Federal banking agency” shall have the meaning provided in [section 1813(q) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813/q&num=0&edition=prelim);
(2) the term “bank service company” means—
(A) any corporation—
(i) which is organized to perform services authorized by this chapter; and
(ii) all of the capital stock of which is owned by 1 or more insured depository institutions; and
(B) any limited liability company—
(i) which is organized to perform services authorized by this chapter; and
(ii) all of the members of which are 1 or more insured depository institutions.
(3) the term “Board” means the Board of Governors of the Federal Reserve System;
(4) the term “depository institution” means, except when such term appears in connection with the term “insured depository institution”, an insured bank, a savings association, a financial institution subject to examination by the appropriate Federal banking agency or the National Credit Union Administration Board, or a financial institution the accounts or deposits of which are insured or guaranteed under State law and are eligible to be insured by the Federal Deposit Insurance Corporation or the National Credit Union Administration Board;
(5) **Insured depository institution.—** — The terms “depository institution” and “savings association” have the same meanings as in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1813&num=0&edition=prelim);
(6) the term “invest” includes any advance of funds to a bank service company, whether by
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1861
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Federal law — U.S. Code and appendices · legal_authorities
The facility is authorized to act upon the request of the Board of Governors of the Federal Reserve System as an agent of the Federal Reserve System in matters pertaining to credit unions under such terms and conditions as may be established by the Board of Governors of the Federal Reserve System.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Bureau is authorized to exercise its authorities under Federal consumer financial law to administer, enforce, and otherwise implement the provisions of Federal consumer financial law.
**(b) Rulemaking, orders, and guidance**
(1) **General authority** — The Director may prescribe rules and issue orders and guidance, as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and objectives of the Federal consumer financial laws, and to prevent evasions thereof.
(2) **Standards for rulemaking** — In prescribing a rule under the Federal consumer financial laws—
(A) the Bureau shall consider—
(i) the potential benefits and costs to consumers and covered persons, including the potential reduction of access by consumers to consumer financial products or services resulting from such rule; and
(ii) the impact of proposed rules on covered persons, as described in [section 5516 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5516&num=0&edition=prelim), and the impact on consumers in rural areas;
(B) the Bureau shall consult with the appropriate prudential regulators or other Federal agencies prior to proposing a rule and during the comment process regarding consistency with prudential, market, or systemic objectives administered by such agencies; and
(C) if, during the consultation process described in subparagraph (B), a prudential regulator provides the Bureau with a written objection to the proposed rule of the Bureau or a portion thereof, the Bureau shall include in the adopting release a description of the objection and the basis for the Bureau decision, if any, regarding such objection, except that nothing in this clause shall be construed as altering
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Scope of coverage** This section shall apply to any covered person that is—
(1) an insured depository institution with total assets of $10,000,000,000 or less; or
(2) an insured credit union with total assets of $10,000,000,000 or less.
**(b) Reports** The Director may require reports from a person described in subsection (a), as necessary to support the role of the Bureau in implementing Federal consumer financial law, to support its examination activities under subsection (c), and to assess and detect risks to consumers and consumer financial markets.
(1) **Use of existing reports** — The Bureau shall, to the fullest extent possible, use—
(A) reports pertaining to a person described in subsection (a) that have been provided or required to have been provided to a Federal or State agency; and
(B) information that has been reported publicly.
(2) **Preservation of authority** — Nothing in this subsection may be construed as limiting the authority of the Director from requiring from a person described in subsection (a), as permitted under paragraph (1), information owned or under the control of such person, regardless of whether such information is maintained, stored, or processed by another person.
(3) **Reports of tax law noncompliance** — The Bureau shall provide the Commissioner of Internal Revenue with any report of examination or related information identifying possible tax law noncompliance.
**(c) Examinations**
(1) **In general** — The Bureau may, at its discretion, include examiners on a sampling basis of the examinations performed by the prudential regulator to assess compliance with the requirements of Federal consumer financial law of persons described in subsection (a).
(2) **Agency coordination** — The prudential regulator shall—
(A) p
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