  title x bureau of consumer financial protection  sec 1001 short title  this title may be cited as the consumer financial protection act of 2010    sec 1002 definitions  except as otherwise provided in this title, for purposes of this title, 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 granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase   8 deposit-taking activity the term deposit-taking activity means  a the acceptance of deposits, maintenance of deposit accounts, or the provision of services related to the acceptance of deposits or the maintenance of deposit accounts   b the acceptance of funds, the provision of other services related to the acceptance of funds, or the maintenance of member share accounts by a credit union or   c the receipt of funds or the equivalent thereof, as the bureau may determine by rule or order, received or held by a covered person or an agent for a covered person for the purpose of facilitating a payment or transferring funds or value of funds between a consumer and a third party    9 designated transfer date the term designated transfer date means the date established under section 1062   10 director the term director means the director of the bureau   11 electronic conduit services the term electronic conduit services  a means the provision, by a person, of electronic data transmission, routing, intermediate or transient storage, or connections to a telecommunications system or network and   b does not include a person that provides electronic conduit services if, when providing such services, the person  i selects or modifies the content of the electronic data   ii transmits, routes, stores, or provides connections for electronic data, including financial data, in a manner that such financial data is differentiated from other types of data of the same form that such person transmits, routes, or stores, or with respect to which, provides connections or   iii is a payee, payor, correspondent, or similar party to a payment transaction with a consumer     12 enumerated consumer laws except as otherwise specifically provided in section 1029, subtitle g or subtitle h, the term enumerated consumer laws means  a the alternative mortgage transaction parity act of 1982 12 usc 3801 et seq   b the consumer leasing act of 1976 15 usc 1667 et seq   c the electronic fund transfer act 15 usc 1693 et seq , except with respect to section 920 of that act   d the equal credit opportunity act 15 usc 1691 et seq   e the fair credit billing act 15 usc 1666 et seq   f the fair credit reporting act 15 usc 1681 et seq , except with respect to sections 615 e and 628 of that act 15 usc 1681m e , 1681w   g the home owners protection act of 1998 12 usc 4901 et seq   h the fair debt collection practices act 15 usc 1692 et seq   i subsections b through f of section 43 of the federal deposit insurance act 12 usc 1831t c f   j sections 502 through 509 of the gramm-leach-bliley act 15 usc 68026809 except for section 505 as it applies to section 501 b   k the home mortgage disclosure act of 1975 12 usc 2801 et seq   l the home ownership and equity protection act of 1994 15 usc 1601 note   m the real estate settlement procedures act of 1974 12 usc 2601 et seq   n the safe mortgage licensing act of 2008 12 usc 5101 et seq   o the truth in lending act 15 usc 1601 et seq   p the truth in savings act 12 usc 4301 et seq   q section 626 of the omnibus appropriations act, 2009 public law 1118 and   r the interstate land sales full disclosure act 15 usc 1701    13 fair lending the term fair lending means fair, equitable, and nondiscriminatory access to credit for consumers   14 federal consumer financial law the term federal consumer financial law means the provisions of this title, the enumerated consumer laws, the laws for which authorities are transferred under subtitles f and h, and any rule or order prescribed by the bureau under this title, an enumerated consumer law, or pursuant to the authorities transferred under subtitles f and h the term does not include the federal trade commission act   15 financial product or service  a in general the term financial product or service means  i extending credit and servicing loans, including acquiring, purchasing, selling, brokering, or other extensions of credit other than solely extending commercial credit to a person who originates consumer credit transactions   ii extending or brokering leases of personal or real property that are the functional equivalent of purchase finance arrangements, if  i the lease is on a non-operating basis   ii the initial term of the lease is at least 90 days and   iii in the case of a lease involving real property, at the inception of the initial lease, the transaction is intended to result in ownership of the leased property to be transferred to the lessee, subject to standards prescribed by the bureau    iii providing real estate settlement services, except such services excluded under subparagraph c , or performing appraisals of real estate or personal property   iv engaging in deposit-taking activities, transmitting or exchanging funds, or otherwise acting as a custodian of funds or any financial instrument for use by or on behalf of a consumer   v selling, providing, or issuing stored value or payment instruments, except that, in the case of a sale of, or transaction to reload, stored value, only if the seller exercises substantial control over the terms or conditions of the stored value provided to the consumer where, for purposes of this clause  i a seller shall not be found to exercise substantial control over the terms or conditions of the stored value if the seller is not a party to the contract with the consumer for the stored value product, and another person is principally responsible for establishing the terms or conditions of the stored value and   ii advertising the nonfinancial goods or services of the seller on the stored value card or device is not in itself an exercise of substantial control over the terms or conditions    vi providing check cashing, check collection, or check guaranty services   vii providing payments or other financial data processing products or services to a consumer by any technological means, including processing or storing financial or banking data for any payment instrument, or through any payments systems or network used for processing payments data, including payments made through an online banking system or mobile telecommunications network, except that a person shall not be deemed to be a covered person with respect to financial data processing solely because the person  i is a merchant, retailer, or seller of any nonfinancial good or service who engages in financial data processing by transmitting or storing payments data about a consumer exclusively for purpose of initiating payments instructions by the consumer to pay such person for the purchase of, or to complete a commercial transaction for, such nonfinancial good or service sold directly by such person to the consumer or   ii provides access to a host server to a person for purposes of enabling that person to establish and maintain a website    viii providing financial advisory services other than services relating to securities provided by a person regulated by the commission or a person regulated by a state securities commission, but only to the extent that such person acts in a regulated capacity to consumers on individual financial matters or relating to proprietary financial products or services other than by publishing any bona fide newspaper, news magazine, or business or financial publication of general and regular circulation, including publishing market data, news, or data analytics or investment information or recommendations that are not tailored to the individual needs of a particular consumer , including  i providing credit counseling to any consumer and   ii providing services to assist a consumer with debt management or debt settlement, modifying the terms of any extension of credit, or avoiding foreclosure    ix collecting, analyzing, maintaining, or providing consumer report information or other account information, including information relating to the credit history of consumers, used or expected to be used in connection with any decision regarding the offering or provision of a consumer financial product or service, except to the extent that  i a person  aa collects, analyzes, or maintains information that relates solely to the transactions between a consumer and such person   bb provides the information described in item aa to an affiliate of such person or   cc provides information that is used or expected to be used solely in any decision regarding the offering or provision of a product or service that is not a consumer financial product or service, including a decision for employment, government licensing, or a residential lease or tenancy involving a consumer and    ii the information described in subclause i aa is not used by such person or affiliate in connection with any decision regarding the offering or provision of a consumer financial product or service to the consumer, other than credit described in section 1027 a 2 a    x collecting debt related to any consumer financial product or service and   xi such other financial product or service as may be defined by the bureau, by regulation, for purposes of this title, if the bureau finds that such financial product or service is  i entered into or conducted as a subterfuge or with a purpose to evade any federal consumer financial law or   ii permissible for a bank or for a financial holding company to offer or to provide under any provision of a federal law or regulation applicable to a bank or a financial holding company, and has, or likely will have, a material impact on consumers     b rule of construction  i in general for purposes of subparagraph a xi ii , and subject to clause ii of this subparagraph, the following activities provided to a covered person shall not, for purposes of this title, be considered incidental or complementary to a financial activity permissible for a financial holding company to engage in under any provision of a federal law or regulation applicable to a financial holding company  i providing information products or services to a covered person for identity authentication   ii providing information products or services for fraud or identify theft detection, prevention, or investigation   iii providing document retrieval or delivery services   iv providing public records information retrieval   v providing information products or services for anti-money laundering activities    ii limitation nothing in clause i may be construed as modifying or limiting the authority of the bureau to exercise any  i examination or enforcement powers authority under this title with respect to a covered person or service provider engaging in an activity described in subparagraph a ix or   ii powers authorized by this title to prescribe rules, issue orders, or take other actions under any enumerated consumer law or law for which the authorities are transferred under subtitle f or h     c exclusions the term financial product or service does not include  i the business of insurance or   ii electronic conduit services     16 foreign exchange the term foreign exchange means the exchange, for compensation, of currency of the united states or of a foreign government for currency of another government   17 insured credit union the term insured credit union has the same meaning as in section 101 of the federal credit union act 12 usc 1752   18 payment instrument the term payment instrument means a check, draft, warrant, money order, travelers check, electronic instrument, or other instrument, payment of funds, or monetary value other than currency   19 person the term person means an individual, partnership, company, corporation, association incorporated or unincorporated , trust, estate, cooperative organization, or other entity   20 person regulated by the commodity futures trading commission the term person regulated by the commodity futures trading commission means any person that is registered, or required by statute or regulation to be registered, with the commodity futures trading commission, but only to the extent that the activities of such person are subject to the jurisdiction of the commodity futures trading commission under the commodity exchange act   21 person regulated by the commission the term person regulated by the commission means a person who is  a a broker or dealer that is required to be registered under the securities exchange act of 1934   b an investment adviser that is registered under the investment advisers act of 1940   c an investment company that is required to be registered under the investment company act of 1940, and any company that has elected to be regulated as a business development company under that act   d a national securities exchange that is required to be registered under the securities exchange act of 1934   e a transfer agent that is required to be registered under the securities exchange act of 1934   f a clearing corporation that is required to be registered under the securities exchange act of 1934   g any self-regulatory organization that is required to be registered with the commission   h any nationally recognized statistical rating organization that is required to be registered with the commission   i any securities information processor that is required to be registered with the commission   j any municipal securities dealer that is required to be registered with the commission   k any other person that is required to be registered with the commission under the securities exchange act of 1934 and   l any employee, agent, or contractor acting on behalf of, registered with, or providing services to, any person described in any of subparagraphs a through k , but only to the extent that any person described in any of subparagraphs a through k , or the employee, agent, or contractor of such person, acts in a regulated capacity    22 person regulated by a state insurance regulator the term person regulated by a state insurance regulator means any person that is engaged in the business of insurance and subject to regulation by any state insurance regulator, but only to the extent that such person acts in such capacity   23 person that performs income tax preparation activities for consumers the term person that performs income tax preparation activities for consumers means  a any tax return preparer as defined in section 7701 a 36 of the internal revenue code of 1986 , regardless of whether compensated, but only to the extent that the person acts in such capacity   b any person regulated by the secretary under section 330 of title 31, united states code, but only to the extent that the person acts in such capacity and   c any authorized irs e-file providers as defined for purposes of section 7216 of the internal revenue code of 1986 , but only to the extent that the person acts in such capacity    24 prudential regulator the term prudential regulator means  a in the case of an insured depository institution or depository institution holding company as defined in section 3 of the federal deposit insurance act , or subsidiary of such institution or company, the appropriate federal banking agency, as that term is defined in section 3 of the federal deposit insurance act and   b in the case of an insured credit union, the national credit union administration    25 related person the term related person  a shall apply only with respect to a covered person that is not a bank holding company as that term is defined in section 2 of the bank holding company act of 1956 , credit union, or depository institution   b shall be deemed to mean a covered person for all purposes of any provision of federal consumer financial law and   c means  i any director, officer, or employee charged with managerial responsibility for, or controlling shareholder of, or agent for, such covered person   ii any shareholder, consultant, joint venture partner, or other person, as determined by the bureau by rule or on a case-by-case basis who materially participates in the conduct of the affairs of such covered person and   iii any independent contractor including any attorney, appraiser, or accountant who knowingly or recklessly participates in any  i violation of any provision of law or regulation or   ii breach of a fiduciary duty      26 service provider  a in general the term service provider means any person that provides a material service to a covered person in connection with the offering or provision by such covered person of a consumer financial product or service, including a person that  i participates in designing, operating, or maintaining the consumer financial product or service or   ii processes transactions relating to the consumer financial product or service other than unknowingly or incidentally transmitting or processing financial data in a manner that such data is undifferentiated from other types of data of the same form as the person transmits or processes    b exceptions the term service provider does not include a person solely by virtue of such person offering or providing to a covered person  i a support service of a type provided to businesses generally or a similar ministerial service or   ii time or space for an advertisement for a consumer financial product or service through print, newspaper, or electronic media    c rule of construction a person that is a service provider shall be deemed to be a covered person to the extent that such person engages in the offering or provision of its own consumer financial product or service    27 state the term state means any state, territory, or possession of the united states, the district of columbia, the commonwealth of puerto rico, the commonwealth of the northern mariana islands, guam, american samoa, or the united states virgin islands or any federally recognized indian tribe, as defined by the secretary of the interior under section 104 a of the federally recognized indian tribe list act of 1994 25 usc 479a1 a   28 stored value  a in general the term stored value means funds or monetary value represented in any electronic format, whether or not specially encrypted, and stored or capable of storage on electronic media in such a way as to be retrievable and transferred electronically, and includes a prepaid debit card or product, or any other similar product, regardless of whether the amount of the funds or monetary value may be increased or reloaded   b exclusion notwithstanding subparagraph a , the term stored value does not include a special purpose card or certificate, which shall be defined for purposes of this paragraph as funds or monetary value represented in any electronic format, whether or not specially encrypted, that is  i issued by a merchant, retailer, or other seller of nonfinancial goods or services   ii redeemable only for transactions with the merchant, retailer, or seller of nonfinancial goods or services or with an affiliate of such person, which affiliate itself is a merchant, retailer, or seller of nonfinancial goods or services   iii issued in a specified amount that, except in the case of a card or product used solely for telephone services, may not be increased or reloaded   iv purchased on a prepaid basis in exchange for payment and   v honored upon presentation to such merchant, retailer, or seller of nonfinancial goods or services or an affiliate of such person, which affiliate itself is a merchant, retailer, or seller of nonfinancial goods or services, only for any nonfinancial goods or services     29 transmitting or exchanging funds the term transmitting or exchanging funds means receiving currency, monetary value, or payment instruments from a consumer for the purpose of exchanging or transmitting the same by any means, including transmission by wire, facsimile, electronic transfer, courier, the internet, or through bill payment services or through other businesses that facilitate third-party transfers within the united states or to or from the united states     subtitle a bureau of consumer financial protection  sec 1011 establishment of the bureau of consumer financial protection  a bureau established there is established in the federal reserve system, an independent bureau to be known as the bureau of consumer financial protection , which shall regulate the offering and provision of consumer financial products or services under the federal consumer financial laws the bureau shall be considered an executive agency, as defined in section 105 of title 5, united states code except as otherwise provided expressly by law, all federal laws dealing with public or federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, shall apply to the exercise of the powers of the bureau   b director and deputy director  1 in general there is established the position of the director, who shall serve as the head of the bureau   2 appointment subject to paragraph 3 , the director shall be appointed by the president, by and with the advice and consent of the senate   3 qualification the president shall nominate the director from among individuals who are citizens of the united states   4 compensation the director shall be compensated at the rate prescribed for level ii of the executive schedule under section 5313 of title 5, united states code   5 deputy director there is established the position of deputy director, who shall  a be appointed by the director and   b serve as acting director in the absence or unavailability of the director     c term  1 in general the director shall serve for a term of 5 years   2 expiration of term an individual may serve as director after the expiration of the term for which appointed, until a successor has been appointed and qualified   3 removal for cause the president may remove the director for inefficiency, neglect of duty, or malfeasance in office    d service restriction no director or deputy director may hold any office, position, or employment in any federal reserve bank, federal home loan bank, covered person, or service provider during the period of service of such person as director or deputy director   e offices the principal office of the bureau shall be in the district of columbia the director may establish regional offices of the bureau, including in cities in which the federal reserve banks, or branches of such banks, are located, in order to carry out the responsibilities assigned to the bureau under the federal consumer financial laws    sec 1012 executive and administrative powers  a powers of the bureau the bureau is authorized to establish the general policies of the bureau with respect to all executive and administrative functions, including  1 the establishment of rules for conducting the general business of the bureau, in a manner not inconsistent with this title   2 to bind the bureau and enter into contracts   3 directing the establishment and maintenance of divisions or other offices within the bureau, in order to carry out the responsibilities under the federal consumer financial laws, and to satisfy the requirements of other applicable law   4 to coordinate and oversee the operation of all administrative, enforcement, and research activities of the bureau   5 to adopt and use a seal   6 to determine the character of and the necessity for the obligations and expenditures of the bureau   7 the appointment and supervision of personnel employed by the bureau   8 the distribution of