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12 U.S.C. § 5463 — Office of Minority and Women Inclusion
Federal law — U.S. Code and appendices · legal_authorities
**(a) Office of Minority and Women Inclusion**
(1) **Establishment**
(A) *In general* — Except as provided in subparagraph (B), not later than 6 months after July 21, 2010, each agency shall establish an Office of Minority and Women Inclusion that shall be responsible for all matters of the agency relating to diversity in management, employment, and business activities.
(B) *Bureau* — The Bureau shall establish an Office of Minority and Women Inclusion not later than 6 months after the designated transfer date established under [section 5582 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5582&num=0&edition=prelim).
(2) **Transfer of responsibilities** — Each agency that, on the day before July 21, 2010, assigned the responsibilities described in paragraph (1) (or comparable responsibilities) to another office of the agency shall ensure that such responsibilities are transferred to the Office.
(3) **Duties with respect to civil rights laws** — The responsibilities described in paragraph (1) do not include enforcement of statutes, regulations, or executive orders pertaining to civil rights, except each Director shall coordinate with the agency administrator, or the designee of the agency administrator, regarding the design and implementation of any remedies resulting from violations of such statutes, regulations, or executive orders.
**(b) Director**
(1) **In general** — The Director of each Office shall be appointed by, and shall report to, the agency administrator. The position of Director shall be a career reserved position in the Senior Executive Service, as that position is defined in [section 3132 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3132&num=0&edition=prelim), o
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Source location: Title 12, Chapter 53, § 5463; chapter-053-wall-street-reform-and-consumer-protection.md
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**(a) Office of Minority and Women Inclusion**
(1) **Establishment**
(A) *In general* — Except as provided in subparagraph (B), not later than 6 months after July 21, 2010, each agency shall establish an Office of Minority and Women Inclusion that shall be responsible for all matters of the agency relating to diversity in management, employment, and business activities.
(B) *Bureau* — The Bureau shall establish an Office of Minority and Women Inclusion not later than 6 months after the designated transfer date established under [section 5582 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5582&num=0&edition=prelim).
(2) **Transfer of responsibilities** — Each agency that, on the day before July 21, 2010, assigned the responsibilities described in paragraph (1) (or comparable responsibilities) to another office of the agency shall ensure that such responsibilities are transferred to the Office.
(3) **Duties with respect to civil rights laws** — The responsibilities described in paragraph (1) do not include enforcement of statutes, regulations, or executive orders pertaining to civil rights, except each Director shall coordinate with the agency administrator, or the designee of the agency administrator, regarding the design and implementation of any remedies resulting from violations of such statutes, regulations, or executive orders.
**(b) Director**
(1) **In general** — The Director of each Office shall be appointed by, and shall report to, the agency administrator. The position of Director shall be a career reserved position in the Senior Executive Service, as that position is defined in [section 3132 of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section3132&num=0&edition=prelim), or an equivalent designation.
(2) **Duties** — Each Director shall develop standards for—
(A) equal employment opportunity and the racial, ethnic, and gender diversity of the workforce and senior management of the agency;
(B) increased participation of minority-owned and women-owned businesses in the programs and contracts of the agency, including standards for coordinating technical assistance to such businesses; and
(C) assessing the diversity policies and practices of entities regulated by the agency.
(3) **Other duties** — Each Director shall advise the agency administrator on the impact of the policies and regulations of the agency on minority-owned and women-owned businesses.
(4) **Rule of construction** — Nothing in paragraph (2)(C) may be construed to mandate any requirement on or otherwise affect the lending policies and practices of any regulated entity, or to require any specific action based on the findings of the assessment.
**(c) Inclusion in all levels of business activities**
(1) **In general** — The Director of each Office shall develop and implement standards and procedures to ensure, to the maximum extent possible, the fair inclusion and utilization of minorities, women, and minority-owned and women-owned businesses in all business and activities of the agency at all levels, including in procurement, insurance, and all types of contracts.
