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12 U.S.C. § 5517 — Review of Bureau regulations

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

12 U.S.C. § 5517 — Review of Bureau regulations

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Stable record: federal_law:legal_authorities:record_usc_d7f6051223045c2c63cfd9de
Source file: Laws/federal/codes/united-states-code/title-12/section-5517-review-of-bureau-regulations--47ad983a09.md
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Source location: Title 12, Chapter 53, § 5517; chapter-053-wall-street-reform-and-consumer-protection.md

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**(a) Review of Bureau regulations** On the petition of a member agency of the Council, the Council may set aside a final regulation prescribed by the Bureau, or any provision thereof, if the Council decides, in accordance with subsection (c), that the regulation or provision would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk. **(b) Petition** (1) **Procedure** — An agency represented by a member of the Council may petition the Council, in writing, and in accordance with rules prescribed pursuant to subsection (f), to stay the effectiveness of, or set aside, a regulation if the member agency filing the petition— (A) has in good faith attempted to work with the Bureau to resolve concerns regarding the effect of the rule on the safety and soundness of the United States banking system or the stability of the financial system of the United States; and (B) files the petition with the Council not later than 10 days after the date on which the regulation has been published in the Federal Register. (2) **Publication** — Any petition filed with the Council under this section shall be published in the Federal Register and transmitted contemporaneously with filing to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives. **(c) Stays and set asides** (1) **Stay** (A) *In general* — Upon the request of any member agency, the Chairperson of the Council may stay the effectiveness of a regulation for the purpose of allowing appropriate consideration of the petition by the Council. (B) *Expiration* — A stay issued under this paragraph shall expire on the earlier of— (i) 90 days after the date of filing of the petition under subsection (b); or (ii) the date on which the Council makes a decision under paragraph (3). (2) **No adverse inference** — After the expiration of any stay imposed under this section, no inference shall be drawn regarding the validity or enforceability of a regulation which was the subject of the petition. (3) **Vote** (A) *In general* — The decision to issue a stay of, or set aside, any regulation under this section shall be made only with the affirmative vote in accordance with subparagraph (B) of ⅔ of the members of the Council then serving. (B) *Authorization to vote* — A member of the Council may vote to stay the effectiveness of, or set aside, a final regulation prescribed by the Bureau only if the agency or department represented by that member has— (i) considered any relevant information provided by the agency submitting the petition and by the Bureau; and (ii) made an official determination, at a public meeting where applicable, that the regulation which is the subject of the petition would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk. (4) **Decisions to set aside** (A) *Effect of decision* — A decision by the Council to set aside a regulation prescribed by the Bureau, or provision thereof, shall render such regulation, or provision thereof, unenforceable. (B) *Timely action required* — The Council may not issue a decision to set aside a regulation, or provision thereof, which is the subject of a petition under this section after the expiration of the later of— (i) 45 days following the date of filing of the petition, unless a stay is issued under paragraph (1); or (ii) the expiration of a stay issued by the Council under this section. (C) *Separate authority* — The issuance of a stay under this section does not affect the authority of the Council to set aside a regulation. (5) **Dismissal due to inaction** — A petition under this section shall be deemed dismissed if the Council has not issued a decision to set aside a regulation, or provision thereof, within the period for timely action under paragraph (4)(B). (6) **Publication of decision** — Any decision under this subsection to issue a stay of, or set aside, a regulation or provision thereof shall be published by the Council in the Federal Register as soon as practicable after the decision is made, with an explanation of the reasons for the decision. (7) **Rulemaking procedures inapplicable** — The notice and comment procedures under [section 553 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section553&num=0&edition=prelim) shall not apply to any decision under this section of the Council to issue a stay of, or set aside, a regulation. (8) **Judicial review of decisions by the Council** — A decision by the Council to set aside a regulation prescribed by the Bureau, or provision thereof, shall be subject to review under chapter 7 of title 5. **(d) Application of other law** Nothing in this section shall be construed as altering, limiting, or restricting the application of any other provision of law, except as otherwise specifically provided in this section, including chapter 5 and chapter 7 of title 5, to a regulation which is the subject of a petition filed under this section. **(e) Savings clause** Nothing in this section shall be construed as limiting or restricting the Bureau from engaging in a rulemaking in accordance with applicable law. **(f) Implementing rules** The Council shall prescribe procedural rules to implement this section.