business among personnel appointed and supervised by the director and among administrative units of the bureau   9 the use and expenditure of funds   10 implementing the federal consumer financial laws through rules, orders, guidance, interpretations, statements of policy, examinations, and enforcement actions and   11 performing such other functions as may be authorized or required by law    b delegation of authority the director of the bureau may delegate to any duly authorized employee, representative, or agent any power vested in the bureau by law   c autonomy of the bureau  1 coordination with the board of governors notwithstanding any other provision of law applicable to the supervision or examination of persons with respect to federal consumer financial laws, the board of governors may delegate to the bureau the authorities to examine persons subject to the jurisdiction of the board of governors for compliance with the federal consumer financial laws   2 autonomy notwithstanding the authorities granted to the board of governors under the federal reserve act, the board of governors may not  a intervene in any matter or proceeding before the director, including examinations or enforcement actions, unless otherwise specifically provided by law   b appoint, direct, or remove any officer or employee of the bureau or   c merge or consolidate the bureau, or any of the functions or responsibilities of the bureau, with any division or office of the board of governors or the federal reserve banks    3 rules and orders no rule or order of the bureau shall be subject to approval or review by the board of governors the board of governors may not delay or prevent the issuance of any rule or order of the bureau   4 recommendations and testimony no officer or agency of the united states shall have any authority to require the director or any other officer of the bureau to submit legislative recommendations, or testimony or comments on legislation, to any officer or agency of the united states for approval, comments, or review prior to the submission of such recommendations, testimony, or comments to the congress, if such recommendations, testimony, or comments to the congress include a statement indicating that the views expressed therein are those of the director or such officer, and do not necessarily reflect the views of the board of governors or the president   5 clarification of autonomy of the bureau in legal proceedings the bureau shall not be liable under any provision of law for any action or inaction of the board of governors, and the board of governors shall not be liable under any provision of law for any action or inaction of the bureau     sec 1013 administration  a personnel  1 appointment  a in general the director may fix the number of, and appoint and direct, all employees of the bureau, in accordance with the applicable provisions of title 5, united states code   b employees of the bureau the director is authorized to employ attorneys, compliance examiners, compliance supervision analysts, economists, statisticians, and other employees as may be deemed necessary to conduct the business of the bureau unless otherwise provided expressly by law, any individual appointed under this section shall be an employee as defined in section 2105 of title 5, united states code, and subject to the provisions of such title and other laws generally applicable to the employees of an executive agency   c waiver authority  i in general in making any appointment under subparagraph a , the director may waive the requirements of chapter 33 of title 5, united states code, and the regulations implementing such chapter, to the extent necessary to appoint employees on terms and conditions that are consistent with those set forth in section 11 1 of the federal reserve act 12 usc 248 1 , while providing for  i fair, credible, and transparent methods of establishing qualification requirements for, recruitment for, and appointments to positions   ii fair and open competition and equitable treatment in the consideration and selection of individuals to positions   iii fair, credible, and transparent methods of assigning, reassigning, detailing, transferring, and promoting employees    ii veterans preferences in implementing this subparagraph, the director shall comply with the provisions of section 2302 b 11 , regarding veterans preference requirements, in a manner consistent with that in which such provisions are applied under chapter 33 of title 5, united states code the authority under this subparagraph to waive the requirements of that chapter 33 shall expire 5 years after the date of enactment of this act     2 compensation notwithstanding any otherwise applicable provision of title 5, united states code, concerning compensation, including the provisions of chapter 51 and chapter 53, the following provisions shall apply with respect to employees of the bureau  a the rates of basic pay for all employees of the bureau may be set and adjusted by the director   b the director shall at all times provide compensation including benefits to each class of employees that, at a minimum, are comparable to the compensation and benefits then being provided by the board of governors for the corresponding class of employees   c all such employees shall be compensated including benefits on terms and conditions that are consistent with the terms and conditions set forth in section 11 l of the federal reserve act 12 usc 248 l    3 bureau participation in federal reserve system retirement plan and federal reserve system thrift plan  a employee election employees appointed to the bureau may elect to participate in either  i both the federal reserve system retirement plan and the federal reserve system thrift plan, under the same terms on which such participation is offered to employees of the board of governors who participate in such plans and under the terms and conditions specified under section 1064 i 1 c or   ii the civil service retirement system under chapter 83 of title 5, united states code, or the federal employees retirement system under chapter 84 of title 5, united states code, if previously covered under one of those federal employee retirement systems    b election period bureau employees shall make an election under this paragraph not later than 1 year after the date of appointment by, or transfer under subtitle f to, the bureau participation in, and benefit accruals under, any other retirement plan established or maintained by the federal government shall end not later than the date on which participation in, and benefit accruals under, the federal reserve system retirement plan and federal reserve system thrift plan begin   c employer contribution the bureau shall pay an employer contribution to the federal reserve system retirement plan, in the amount established as an employer contribution under the federal employees retirement system, as established under chapter 84 of title 5, united states code, for each bureau employee who elects to participate in the federal reserve system retirement plan the bureau shall pay an employer contribution to the federal reserve system thrift plan for each bureau employee who elects to participate in such plan, as required under the terms of such plan   d controlled group status the bureau is the same employer as the federal reserve system as comprised of the board of governors and each of the 12 federal reserve banks prior to the date of enactment of this act for purposes of subsections b , c , m , and o of section 414 of the internal revenue code of 1986, 26 usc 414    4 labor-management relations chapter 71 of title 5, united states code, shall apply to the bureau and the employees of the bureau   5 agency ombudsman  a establishment required not later than 180 days after the designated transfer date, the bureau shall appoint an ombudsman   b duties of ombudsman the ombudsman appointed in accordance with subparagraph a shall  i act as a liaison between the bureau and any affected person with respect to any problem that such party may have in dealing with the bureau, resulting from the regulatory activities of the bureau and   ii assure that safeguards exist to encourage complainants to come forward and preserve confidentiality      b specific functional units  1 research the director shall establish a unit whose functions shall include researching, analyzing, and reporting on  a developments in markets for consumer financial products or services, including market areas of alternative consumer financial products or services with high growth rates and areas of risk to consumers   b access to fair and affordable credit for traditionally underserved communities   c consumer awareness, understanding, and use of disclosures and communications regarding consumer financial products or services   d consumer awareness and understanding of costs, risks, and benefits of consumer financial products or services   e consumer behavior with respect to consumer financial products or services, including performance on mortgage loans and   f experiences of traditionally underserved consumers, including un-banked and under-banked consumers    2 community affairs the director shall establish a unit whose functions shall include providing information, guidance, and technical assistance regarding the offering and provision of consumer financial products or services to traditionally underserved consumers and communities   3 collecting and tracking complaints  a in general the director shall establish a unit whose functions shall include establishing a single, toll-free telephone number, a website, and a database or utilizing an existing database to facilitate the centralized collection of, monitoring of, and response to consumer complaints regarding consumer financial products or services the director shall coordinate with the federal trade commission or other federal agencies to route complaints to such agencies, where appropriate   b routing calls to states to the extent practicable, state agencies may receive appropriate complaints from the systems established under subparagraph a , if  i the state agency system has the functional capacity to receive calls or electronic reports routed by the bureau systems   ii the state agency has satisfied any conditions of participation in the system that the bureau may establish, including treatment of personally identifiable information and sharing of information on complaint resolution or related compliance procedures and resources and   iii participation by the state agency includes measures necessary to provide for protection of personally identifiable information that conform to the standards for protection of the confidentiality of personally identifiable information and for data integrity and security that apply to the federal agencies described in subparagraph d    c reports to the congress the director shall present an annual report to congress not later than march 31 of each year on the complaints received by the bureau in the prior year regarding consumer financial products and services such report shall include information and analysis about complaint numbers, complaint types, and, where applicable, information about resolution of complaints   d data sharing required to facilitate preparation of the reports required under subparagraph c , supervision and enforcement activities, and monitoring of the market for consumer financial products and services, the bureau shall share consumer complaint information with prudential regulators, the federal trade commission, other federal agencies, and state agencies, subject to the standards applicable to federal agencies for protection of the confidentiality of personally identifiable information and for data security and integrity the prudential regulators, the federal trade commission, and other federal agencies shall share data relating to consumer complaints regarding consumer financial products and services with the bureau, subject to the standards applicable to federal agencies for protection of confidentiality of personally identifiable information and for data security and integrity     c office of fair lending and equal opportunity  1 establishment the director shall establish within the bureau the office of fair lending and equal opportunity   2 functions the office of fair lending and equal opportunity shall have such powers and duties as the director may delegate to the office, including  a providing oversight and enforcement of federal laws intended to ensure the fair, equitable, and nondiscriminatory access to credit for both individuals and communities that are enforced by the bureau, including the equal credit opportunity act and the home mortgage disclosure act   b coordinating fair lending efforts of the bureau with other federal agencies and state regulators, as appropriate, to promote consistent, efficient, and effective enforcement of federal fair lending laws   c working with private industry, fair lending, civil rights, consumer and community advocates on the promotion of fair lending compliance and education and   d providing annual reports to congress on the efforts of the bureau to fulfill its fair lending mandate    3 administration of office there is established the position of assistant director of the bureau for fair lending and equal opportunity, who  a shall be appointed by the director and   b shall carry out such duties as the director may delegate to such assistant director     d office of financial education  1 establishment the director shall establish an office of financial education, which shall be responsible for developing and implementing initiatives intended to educate and empower consumers to make better informed financial decisions   2 other duties the office of financial education shall develop and implement a strategy to improve the financial literacy of consumers that includes measurable goals and objectives, in consultation with the financial literacy and education commission, consistent with the national strategy for financial literacy, through activities including providing opportunities for consumers to access  a financial counseling, including community-based financial counseling, where practicable   b information to assist with the evaluation of credit products and the understanding of credit histories and scores   c savings, borrowing, and other services found at mainstream financial institutions   d activities intended to  i prepare the consumer for educational expenses and the submission of financial aid applications, and other major purchases   ii reduce debt and   iii improve the financial situation of the consumer    e assistance in developing long-term savings strategies and   f wealth building and financial services during the preparation process to claim earned income tax credits and federal benefits    3 coordination the office of financial education shall coordinate with other units within the bureau in carrying out its functions, including  a working with the community affairs office to implement the strategy to improve financial literacy of consumers and   b working with the research unit established by the director to conduct research related to consumer financial education and counseling    4 report not later than 24 months after the designated transfer date, and annually thereafter, the director shall submit a report on its financial literacy activities and strategy to improve financial literacy of consumers to  a the committee on banking, housing, and urban affairs of the senate and   b the committee on financial services of the house of representatives    5 membership in financial literacy and education commission section 513 c 1 of the financial literacy and education improvement act 20 usc 9702 c 1 is amended  a in subparagraph b , by striking and at the end   b by redesignating subparagraph c as subparagraph d and   c by inserting after subparagraph b the following new subparagraph  c the director of the bureau of consumer financial protection and      6 conforming amendment section 513 d of the financial literacy and education improvement act 20 usc 9702 d is amended by adding at the end the following the director of the bureau of consumer financial protection shall serve as the vice chairman   7 study and report on financial literacy program  a in general the comptroller general of the united states shall conduct a study to identify  i the feasibility of certification of persons providing the programs or performing the activities described in paragraph 2 , including recognizing outstanding programs, and developing guidelines and resources for community-based practitioners, including  i a potential certification process and standards for certification   ii appropriate certifying entities   iii resources required for funding such a process and   iv a cost-benefit analysis of such certification    ii technological resources intended to collect, analyze, evaluate, or promote financial literacy and counseling programs   iii effective methods, tools, and strategies intended to educate and empower consumers about personal finance management and   iv recommendations intended to encourage the development of programs that effectively improve financial education outcomes and empower consumers to make better informed financial decisions based on findings    b report not later than 1 year after the date of enactment of this act, the comptroller general of the united states shall submit a report on the results of the study conducted under this paragraph to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives     e office of service member affairs  1 in general the director shall establish an office of service member affairs, which shall be responsible for developing and implementing initiatives for service members and their families intended to  a educate and empower service members and their families to make better informed decisions regarding consumer financial products and services   b coordinate with the unit of the bureau established under subsection b 3 , in order to monitor complaints by service members and their families and responses to those complaints by the bureau or other appropriate federal or state agency and   c coordinate efforts among federal and state agencies, as appropriate, regarding consumer protection measures relating to consumer financial products and services offered to, or used by, service members and their families    2 coordination  a regional services the director is authorized to assign employees of the bureau as may be deemed necessary to conduct the business of the office of service member affairs, including by establishing and maintaining the functions of the office in regional offices of the bureau located near military bases, military treatment facilities, or other similar military facilities   b agreements the director is authorized to enter into memoranda of understanding and similar agreements with the department of defense, including any branch or agency as authorized by the department, in order to carry out the business of the office of service member affairs    3 definition as used in this subsection, the term service member means any member of the united states armed forces and any member of the national guard or reserves    f timing the office of fair lending and equal opportunity, the office of financial education, and the office of service member affairs shall each be established not later than 1 year after the designated transfer date   g office of financial protection for older americans  1 establishment before the end of the 180-day period beginning on the designated transfer date, the director shall establish the office of financial protection for older americans, the functions of which shall include activities designed to facilitate the financial literacy of individuals who have attained the age of 62 years or more in this subsection, referred to as seniors on protection from unfair, deceptive, and abusive practices and on current and future financial choices, including through the dissemination of materials to seniors on such topics   2 assistant director the office of financial protection for older americans in this subsection referred to as the office shall be headed by an assistant director   3 duties the office shall  a develop goals for programs that provide seniors financial literacy and counseling, including programs that  i help seniors recognize warning signs of unfair, deceptive, or abusive practices, protect themselves from such practices   ii provide one-on-one financial counseling on issues including long-term savings and later-life economic security and   iii provide personal consumer credit advocacy to respond to consumer problems caused by unfair, deceptive, or abusive practices    b monitor certifications or designations of financial advisors who advise seniors and alert the commission and state regulators of certifications or designations that are identified as unfair, deceptive, or abusive   c not later than 18 months after the date of the establishment of the office, submit to congress and the commission any legislative and regulatory recommendations on the best practices for  i disseminating information regarding the legitimacy of certifications of financial advisers who advise seniors   ii methods in which a senior can identify the financial advisor most appropriate for the seniors needs and   iii methods in which a senior can verify a financial advisors credentials    d conduct research to identify best practices and effective methods, tools, technology and strategies to educate and counsel seniors about personal finance management with a focus on  i protecting themselves from unfair, deceptive, and abusive practices   ii long-term savings and   iii planning for retirement and long-term care    e coordinate consumer protection efforts of seniors with other federal agencies and state regulators, as appropriate, to promote consistent, effective, and efficient enforcement and   f work with community organizations, non-profit organizations, and other entities that are involved with educating or assisting seniors including the national education and resource center on women and retirement planning      sec 1014 consumer advisory board  a establishment required the director shall establish a consumer advisory board to advise and consult with the bureau in the exercise of its functions under the federal consumer financial laws, and to provide information on emerging practices in the consumer financial products or services industry, including regional trends, concerns, and other relevant information   b membership in appointing the members of the consumer advisory board, the director shall seek to assemble experts in consumer protection, financial services, community development, fair lending and civil rights, and consumer financial products or services and representatives of depository institutions that primarily serve underserved communities, and representatives of communities that have been significantly impacted by higher-priced mortgage loans, and seek representation of the interests of covered persons and consumers, without regard to party affiliation not fewer than 6 members shall be appointed upon the recommendation of the regional federal reserve bank presidents, on a rotating basis   c meetings the consumer advisory board shall meet from time to time at the call of the director, but, at a minimum, shall meet at least twice in each year   d compensation and travel expenses members of the consumer