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12 U.S.C. § 5515 — Purpose, objectives, and functions
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(3) outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;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
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Source file: Laws/federal/codes/united-states-code/title-12/section-5515-purpose-objectives-and-functions--b5271996f3.md
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Source location: Title 12, Chapter 53, § 5515; chapter-053-wall-street-reform-and-consumer-protection.md
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**(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 appropriate enforcement action to address violations of Federal consumer financial law;
(5) issuing rules, orders, and guidance implementing Federal consumer financial law; and
(6) performing such support activities as may be necessary or useful to facilitate the other functions of the Bureau.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Transfer of funds from Board Of Governors**
(1) **In general** — Each year (or quarter of such year), beginning on the designated transfer date, and each quarter thereafter, the Board of Governors shall transfer to the Bureau from the combined earnings of the Federal Reserve System, the amount determined by the Director to be reasonably necessary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year).
(2) **Funding cap**
(A) *In general* — Notwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to—
(i) 10 percent of such expenses in fiscal year 2011;
(ii) 11 percent of such expenses in fiscal year 2012; and
(iii) 6.5 percent of such expenses in fiscal year 2013, and in each year thereafter.
(B) *Adjustment of amount* — The dollar amount referred to in subparagraph (A)(iii) shall be adjusted annually, using the percent increase, if any, in the employment cost index for total compensation for State and local government workers published by the Federal Government, or the successor index thereto, for the 12-month period ending on September 30 of the year preceding the transfer.
(C) *Reviewability* — Notwithstanding any other provision in this title,11 See References in Text note below. the funds derived from the Federal Reserve System pursuant to this subsection shall not be subject to review by the Committees on Appropriations of the House of Represen
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5512
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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
**(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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5481
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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
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5531
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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) Supervision**
(1) **In general** — Each permitted payment stablecoin issuer that is not a State qualified payment stablecoin issuer with a payment stablecoin with a consolidated total outstanding issuance of less than $10,000,000,000 shall be subject to supervision by the appropriate primary Federal payment stablecoin regulator.
(2) **Submission of reports** — Each permitted payment stablecoin issuer described in paragraph (1) shall, upon request, submit to the appropriate primary Federal payment stablecoin regulator a report on—
(A) the financial condition of the permitted payment stablecoin issuer;
(B) the systems of the permitted payment stablecoin issuer for monitoring and controlling financial and operating risks;
(C) compliance by the permitted payment stablecoin issuer (and any subsidiary thereof) with this chapter; and
(D) the compliance of the Federal qualified nonbank payment stablecoin issuer with the requirements of the Bank Secrecy Act and with laws authorizing the imposition of sanctions and implemented by the Secretary of the Treasury.
(3) **Examinations** — The appropriate primary Federal payment stablecoin regulator shall examine a permitted payment stablecoin issuer described in paragraph (1) in order to assess—
(A) the nature of the operations and financial condition of the permitted payment stablecoin issuer;
(B) the financial, operational, technological, and other risks associated within the permitted payment stablecoin issuer that may pose a threat to—
(i) the safety and soundness of the permitted payment stablecoin issuer; or
(ii) the stability of the financial system of the United States; and
(C) the systems of the permitted payment stablecoin issuer for monitoring and controlling the risks described in sub
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 5905
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Federal law — U.S. Code and appendices · legal_authorities
Page 1962
TITLE 12—BANKS AND BANKING
§ 5515
1 See References in Text note below.
(f) Preservation of Farm Credit Administration
authority
No provision of this title 1 may be construed as
modifying, limiting, or otherwise affecting the
authority of the Farm Credit Administration.
(Pub. L. 111–203, title X, § 1024, July 21, 2010, 124
Stat. 1987; Pub. L. 113–173, § 2, Sept. 26, 2014, 128
Stat. 1899.)
Editorial Notes
REFERENCES IN TEXT
This title, where footnoted in subsecs. (a)(1), (b)(5),
(c)(2), and (f), is title X of Pub. L. 111–203, July 21, 2010,
124 Stat. 1955, known as the Consumer Financial Pro-
tection Act of 2010, which enacted this subchapter and
enacted, amended, and repealed numerous other sec-
tions and notes in the Code. For complete classification
of title X to the Code, see Short Title note set out
under section 5301 of this title and Tables.
AMENDMENTS
2014—Subsec. (b)(3). Pub. L. 113–173 substituted ‘‘regu-
lators, the State bank regulatory authorities, and the
State agencies that licence, supervise, or examine the
offering of consumer financial products or services’’ for
‘‘regulators and the State bank regulatory authorities’’
and inserted at end ‘‘The sharing of information with
such regulators, authorities, and agencies shall not be
construed as waiving, destroying, or otherwise affect-
ing any privilege or confidentiality such person may
claim with respect to such information under Federal
or State law as to any person or entity other than such
Bureau, agency, supervisor, or authority.’’
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Section effective July 21, 2010, see section 1029A of
Pub. L. 111–203, set out as a note under section 5511 of
this title.
§ 5515. Supervision of very large banks, savings
associa
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 5515
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