(2) **Contracts** — The procedures established by each agency for review and evaluation of contract proposals and for hiring service providers shall include, to the extent consistent with applicable law, a component that gives consideration to the diversity of the applicant. Such procedure shall include a written statement, in a form and with such content as the Director shall prescribe, that a contractor shall ensure, to the maximum extent possible, the fair inclusion of women and minorities in the workforce of the contractor and, as applicable, subcontractors.
(3) **Termination**
(A) *Determination* — The standards and procedures developed and implemented under this subsection shall include a procedure for the Director to make a determination whether an agency contractor, and, as applicable, a subcontractor has failed to make a good faith effort to include minorities and women in their workforce.
(B) *Effect of determination*
(i) *Recommendation to agency administrator* — Upon a determination described in subparagraph (A), the Director shall make a recommendation to the agency administrator that the contract be terminated.
(ii) *Action by agency administrator* — Upon receipt of a recommendation under clause (i), the agency administrator may—
(I) terminate the contract;
(II) make a referral to the Office of Federal Contract Compliance Programs of the Department of Labor; or
(III) take other appropriate action.
**(d) Applicability** This section shall apply to all contracts of an agency for services of any kind, including the services of financial institutions, investment banking firms, mortgage banking firms, asset management firms, brokers, dealers, financial services entities, underwriters, accountants, investment consultants, and providers of legal services. The contracts referred to in this subsection include all contracts for all business and activities of an agency, at all levels, including contracts for the issuance or guarantee of any debt, equity, or security, the sale of assets, the management of the assets of the agency, the making of equity investments by the agency, and the implementation by the agency of programs to address economic recovery.
**(e) Reports** Each Office shall submit to Congress an annual report regarding the actions taken by the agency and the Office pursuant to this section, which shall include—
(1) a statement of the total amounts paid by the agency to contractors since the previous report;
(2) the percentage of the amounts described in paragraph (1) that were paid to contractors described in subsection (c)(1);
(3) the successes achieved and challenges faced by the agency in operating minority and women outreach programs;
(4) the challenges the agency may face in hiring qualified minority and women employees and contracting with qualified minority-owned and women-owned businesses; and
(5) any other information, findings, conclusions, and recommendations for legislative or agency action, as the Director determines appropriate.
**(f) Diversity in agency workforce** Each agency shall take affirmative steps to seek diversity in the workforce of the agency at all levels of the agency in a manner consistent with applicable law. Such steps shall include—
(1) recruiting at historically black colleges and universities, Hispanic-serving institutions, women’s colleges, and colleges that typically serve majority minority populations;
(2) sponsoring and recruiting at job fairs in urban communities;
(3) placing employment advertisements in newspapers and magazines oriented toward minorities and women;
(4) partnering with organizations that are focused on developing opportunities for minorities and women to place talented young minorities and women in industry internships, summer employment, and full-time positions;
(5) where feasible, partnering with inner-city high schools, girls’ high schools, and high schools with majority minority populations to establish or enhance financial literacy programs and provide mentoring; and
(6) any other mass media communications that the Office determines necessary.
**(g) Definitions** For purposes of this section, the following definitions shall apply:
(1) **Agency** — The term “agency” means—
(A) the Departmental Offices of the Department of the Treasury;
(B) the Corporation;
(C) the Federal Housing Finance Agency;
(D) each of the Federal reserve banks;
(E) the Board;
(F) the National Credit Union Administration;
(G) the Office of the Comptroller of the Currency;
(H) the Commission; and
(I) the Bureau.
(2) **Agency administrator** — The term “agency administrator” means the head of an agency.
(3) **Minority** — The term “minority” has the same meaning as in section 1204(c) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 ([12 U.S.C. 1811](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1811&num=0&edition=prelim) note).