advisory board who are not full-time employees of the united states shall  1 be entitled to receive compensation at a rate fixed by the director while attending meetings of the consumer advisory board, including travel time and   2 be allowed travel expenses, including transportation and subsistence, while away from their homes or regular places of business     sec 1015 coordination  the bureau shall coordinate with the commission, the commodity futures trading commission, the federal trade commission, and other federal agencies and state regulators, as appropriate, to promote consistent regulatory treatment of consumer financial and investment products and services    sec 1016 appearances before and reports to congress  a appearances before congress the director of the bureau shall appear before the committee on banking, housing, and urban affairs of the senate and the committee on financial services and the committee on energy and commerce of the house of representatives at semi-annual hearings regarding the reports required under subsection b   b reports required the bureau shall, concurrent with each semi-annual hearing referred to in subsection a , prepare and submit to the president and to the committee on banking, housing, and urban affairs of the senate and the committee on financial services and the committee on energy and commerce of the house of representatives, a report, beginning with the session following the designated transfer date the bureau may also submit such report to the committee on commerce, science, and transportation of the senate   c contents the reports required by subsection b shall include  1 a discussion of the significant problems faced by consumers in shopping for or obtaining consumer financial products or services   2 a justification of the budget request of the previous year   3 a list of the significant rules and orders adopted by the bureau, as well as other significant initiatives conducted by the bureau, during the preceding year and the plan of the bureau for rules, orders, or other initiatives to be undertaken during the upcoming period   4 an analysis of complaints about consumer financial products or services that the bureau has received and collected in its central database on complaints during the preceding year   5 a list, with a brief statement of the issues, of the public supervisory and enforcement actions to which the bureau was a party during the preceding year   6 the actions taken regarding rules, orders, and supervisory actions with respect to covered persons which are not credit unions or depository institutions   7 an assessment of significant actions by state attorneys general or state regulators relating to federal consumer financial law   8 an analysis of the efforts of the bureau to fulfill the fair lending mission of the bureau and   9 an analysis of the efforts of the bureau to increase workforce and contracting diversity consistent with the procedures established by the office of minority and women inclusion     sec 1017 funding penalties and fines  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 12 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, 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 representatives and the senate    3 transition period beginning on the date of enactment of this act and until the designated transfer date, the board of governors shall transfer to the bureau the amount estimated by the secretary needed to carry out the authorities granted to the bureau under federal consumer financial law, from the date of enactment of this act until the designated transfer date   4 budget and financial management  a financial operating plans and forecasts the director shall provide to the director of the office of management and budget copies of the financial operating plans and forecasts of the director, as prepared by the director in the ordinary course of the operations of the bureau, and copies of the quarterly reports of the financial condition and results of operations of the bureau, as prepared by the director in the ordinary course of the operations of the bureau   b financial statements the bureau shall prepare annually a statement of  i assets and liabilities and surplus or deficit   ii income and expenses and   iii sources and application of funds    c financial management systems the bureau shall implement and maintain financial management systems that comply substantially with federal financial management systems requirements and applicable federal accounting standards   d assertion of internal controls the director shall provide to the comptroller general of the united states an assertion as to the effectiveness of the internal controls that apply to financial reporting by the bureau, using the standards established in section 3512 c of title 31, united states code   e rule of construction this subsection may not be construed as implying any obligation on the part of the director to consult with or obtain the consent or approval of the director of the office of management and budget with respect to any report, plan, forecast, or other information referred to in subparagraph a or any jurisdiction or oversight over the affairs or operations of the bureau   f financial statements the financial statements of the bureau shall not be consolidated with the financial statements of either the board of governors or the federal reserve system    5 audit of the bureau  a in general the comptroller general shall annually audit the financial transactions of the bureau in accordance with the united states generally accepted government auditing standards, as may be prescribed by the comptroller general of the united states the audit shall be conducted at the place or places where accounts of the bureau are normally kept the representatives of the government accountability office shall have access to the personnel and to all books, accounts, documents, papers, records including electronic records , reports, files, and all other papers, automated data, things, or property belonging to or under the control of or used or employed by the bureau pertaining to its financial transactions and necessary to facilitate the audit, and such representatives shall be afforded full facilities for verifying transactions with the balances or securities held by depositories, fiscal agents, and custodians all such books, accounts, documents, records, reports, files, papers, and property of the bureau shall remain in possession and custody of the bureau the comptroller general may obtain and duplicate any such books, accounts, documents, records, working papers, automated data and files, or other information relevant to such audit without cost to the comptroller general, and the right of access of the comptroller general to such information shall be enforceable pursuant to section 716 c of title 31, united states code   b report the comptroller general shall submit to the congress a report of each annual audit conducted under this subsection the report to the congress shall set forth the scope of the audit and shall include the statement of assets and liabilities and surplus or deficit, the statement of income and expenses, the statement of sources and application of funds, and such comments and information as may be deemed necessary to inform congress of the financial operations and condition of the bureau, together with such recommendations with respect thereto as the comptroller general may deem advisable a copy of each report shall be furnished to the president and to the bureau at the time submitted to the congress   c assistance and costs for the purpose of conducting an audit under this subsection, the comptroller general may, in the discretion of the comptroller general, employ by contract, without regard to section 3709 of the revised statutes of the united states 41 usc 5 , professional services of firms and organizations of certified public accountants for temporary periods or for special purposes upon the request of the comptroller general, the director of the bureau shall transfer to the government accountability office from funds available, the amount requested by the comptroller general to cover the full costs of any audit and report conducted by the comptroller general the comptroller general shall credit funds transferred to the account established for salaries and expenses of the government accountability office, and such amount shall be available upon receipt and without fiscal year limitation to cover the full costs of the audit and report     b consumer financial protection fund  1 separate fund in federal reserve established there is established in the federal reserve a separate fund, to be known as the bureau of consumer financial protection fund referred to in this section as the bureau fund the bureau fund shall be maintained and established at a federal reserve bank, in accordance with such requirements as the board of governors may impose   2 fund receipts all amounts transferred to the bureau under subsection a shall be deposited into the bureau fund   3 investment authority  a amounts in bureau fund may be invested the bureau may request the board of governors to direct the investment of the portion of the bureau fund that is not, in the judgment of the bureau, required to meet the current needs of the bureau   b eligible investments investments authorized by this paragraph shall be made in obligations of the united states or obligations that are guaranteed as to principal and interest by the united states, with maturities suitable to the needs of the bureau fund, as determined by the bureau   c interest and proceeds credited the interest on, and the proceeds from the sale or redemption of, any obligations held in the bureau fund shall be credited to the bureau fund     c use of funds  1 in general funds obtained by, transferred to, or credited to the bureau fund shall be immediately available to the bureau and under the control of the director, and shall remain available until expended, to pay the expenses of the bureau in carrying out its duties and responsibilities the compensation of the director and other employees of the bureau and all other expenses thereof may be paid from, obtained by, transferred to, or credited to the bureau fund under this section   2 funds that are not government funds funds obtained by or transferred to the bureau fund shall not be construed to be government funds or appropriated monies   3 amounts not subject to apportionment notwithstanding any other provision of law, amounts in the bureau fund and in the civil penalty fund established under subsection d shall not be subject to apportionment for purposes of chapter 15 of title 31, united states code, or under any other authority    d penalties and fines  1 establishment of victims relief fund there is established in the federal reserve a separate fund, to be known as the consumer financial civil penalty fund referred to in this section as the civil penalty fund the civil penalty fund shall be maintained and established at a federal reserve bank, in accordance with such requirements as the board of governors may impose if the bureau obtains a civil penalty against any person in any judicial or administrative action under federal consumer financial laws, the bureau shall deposit into the civil penalty fund, the amount of the penalty collected   2 payment to victims amounts in the civil penalty fund shall be available to the bureau, without fiscal year limitation, for payments to the victims of activities for which civil penalties have been imposed under the federal consumer financial laws to the extent that such victims cannot be located or such payments are otherwise not practicable, the bureau may use such funds for the purpose of consumer education and financial literacy programs    e authorization of appropriations annual report  1 determination regarding need for appropriated funds  a in general the director is authorized to determine that sums available to the bureau under this section will not be sufficient to carry out the authorities of the bureau under federal consumer financial law for the upcoming year   b report required when making a determination under subparagraph a , the director shall prepare a report regarding the funding of the bureau, including the assets and liabilities of the bureau, and the extent to which the funding needs of the bureau are anticipated to exceed the level of the amount set forth in subsection a 2 the director shall submit the report to the president and to the committee on appropriations of the senate and the committee on appropriations of the house of representatives    2 authorization of appropriations if the director makes the determination and submits the report pursuant to paragraph 1 , there are hereby authorized to be appropriated to the bureau, for the purposes of carrying out the authorities granted in federal consumer financial law, $200,000,000 for each of fiscal years 2010, 2011, 2012, 2013, and 2014   3 apportionment notwithstanding any other provision of law, the amounts in paragraph 2 shall be subject to apportionment under section 1517 of title 31, united states code, and restrictions that generally apply to the use of appropriated funds in title 31, united states code, and other laws   4 annual report the director shall prepare and submit a report, on an annual basis, to the committee on appropriations of the senate and the committee on appropriations of the house of representatives regarding the financial operating plans and forecasts of the director, the financial condition and results of operations of the bureau, and the sources and application of funds of the bureau, including any funds appropriated in accordance with this subsection     sec 1018 effective date  this subtitle shall become effective on the date of enactment of this act     subtitle b general powers of the bureau  sec 1021 purpose, objectives, and functions  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 1024 through 1026, 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     sec 1022 rulemaking authority  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 1026, 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 or limiting the procedures under section 1023 that may apply to any rule prescribed by the bureau    3 exemptions  a in general the bureau, by rule, may conditionally or unconditionally exempt any class of covered persons, service providers, or consumer financial products or services, from any provision of this title, or from any rule issued under this title, as the bureau determines necessary or appropriate to carry out the purposes and objectives of this title, taking into consideration the factors in subparagraph b   b factors in issuing an exemption, as permitted under subparagraph a , the bureau shall, as appropriate, take into consideration  i the total assets of the class of covered persons   ii the volume of transactions involving consumer financial products or services in which the class of covered persons engages and   iii existing provisions of law which are applicable to the consumer financial product or service and the extent to which such provisions provide consumers with adequate protections     4 exclusive rulemaking authority  a in general notwithstanding any other provisions of federal law and except as provided in section 1061 b 5 , to the extent that a provision of federal consumer financial law authorizes the bureau and another federal agency to issue regulations under that provision of law for purposes of assuring compliance with federal consumer financial law and any regulations thereunder, the bureau shall have the exclusive authority to prescribe rules subject to those provisions of law   b deference notwithstanding any power granted to any federal agency or to the council under this title, and subject to section 1061 b 5 e , the deference that a court affords to the bureau with respect to a determination by the bureau regarding the meaning or interpretation of any provision of a federal consumer financial law shall be applied as if the bureau were the only agency authorized to apply, enforce, interpret, or administer the provisions of such federal consumer financial law     c monitoring  1 in general in order to support its rulemaking and other functions, the bureau shall monitor for risks to consumers in the offering or provision of consumer financial products or services, including developments in markets for such products or services   2 considerations in allocating its resources to perform the monitoring required by this section, the bureau may consider, among other factors  a likely risks and costs to consumers associated with buying or using a type of consumer financial product or service   b understanding by consumers of the risks of a type of consumer financial product or service   c the legal protections applicable to the offering or provision of a consumer financial product or service, including the extent to which the law is likely to adequately protect consumers   d rates of growth in the offering or provision of a consumer financial product or service   e the extent, if any, to which the risks of a consumer financial product or service may disproportionately affect traditionally underserved consumers or   f the types, number, and other pertinent characteristics of covered persons that offer or provide the consumer financial product or service    3 significant findings  a in general the bureau shall publish not fewer than 1 report of significant findings of its monitoring required by this subsection in each calendar year, beginning with the first calendar year that begins at least 1 year after the designated transfer date   b confidential information the bureau may make public such information obtained by the bureau under this section as is in the public interest, through aggregated reports or other appropriate formats designed to protect confidential information in accordance with paragraphs 4 , 6 , 8 , and 9    4 collection of information  a in general in conducting any monitoring or assessment required by this section, the bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of covered persons and service providers   b methodology in order to gather information described in subparagraph a , the bureau may  i gather and compile information from a variety of sources, including examination reports concerning covered persons or service providers, consumer complaints, voluntary surveys and voluntary interviews of consumers, surveys and interviews with covered persons and service providers, and review of available databases and   ii require covered persons and service providers participating in consumer financial services markets to file with the bureau, under oath or otherwise, in such form and within such reasonable period of time as the bureau may prescribe by rule or order, annual or special reports, or answers in writing to specific questions, furnishing information described in paragraph 4 , as necessary for the bureau to fulfill the monitoring, assessment, and reporting responsibilities imposed by congress    c limitation the bureau may not use its authorities under this paragraph to obtain records from covered persons and service providers participating in consumer financial services markets for purposes of gathering or analyzing the personally identifiable financial information of consumers    5 limited information gathering in order to assess whether a nondepository is a covered person, as defined in section 1002, the bureau may require such nondepository to file with the bureau, under oath or otherwise, in such form and within such reasonable period of time as the bureau may prescribe by rule or order, annual or special reports, or answers in writing to specific questions   6 confidentiality rules  a rulemaking the bureau shall prescribe rules regarding the confidential treatment of information obtained from persons in connection with the exercise of its authorities under federal consumer financial law   b access by the bureau to reports of other regulators  i examination and financial condition reports upon providing reasonable assurances of confidentiality, the bureau shall have access to any report of examination or financial condition made by a prudential regulator or other federal agency having jurisdiction over a covered person or service provider, and to all revisions made to any such report   ii provision of other reports to the bureau in addition to the reports described in clause i , a prudential regulator or other federal agency having jurisdiction over a covered person or service provider may, in its discretion, furnish to the bureau any other report or other confidential supervisory information concerning any insured depository institution, credit union, or other entity examined by such agency under authority of any provision of federal law    c access by other regulators to reports of the bureau  i examination reports upon providing reasonable assurances of confidentiality, a prudential regulator, a state regulator, or any other federal agency having jurisdiction over a covered person or service provider shall have access to any report of examination made by the bureau with respect to such person, and to all revisions made to any such report   ii provision of other reports to other regulators in addition to the reports described in clause i , the bureau may, in its discretion, furnish to a prudential regulator or other agency having jurisdiction over a covered person or service provider any other report or other confidential supervisory information concerning such person examined by the bureau under the authority of any other provision of federal law     7 registration  a in general the bureau may prescribe rules regarding registration requirements applicable to a covered person, other than an insured depository institution, insured credit union, or related person   b registration information subject to rules prescribed by the bureau, the bureau may publicly disclose registration information to facilitate the ability of consumers to identify covered persons that are registered with the bureau   c consultation with state agencies in developing and implementing registration requirements under this paragraph, the bureau shall consult with state agencies regarding requirements or systems including coordinated or combined systems for registration , where appropriate    8 privacy considerations in collecting information from any person, publicly releasing information held by the bureau, or requiring covered persons to publicly report information, the bureau shall take steps to ensure that proprietary, personal, or confidential consumer information that is protected from public disclosure under section 552 b or 552a of title 5, united states code, or any other provision of law, is not made public under this title   9 consumer privacy  a in general the bureau may not obtain from a covered person or service provider any personally identifiable financial information about a consumer from the financial records of the covered person or service provider, except  i if the financial records are reasonably described in a request by the bureau and the consumer provides written permission for the disclosure of such information by the covered person or service provider to the bureau or   ii as may be specifically permitted or required under other applicable provisions of law and in accordance with the right to financial privacy act of 1978 12 