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12 U.S.C. § 5481 — Transition oversight
Federal law — U.S. Code and appendices · legal_authorities
**(a) Purpose** The purpose of this section is to ensure that the Bureau—
(1) has an orderly and organized startup;
(2) attracts and retains a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
**(b) Reporting requirement**
(1) **In general** — The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
(2) **Plans** — The plans described in this paragraph are as follows:
(A) *Training and workforce development plan* — The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
(i) identification of skill and technical expertise needs and actions taken to meet those requirements;
(ii) steps taken to foster innovation and creativity;
(iii) leadership development and succession planning; and
(iv) effective use of technology by employees.
(B) *Workplace flexibilities plan* — The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
(i) telework;
(ii) flexible work schedules;
(iii) phased retirement;
(iv) reemployed annuitants;
(v) part-time work;
(vi) job sharing;
(vii) parental leave benefits and childcare assistance;
(viii) domestic partner benefits;
(ix) other workplace flexibilities; or
(x) any combination of the items described in clauses (i) through (ix).
(C) *Recruitment and retention plan* — The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
(i) the steps necessary to target highly qualified applicant pools
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Stable record: federal_law:legal_authorities:record_usc_aa70f37384f6fe4be165529a
Source file: Laws/federal/codes/united-states-code/title-12/section-5481-transition-oversight--42cb991a46.md
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Passage SHA-256: 423175bf25d92747b4d435f69097e9ef66a58d57b0d06e088b42b01136898f28
Source location: Title 12, Chapter 53, § 5481; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Purpose** The purpose of this section is to ensure that the Bureau—
(1) has an orderly and organized startup;
(2) attracts and retains a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
**(b) Reporting requirement**
(1) **In general** — The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
(2) **Plans** — The plans described in this paragraph are as follows:
(A) *Training and workforce development plan* — The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
(i) identification of skill and technical expertise needs and actions taken to meet those requirements;
(ii) steps taken to foster innovation and creativity;
(iii) leadership development and succession planning; and
(iv) effective use of technology by employees.
(B) *Workplace flexibilities plan* — The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
(i) telework;
(ii) flexible work schedules;
(iii) phased retirement;
(iv) reemployed annuitants;
(v) part-time work;
(vi) job sharing;
(vii) parental leave benefits and childcare assistance;
(viii) domestic partner benefits;
(ix) other workplace flexibilities; or
(x) any combination of the items described in clauses (i) through (ix).
(C) *Recruitment and retention plan* — The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
(i) the steps necessary to target highly qualified applicant pools with diverse backgrounds;
(ii) streamlined employment application processes;
(iii) the provision of timely notification of the status of employment applications to applicants; and
(iv) the collection of information to measure indicators of hiring effectiveness.
**(c) Expiration** The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.
**(d) Rule of construction** Nothing in this section may be construed to affect—
(1) a collective bargaining agreement, as that term is defined in [section 7103(a)(8) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section7103/a/8&num=0&edition=prelim), that is in effect on July 21, 2010; or
(2) the rights of employees under chapter 71 of title 5.
**(e) Participation in examinations** In order to prepare the Bureau to conduct examinations under [section 5515 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515&num=0&edition=prelim) upon the designated transfer date, the Bureau and the applicable prudential regulator may agree to include, on a sampling basis, examiners on examinations of the compliance with Federal consumer financial law of institutions 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) conducted by the prudential regulators prior to the designated transfer date.
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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) Savings associations**
(1) **Examination and safe and sound operation**
(A) *Federal savings associations* — The Comptroller shall provide for the examination and safe and sound operation of Federal savings associations.
(B) *State savings associations* — The Corporation shall provide for the examination and safe and sound operation of State savings associations.
(2) **Regulations for savings associations** — The Comptroller may prescribe regulations with respect to savings associations, as the Comptroller determines to be appropriate to carry out the purposes of this chapter.
(3) **Safe and sound housing credit to be encouraged** — The Comptroller and the Corporation shall exercise all powers granted to the Comptroller and the Corporation under this chapter so as to encourage savings associations to provide credit for housing safely and soundly.