(4) **Minority-owned business** — The term “minority-owned business” has the same meaning as in [section 1441a(r)(4)(A) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1441a/r/4/A&num=0&edition=prelim), as in effect on the day before the transfer date.
(5) **Office** — The term “Office” means the Office of Minority and Women Inclusion established by an agency under subsection (a).
(6) **Women-owned business** — The term “women-owned business” has the meaning given the term “women’s business” in [section 1441a(r)(4)(B) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1441a/r/4/B&num=0&edition=prelim), as in effect on the day before the transfer date.
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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.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5301
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Establishment of Corporation** There is hereby established a Federal Deposit Insurance Corporation (hereinafter referred to as the “Corporation”) which shall insure, as hereinafter provided, the deposits of all banks and savings associations which are entitled to the benefits of insurance under this chapter, and which shall have the powers hereinafter granted.
**(b) Asset disposition division**
(1) **Establishment** — The Corporation shall have a separate division of asset disposition.
(2) **Management** — The division of asset disposition shall have an administrator who shall be appointed by the Board of Directors.
(3) **Responsibilities of division** — The division of asset disposition shall carry out all of the responsibilities of the Corporation under this chapter relating to the liquidation of insured depository institutions and the disposition of assets of such institutions.
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1811
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Federal law — U.S. Code and appendices · legal_authorities
**(a)** For the purpose of this subchapter—
(1) “agency” means an Executive agency, except a Government corporation and the Government Accountability Office, but does not include—
(A) any agency or unit thereof excluded from coverage by the President under subsection (c) of this section; or
(B) the Federal Bureau of Investigation, the Drug Enforcement Administration, the Central Intelligence Agency, the Office of the Director of National Intelligence, the Defense Intelligence Agency, the National Geospatial-Intelligence Agency, the National Security Agency, Department of Defense intelligence activities the civilian employees of which are subject to [section 1590 of title 10](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title10-section1590&num=0&edition=prelim), and, as determined by the President, an Executive agency, or unit thereof, whose principal function is the conduct of foreign intelligence or counterintelligence activities;
(C) the Federal Election Commission or the Election Assistance Commission;
(D) the Office of the Comptroller of the Currency, the Office of Thrift Supervision,,11 So in original. the Resolution Trust Corporation, the Farm Credit Administration, the Federal Housing Finance Agency, the National Credit Union Administration, the Bureau of Consumer Financial Protection, and the Office of Financial Research;
(E) the Securities and Exchange Commission; or
(F) the Commodity Futures Trading Commission;
(2) “Senior Executive Service position” means any position in an agency which is classified above GS–15 pursuant to section 5108 or in level IV or V of the Executive Schedule, or an equivalent position, which is not required to be filled by an appointment by the President by and with the advice and consent of the Sena
Source: Supplied U.S. Code snapshot — release unconfirmed · 5 U.S.C. § 3132
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Administrative proceedings or court actions**
(1) **Jurisdiction** — The court (or the Bureau, as the case may be) in an action or adjudication proceeding brought under Federal consumer financial law, shall have jurisdiction to grant any appropriate legal or equitable relief with respect to a violation of Federal consumer financial law, including a violation of a rule or order prescribed under a Federal consumer financial law.
(2) **Relief** — Relief under this section may include, without limitation—
(A) rescission or reformation of contracts;
(B) refund of moneys or return of real property;
(C) restitution;
(D) disgorgement or compensation for unjust enrichment;
(E) payment of damages or other monetary relief;
(F) public notification regarding the violation, including the costs of notification;
(G) limits on the activities or functions of the person; and
(H) civil money penalties, as set forth more fully in subsection (c).
(3) **No exemplary or punitive damages** — Nothing in this subsection shall be construed as authorizing the imposition of exemplary or punitive damages.
**(b) Recovery of costs** In any action brought by the Bureau, a State attorney general, or any State regulator to enforce any Federal consumer financial law, the Bureau, the State attorney general, or the State regulator may recover its costs in connection with prosecuting such action if the Bureau, the State attorney general, or the State regulator is the prevailing party in the action.