usc 3401 et seq    b treatment of covered person or service provider with respect to the application of any provision of the right to financial privacy act of 1978, to a disclosure by a covered person or service provider subject to this subsection, the covered person or service provider shall be treated as if it were a financial institution , as defined in section 1101 of that act 12 usc 3401     d assessment of significant rules  1 in general the bureau shall conduct an assessment of each significant rule or order adopted by the bureau under federal consumer financial law the assessment shall address, among other relevant factors, the effectiveness of the rule or order in meeting the purposes and objectives of this title and the specific goals stated by the bureau the assessment shall reflect available evidence and any data that the bureau reasonably may collect   2 reports the bureau shall publish a report of its assessment under this subsection not later than 5 years after the effective date of the subject rule or order   3 public comment required before publishing a report of its assessment, the bureau shall invite public comment on recommendations for modifying, expanding, or eliminating the newly adopted significant rule or order     sec 1023 review of bureau regulations  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 2/3 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, united states code, 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, united states code    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, united states code, 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    sec 1024 supervision of nondepository covered persons  a scope of coverage  1 applicability notwithstanding any other provision of this title, and except as provided in paragraph 3 , this section shall apply to any covered person who  a offers or provides origination, brokerage, or servicing of loans secured by real estate for use by consumers primarily for personal, family, or household purposes, or loan modification or foreclosure relief services in connection with such loans   b is a larger participant of a market for other consumer financial products or services, as defined by rule in accordance with paragraph 2   c the bureau has reasonable cause to determine, by order, after notice to the covered person and a reasonable opportunity for such covered person to respond, based on complaints collected through the system under section 1013 b 3 or information from other sources, that such covered person is engaging, or has engaged, in conduct that poses risks to consumers with regard to the offering or provision of consumer financial products or services   d offers or provides to a consumer any private education loan, as defined in section 140 of the truth in lending act 15 usc 1650 , notwithstanding section 1027 a 2 a and subject to section 1027 a 2 c or   e offers or provides to a consumer a payday loan    2 rulemaking to define covered persons subject to this section the bureau shall consult with the federal trade commission prior to issuing a rule, in accordance with paragraph 1 b , to define covered persons subject to this section the bureau shall issue its initial rule not later than 1 year after the designated transfer date   3 rules of construction  a certain persons excluded this section shall not apply to persons described in section 1025 a or 1026 a   b activity levels for purposes of computing activity levels under paragraph 1 or rules issued thereunder, activities of affiliated companies other than insured depository institutions or insured credit unions shall be aggregated     b supervision  1 in general the bureau shall require reports and conduct examinations on a periodic basis of persons described in subsection a 1 for purposes of  a assessing compliance with the requirements of federal consumer financial law   b obtaining information about the activities and compliance systems or procedures of such person and   c detecting and assessing risks to consumers and to markets for consumer financial products and services    2 risk-based supervision program the bureau shall exercise its authority under paragraph 1 in a manner designed to ensure that such exercise, with respect to persons described in subsection a 1 , is based on the assessment by the bureau of the risks posed to consumers in the relevant product markets and geographic markets, and taking into consideration, as applicable  a the asset size of the covered person   b the volume of transactions involving consumer financial products or services in which the covered person engages   c the risks to consumers created by the provision of such consumer financial products or services   d the extent to which such institutions are subject to oversight by state authorities for consumer protection and   e any other factors that the bureau determines to be relevant to a class of covered persons    3 coordination to minimize regulatory burden, the bureau shall coordinate its supervisory activities with the supervisory activities conducted by prudential regulators and the state bank regulatory authorities, including establishing their respective schedules for examining persons described in subsection a 1 and requirements regarding reports to be submitted by such persons   4 use of existing reports the bureau shall, to the fullest extent possible, use  a reports pertaining to persons described in subsection a 1 that have been provided or required to have been provided to a federal or state agency and   b information that has been reported publicly    5 preservation of authority nothing in this title may be construed as limiting the authority of the director to require reports from persons described in subsection a 1 , as permitted under paragraph 1 , regarding information owned or under the control of such person, regardless of whether such information is maintained, stored, or processed by another person   6 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   7 registration, recordkeeping and other requirements for certain persons  a in general the bureau shall prescribe rules to facilitate supervision of persons described in subsection a 1 and assessment and detection of risks to consumers   b recordkeeping the bureau may require a person described in subsection a 1 , to generate, provide, or retain records for the purposes of facilitating supervision of such persons and assessing and detecting risks to consumers   c requirements concerning obligations the bureau may prescribe rules regarding a person described in subsection a 1 , to ensure that such persons are legitimate entities and are able to perform their obligations to consumers such requirements may include background checks for principals, officers, directors, or key personnel and bonding or other appropriate financial requirements   d consultation with state agencies in developing and implementing requirements under this paragraph, the bureau shall consult with state agencies regarding requirements or systems including coordinated or combined systems for registration , where appropriate     c enforcement authority  1 the bureau to have enforcement authority except as provided in paragraph 3 and section 1061, with respect to any person described in subsection a 1 , to the extent that federal law authorizes the bureau and another federal agency to enforce federal consumer financial law, the bureau shall have exclusive authority to enforce that federal consumer financial law   2 referral any federal agency authorized to enforce a federal consumer financial law described in paragraph 1 may recommend in writing to the bureau that the bureau initiate an enforcement proceeding, as the bureau is authorized by that federal law or by this title   3 coordination with the federal trade commission  a in general the bureau and the federal trade commission shall negotiate an agreement for coordinating with respect to enforcement actions by each agency regarding the offering or provision of consumer financial products or services by any covered person that is described in subsection a 1 , or service providers thereto the agreement shall include procedures for notice to the other agency, where feasible, prior to initiating a civil action to enforce any federal law regarding the offering or provision of consumer financial products or services   b civil actions whenever a civil action has been filed by, or on behalf of, the bureau or the federal trade commission for any violation of any provision of federal law described in subparagraph a , or any regulation prescribed under such provision of law  i the other agency may not, during the pendency of that action, institute a civil action under such provision of law against any defendant named in the complaint in such pending action for any violation alleged in the complaint and   ii the bureau or the federal trade commission may intervene as a party in any such action brought by the other agency, and, upon intervening  i be heard on all matters arising in such enforcement action and   ii file petitions for appeal in such actions     c agreement terms the terms of any agreement negotiated under subparagraph a may modify or supersede the provisions of subparagraph b   d deadline the agencies shall reach the agreement required under subparagraph a not later than 6 months after the designated transfer date     d exclusive rulemaking and examination authority notwithstanding any other provision of federal law and except as provided in section 1061, to the extent that federal law authorizes the bureau and another federal agency to issue regulations or guidance, conduct examinations, or require reports from a person described in subsection a 1 under such law for purposes of assuring compliance with federal consumer financial law and any regulations thereunder, the bureau shall have the exclusive authority to prescribe rules, issue guidance, conduct examinations, require reports, or issue exemptions with regard to a person described in subsection a 1 , subject to those provisions of law   e service providers a service provider to a person described in subsection a 1 shall be subject to the authority of the bureau under this section, to the same extent as if such service provider were engaged in a service relationship with a bank, and the bureau were an appropriate federal banking agency under section 7 c of the bank service company act 12 usc 1867 c in conducting any examination or requiring any report from a service provider subject to this subsection, the bureau shall coordinate with the appropriate prudential regulator, as applicable   f preservation of farm credit administration authority no provision of this title may be construed as modifying, limiting, or otherwise affecting the authority of the farm credit administration    sec 1025 supervision of very large banks, savings associations, and credit unions  a scope of coverage this section shall apply to any covered person that is  1 an insured depository institution with total assets of more than $10,000,000,000 and any affiliate thereof or   2 an insured credit union with total assets of more than $10,000,000,000 and any affiliate thereof    b supervision  1 in general the bureau shall have exclusive authority to require reports and conduct examinations on a periodic basis of persons described in subsection a for purposes of  a assessing compliance with the requirements of federal consumer financial laws   b obtaining information about the activities subject to such laws and the associated compliance systems or procedures of such persons and   c detecting and assessing associated risks to consumers and to markets for consumer financial products and services    2 coordination to minimize regulatory burden, the bureau shall coordinate its supervisory activities with the supervisory activities conducted by prudential regulators and the state bank regulatory authorities, including consultation regarding their respective schedules for examining such persons described in subsection a and requirements regarding reports to be submitted by such persons   3 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    4 preservation of authority nothing in this title may be construed as limiting the authority of the director to require reports from a person described in subsection a , as permitted under paragraph 1 , regarding information owned or under the control of such person, regardless of whether such information is maintained, stored, or processed by another person   5 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 primary enforcement authority  1 the bureau to have primary enforcement authority to the extent that the bureau and another federal agency are authorized to enforce a federal consumer financial law, the bureau shall have primary authority to enforce that federal consumer financial law with respect to any person described in subsection a   2 referral any federal agency, other than the federal trade commission, that is authorized to enforce a federal consumer financial law may recommend, in writing, to the bureau that the bureau initiate an enforcement proceeding with respect to a person described in subsection a , as the bureau is authorized to do by that federal consumer financial law   3 backup enforcement authority of other federal agency if the bureau does not, before the end of the 120-day period beginning on the date on which the bureau receives a recommendation under paragraph 2 , initiate an enforcement proceeding, the other agency referred to in paragraph 2 may initiate an enforcement proceeding, including performing follow up supervisory and support functions incidental thereto, to assure compliance with such proceeding    d service providers a service provider to a person described in subsection a shall be subject to the authority of the bureau under this section, to the same extent as if the bureau were an appropriate federal banking agency under section 7 c of the bank service company act 12 usc 1867 c in conducting any examination or requiring any report from a service provider subject to this subsection, the bureau shall coordinate with the appropriate prudential regulator   e simultaneous and coordinated supervisory action  1 examinations a prudential regulator and the bureau shall, with respect to each insured depository institution, insured credit union, or other covered person described in subsection a that is supervised by the prudential regulator and the bureau, respectively  a coordinate the scheduling of examinations of the insured depository institution, insured credit union, or other covered person described in subsection a   b conduct simultaneous examinations of each insured depository institution or insured credit union, unless such institution requests examinations to be conducted separately   c share each draft report of examination with the other agency and permit the receiving agency a reasonable opportunity which shall not be less than a period of 30 days after the date of receipt to comment on the draft report before such report is made final and   d prior to issuing a final report of examination or taking supervisory action, take into consideration concerns, if any, raised in the comments made by the other agency    2 coordination with state bank supervisors the bureau shall pursue arrangements and agreements with state bank supervisors to coordinate examinations, consistent with paragraph 1   3 avoidance of conflict in supervision  a request if the proposed supervisory determinations of the bureau and a prudential regulator in this section referred to collectively as the agencies are conflicting, an insured depository institution, insured credit union, or other covered person described in subsection a may request the agencies to coordinate and present a joint statement of coordinated supervisory action   b joint statement the agencies shall provide a joint statement under subparagraph a , not later than 30 days after the date of receipt of the request of the insured depository institution, credit union, or covered person described in subsection a    4 appeals to governing panel  a in general if the agencies do not resolve the conflict or issue a joint statement required by subparagraph b , or if either of the agencies takes or attempts to take any supervisory action relating to the request for the joint statement without the consent of the other agency, an insured depository institution, insured credit union, or other covered person described in subsection a may institute an appeal to a governing panel, as provided in this subsection, not later than 30 days after the expiration of the period during which a joint statement is required to be filed under paragraph 3 b   b composition of governing panel the governing panel for an appeal under this paragraph shall be composed of  i a representative from the bureau and a representative of the prudential regulator, both of whom  i have not participated in the material supervisory determinations under appeal and   ii do not directly or indirectly report to the person who participated materially in the supervisory determinations under appeal and    ii one individual representative, to be determined on a rotating basis, from among the board of governors, the corporation, the national credit union administration, and the office of the comptroller of the currency, other than any agency involved in the subject dispute    c conduct of appeal in an appeal under this paragraph  i the insured depository institution, insured credit union, or other covered person described in subsection a  i shall include in its appeal all the facts and legal arguments pertaining to the matter and   ii may, through counsel, employees, or representatives, appear before the governing panel in person or by telephone and    ii the governing panel  i may request the insured depository institution, insured credit union, or other covered person described in subsection a , the bureau, or the prudential regulator to produce additional information relevant to the appeal and   ii by a majority vote of its members, shall provide a final determination, in writing, not later than 30 days after the date of filing of an informationally complete appeal, or such longer period as the panel and the insured depository institution, insured credit union, or other covered person described in subsection a may jointly agree     d public availability of determinations a governing panel shall publish all information contained in a determination by the governing panel, with appropriate redactions of information that would be subject to an exemption from disclosure under section 552 of title 5, united states code   e prohibition against retaliation the bureau and the prudential regulators shall prescribe rules to provide safeguards from retaliation against the insured depository institution, insured credit union, or other covered person described in subsection a instituting an appeal under this paragraph, as well as their officers and employees   f limitation the process provided in this paragraph shall not apply to a determination by a prudential regulator to appoint a conservator or receiver for an insured depository institution or a liquidating agent for an insured credit union, as the case may be, or a decision to take action pursuant to section 38 of the federal deposit insurance act 12 usc 1831o or section 212 of the federal credit union act 112 usc 1790a , as applicable   g effect on other authority nothing in this section shall modify or limit the authority of the bureau to interpret, or take enforcement action under, any federal consumer financial law, or the authority of a prudential regulator to interpret or take enforcement action under any other provision of federal law for safety and soundness purposes      sec 1026 other banks, savings associations, and credit unions  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 1025 to the same extent as if the bureau were an appropriate federal bank agency under section 7 c of the bank service company act 12 usc 1867 c 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    sec 1027 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 rulemaking, supervisory, enforcement or other authority under this title with respect to a person who is a merchant, retailer, or seller of any nonfinancial good or service and is engaged in the sale or brokerage of such nonfinancial good or service, except to the extent that such person is engaged in offering or providing any consumer financial product or service, 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 connection with the sale or brokerage of nonfinancial good or service  a in general except as provided in subparagraph b , and subject to subparagraph c , the bureau may not exercise any rulemaking, supervisory, enforcement, or other authority under this title with respect to a merchant, retailer, or seller of nonfinancial goods or services, but only to the extent that such person  i extends credit directly to a consumer, in a case in which the good or service being provided is not itself a consumer financial product or service other than credit described in this subparagraph , exclusively for the purpose of enabling that consumer to purchase such nonfinancial good or service directly from the merchant, retailer, or seller   ii directly, or through an agreement with another person, collects debt arising from credit extended as described in clause i or   iii sells or conveys debt described in clause i that is delinquent or otherwise in default    b applicability subparagraph a does not apply to any credit transaction or collection of debt, other than as described in subparagraph c i , arising from a transaction described in subparagraph a  i in which the merchant, retailer, or seller of nonfinancial goods or services assigns, sells or otherwise conveys to another person such debt owed by the consumer except for a sale of debt that is delinquent or otherwise in default, as described in subparagraph a iii   ii in which the credit extended significantly exceeds the market value of the nonfinancial good or service provided, or the bureau otherwise finds that the sale of the nonfinancial good or service is done as a subterfuge, so as to evade or circumvent the provisions of this title or   iii in which the merchant, retailer, or seller of nonfinancial goods or services regularly extends credit and the credit is subject to a finance charge    c limitations  i in general notwithstanding subparagraph b , subparagraph a shall apply with respect to a merchant, retailer, or seller of nonfinancial goods or services that is not engaged significantly in offering or providing consumer financial products or services   ii exception subparagraph a and clause i of this subparagraph do not apply to any merchant, retailer, or seller of nonfinancial goods or services  i if such merchant, retailer, or seller of nonfinancial goods or services is engaged in a transaction described in subparagraph b i or b ii or   ii to the extent that such merchant, retailer, or seller is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h, but the bureau may exercise such authority only with respect to that law     d rules  i authority of other agencies no provision of this title shall be construed as modifying, limiting, or superseding the supervisory or enforcement authority of the federal trade commission or any other agency other than the bureau with respect to credit extended, or the collection of debt