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12 U.S.C. § 5531 — Other banks, savings associations, and credit unions
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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5531
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Source file: Laws/federal/codes/united-states-code/title-12/section-5531-other-banks-savings-associations-and-credit-unions--3585ad5f5d.md
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Source location: Title 12, Chapter 53, § 5531; chapter-053-wall-street-reform-and-consumer-protection.md
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**(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) provide all reports, records, and documentation related to the examination process for any institution included in the sample referred to in paragraph (1) to the Bureau on a timely and continual basis;
(B) involve such Bureau examiner in the entire examination process for such person; and
(C) consider input of the Bureau concerning the scope of an examination, conduct of the examination, the contents of the examination report, the designation of matters requiring attention, and examination ratings.
**(d) Enforcement**
(1) **In general** — Except for requiring reports under subsection (b), the prudential regulator is authorized to enforce the requirements of Federal consumer financial laws and, with respect to a covered person described in subsection (a), shall have exclusive authority (relative to the Bureau) to enforce such laws.
(2) **Coordination with prudential regulator**
(A) *Referral* — When the Bureau has reason to believe that a person described in subsection (a) has engaged in a material violation of a Federal consumer financial law, the Bureau shall notify the prudential regulator in writing and recommend appropriate action to respond.
(B) *Response* — Upon receiving a recommendation under subparagraph (A), the prudential regulator shall provide a written response to the Bureau not later than 60 days thereafter.
**(e) Service providers** A service provider to a substantial number of persons described in subsection (a) shall be subject to the authority of the Bureau under [section 5515 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515&num=0&edition=prelim) to the same extent as if the Bureau were an appropriate Federal bank agency under [section 1867(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1867/c&num=0&edition=prelim). When conducting any examination or requiring any report from a service provider subject to this subsection, the Bureau shall coordinate with the appropriate prudential regulator.
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Federal law — U.S. Code and appendices · legal_authorities
**(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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Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.
**(b) Objectives** The Bureau is authorized to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services—
(1) consumers are provided with timely and understandable information to make responsible decisions about financial transactions;
(2) consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination;
(3) outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;
(4) Federal consumer financial law is enforced consistently, without regard to the status of a person as a depository institution, in order to promote fair competition; and
(5) markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.
**(c) Functions** The primary functions of the Bureau are—
(1) conducting financial education programs;
(2) collecting, investigating, and responding to consumer complaints;
(3) collecting, researching, monitoring, and publishing information relevant to the functioning of markets for consumer financial products and services to identify risks to consumers and the proper functioning of such markets;
(4) subject to sections 5514 through 5516 of this title, supervising covered persons for compliance with Federal consumer financial law, and taking app
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5515
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** The Bureau may prescribe rules to ensure that the features of any consumer financial product or service, both initially and over the term of the product or service, are fully, accurately, and effectively disclosed to consumers in a manner that permits consumers to understand the costs, benefits, and risks associated with the product or service, in light of the facts and circumstances.
**(b) Model disclosures**
(1) **In general** — Any final rule prescribed by the Bureau under this section requiring disclosures may include a model form that may be used at the option of the covered person for provision of the required disclosures.
(2) **Format** — A model form issued pursuant to paragraph (1) shall contain a clear and conspicuous disclosure that, at a minimum—
(A) uses plain language comprehensible to consumers;
(B) contains a clear format and design, such as an easily readable type font; and
(C) succinctly explains the information that must be communicated to the consumer.
(3) **Consumer testing** — Any model form issued pursuant to this subsection shall be validated through consumer testing.
**(c) Basis for rulemaking** In prescribing rules under this section, the Bureau shall consider available evidence about consumer awareness, understanding of, and responses to disclosures or communications about the risks, costs, and benefits of consumer financial products or services.
**(d) Safe harbor** Any covered person that uses a model form included with a rule issued under this section shall be deemed to be in compliance with the disclosure requirements of this section with respect to such model form.
**(e) Trial disclosure programs**
(1) **In general** — The Bureau may permit a covered person to conduct a trial program that is limited in t
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5536
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** Subject to rules prescribed by the Bureau, a covered person shall make available to a consumer, upon request, 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. The information shall be made available in an electronic form usable by consumers.
**(b) Exceptions** A covered person may not be required by this section to make available to the consumer—
(1) any confidential commercial information, including an algorithm used to derive credit scores or other risk scores or predictors;
(2) any information collected by the covered person for the purpose of preventing fraud or money laundering, or detecting, or making any report regarding other unlawful or potentially unlawful conduct;
(3) any information required to be kept confidential by any other provision of law; or
(4) any information that the covered person cannot retrieve in the ordinary course of its business with respect to that information.
**(c) No duty to maintain records** Nothing in this section shall be construed to impose any duty on a covered person to maintain or keep any information about a consumer.
**(d) Standardized formats for data** The Bureau, by rule, shall prescribe standards applicable to covered persons to promote the development and use of standardized formats for information, including through the use of machine readable files, to be made available to consumers under this section.