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

5 U.S.C. § 553 — Rule making

**(a)** This section applies, according to the provisions thereof, except to the extent that there is involved— (1) a military or foreign affairs function of the United States; or (2) a matter relating to agency management or personnel or to public property, loans, grants, benefits, or contracts. **(b)** General notice of proposed rule making shall be published in the Federal Register, unless persons subject thereto are named and either personally served or otherwise have actual notice thereof in accordance with law. The notice shall include— (1) a statement of the time, place, and nature of public rule making proceedings; (2) reference to the legal authority under which the rule is proposed; (3) either the terms or substance of the proposed rule or a description of the subjects and issues involved; and (4) the Internet address of a summary of not more than 100 words in length of the proposed rule, in plain language, that shall be posted on the Internet website under section 206(d) of the E-Government Act of 2002 ([44 U.S.C. 3501](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title44-section3501&num=0&edition=prelim) note) (commonly known as regulations.gov). Except when notice or hearing is required by statute, this subsection does not apply— (A) to interpretative rules, general statements of policy, or rules of agency organization, procedure, or practice; or (B) when the agency for good cause finds (and incorporates the finding and a brief statement of reasons therefor in the rules issued) that notice and public procedure thereon are impracticable, unnecessary, or contrary to the public interest. **(c)** After notice required by this section, the agency shall give interested persons an opportunity to participate in the rule making through subm

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 553

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

26 U.S.C. § 529A — Qualified ABLE programs

**(a) General rule** A qualified ABLE program shall be exempt from taxation under this subtitle. Notwithstanding the preceding sentence, such program shall be subject to the taxes imposed by section 511 (relating to imposition of tax on unrelated business income of charitable organizations). **(b) Qualified ABLE program** For purposes of this section— (1) **In general** — The term “qualified ABLE program” means a program established and maintained by a State, or agency or instrumentality thereof— (A) under which a person may make contributions for a taxable year, for the benefit of an individual who is an eligible individual for such taxable year, to an ABLE account which is established for the purpose of meeting the qualified disability expenses of the designated beneficiary of the account, (B) which limits a designated beneficiary to 1 ABLE account for purposes of this section, and (C) which meets the other requirements of this section. (2) **Cash contributions** — A program shall not be treated as a qualified ABLE program unless it provides that no contribution will be accepted— (A) unless it is in cash, or (B) except in the case of contributions under subsection (c)(1)(C) or received in a qualified ABLE rollover contribution described in section 530A(d)(4)(B), if such contribution to an ABLE account would result in aggregate contributions from all contributors to the ABLE account for the taxable year exceeding the sum of— (i) the amount in effect under section 2503(b) (determined by substituting “1996” for “1997” in paragraph (2)(B) thereof) for the calendar year in which the taxable year begins, plus (ii) in the case of any contribution by a designated beneficiary described in paragraph (7), the lesser of— (I) compensation (as def

Source: Supplied U.S. Code snapshot — release unconfirmed · 26 U.S.C. § 529A

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

5 U.S.C. § 552a — Records maintained on individuals

**(a) Definitions.—** For purposes of this section— (1) the term “agency” means agency as defined in section 552(e) 11 See References in Text note below. of this title; (2) the term “individual” means a citizen of the United States or an alien lawfully admitted for permanent residence; (3) the term “maintain” includes maintain, collect, use, or disseminate; (4) the term “record” means any item, collection, or grouping of information about an individual that is maintained by an agency, including, but not limited to, his education, financial transactions, medical history, and criminal or employment history and that contains his name, or the identifying number, symbol, or other identifying particular assigned to the individual, such as a finger or voice print or a photograph; (5) the term “system of records” means a group of any records under the control of any agency from which information is retrieved by the name of the individual or by some identifying number, symbol, or other identifying particular assigned to the individual; (6) the term “statistical record” means a record in a system of records maintained for statistical research or reporting purposes only and not used in whole or in part in making any determination about an identifiable individual, except as provided by [section 8 of title 13](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title13-section8&num=0&edition=prelim); (7) the term “routine use” means, with respect to the disclosure of a record, the use of such record for a purpose which is compatible with the purpose for which it was collected; (8) the term “matching program”— (A) means any computerized comparison of— (i) two or more automated systems of records or a system of records with non-Federal records for the purpose

Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 552a

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

12 U.S.C. § 5517 — Limitations on authorities of the Bureau;

Page 1965 TITLE 12—BANKS AND BANKING § 5517 1 See References in Text note below. ject to the authority of the Bureau under sec- tion 5515 of this title to the same extent as if the Bureau were an appropriate Federal bank agen- cy under section 1867(c) of this title. When con- ducting any examination or requiring any re- port from a service provider subject to this sub- section, the Bureau shall coordinate with the appropriate prudential regulator. (Pub. L. 111–203, title X, § 1026, July 21, 2010, 124 Stat. 1993.) Statutory Notes and Related Subsidiaries EFFECTIVE DATE Section effective on the designated transfer date, see section 1029A of Pub. L. 111–203, set out as a note under section 5511 of this title. § 5517. Limitations on authorities of the Bureau; preservation of authorities (a) Exclusion for merchants, retailers, and other sellers of nonfinancial goods or services (1) Sale or brokerage of nonfinancial good or service The Bureau may not exercise any rule- making, supervisory, enforcement or other au- thority under this title 1 with respect to a per- son who is a merchant, retailer, or seller of any nonfinancial good or service and is en- gaged in the sale or brokerage of such non- financial good or service, except to the extent that such person is engaged in offering or pro- viding any consumer financial product or serv- ice, or is otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle F or H. (2) Offering or provision of certain consumer financial products or services in connec- tion with the sale or brokerage of non- financial good or service (A) In general Except as provided in subparagraph (B), and subject to subparagraph (C), the Bureau may not exercise any rulemaking, super

Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5517

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