arising from such extension, directly by a merchant or retailer to a consumer exclusively for the purpose of enabling that consumer to purchase nonfinancial goods or services directly from the merchant or retailer   ii small businesses a merchant, retailer, or seller of nonfinancial goods or services that would otherwise be subject to the authority of the bureau solely by virtue of the application of subparagraph b iii shall be deemed not to be engaged significantly in offering or providing consumer financial products or services under subparagraph c i , if such person  i only extends credit for the sale of nonfinancial goods or services, as described in subparagraph a i   ii retains such credit on its own accounts except to sell or convey such debt that is delinquent or otherwise in default and   iii meets the relevant industry size threshold to be a small business concern, based on annual receipts, pursuant to section 3 of the small business act 15 usc 632 and the implementing rules thereunder    iii initial year a merchant, retailer, or seller of nonfinancial goods or services shall be deemed to meet the relevant industry size threshold described in clause ii iii during the first year of operations of that business concern if, during that year, the receipts of that business concern reasonably are expected to meet that size threshold   iv other standards for small business with respect to a merchant, retailer, or seller of nonfinancial goods or services that is a classified on a basis other than annual receipts for the purposes of section 3 of the small business act 15 usc 632 and the implementing rules thereunder, such merchant, retailer, or seller shall be deemed to meet the relevant industry size threshold described in clause ii iii if such merchant, retailer, or seller meets the relevant industry size threshold to be a small business concern based on the number of employees, or other such applicable measure, established under that act    e exception from state enforcement to the extent that the bureau may not exercise authority under this subsection with respect to a merchant, retailer, or seller of nonfinancial goods or services, no action by a state attorney general or state regulator with respect to a claim made under this title may be brought under subsection 1042 a , with respect to an activity described in any of clauses i through iii of subparagraph a by such merchant, retailer, or seller of nonfinancial goods or services     b exclusion for real estate brokerage activities  1 real estate brokerage activities excluded without limiting subsection a , and except as permitted in paragraph 2 , the bureau may not exercise any rulemaking, supervisory, enforcement, or other authority under this title with respect to a person that is licensed or registered as a real estate broker or real estate agent, in accordance with state law, to the extent that such person  a acts as a real estate agent or broker for a buyer, seller, lessor, or lessee of real property   b brings together parties interested in the sale, purchase, lease, rental, or exchange of real property   c negotiates, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property other than in connection with the provision of financing with respect to any such transaction or   d offers to engage in any activity, or act in any capacity, described in subparagraph a , b , or c    2 description of activities the bureau may exercise rulemaking, supervisory, enforcement, or other authority under this title with respect to a person described in paragraph 1 when such person is  a engaged in an activity of offering or providing any consumer financial product or service, except that the bureau may exercise such authority only with respect to that activity or   b otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h, but the bureau may exercise such authority only with respect to that law     c exclusion for manufactured home retailers and modular home retailers  1 in general the director may not exercise any rulemaking, supervisory, enforcement, or other authority over a person to the extent that  a such person is not described in paragraph 2 and   b such person  i acts as an agent or broker for a buyer or seller of a manufactured home or a modular home   ii facilitates the purchase by a consumer of a manufactured home or modular home, by negotiating the purchase price or terms of the sales contract other than providing financing with respect to such transaction or   iii offers to engage in any activity described in clause i or ii     2 description of activities a person is described in this paragraph to the extent that such person is engaged in the offering or provision of any consumer financial product or service or is otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h   3 definitions for purposes of this subsection, the following definitions shall apply  a manufactured home the term manufactured home has the same meaning as in section 603 of the national manufactured housing construction and safety standards act of 1974 42 usc 5402   b modular home the term modular home means a house built in a factory in 2 or more modules that meet the state or local building codes where the house will be located, and where such modules are transported to the building site, installed on foundations, and completed     d exclusion for accountants and tax preparers  1 in general except as permitted in paragraph 2 , the bureau may not exercise any rulemaking, supervisory, enforcement, or other authority over  a any person that is a certified public accountant, permitted to practice as a certified public accounting firm, or certified or licensed for such purpose by a state, or any individual who is employed by or holds an ownership interest with respect to a person described in this subparagraph, when such person is performing or offering to perform  i customary and usual accounting activities, including the provision of accounting, tax, advisory, or other services that are subject to the regulatory authority of a state board of accountancy or a federal authority or   ii other services that are incidental to such customary and usual accounting activities, to the extent that such incidental services are not offered or provided  i by the person separate and apart from such customary and usual accounting activities or   ii to consumers who are not receiving such customary and usual accounting activities or     b any person, other than a person described in subparagraph a that performs income tax preparation activities for consumers    2 description of activities  a in general paragraph 1 shall not apply to any person described in paragraph 1 a or 1 b to the extent that such person is engaged in any activity which is not a customary and usual accounting activity described in paragraph 1 a or incidental thereto but which is the offering or provision of any consumer financial product or service, except to the extent that a person described in paragraph 1 a is engaged in an activity which is a customary and usual accounting activity described in paragraph 1 a , or incidental thereto   b not a customary and usual accounting activity for purposes of this subsection, extending or brokering credit is not a customary and usual accounting activity, or incidental thereto   c rule of construction for purposes of subparagraphs a and b , a person described in paragraph 1 a shall not be deemed to be extending credit, if such person is only extending credit directly to a consumer, exclusively for the purpose of enabling such consumer to purchase services described in clause i or ii of paragraph 1 a directly from such person, and such credit is  i not subject to a finance charge and   ii not payable by written agreement in more than 4 installments    d other limitations paragraph 1 does not apply to any person described in paragraph 1 a or 1 b that is otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h     e exclusion for practice of law  1 in general except as provided under paragraph 2 , the bureau may not exercise any supervisory or enforcement authority with respect to an activity engaged in by an attorney as part of the practice of law under the laws of a state in which the attorney is licensed to practice law   2 rule of construction paragraph 1 shall not be construed so as to limit the exercise by the bureau of any supervisory, enforcement, or other authority regarding the offering or provision of a consumer financial product or service described in any subparagraph of section 1002 5  a that is not offered or provided as part of, or incidental to, the practice of law, occurring exclusively within the scope of the attorney-client relationship or   b that is otherwise offered or provided by the attorney in question with respect to any consumer who is not receiving legal advice or services from the attorney in connection with such financial product or service    3 existing authority paragraph 1 shall not be construed so as to limit the authority of the bureau with respect to any attorney, to the extent that such attorney is otherwise subject to any of the enumerated consumer laws or the authorities transferred under subtitle f or h    f exclusion for persons regulated by a state insurance regulator  1 in general no provision of this title shall be construed as altering, amending, or affecting the authority of any state insurance regulator to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by a state insurance regulator except as provided in paragraph 2 , the bureau shall have no authority to exercise any power to enforce this title with respect to a person regulated by a state insurance regulator   2 description of activities paragraph 1 does not apply to any person described in such paragraph to the extent that such person is engaged in the offering or provision of any consumer financial product or service or is otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h   3 state insurance authority under gramm-leach-bliley notwithstanding paragraph 2 , the bureau shall not exercise any authorities that are granted a state insurance authority under section 505 a 6 of the gramm-leach-bliley act with respect to a person regulated by a state insurance authority    g exclusion for employee benefit and compensation plans and certain other arrangements under the internal revenue code of 1986  1 preservation of authority of other agencies no provision of this title shall be construed as altering, amending, or affecting the authority of the secretary of the treasury, the secretary of labor, or the commissioner of internal revenue to adopt regulations, initiate enforcement proceedings, or take any actions with respect to any specified plan or arrangement   2 activities not constituting the offering or provision of any consumer financial product or service for purposes of this title, a person shall not be treated as having engaged in the offering or provision of any consumer financial product or service solely because such person is  a a specified plan or arrangement   b engaged in the activity of establishing or maintaining, for the benefit of employees of such person or for members of an employee organization , any specified plan or arrangement or   c engaged in the activity of establishing or maintaining a qualified tuition program under section 529 b 1 of the internal revenue code of 1986 offered by a state or other prepaid tuition program offered by a state    3 limitation on bureau authority  a in general except as provided under subparagraphs b and c , the bureau may not exercise any rulemaking or enforcement authority with respect to products or services that relate to any specified plan or arrangement   b bureau action pursuant to agency request  i agency request the secretary and the secretary of labor may jointly issue a written request to the bureau regarding implementation of appropriate consumer protection standards under this title with respect to the provision of services relating to any specified plan or arrangement   ii agency response in response to a request by the bureau, the secretary and the secretary of labor shall jointly issue a written response, not later than 90 days after receipt of such request, to grant or deny the request of the bureau regarding implementation of appropriate consumer protection standards under this title with respect to the provision of services relating to any specified plan or arrangement   iii scope of bureau action subject to a request or response pursuant to clause i or clause ii by the agencies made under this subparagraph, the bureau may exercise rulemaking authority, and may act to enforce a rule prescribed pursuant to such request or response, in accordance with the provisions of this title a request or response made by the secretary and the secretary of labor under this subparagraph shall describe the basis for, and scope of, appropriate consumer protection standards to be implemented under this title with respect to the provision of services relating to any specified plan or arrangement    c description of products or services to the extent that a person engaged in providing products or services relating to any specified plan or arrangement is subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h, subparagraph a shall not apply with respect to that law    4 specified plan or arrangement for purposes of this subsection, the term specified plan or arrangement means any plan, account, or arrangement described in section 220, 223, 401 a , 403 a , 403 b , 408, 408a, 529, or 530 of the internal revenue code of 1986, or any employee benefit or compensation plan or arrangement, including a plan that is subject to title i of the employee retirement income security act of 1974, or any prepaid tuition program offered by a state    h persons regulated by a state securities commission  1 in general no provision of this title shall be construed as altering, amending, or affecting the authority of any securities commission or any agency or office performing like functions of any state to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by any securities commission or any agency or office performing like functions of any state except as permitted in paragraph 2 and subsection f , the bureau shall have no authority to exercise any power to enforce this title with respect to a person regulated by any securities commission or any agency or office performing like functions of any state, but only to the extent that the person acts in such regulated capacity   2 description of activities paragraph 1 shall not apply to any person to the extent such person is engaged in the offering or provision of any consumer financial product or service, or is otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h    i exclusion for persons regulated by the commission  1 in general no provision of this title may be construed as altering, amending, or affecting the authority of the commission to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by the commission the bureau shall have no authority to exercise any power to enforce this title with respect to a person regulated by the commission   2 consultation and coordination notwithstanding paragraph 1 , the commission shall consult and coordinate, where feasible, with the bureau with respect to any rule including any advance notice of proposed rulemaking regarding an investment product or service that is the same type of product as, or that competes directly with, a consumer financial product or service that is subject to the jurisdiction of the bureau under this title or under any other law in carrying out this paragraph, the agencies shall negotiate an agreement to establish procedures for such coordination, including procedures for providing advance notice to the bureau when the commission is initiating a rulemaking    j exclusion for persons regulated by the commodity futures trading commission  1 in general no provision of this title shall be construed as altering, amending, or affecting the authority of the commodity futures trading commission to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by the commodity futures trading commission the bureau shall have no authority to exercise any power to enforce this title with respect to a person regulated by the commodity futures trading commission   2 consultation and coordination notwithstanding paragraph 1 , the commodity futures trading commission shall consult and coordinate with the bureau with respect to any rule including any advance notice of proposed rulemaking regarding a product or service that is the same type of product as, or that competes directly with, a consumer financial product or service that is subject to the jurisdiction of the bureau under this title or under any other law    k exclusion for persons regulated by the farm credit administration  1 in general no provision of this title shall be construed as altering, amending, or affecting the authority of the farm credit administration to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by the farm credit administration the bureau shall have no authority to exercise any power to enforce this title with respect to a person regulated by the farm credit administration   2 definition for purposes of this subsection, the term person regulated by the farm credit administration means any farm credit system institution that is chartered and subject to the provisions of the farm credit act of 1971 12 usc 2001 et seq    l exclusion for activities relating to charitable contributions  1 in general the director and the bureau may not exercise any rulemaking, supervisory, enforcement, or other authority, including authority to order penalties, over any activities related to the solicitation or making of voluntary contributions to a tax-exempt organization as recognized by the internal revenue service, by any agent, volunteer, or representative of such organizations to the extent the organization, agent, volunteer, or representative thereof is soliciting or providing advice, information, education, or instruction to any donor or potential donor relating to a contribution to the organization   2 limitation the exclusion in paragraph 1 does not apply to other activities not described in paragraph 1 that are the offering or provision of any consumer financial product or service, or are otherwise subject to any enumerated consumer law or any law for which authorities are transferred under subtitle f or h    m insurance the bureau may not define as a financial product or service, by regulation or otherwise, engaging in the business of insurance   n limited authority of the bureau notwithstanding subsections a through h and l , a person subject to or described in one or more of such provisions  1 may be a service provider and   2 may be subject to requests from, or requirements imposed by, the bureau regarding information in order to carry out the responsibilities and functions of the bureau and in accordance with section 1022, 1052, or 1053    o no authority to impose usury limit no provision of this title shall be construed as conferring authority on the bureau to establish a usury limit applicable to an extension of credit offered or made by a covered person to a consumer, unless explicitly authorized by law   p attorney general no provision of this title, including section 1024 c 1 , shall affect the authorities of the attorney general under otherwise applicable provisions of law   q secretary of the treasury no provision of this title shall affect the authorities of the secretary, including with respect to prescribing rules, initiating enforcement proceedings, or taking other actions with respect to a person that performs income tax preparation activities for consumers   r deposit insurance and share insurance nothing in this title shall affect the authority of the corporation under the federal deposit insurance act or the national credit union administration board under the federal credit union act as to matters related to deposit insurance and share insurance, respectively   s fair housing act no provision of this title shall be construed as affecting any authority arising under the fair housing act    sec 1028 authority to restrict mandatory pre-dispute arbitration  a study and report the bureau shall conduct a study of, and shall provide a report to congress concerning, the use of agreements providing for arbitration of any future dispute between covered persons and consumers in connection with the offering or providing of consumer financial products or services   b further authority the bureau, by regulation, may prohibit or impose conditions or limitations on the use of an agreement between a covered person and a consumer for a consumer financial product or service providing for arbitration of any future dispute between the parties, if the bureau finds that such a prohibition or imposition of conditions or limitations is in the public interest and for the protection of consumers the findings in such rule shall be consistent with the study conducted under subsection a   c limitation the authority described in subsection b may not be construed to prohibit or restrict a consumer from entering into a voluntary arbitration agreement with a covered person after a dispute has arisen   d effective date notwithstanding any other provision of law, any regulation prescribed by the bureau under subsection b shall apply, consistent with the terms of the regulation, to any agreement between a consumer and a covered person entered into after the end of the 180-day period beginning on the effective date of the regulation, as established by the bureau    sec 1029 exclusion for auto dealers  a sale, servicing, and leasing of motor vehicles excluded except as permitted in subsection b , the bureau may not exercise any rulemaking, supervisory, enforcement or any other authority, including any authority to order assessments, over a motor vehicle dealer that is predominantly engaged in the sale and servicing of motor vehicles, the leasing and servicing of motor vehicles, or both   b certain functions excepted subsection a shall not apply to any person, to the extent that such person  1 provides consumers with any services related to residential or commercial mortgages or self-financing transactions involving real property   2 operates a line of business  a that involves the extension of retail credit or retail leases involving motor vehicles and   b in which  i the extension of retail credit or retail leases are provided directly to consumers and   ii the contract governing such extension of retail credit or retail leases is not routinely assigned to an unaffiliated third party finance or leasing source or     3 offers or provides a consumer financial product or service not involving or related to the sale, financing, leasing, rental, repair, refurbishment, maintenance, or other servicing of motor vehicles, motor vehicle parts, or any related or ancillary product or service    c preservation of authorities of other agencies except as provided in subsections b and d , nothing in this title, including subtitle f, shall be construed as modifying, limiting, or superseding the operation of any provision of federal law, or otherwise affecting the authority of the board of governors, the federal trade commission, or any other federal agency, with respect to a person described in subsection a   d federal trade commission authority notwithstanding section 18 of the federal trade commission act, the federal trade commission