**(b) Accounting and disclosure**
(1) **In general** — The Comptroller shall, by regulation, prescribe uniform accounting and disclosure standards for savings associations, to be used in determining savings associations’ compliance with all applicable regulations.
(2) **Specific requirements for accounting standards** — Subject to [section 1464(t) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1464/t&num=0&edition=prelim), the uniform accounting standards prescribed under paragraph (1) shall—
(A) incorporate generally accepted accounting principles to the same degree that such principles are used to determine compliance with regulations prescribed by the Federal banking agencies; and
(B) allow for no deviation from full compliance with such standards as are in effect after December 31, 1993.
(3) **Authority to prescribe more stringent accounting standards** —
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1463
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibited activities** A State nonmember insured bank may not—
(1) deal in lottery tickets;
(2) deal in bets used as a means or substitute for participation in a lottery;
(3) announce, advertise, or publicize the existence of any lottery; or
(4) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery.
**(b) Use of banking premises prohibited** A State nonmember insured bank may not permit—
(1) the use of any part of any of its banking offices by any person for any purpose forbidden to the bank under subsection (a), or
(2) direct access by the public from any of its banking offices to any premises used by any person for any purpose forbidden to the bank under subsection (a).
**(c) Definitions** As used in this section—
(1) The term “deal in” includes making, taking, buying, selling, redeeming, or collecting.
(2) The term “lottery” includes any arrangement, other than a savings promotion raffle, whereby three or more persons (the “participants”) advance money or credit to another in exchange for the possibility or expectation that one or more but not all of the participants (the “winners”) will receive by reason of their advances more than the amounts they have advanced, the identity of the winners being determined by any means which includes—
(A) a random selection;
(B) a game, race, or contest; or
(C) any record or tabulation of the result of one or more events in which any participant has no interest except for its bearing upon the possibility that he may become a winner.
(3) The term “lottery ticket” includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility), of becoming a winner in a lottery.
(4) The
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1829a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions** In this section:
(1) **Affiliate** — The term “affiliate” has the meaning given the term in [section 1841 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1841&num=0&edition=prelim).
(2) **Driver’s license** — The term “driver’s license” means a license issued by a State to an individual that authorizes the individual to operate a motor vehicle on public streets, roads, or highways.
(3) **Federal bank secrecy laws** — The term “Federal bank secrecy laws” means—
(A) [section 1829b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1829b&num=0&edition=prelim);
(B) [section 1953 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1953&num=0&edition=prelim); and
(C) subchapter II of chapter 53 of title 31.
(4) **Financial institution** — The term “financial institution” means—
(A) an insured depository institution;
(B) an insured credit union; or
(C) any affiliate of an insured depository institution or insured credit union.
(5) **Financial product or service** — The term “financial product or service” has the meaning given the term in [section 5481 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5481&num=0&edition=prelim).
(6) **Insured credit union** — The term “insured credit union” has the meaning given the term in [section 1752 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1752&num=0&edition=prelim).
(7) **Insured depository institution** — The term “insured depository institution” has the meaning given the term in [section 1813 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1829c
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibited activities** A national bank may not—
(1) deal in lottery tickets;
(2) deal in bets used as a means or substitute for participation in a lottery;
(3) announce, advertise, or publicize the existence of any lottery; 11 So in original. The word “or” probably should appear.
(4) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery.
**(b) Use of banking premises prohibited** A national bank may not permit—
(1) the use of any part of any of its banking offices by any person for any purpose forbidden to the bank under subsection (a), or
(2) direct access by the public from any of its banking offices to any premises used by any person for any purpose forbidden to the bank under subsection (a).
**(c) Definitions** As used in this section—
(1) The term “deal in” includes making, taking, buying, selling, redeeming, or collecting.
(2) The term “lottery” includes any arrangement, other than a savings promotion raffle, whereby three or more persons (the “participants”) advance money or credit to another in exchange for the possibility or expectation that one or more but not all of the participants (the “winners”) will receive by reason of their advances more than the amounts they have advanced, the identity of the winners being determined by any means which includes—
(A) a random selection;
(B) a game, race, or contest; or
(C) any record or tabulation of the result of one or more events in which any participant has no interest except for its bearing upon the possibility that he may become a winner.