**(c) Civil money penalty in court and administrative actions**
(1) **In general** — Any person that violates, through any act or omission, any provision of Federal consumer financial law shall forfeit and pay a civil penalty pursuant to this subsection.
(2) **Penalty amounts**
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5582
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Federal law — U.S. Code and appendices · legal_authorities
In this subchapter, the following definitions shall apply:
(1) **Appropriate financial regulator** — The term “appropriate financial regulator” means—
(A) the primary financial regulatory agency, as defined in [section 5301 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5301&num=0&edition=prelim);
(B) the National Credit Union Administration, with respect to any insured credit union under 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.); and
(C) the Board of Governors, with respect to organizations operating under section 25A of the Federal Reserve Act ([12 U.S.C. 611](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section611&num=0&edition=prelim)), and any other financial institution engaged in a designated activity.
(2) **Designated activity** — The term “designated activity” means a payment, clearing, or settlement activity that the Council has designated as systemically important under [section 5463 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5463&num=0&edition=prelim).
(3) **Designated clearing entity** — The term “designated clearing entity” means a designated financial market utility that is a derivatives clearing organization registered under section 5b of the Commodity Exchange Act ([7 U.S.C. 7a–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title7-section7a–1&num=0&edition=prelim)) or a clearing agency registered with the Securities and Exchange Commission under section 17A of the Securities Exchange Act of 1934 ([15 U.S.C. 78q–1](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title15-section78q–1&n
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5465
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Information to assess systemic importance**
(1) **Financial market utilities** — The Council is authorized to require any financial market utility to submit such information as the Council may require for the sole purpose of assessing whether that financial market utility is systemically important, but only if the Council has reasonable cause to believe that the financial market utility meets the standards for systemic importance set forth in [section 5463 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5463&num=0&edition=prelim).
(2) **Financial institutions engaged in payment, clearing, or settlement activities** — The Council is authorized to require any financial institution to submit such information as the Council may require for the sole purpose of assessing whether any payment, clearing, or settlement activity engaged in or supported by a financial institution is systemically important, but only if the Council has reasonable cause to believe that the activity meets the standards for systemic importance set forth in [section 5463 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5463&num=0&edition=prelim).
**(b) Reporting after designation**
(1) **Designated financial market utilities** — The Board of Governors and the Council may each require a designated financial market utility to submit reports or data to the Board of Governors and the Council in such frequency and form as deemed necessary by the Board of Governors or the Council in order to assess the safety and soundness of the utility and the systemic risk that the utility’s operations pose to the financial system.
(2) **Financial institutions subject to standards for designated activities** — The Board of Govern
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5471
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Definitions.—** In this section:
(1) **Acceptable identification document.—** — The term “acceptable identification document” means, with respect to an individual—
(A) a nonexpired passport issued by the United States;
(B) a nonexpired identification document issued by a State, local government, or Indian Tribe to the individual acting for the purpose of identification of that individual;
(C) a nonexpired driver’s license issued by a State; or
(D) if the individual does not have a document described in subparagraph (A), (B), or (C), a nonexpired passport issued by a foreign government.
(2) **Applicant.—** — The term “applicant” means any individual who—
(A) files an application to form a corporation, limited liability company, or other similar entity under the laws of a State or Indian Tribe; or
(B) registers or files an application to register a corporation, limited liability company, or other similar entity formed under the laws of a foreign country to do business in the United States by filing a document with the secretary of state or similar office under the laws of a State or Indian Tribe.