is authorized to prescribe rules under sections 5 and 18 a 1 b of the federal trade commission act in accordance with section 553 of title 5, united states code, with respect to a person described in subsection a   e coordination with office of service member affairs the board of governors and the federal trade commission shall coordinate with the office of service member affairs, to ensure that  1 service members and their families are educated and empowered to make better informed decisions regarding consumer financial products and services offered by motor vehicle dealers, with a focus on motor vehicle dealers in the proximity of military installations and   2 complaints by service members and their families concerning such motor vehicle dealers are effectively monitored and responded to, and where appropriate, enforcement action is pursued by the authorized agencies    f definitions for purposes of this section, the following definitions shall apply  1 motor vehicle the term motor vehicle means  a any self-propelled vehicle designed for transporting persons or property on a street, highway, or other road   b recreational boats and marine equipment   c motorcycles   d motor homes, recreational vehicle trailers, and slide-in campers, as those terms are defined in sections 5713 and 575103 d of title 49, code of federal regulations, or any successor thereto and   e other vehicles that are titled and sold through dealers    2 motor vehicle dealer the term motor vehicle dealer means any person or resident in the united states, or any territory of the united states, who  a is licensed by a state, a territory of the united states, or the district of columbia to engage in the sale of motor vehicles and   b takes title to, holds an ownership in, or takes physical custody of motor vehicles      sec 1029a effective date  this subtitle shall become effective on the designated transfer date, except that sections 1022, 1024, and 1025 e shall become effective on the date of enactment of this act     subtitle c specific bureau authorities  sec 1031 prohibiting unfair, deceptive, or abusive acts or practices  a in general the bureau may take any action authorized under subtitle e to prevent a covered person or service provider from committing or engaging in an unfair, deceptive, or abusive act or practice under federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service   b rulemaking the bureau may prescribe rules applicable to a covered person or service provider identifying as unlawful unfair, deceptive, or abusive acts or practices in connection with any transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service rules under this section may include requirements for the purpose of preventing such acts or practices   c unfairness  1 in general the bureau shall have no authority under this section to declare an act or practice in connection with a transaction with a consumer for a consumer financial product or service, or the offering of a consumer financial product or service, to be unlawful on the grounds that such act or practice is unfair, unless the bureau has a reasonable basis to conclude that  a the act or practice causes or is likely to cause substantial injury to consumers which is not reasonably avoidable by consumers and   b such substantial injury is not outweighed by countervailing benefits to consumers or to competition    2 consideration of public policies in determining whether an act or practice is unfair, the bureau may consider established public policies as evidence to be considered with all other evidence such public policy considerations may not serve as a primary basis for such determination    d abusive the bureau shall have no authority under this section to declare an act or practice abusive in connection with the provision of a consumer financial product or service, unless the act or practice  1 materially interferes with the ability of a consumer to understand a term or condition of a consumer financial product or service or   2 takes unreasonable advantage of  a a lack of understanding on the part of the consumer of the material risks, costs, or conditions of the product or service   b the inability of the consumer to protect the interests of the consumer in selecting or using a consumer financial product or service or   c the reasonable reliance by the consumer on a covered person to act in the interests of the consumer     e consultation in prescribing rules under this section, the bureau shall consult with the federal banking agencies, or other federal agencies, as appropriate, concerning the consistency of the proposed rule with prudential, market, or systemic objectives administered by such agencies   f consideration of seasonal income the rules of the bureau under this section shall provide, with respect to an extension of credit secured by residential real estate or a dwelling, if documented income of the borrower, including income from a small business, is a repayment source for an extension of credit secured by residential real estate or a dwelling, the creditor may consider the seasonality and irregularity of such income in the underwriting of and scheduling of payments for such credit    sec 1032 disclosures  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 time and scope, subject to specified standards and procedures, for the purpose of providing trial disclosures to consumers that are designed to improve upon any model form issued pursuant to subsection b 1 , or any other model form issued to implement an enumerated statute, as applicable   2 safe harbor the standards and procedures issued by the bureau shall be designed to encourage covered persons to conduct trial disclosure programs for the purposes of administering this subsection, the bureau may establish a limited period during which a covered person conducting a trial disclosure program shall be deemed to be in compliance with, or may be exempted from, a requirement of a rule or an enumerated consumer law   3 public disclosure the rules of the bureau shall provide for public disclosure of trial disclosure programs, which public disclosure may be limited, to the extent necessary to encourage covered persons to conduct effective trials    f combined mortgage loan disclosure not later than 1 year after the designated transfer date, the bureau shall propose for public comment rules and model disclosures that combine the disclosures required under the truth in lending act and sections 4 and 5 of the real estate settlement procedures act of 1974, into a single, integrated disclosure for mortgage loan transactions covered by those laws, unless the bureau determines that any proposal issued by the board of governors and the secretary of housing and urban development carries out the same purpose    sec 1033 consumer rights to access information  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 trade commission to ensure, to the extent appropriate, that the rules  1 impose substantively similar requirements on covered persons   2 take into account conditions under which covered persons do business both in the united states and in other countries and   3 do not require or promote the use of any particular technology in order to develop systems for compliance     sec 1034 response to consumer complaints and inquiries  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 1025 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 1025 shall, in a timely manner, comply with a consumer request for information in the control or possession of such covered person concerning the consumer financial product or service that the consumer obtained from such covered person, including supporting written documentation, concerning the account of the consumer   2 exceptions a covered person subject to supervision and primary enforcement by the bureau pursuant to section 1025, a prudential regulator, and any other agency having jurisdiction over a covered person subject to supervision and primary enforcement by the bureau pursuant to section 1025 may not be required by this section to make available to the consumer  a any confidential commercial information, including an algorithm used to derive credit scores or other risk scores or predictors   b 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   c any information required to be kept confidential by any other provision of law or   d any nonpublic or confidential information, including confidential supervisory information     d agreements with other agencies the bureau shall enter into a memorandum of understanding with any affected federal regulatory agency regarding procedures by which any covered person, and the prudential regulators, and any other agency having jurisdiction over a covered person, including the secretary of the department of housing and urban development and the secretary of education, shall comply with this section    sec 1035 private education loan ombudsman  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 141 f of the higher education act of 1965 20 usc 1018 f , 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 affairs and the committee on health, education, labor, and pensions of the senate and the committee on financial services and the committee on education and labor of the house of representatives    d annual reports  1 in general the ombudsman shall prepare an annual report that describes the activities, and evaluates the effectiveness of the ombudsman during the preceding year   2 submission the report required by paragraph 1 shall be submitted on the same date annually to the secretary, the secretary of education, the committee on banking, housing, and urban affairs and the committee on health, education, labor, and pensions of the senate and the committee on financial services and the committee on education and labor of the house of representatives    e definitions for purposes of this section, the terms private education loan and institution of higher education have the same meanings as in section 140 of the truth in lending act 15 usc 1650    sec 1036 prohibited acts  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 1031, or any rule or order issued thereunder, and notwithstanding any provision of this title, 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    sec 1037 effective date  this subtitle shall take effect on the designated transfer date     subtitle d preservation of state law  sec 1041 relation to state law  a in general  1 rule of construction this title, other than sections 1044 through 1048, may not be construed as annulling, altering, or affecting, or exempting any person subject to the provisions of this title from complying with, the statutes, regulations, orders, or interpretations in effect in any state, except to the extent that any such provision of law is inconsistent with the provisions of this title, and then only to the extent of the inconsistency   2 greater protection under state law for purposes of this subsection, a statute, regulation, order, or interpretation in effect in any state is not inconsistent with the provisions of this title if the protection that such statute, regulation, order, or interpretation affords to consumers is greater than the protection provided under this title a determination regarding whether a statute, regulation, order, or interpretation in effect in any state is inconsistent with the provisions of this title may be made by the bureau on its own motion or in response to a nonfrivolous petition initiated by any interested person    b relation to other provisions of enumerated consumer laws that relate to state law no provision of this title, except as provided in section 1083, shall be construed as modifying, limiting, or superseding the operation of any provision of an enumerated consumer law that relates to the application of a law in effect in any state with respect to such federal law   c additional consumer protection regulations in response to state action  1 notice of proposed rule required the bureau shall issue a notice of proposed rulemaking whenever a majority of the states has enacted a resolution in support of the establishment or modification of a consumer protection regulation by the bureau   2 bureau considerations required for issuance of final regulation before prescribing a final regulation based upon a notice issued pursuant to paragraph 1 , the bureau shall take into account whether  a the proposed regulation would afford greater protection to consumers than any existing regulation   b the intended benefits of the proposed regulation for consumers would outweigh any increased costs or inconveniences for consumers, and would not discriminate unfairly against any category or class of consumers and   c a federal banking agency has advised that the proposed regulation is likely to present an unacceptable safety and soundness risk to insured depository institutions    3 explanation of considerations the bureau  a shall include a discussion of the considerations required in paragraph 2 in the federal register notice of a final regulation prescribed pursuant to this subsection and   b whenever the bureau determines not to prescribe a final regulation, shall publish an explanation of such determination in the federal register, and provide a copy of such explanation to each state that enacted a resolution in support of the proposed regulation, the committee on banking, housing, and urban affairs of the senate, and the committee on financial services of the house of representatives    4 reservation of authority no provision of this subsection shall be construed as limiting or restricting the authority of the bureau to enhance consumer protection standards established pursuant to this title in response to its own motion or in response to a request by any other interested person   5 rule of construction no provision of this subsection shall be construed as exempting the bureau from complying with subchapter ii of chapter 5 of title 5, united states code   6 definition for purposes of this subsection, the term consumer protection regulation means a regulation that the bureau is authorized to prescribe under the federal consumer financial laws     sec 1042 preservation of enforcement powers of states  a in general  1 action by state except as provided in paragraph 2 , the attorney general or the equivalent thereof of any state may bring a civil action in the name of such state in any district court of the united states in that state or in state court that is located in that state and that has jurisdiction over the defendant, to enforce provisions of this title or regulations issued under this title, and to secure remedies under provisions of this title or remedies otherwise provided under other law a state regulator may bring a civil action or other appropriate proceeding to enforce the provisions of this title or regulations issued under this title with respect to any entity that is state-chartered, incorporated, licensed, or otherwise authorized to do business under state law except as provided in paragraph 2 , and to secure remedies under provisions of this title or remedies otherwise provided under other provisions of law with respect to such an entity   2 action by state against national bank or federal savings association to enforce rules  a in general except as permitted under subparagraph b , the attorney general or equivalent thereof of any state may not bring a civil action in the name of such state against a national bank or federal savings association to enforce a provision of this title   b enforcement of rules permitted the attorney general or the equivalent thereof of any state may bring a civil action in the name of such state against a national bank or federal savings association in any district court of the united states in the state or in state court that is located in that state and that has jurisdiction over the defendant to enforce a regulation prescribed by the bureau under a provision of this title and to secure remedies under provisions of this title or remedies otherwise provided under other law    3 rule of construction no provision of this title shall be construed as modifying, limiting, or superseding the operation of any provision of an enumerated consumer law that relates to the authority of a state attorney general or state regulator to enforce such federal law    b consultation required  1 notice  a in general before initiating any action in a court or other administrative or regulatory proceeding against any covered person as authorized by subsection a to enforce any provision of this title, including any regulation prescribed by the bureau under this title, a state attorney general or state regulator shall timely provide a copy of the complete complaint to be filed and written notice describing such action or proceeding to the bureau and the prudential regulator, if any, or the designee thereof   b emergency action if prior notice is not practicable, the state attorney general or state regulator shall provide a copy of the complete complaint and the notice to the bureau and the prudential regulator, if any, immediately upon instituting the action or proceeding   c contents of notice the notification required under this paragraph shall, at a minimum, describe  i the identity of the parties   ii the alleged facts underlying the proceeding and   iii whether there may be a need to coordinate the prosecution of the proceeding so as not to interfere with any action, including any rulemaking, undertaken by the bureau, a prudential regulator, or another federal agency     2 bureau response in any action described in paragraph 1 , the bureau may  a intervene in the action as a party   b upon intervening  i remove the action to the appropriate united states district court, if the action was not originally brought there and   ii be heard on all matters arising in the action and    c appeal any order or judgment, to the same extent as any other party in the proceeding may     c regulations the bureau shall prescribe regulations to implement the requirements of this section and, from time to time, provide guidance in order to further coordinate actions with the state attorneys general and other regulators   d preservation of state authority  1 state claims no provision of this section shall be construed as altering, limiting, or affecting the authority of a state attorney general or any other regulatory or enforcement agency or authority to bring an action or other regulatory proceeding arising solely under the law in effect in that state   2 state securities regulators no provision of this title shall be construed as altering, limiting, or affecting the authority of a state securities commission or any agency or office performing like functions under state law to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by such commission or authority   3 state insurance regulators no provision of this title shall be construed as altering, limiting, or affecting the authority of a state insurance commission or state insurance regulator under state law to adopt rules, initiate enforcement proceedings, or take any other action with respect to a person regulated by such commission or regulator     sec 1043 preservation of existing contracts  this title, and regulations, orders, guidance, and interpretations prescribed, issued, or established by the bureau, shall not be construed to alter or affect the applicability of any regulation, order, guidance, or interpretation prescribed, issued, and established by the comptroller of the currency or the director of the office of thrift supervision regarding the applicability of state law under federal banking law to any contract entered into on or before the date of enactment of this act, by national banks, federal savings associations, or subsidiaries thereof that are regulated and supervised by the comptroller of the currency or the director of the office of thrift supervision, respectively    sec 1044 state law preemption standards for national banks and subsidiaries clarified  a in general chapter one of title lxii of the revised statutes of the united states 12 usc 21 et seq is amended by inserting after section 5136b the following new section  sec 5136c state law preemption standards for national banks and subsidiaries clarified  a definitions for purposes of this section, the following definitions shall apply  1 national bank the term national bank includes  a any bank organized under the laws of the united states and   b any federal branch established in accordance with the international banking act of 1978    2 state consumer financial laws the term state consumer financial law means a state law that does not directly or indirectly discriminate against national banks and that directly and specifically regulates the manner, content, or terms and conditions of any financial transaction as may be authorized for national banks to engage in , or any account related thereto, with respect to a consumer   3 other definitions the terms affiliate , subsidiary , includes , and including have the same meanings as in section 3 of the federal deposit insurance act    b preemption standard  1 in general state consumer financial laws are preempted, only if  a application of a state consumer financial law would have a discriminatory effect on national banks, in comparison with the effect of the law on a bank chartered by that state   b in accordance with the legal standard for preemption in the decision of the supreme court of the united states in barnett bank of marion county, n a v nelson, florida insurance commissioner, et al, 517 us 25 1996 , the state consumer financial law prevents or significantly interferes with the exercise by the national bank of its powers and any preemption determination under this subparagraph may be made by a court, or by regulation or order of the comptroller of the currency on a case-by-case basis, in accordance with applicable law or   c the state consumer financial law is preempted by a provision of federal law other than this title    2 savings clause this title and section 24 of the federal reserve act 12 usc 371 do not preempt, annul, or affect the applicability of any state law to any subsidiary or affiliate of a national bank other than a subsidiary or affiliate that is chartered as a national bank   3 case-by-case basis  a definition as used in this section the term case-by-case basis refers to a determination pursuant to this section made by the comptroller concerning the impact of a particular state consumer financial law on any national bank that is subject to that law, or the law of any other state with substantively equivalent terms   b consultation when making a determination on a case-by-case basis that a state consumer financial law of another state has substantively equivalent terms as one that the comptroller is preempting, the comptroller shall first consult with the bureau of consumer financial protection and shall take the views of the bureau into account when making the determination    4 rule of construction this title does not occupy the field in any area of state law   5 standards of review  a preemption a court reviewing any determinations made by the comptroller regarding preemption of a state law by this title or section 24 of the federal reserve act 12 usc 371 shall assess the validity of such determinations, depending upon the thoroughness evident in the consideration of the agency, the validity of the reasoning of the agency, the consistency with other valid