**(e) Consultation** The Bureau shall, when prescribing any rule under this section, consult with the Federal banking agencies and the Federal Tr
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5537
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Timely regulator response to consumers** The Bureau shall establish, in consultation with the appropriate Federal regulatory agencies, reasonable procedures to provide a timely response to consumers, in writing where appropriate, to complaints against, or inquiries concerning, a covered person, including—
(1) steps that have been taken by the regulator in response to the complaint or inquiry of the consumer;
(2) any responses received by the regulator from the covered person; and
(3) any follow-up actions or planned follow-up actions by the regulator in response to the complaint or inquiry of the consumer.
**(b) Timely response to regulator by covered person** A covered person subject to supervision and primary enforcement by the Bureau pursuant to [section 5515 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515&num=0&edition=prelim) shall provide a timely response, in writing where appropriate, to the Bureau, the prudential regulators, and any other agency having jurisdiction over such covered person concerning a consumer complaint or inquiry, including—
(1) steps that have been taken by the covered person to respond to the complaint or inquiry of the consumer;
(2) responses received by the covered person from the consumer; and
(3) follow-up actions or planned follow-up actions by the covered person to respond to the complaint or inquiry of the consumer.
**(c) Provision of information to consumers**
(1) **In general** — A covered person subject to supervision and primary enforcement by the Bureau pursuant to [section 5515 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515&num=0&edition=prelim) shall, in a timely manner, comply with a consumer request for information
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5538
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment** The Secretary, in consultation with the Director, shall designate a Private Education Loan Ombudsman (in this section referred to as the “Ombudsman”) within the Bureau, to provide timely assistance to borrowers of private education loans.
**(b) Public information** The Secretary and the Director shall disseminate information about the availability and functions of the Ombudsman to borrowers and potential borrowers, as well as institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education student loan programs.
**(c) Functions of Ombudsman** The Ombudsman designated under this subsection shall—
(1) in accordance with regulations of the Director, receive, review, and attempt to resolve informally complaints from borrowers of loans described in subsection (a), including, as appropriate, attempts to resolve such complaints in collaboration with the Department of Education and with institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education loan programs;
(2) not later than 90 days after the designated transfer date, establish a memorandum of understanding with the student loan ombudsman established under [section 1018(f) of title 20](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title20-section1018/f&num=0&edition=prelim), to ensure coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or Federal student loans;
(3) compile and analyze data on borrower complaints regarding private education loans; and
(4) make appropriate recommendations to the Director, the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban A
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5551
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general** It shall be unlawful for—
(1) any covered person or service provider—
(A) to offer or provide to a consumer any financial product or service not in conformity with Federal consumer financial law, or otherwise commit any act or omission in violation of a Federal consumer financial law; or
(B) to engage in any unfair, deceptive, or abusive act or practice;
(2) any covered person or service provider to fail or refuse, as required by Federal consumer financial law, or any rule or order issued by the Bureau thereunder—
(A) to permit access to or copying of records;
(B) to establish or maintain records; or
(C) to make reports or provide information to the Bureau; or
(3) any person to knowingly or recklessly provide substantial assistance to a covered person or service provider in violation of the provisions of [section 5531 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5531&num=0&edition=prelim), or any rule or order issued thereunder, and notwithstanding any provision of this title,11 See References in Text note below. the provider of such substantial assistance shall be deemed to be in violation of that section to the same extent as the person to whom such assistance is provided.
**(b) Exception** No person shall be held to have violated subsection (a)(1) solely by virtue of providing or selling time or space to a covered person or service provider placing an advertisement.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5552
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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.
(
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5585
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Federal law — U.S. Code and appendices · legal_authorities
Every contract, combination in the form of trust or otherwise, or conspiracy, in restraint of trade or commerce among the several States, or with foreign nations, is declared to be illegal. Every person who shall make any contract or engage in any combination or conspiracy hereby declared to be illegal shall be deemed guilty of a felony, and, on conviction thereof, shall be punished by fine not exceeding $100,000,000 if a corporation, or, if any other person, $1,000,000, or by imprisonment not exceeding 10 years, or by both said punishments, in the discretion of the court.
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 1
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Federal law — U.S. Code and appendices · legal_authorities
**(a) In general**
(1) The Commission shall prescribe rules prohibiting deceptive telemarketing acts or practices and other abusive telemarketing acts or practices.
(2) The Commission shall include in such rules respecting deceptive telemarketing acts or practices a definition of deceptive telemarketing acts or practices which shall include fraudulent charitable solicitations, and which may include acts or practices of entities or individuals that assist or facilitate deceptive telemarketing, including credit card laundering.
(3) The Commission shall include in such rules respecting other abusive telemarketing acts or practices—
(A) a requirement that telemarketers may not undertake a pattern of unsolicited telephone calls which the reasonable consumer would consider coercive or abusive of such consumer’s right to privacy,
(B) restrictions on the hours of the day and night when unsolicited telephone calls can be made to consumers,
(C) a requirement that any person engaged in telemarketing for the sale of goods or services shall promptly and clearly disclose to the person receiving the call that the purpose of the call is to sell goods or services and make such other disclosures as the Commission deems appropriate, including the nature and price of the goods and services; 11 So in original. The semicolon probably should be a comma. and
(D) a requirement that any person engaged in telemarketing for the solicitation of charitable contributions, donations, or gifts of money or any other thing of value, shall promptly and clearly disclose to the person receiving the call that the purpose of the call is to solicit charitable contributions, donations, or gifts, and make such other disclosures as the Commission considers appropriate, including the name and mailin
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 6102
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