(3) The term “lottery ticket” includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility) of becoming a winner
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 25a
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Prohibited activities** A State member bank may not—
(1) deal in lottery tickets;
(2) deal in bets used as a means or substitute for participation in a lottery;
(3) announce, advertise, or publicize the existence of any lottery; 11 So in original. The word “or” probably should appear.
(4) announce, advertise, or publicize the existence or identity of any participant or winner, as such, in a lottery.
**(b) Use of banking premises prohibited** A State member bank may not permit—
(1) the use of any part of any of its banking offices by any person for any purpose forbidden to the bank under subsection (a), or
(2) direct access by the public from any of its banking offices to any premises used by any person for any purpose forbidden to the bank under subsection (a).
**(c) Definitions** As used in this section—
(1) The term “deal in” includes making, taking, buying, selling, redeeming, or collecting.
(2) The term “lottery” includes any arrangement, other than a savings promotion raffle, whereby three or more persons (the “participants”) advance money or credit to another in exchange for the possibility or expectation that one or more but not all of the participants (the “winners”) will receive by reason of their advances more than the amounts they have advanced, the identity of the winners being determined by any means which includes—
(A) a random selection;
(B) a game, race, or contest; or
(C) any record or tabulation of the result of one or more events in which any participant has no interest except for its bearing upon the possibility that he may become a winner.
(3) The term “lottery ticket” includes any right, privilege, or possibility (and any ticket, receipt, record, or other evidence of any such right, privilege, or possibility) of becoming a
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 339
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Federal law — U.S. Code and appendices · legal_authorities
As used in this chapter—
(1) the term “alternative mortgage transaction” means a loan or credit sale secured by an interest in residential real property, a dwelling, all stock allocated to a dwelling unit in a residential cooperative housing corporation, or a residential manufactured home (as that term is defined in [section 5402(6) of title 42](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title42-section5402/6&num=0&edition=prelim)), in which the interest rate or finance charge may be adjusted or renegotiated, described and defined by applicable regulation; and
(2) the term “housing creditor” means—
(A) a depository institution, as defined in section 501(a)(2) of the Depository Institutions Deregulation and Monetary Control Act of 1980;
(B) a lender approved by the Secretary of Housing and Urban Development for participation in any mortgage insurance program under the National Housing Act [[12 U.S.C. 1701](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1701&num=0&edition=prelim) et seq.];
(C) any person who regularly makes loans, credit sales, or advances secured by interests in properties referred to in paragraph (1); or
(D) any transferee of any of them.
A person is not a “housing creditor” with respect to a specific alternative mortgage transaction if, except for this chapter, in order to enter into that transaction, the person would be required to comply with licensing requirements imposed under State law, unless such person is licensed under applicable State law and such person remains, or becomes, subject to the applicable regulatory requirements and enforcement mechanisms provided by State law.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 3802
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Federal law — U.S. Code and appendices · legal_authorities
Except as otherwise provided in this title,11 See References in Text note below. for purposes of this title,1 the following definitions shall apply:
(1) **Affiliate** — The term “affiliate” means any person that controls, is controlled by, or is under common control with another person.
(2) **Bureau** — The term “Bureau” means the Bureau of Consumer Financial Protection.
(3) **Business of insurance** — The term “business of insurance” means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insurance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons.
(4) **Consumer** — The term “consumer” means an individual or an agent, trustee, or representative acting on behalf of an individual.
(5) **Consumer financial product or service** — The term “consumer financial product or service” means any financial product or service that is described in one or more categories under—
(A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or
(B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A).
(6) **Covered person** — The term “covered person” means—
(A) any person that engages in offering or providing a consumer financial product or service; and
(B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person.
(7) **Credit** — The term “credit” means the right
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5494
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Federal law — U.S. Code and appendices · legal_authorities
**(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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5513
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5516
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