determinations made by the agency, and other factors which the court finds persuasive and relevant to its decision   b savings clause except as provided in subparagraph a , nothing in this section shall affect the deference that a court may afford to the comptroller in making determinations regarding the meaning or interpretation of title lxii of the revised statutes of the united states or other federal laws    6 comptroller determination not delegable any regulation, order, or determination made by the comptroller of the currency under paragraph 1 b shall be made by the comptroller, and shall not be delegable to another officer or employee of the comptroller of the currency    c substantial evidence no regulation or order of the comptroller of the currency prescribed under subsection b 1 b , shall be interpreted or applied so as to invalidate, or otherwise declare inapplicable to a national bank, the provision of the state consumer financial law, unless substantial evidence, made on the record of the proceeding, supports the specific finding regarding the preemption of such provision in accordance with the legal standard of the decision of the supreme court of the united states in barnett bank of marion county, na v nelson, florida insurance commissioner, et al, 517 us 25 1996   d periodic review of preemption determinations  1 in general the comptroller of the currency shall periodically conduct a review, through notice and public comment, of each determination that a provision of federal law preempts a state consumer financial law the agency shall conduct such review within the 5-year period after prescribing or otherwise issuing such determination, and at least once during each 5-year period thereafter after conducting the review of, and inspecting the comments made on, the determination, the agency shall publish a notice in the federal register announcing the decision to continue or rescind the determination or a proposal to amend the determination any such notice of a proposal to amend a determination and the subsequent resolution of such proposal shall comply with the procedures set forth in subsections a and b of section 5244 of the revised statutes of the united states 12 usc 43 a , b   2 reports to congress at the time of issuing a review conducted under paragraph 1 , the comptroller of the currency shall submit a report regarding such review to the committee on financial services of the house of representatives and the committee on banking, housing, and urban affairs of the senate the report submitted to the respective committees shall address whether the agency intends to continue, rescind, or propose to amend any determination that a provision of federal law preempts a state consumer financial law, and the reasons therefor    e application of state consumer financial law to subsidiaries and affiliates notwithstanding any provision of this title or section 24 of federal reserve act 12 usc 371 , a state consumer financial law shall apply to a subsidiary or affiliate of a national bank other than a subsidiary or affiliate that is chartered as a national bank to the same extent that the state consumer financial law applies to any person, corporation, or other entity subject to such state law   f preservation of powers related to charging interest no provision of this title shall be construed as altering or otherwise affecting the authority conferred by section 5197 of the revised statutes of the united states 12 usc 85 for the charging of interest by a national bank at the rate allowed by the laws of the state, territory, or district where the bank is located, including with respect to the meaning of interest under such provision   g transparency of occ preemption determinations the comptroller of the currency shall publish and update no less frequently than quarterly, a list of preemption determinations by the comptroller of the currency then in effect that identifies the activities and practices covered by each determination and the requirements and constraints determined to be preempted      b clerical amendment the table of sections for chapter one of title lxii of the revised statutes of the united states is amended by inserting after the item relating to section 5136b the following new item     sec 1045 clarification of law applicable to nondepository institution subsidiaries  section 5136c of the revised statutes of the united states as added by this subtitle is amended by adding at the end the following  h clarification of law applicable to nondepository institution subsidiaries and affiliates of national banks  1 definitions for purposes of this subsection, the terms depository institution , subsidiary , and affiliate have the same meanings as in section 3 of the federal deposit insurance act   2 rule of construction no provision of this title or section 24 of the federal reserve act 12 usc 371 shall be construed as preempting, annulling, or affecting the applicability of state law to any subsidiary, affiliate, or agent of a national bank other than a subsidiary, affiliate, or agent that is chartered as a national bank       sec 1046 state law preemption standards for federal savings associations and subsidiaries clarified  a in general the home owners loan act 12 usc 1461 et seq is amended by inserting after section 5 the following new section  sec 6 state law preemption standards for federal savings associations clarified  a in general any determination by a court or by the director or any successor officer or agency regarding the relation of state law to a provision of this act or any regulation or order prescribed under this act shall be made in accordance with the laws and legal standards applicable to national banks regarding the preemption of state law   b principles of conflict preemption applicable notwithstanding the authorities granted under sections 4 and 5, this act does not occupy the field in any area of state law      b clerical amendment the table of sections for the home owners loan act 12 usc 1461 et seq is amended by striking the item relating to section 6 and inserting the following new item     sec 1047 visitorial standards for national banks and savings associations  a national banks section 5136c of the revised statutes of the united states as added by this subtitle is amended by adding at the end the following  i visitorial powers  1 in general in accordance with the decision of the supreme court of the united states in cuomo v clearing house assn, l l c 129 s ct 2710 2009 , no provision of this title which relates to visitorial powers or otherwise limits or restricts the visitorial authority to which any national bank is subject shall be construed as limiting or restricting the authority of any attorney general or other chief law enforcement officer of any state to bring an action against a national bank in a court of appropriate jurisdiction to enforce an applicable law and to seek relief as authorized by such law    j enforcement actions the ability of the comptroller of the currency to bring an enforcement action under this title or section 5 of the federal trade commission act does not preclude any private party from enforcing rights granted under federal or state law in the courts     b savings associations section 6 of the home owners loan act as added by this title is amended by adding at the end the following  c visitorial powers the provisions of sections 5136c i of the revised statutes of the united states shall apply to federal savings associations, and any subsidiary thereof, to the same extent and in the same manner as if such savings associations, or subsidiaries thereof, were national banks or subsidiaries of national banks, respectively    amended >  d enforcement actions the ability of the comptroller of the currency to bring an enforcement action under this act or section 5 of the federal trade commission act does not preclude any private party from enforcing rights granted under federal or state law in the courts      sec 1048 effective date  this subtitle shall become effective on the designated transfer date     subtitle e enforcement powers  sec 1051 definitions  for purposes of this subtitle, the following definitions shall apply  1 bureau investigation the term bureau investigation means any inquiry conducted by a bureau investigator for the purpose of ascertaining whether any person is or has been engaged in any conduct that is a violation, as defined in this section   2 bureau investigator the term bureau investigator means any attorney or investigator employed by the bureau who is charged with the duty of enforcing or carrying into effect any federal consumer financial law   3 custodian the term custodian means the custodian or any deputy custodian designated by the bureau   4 documentary material the term documentary material includes the original or any copy of any book, document, record, report, memorandum, paper, communication, tabulation, chart, logs, electronic files, or other data or data compilations stored in any medium   5 violation the term violation means any act or omission that, if proved, would constitute a violation of any provision of federal consumer financial law     sec 1052 investigations and administrative discovery  a joint investigations  1 in general the bureau or, where appropriate, a bureau investigator, may engage in joint investigations and requests for information, as authorized under this title   2 fair lending the authority under paragraph 1 includes matters relating to fair lending, and where appropriate, joint investigations with, and requests for information from, the secretary of housing and urban development, the attorney general of the united states, or both    b subpoenas  1 in general the bureau or a bureau investigator may issue subpoenas for the attendance and testimony of witnesses and the production of relevant papers, books, documents, or other material in connection with hearings under this title   2 failure to obey in the case of contumacy or refusal to obey a subpoena issued pursuant to this paragraph and served upon any person, the district court of the united states for any district in which such person is found, resides, or transacts business, upon application by the bureau or a bureau investigator and after notice to such person, may issue an order requiring such person to appear and give testimony or to appear and produce documents or other material   3 contempt any failure to obey an order of the court under this subsection may be punished by the court as a contempt thereof    c demands  1 in general whenever the bureau has reason to believe that any person may be in possession, custody, or control of any documentary material or tangible things, or may have any information, relevant to a violation, the bureau may, before the institution of any proceedings under the federal consumer financial law, issue in writing, and cause to be served upon such person, a civil investigative demand requiring such person to  a produce such documentary material for inspection and copying or reproduction in the form or medium requested by the bureau   b submit such tangible things   c file written reports or answers to questions   d give oral testimony concerning documentary material, tangible things, or other information or   e furnish any combination of such material, answers, or testimony    2 requirements each civil investigative demand shall state the nature of the conduct constituting the alleged violation which is under investigation and the provision of law applicable to such violation   3 production of documents each civil investigative demand for the production of documentary material shall  a describe each class of documentary material to be produced under the demand with such definiteness and certainty as to permit such material to be fairly identified   b prescribe a return date or dates which will provide a reasonable period of time within which the material so demanded may be assembled and made available for inspection and copying or reproduction and   c identify the custodian to whom such material shall be made available    4 production of things each civil investigative demand for the submission of tangible things shall  a describe each class of tangible things to be submitted under the demand with such definiteness and certainty as to permit such things to be fairly identified   b prescribe a return date or dates which will provide a reasonable period of time within which the things so demanded may be assembled and submitted and   c identify the custodian to whom such things shall be submitted    5 demand for written reports or answers each civil investigative demand for written reports or answers to questions shall  a propound with definiteness and certainty the reports to be produced or the questions to be answered   b prescribe a date or dates at which time written reports or answers to questions shall be submitted and   c identify the custodian to whom such reports or answers shall be submitted    6 oral testimony each civil investigative demand for the giving of oral testimony shall  a prescribe a date, time, and place at which oral testimony shall be commenced and   b identify a bureau investigator who shall conduct the investigation and the custodian to whom the transcript of such investigation shall be submitted    7 service any civil investigative demand issued, and any enforcement petition filed, under this section may be served  a by any bureau investigator at any place within the territorial jurisdiction of any court of the united states and   b upon any person who is not found within the territorial jurisdiction of any court of the united states  i in such manner as the federal rules of civil procedure prescribe for service in a foreign nation and   ii to the extent that the courts of the united states have authority to assert jurisdiction over such person, consistent with due process, the united states district court for the district of columbia shall have the same jurisdiction to take any action respecting compliance with this section by such person that such district court would have if such person were personally within the jurisdiction of such district court     8 method of service service of any civil investigative demand or any enforcement petition filed under this section may be made upon a person, including any legal entity, by  a delivering a duly executed copy of such demand or petition to the individual or to any partner, executive officer, managing agent, or general agent of such person, or to any agent of such person authorized by appointment or by law to receive service of process on behalf of such person   b delivering a duly executed copy of such demand or petition to the principal office or place of business of the person to be served or   c depositing a duly executed copy in the united states mails, by registered or certified mail, return receipt requested, duly addressed to such person at the principal office or place of business of such person    9 proof of service  a in general a verified return by the individual serving any civil investigative demand or any enforcement petition filed under this section setting forth the manner of such service shall be proof of such service   b return receipts in the case of service by registered or certified mail, such return shall be accompanied by the return post office receipt of delivery of such demand or enforcement petition    10 production of documentary material the production of documentary material in response to a civil investigative demand shall be made under a sworn certificate, in such form as the demand designates, by the person, if a natural person, to whom the demand is directed or, if not a natural person, by any person having knowledge of the facts and circumstances relating to such production, to the effect that all of the documentary material required by the demand and in the possession, custody, or control of the person to whom the demand is directed has been produced and made available to the custodian   11 submission of tangible things the submission of tangible things in response to a civil investigative demand shall be made under a sworn certificate, in such form as the demand designates, by the person to whom the demand is directed or, if not a natural person, by any person having knowledge of the facts and circumstances relating to such production, to the effect that all of the tangible things required by the demand and in the possession, custody, or control of the person to whom the demand is directed have been submitted to the custodian   12 separate answers each reporting requirement or question in a civil investigative demand shall be answered separately and fully in writing under oath, unless it is objected to, in which event the reasons for the objection shall be stated in lieu of an answer, and it shall be submitted under a sworn certificate, in such form as the demand designates, by the person, if a natural person, to whom the demand is directed or, if not a natural person, by any person responsible for answering each reporting requirement or question, to the effect that all information required by the demand and in the possession, custody, control, or knowledge of the person to whom the demand is directed has been submitted   13 testimony  a in general  i oath and recordation the examination of any person pursuant to a demand for oral testimony served under this subsection shall be taken before an officer authorized to administer oaths and affirmations by the laws of the united states or of the place at which the examination is held the officer before whom oral testimony is to be taken shall put the witness on oath or affirmation and shall personally, or by any individual acting under the direction of and in the presence of the officer, record the testimony of the witness   ii transcription the testimony shall be taken stenographically and transcribed   iii transmission to custodian after the testimony is fully transcribed, the officer investigator before whom the testimony is taken shall promptly transmit a copy of the transcript of the testimony to the custodian    b parties present any bureau investigator before whom oral testimony is to be taken shall exclude from the place where the testimony is to be taken all other persons, except the person giving the testimony, the attorney for that person, the officer before whom the testimony is to be taken, an investigator or representative of an agency with which the bureau is engaged in a joint investigation, and any stenographer taking such testimony   c location the oral testimony of any person taken pursuant to a civil investigative demand shall be taken in the judicial district of the united states in which such person resides, is found, or transacts business, or in such other place as may be agreed upon by the bureau investigator before whom the oral testimony of such person is to be taken and such person   d attorney representation  i in general any person compelled to appear under a civil investigative demand for oral testimony pursuant to this section may be accompanied, represented, and advised by an attorney   ii authority the attorney may advise a person described in clause i , in confidence, either upon the request of such person or upon the initiative of the attorney, with respect to any question asked of such person   iii objections a person described in clause i , or the attorney for that person, may object on the record to any question, in whole or in part, and such person shall briefly state for the record the reason for the objection an objection may properly be made, received, and entered upon the record when it is claimed that such person is entitled to refuse to answer the question on grounds of any constitutional or other legal right or privilege, including the privilege against self-incrimination, but such person shall not otherwise object to or refuse to answer any question, and such person or attorney shall not otherwise interrupt the oral examination   iv refusal to answer if a person described in clause i refuses to answer any question  i the bureau may petition the district court of the united states pursuant to this section for an order compelling such person to answer such question and   ii if the refusal is on grounds of the privilege against self-incrimination, the testimony of such person may be compelled in accordance with the provisions of section 6004 of title 18, united states code     e transcripts for purposes of this subsection  i after the testimony of any witness is fully transcribed, the bureau investigator shall afford the witness who may be accompanied by an attorney a reasonable opportunity to examine the transcript   ii the transcript shall be read to or by the witness, unless such examination and reading are waived by the witness   iii any changes in form or substance which the witness desires to make shall be entered and identified upon the transcript by the bureau investigator, with a statement of the reasons given by the witness for making such changes   iv the transcript shall be signed by the witness, unless the witness in writing waives the signing, is ill, cannot be found, or refuses to sign and   v if the transcript is not signed by the witness during the 30-day period following the date on which the witness is first afforded a reasonable opportunity to examine the transcript, the bureau investigator shall sign the transcript and state on the record the fact of the waiver, illness, absence of the witness, or the refusal to sign, together with any reasons given for the failure to sign    f certification by investigator the bureau investigator shall certify on the transcript that the witness was duly sworn by him or her and that the transcript is a true record of the testimony given by the witness, and the bureau investigator shall promptly deliver the transcript or send it by registered or certified mail to the custodian   g copy of transcript the bureau investigator shall furnish a copy of the transcript upon payment of reasonable charges for the transcript to the witness only, except that the bureau may for good cause limit such witness to inspection of the official transcript of his testimony   h witness fees any witness appearing for the taking of oral testimony pursuant to a civil investigative demand shall be entitled to the same fees and mileage which are paid to witnesses in the district courts of the united states     d confidential treatment of demand material  1 in general documentary materials and tangible things received as a result of a civil investigative demand shall be subject to requirements and procedures regarding confidentiality, in accordance with rules established by the bureau   2 disclosure to congress no rule established by the bureau regarding the confidentiality of materials submitted to, or otherwise obtained by, the bureau shall be intended to prevent disclosure to either house of congress or to an appropriate committee of the congress, except that the bureau is permitted to adopt rules allowing prior notice to any party that owns or otherwise provided the material to the bureau and had designated such material as confidential    e petition for enforcement  1 in general whenever any person fails to comply with any civil investigative demand duly served upon him under this section, or whenever satisfactory copying or reproduction of material requested pursuant to the demand cannot be accomplished and such person refuses to surrender such material, the