(3) **Beneficial owner.—** — The term “beneficial owner”—
(A) means, with respect to an entity, an individual who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise—
(i) exercises substantial control over the entity; or
(ii) owns or controls not less than 25 percent of the ownership interests of the entity; and
(B) does not include—
(i) a minor child, as defined in the State in which the entity is formed, if the information of the parent or guardian of the minor child is reported in accordance with this section;
(ii) an individual acting as a nominee, intermediary, custodian, o
Source: Supplied U.S. Code snapshot — release unconfirmed · 31 U.S.C. § 5336
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Federal law — U.S. Code and appendices · legal_authorities
Page 957
TITLE 12—BANKS AND BANKING
§ 1811
Sec.
1831v.
Authority of State insurance regulator and
Securities and Exchange Commission.
1831w.
Safety and soundness firewalls applicable to
financial subsidiaries of banks.
1831x.
Insurance customer protections.
1831y.
CRA sunshine requirements.
1831z.
Bi-annual FDIC survey and report on encour-
aging use of depository institutions by the
unbanked.
1831aa.
Enforcement of agreements.
1831bb.
Capital requirements for certain acquisition,
development, or construction loans.
1831cc.
Data standards.
1831dd.
Open data publication.
1832.
Withdrawals by negotiable or transferable in-
struments for transfers to third parties.
1833.
Repealed.
1833a.
Civil penalties.
1833b.
Comparability in compensation schedules.
1833c.
Comptroller General audit and access to
records.
1833d.
Repealed.
1833e.
Equal opportunity.
1834.
Reduced assessment rate for deposits attrib-
utable to lifeline accounts.
1834a.
Assessment credits for qualifying activities
relating to distressed communities.
1834b.
Community development organizations.
1835.
Insured depository institution capital re-
quirements for transfers of small business
obligations.
1835a.
Prohibition against deposit production of-
fices.
§ 1811. Federal Deposit Insurance Corporation
(a) Establishment of Corporation
There is hereby established a Federal Deposit
Insurance Corporation (hereinafter referred to
as the ‘‘Corporation’’) which shall insure, as
hereinafter provided, the deposits of all banks
and savings associations which are entitled to
the benefits of insurance under this chapter, and
which shall have the powers hereinafter granted.
(b) Asset disposition division
(1) Establishment
The Corporation shall have a separate divi-
s
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1811
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Federal law — U.S. Code and appendices · legal_authorities
Page 1930
TITLE 12—BANKS AND BANKING
§ 5463
seq.) of Title 7, Agriculture. For complete classification
of this Act to the Code, see section 1 of Title 7 and Ta-
bles.
The Securities Exchange Act of 1934, referred to in
pars. (5)(B) and (6)(B)(i), is act June 6, 1934, ch. 404, 48
Stat. 881, which is classified principally to chapter 2B
(§ 78a et seq.) of Title 15, Commerce and Trade. For
complete classification of this Act to the Code, see sec-
tion 78a of Title 15 and Tables.
The Securities Act of 1933, referred to in par. (7)(A),
is title I of act May 27, 1933, ch. 38, 48 Stat. 74, which
is classified generally to subchapter I (§ 77a et seq.) of
chapter 2A of Title 15, Commerce and Trade. For com-
plete classification of this Act to the Code, see section
77a of Title 15 and Tables.
Sections 727 and 763(i) of the Wall Street Trans-
parency and Accountability Act of 2010, referred to in
par. (7)(D), are sections 727 and 763(i) of Pub. L. 111–203,
which amended section 2 of Title 7, Agriculture, and
section 78m of Title 15, Commerce and Trade, respec-
tively, effective on the later of 360 days after July 21,
2010, or, to the extent it requires a rulemaking, not less
than 60 days after publication of the final rule or regu-
lation.
§ 5463. Designation of systemic importance
(a) Designation
(1) Financial stability oversight council
The Council, on a nondelegable basis and by
a vote of not fewer than 2⁄3 of members then
serving, including an affirmative vote by the
Chairperson of the Council, shall designate
those financial market utilities or payment,
clearing, or settlement activities that the
Council determines are, or are likely to be-
come, systemically important.
(2) Considerations
In determining whether a financial market
utility or payme
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5463
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