bureau, through such officers or attorneys as it may designate, may file, in the district court of the united states for any judicial district in which such person resides, is found, or transacts business, and serve upon such person, a petition for an order of such court for the enforcement of this section   2 service of process all process of any court to which application may be made as provided in this subsection may be served in any judicial district    f petition for order modifying or setting aside demand  1 in general not later than 20 days after the service of any civil investigative demand upon any person under subsection b , or at any time before the return date specified in the demand, whichever period is shorter, or within such period exceeding 20 days after service or in excess of such return date as may be prescribed in writing, subsequent to service, by any bureau investigator named in the demand, such person may file with the bureau a petition for an order by the bureau modifying or setting aside the demand   2 compliance during pendency the time permitted for compliance with the demand in whole or in part, as determined proper and ordered by the bureau, shall not run during the pendency of a petition under paragraph 1 at the bureau, except that such person shall comply with any portions of the demand not sought to be modified or set aside   3 specific grounds a petition under paragraph 1 shall specify each ground upon which the petitioner relies in seeking relief, and may be based upon any failure of the demand to comply with the provisions of this section, or upon any constitutional or other legal right or privilege of such person    g custodial control at any time during which any custodian is in custody or control of any documentary material, tangible things, reports, answers to questions, or transcripts of oral testimony given by any person in compliance with any civil investigative demand, such person may file, in the district court of the united states for the judicial district within which the office of such custodian is situated, and serve upon such custodian, a petition for an order of such court requiring the performance by such custodian of any duty imposed upon him by this section or rule promulgated by the bureau   h jurisdiction of court  1 in general whenever any petition is filed in any district court of the united states under this section, such court shall have jurisdiction to hear and determine the matter so presented, and to enter such order or orders as may be required to carry out the provisions of this section   2 appeal any final order entered as described in paragraph 1 shall be subject to appeal pursuant to section 1291 of title 28, united states code     sec 1053 hearings and adjudication proceedings  a in general the bureau is authorized to conduct hearings and adjudication proceedings with respect to any person in the manner prescribed by chapter 5 of title 5, united states code in order to ensure or enforce compliance with  1 the provisions of this title, including any rules prescribed by the bureau under this title and   2 any other federal law that the bureau is authorized to enforce, including an enumerated consumer law, and any regulations or order prescribed thereunder, unless such federal law specifically limits the bureau from conducting a hearing or adjudication proceeding and only to the extent of such limitation    b special rules for cease-and-desist proceedings  1 orders authorized  a in general if, in the opinion of the bureau, any covered person or service provider is engaging or has engaged in an activity that violates a law, rule, or any condition imposed in writing on the person by the bureau, the bureau may, subject to sections 1024, 1025, and 1026, issue and serve upon the covered person or service provider a notice of charges in respect thereof   b content of notice the notice under subparagraph a shall contain a statement of the facts constituting the alleged violation or violations, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist should issue against the covered person or service provider, such hearing to be held not earlier than 30 days nor later than 60 days after the date of service of such notice, unless an earlier or a later date is set by the bureau, at the request of any party so served   c consent unless the party or parties served under subparagraph b appear at the hearing personally or by a duly authorized representative, such person shall be deemed to have consented to the issuance of the cease-and-desist order   d procedure in the event of consent under subparagraph c , or if, upon the record, made at any such hearing, the bureau finds that any violation specified in the notice of charges has been established, the bureau may issue and serve upon the covered person or service provider an order to cease and desist from the violation or practice such order may, by provisions which may be mandatory or otherwise, require the covered person or service provider to cease and desist from the subject activity, and to take affirmative action to correct the conditions resulting from any such violation    2 effectiveness of order a cease-and-desist order shall become effective at the expiration of 30 days after the date of service of an order under paragraph 1 upon the covered person or service provider concerned except in the case of a cease-and-desist order issued upon consent, which shall become effective at the time specified therein , and shall remain effective and enforceable as provided therein, except to such extent as the order is stayed, modified, terminated, or set aside by action of the bureau or a reviewing court   3 decision and appeal any hearing provided for in this subsection shall be held in the federal judicial district or in the territory in which the residence or principal office or place of business of the person is located unless the person consents to another place, and shall be conducted in accordance with the provisions of chapter 5 of title 5 of the united states code after such hearing, and within 90 days after the bureau has notified the parties that the case has been submitted to the bureau for final decision, the bureau shall render its decision which shall include findings of fact upon which its decision is predicated and shall issue and serve upon each party to the proceeding an order or orders consistent with the provisions of this section judicial review of any such order shall be exclusively as provided in this subsection unless a petition for review is timely filed in a court of appeals of the united states, as provided in paragraph 4 , and thereafter until the record in the proceeding has been filed as provided in paragraph 4 , the bureau may at any time, upon such notice and in such manner as the bureau shall determine proper, modify, terminate, or set aside any such order upon filing of the record as provided, the bureau may modify, terminate, or set aside any such order with permission of the court   4 appeal to court of appeals any party to any proceeding under this subsection may obtain a review of any order served pursuant to this subsection other than an order issued with the consent of the person concerned by the filing in the court of appeals of the united states for the circuit in which the principal office of the covered person is located, or in the united states court of appeals for the district of columbia circuit, within 30 days after the date of service of such order, a written petition praying that the order of the bureau be modified, terminated, or set aside a copy of such petition shall be forthwith transmitted by the clerk of the court to the bureau, and thereupon the bureau shall file in the court the record in the proceeding, as provided in section 2112 of title 28 of the united states code upon the filing of such petition, such court shall have jurisdiction, which upon the filing of the record shall except as provided in the last sentence of paragraph 3 be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the bureau review of such proceedings shall be had as provided in chapter 7 of title 5 of the united states code the judgment and decree of the court shall be final, except that the same shall be subject to review by the supreme court of the united states, upon certiorari, as provided in section 1254 of title 28 of the united states code   5 no stay the commencement of proceedings for judicial review under paragraph 4 shall not, unless specifically ordered by the court, operate as a stay of any order issued by the bureau    c special rules for temporary cease-and-desist proceedings  1 in general whenever the bureau determines that the violation specified in the notice of charges served upon a person, including a service provider, pursuant to subsection b , or the continuation thereof, is likely to cause the person to be insolvent or otherwise prejudice the interests of consumers before the completion of the proceedings conducted pursuant to subsection b , the bureau may issue a temporary order requiring the person to cease and desist from any such violation or practice and to take affirmative action to prevent or remedy such insolvency or other condition pending completion of such proceedings such order may include any requirement authorized under this subtitle such order shall become effective upon service upon the person and, unless set aside, limited, or suspended by a court in proceedings authorized by paragraph 2 , shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the bureau shall dismiss the charges specified in such notice, or if a cease-and-desist order is issued against the person, until the effective date of such order   2 appeal not later than 10 days after the covered person or service provider concerned has been served with a temporary cease-and-desist order, the person may apply to the united states district court for the judicial district in which the residence or principal office or place of business of the person is located, or the united states district court for the district of columbia, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the person under subsection b , and such court shall have jurisdiction to issue such injunction   3 incomplete or inaccurate records  a temporary order if a notice of charges served under subsection b specifies, on the basis of particular facts and circumstances, that the books and records of a covered person or service provider are so incomplete or inaccurate that the bureau is unable to determine the financial condition of that person or the details or purpose of any transaction or transactions that may have a material effect on the financial condition of that person, the bureau may issue a temporary order requiring  i the cessation of any activity or practice which gave rise, whether in whole or in part, to the incomplete or inaccurate state of the books or records or   ii affirmative action to restore such books or records to a complete and accurate state, until the completion of the proceedings under subsection b 1    b effective period any temporary order issued under subparagraph a  i shall become effective upon service and   ii unless set aside, limited, or suspended by a court in proceedings under paragraph 2 , shall remain in effect and enforceable until the earlier of  i the completion of the proceeding initiated under subsection b in connection with the notice of charges or   ii the date the bureau determines, by examination or otherwise, that the books and records of the covered person or service provider are accurate and reflect the financial condition thereof       d special rules for enforcement of orders  1 in general the bureau may in its discretion apply to the united states district court within the jurisdiction of which the principal office or place of business of the person is located, for the enforcement of any effective and outstanding notice or order issued under this section, and such court shall have jurisdiction and power to order and require compliance herewith   2 exception except as otherwise provided in this subsection, no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order or to review, modify, suspend, terminate, or set aside any such notice or order    e rules the bureau shall prescribe rules establishing such procedures as may be necessary to carry out this section    sec 1054 litigation authority  a in general if any person violates a federal consumer financial law, the bureau may, subject to sections 1024, 1025, and 1026, commence a civil action against such person to impose a civil penalty or to seek all appropriate legal and equitable relief including a permanent or temporary injunction as permitted by law   b representation the bureau may act in its own name and through its own attorneys in enforcing any provision of this title, rules thereunder, or any other law or regulation, or in any action, suit, or proceeding to which the bureau is a party   c compromise of actions the bureau may compromise or settle any action if such compromise is approved by the court   d notice to the attorney general  1 in general when commencing a civil action under federal consumer financial law, or any rule thereunder, the bureau shall notify the attorney general and, with respect to a civil action against an insured depository institution or insured credit union, the appropriate prudential regulator   2 notice and coordination  a notice of other actions in addition to any notice required under paragraph 1 , the bureau shall notify the attorney general concerning any action, suit, or proceeding to which the bureau is a party, except an action, suit, or proceeding that involves the offering or provision of consumer financial products or services   b coordination in order to avoid conflicts and promote consistency regarding litigation of matters under federal law, the attorney general and the bureau shall consult regarding the coordination of investigations and proceedings, including by negotiating an agreement for coordination by not later than 180 days after the designated transfer date the agreement under this subparagraph shall include provisions to ensure that parallel investigations and proceedings involving the federal consumer financial laws are conducted in a manner that avoids conflicts and does not impede the ability of the attorney general to prosecute violations of federal criminal laws   c rule of construction nothing in this paragraph shall be construed to limit the authority of the bureau under this title, including the authority to interpret federal consumer financial law     e appearance before the supreme court the bureau may represent itself in its own name before the supreme court of the united states, provided that the bureau makes a written request to the attorney general within the 10-day period which begins on the date of entry of the judgment which would permit any party to file a petition for writ of certiorari, and the attorney general concurs with such request or fails to take action within 60 days of the request of the bureau   f forum any civil action brought under this title may be brought in a united states district court or in any court of competent jurisdiction of a state in a district in which the defendant is located or resides or is doing business, and such court shall have jurisdiction to enjoin such person and to require compliance with any federal consumer financial law   g time for bringing action  1 in general except as otherwise permitted by law or equity, no action may be brought under this title more than 3 years after the date of discovery of the violation to which an action relates   2 limitations under other federal laws  a in general an action arising under this title does not include claims arising solely under enumerated consumer laws   b bureau authority in any action arising solely under an enumerated consumer law, the bureau may commence, defend, or intervene in the action in accordance with the requirements of that provision of law, as applicable   c transferred authority in any action arising solely under laws for which authorities were transferred under subtitles f and h, the bureau may commence, defend, or intervene in the action in accordance with the requirements of that provision of law, as applicable      sec 1055 relief available  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  a first tier for any violation of a law, rule, or final order or condition imposed in writing by the bureau, a civil penalty may not exceed $5,000 for each day during which such violation or failure to pay continues   b second tier notwithstanding paragraph a , for any person that recklessly engages in a violation of a federal consumer financial law, a civil penalty may not exceed $25,000 for each day during which such violation continues   c third tier notwithstanding subparagraphs a and b , for any person that knowingly violates a federal consumer financial law, a civil penalty may not exceed $1,000,000 for each day during which such violation continues    3 mitigating factors in determining the amount of any penalty assessed under paragraph 2 , the bureau or the court shall take into account the appropriateness of the penalty with respect to  a the size of financial resources and good faith of the person charged   b the gravity of the violation or failure to pay   c the severity of the risks to or losses of the consumer, which may take into account the number of products or services sold or provided   d the history of previous violations and   e such other matters as justice may require    4 authority to modify or remit penalty the bureau may compromise, modify, or remit any penalty which may be assessed or had already been assessed under paragraph 2 the amount of such penalty, when finally determined, shall be exclusive of any sums owed by the person to the united states in connection with the costs of the proceeding, and may be deducted from any sums owing by the united states to the person charged   5 notice and hearing no civil penalty may be assessed under this subsection with respect to a violation of any federal consumer financial law, unless  a the bureau gives notice and an opportunity for a hearing to the person accused of the violation or   b the appropriate court has ordered such assessment and entered judgment in favor of the bureau      sec 1056 referrals for criminal proceedings  if the bureau obtains evidence that any person, domestic or foreign, has engaged in conduct that may constitute a violation of federal criminal law, the bureau shall transmit such evidence to the attorney general of the united states, who may institute criminal proceedings under appropriate law nothing in this section affects any other authority of the bureau to disclose information    sec 1057 employee protection  a in general no covered person or service provider shall terminate or in any other way discriminate against, or cause to be terminated or discriminated against, any covered employee or any authorized representative of covered employees by reason of the fact that such employee or representative, whether at the initiative of the employee or in the ordinary course of the duties of the employee or any person acting pursuant to a request of the employee , has  1 provided, caused to be provided, or is about to provide or cause to be provided, information to the employer, the bureau, or any other state, local, or federal, government authority or law enforcement agency relating to any violation of, or any act or omission that the employee reasonably believes to be a violation of, any provision of this title or any other provision of law that is subject to the jurisdiction of the bureau, or any rule, order, standard, or prohibition prescribed by the bureau   2 testified or will testify in any proceeding resulting from the administration or enforcement of any provision of this title or any other provision of law that is subject to the jurisdiction of the bureau, or any rule, order, standard, or prohibition prescribed by the bureau   3 filed, instituted, or caused to be filed or instituted any proceeding under any federal consumer financial law or   4 objected to, or refused to participate in, any activity, policy, practice, or assigned task that the employee or other such person reasonably believed to be in violation of any law, rule, order, standard, or prohibition, subject to the jurisdiction of, or enforceable by, the bureau    b definition of covered employee for the purposes of this section, the term covered employee means any individual performing tasks related to the offering or provision of a consumer financial product or service   c procedures and timetables  1 complaint  a in general a person who believes that he or she has been discharged or otherwise discriminated against by any person in violation of subsection a may, not later than 180 days after the date on which such alleged violation occurs, file or have any person file on his or her behalf a complaint with the secretary of labor alleging such discharge or discrimination and identifying the person responsible for such act   b actions of secretary of labor upon receipt of such a complaint, the secretary of labor shall notify, in writing, the person named in the complaint who is alleged to have committed the violation, of  i the filing of the complaint   ii the allegations contained in the complaint   iii the substance of evidence supporting the complaint and   iv opportunities that will be afforded to such person under paragraph 2     2 investigation by secretary of labor  a in general not later than 60 days after the date of receipt of a complaint filed under paragraph 1 , and after affording the complainant and the person named in the complaint who is alleged to have committed the violation that is the basis for the complaint an opportunity to submit to the secretary of labor a written response to the complaint and an opportunity to meet with a representative of the secretary of labor to present statements from witnesses, the secretary of labor shall  i initiate an investigation and determine whether there is reasonable cause to believe that the complaint has merit and   ii notify the complainant and the person alleged to have committed the violation of subsection a , in writing, of such determination    b notice of relief available if the secretary of labor concludes that there is reasonable cause to believe that a violation of subsection a has occurred, the secretary of labor shall, together with the notice under subparagraph a ii , issue a preliminary order providing the relief prescribed by paragraph 4 b   c request for hearing not later than 30 days after the date of receipt of notification of a determination of the secretary of labor under this paragraph, either the person alleged to have committed the violation or the complainant may file objections to the findings or preliminary order, or both, and request a hearing on the record the filing of such objections shall not operate to stay any reinstatement remedy contained in the preliminary order any such hearing shall be conducted expeditiously, and if a hearing is not requested in such 30-day period, the preliminary order shall be deemed a final order that is not subject to judicial review    3 grounds for determination of complaints  a in general the secretary of labor shall dismiss a complaint filed under this subsection, and shall not conduct an investigation otherwise required under paragraph 2 , unless the complainant makes a prima facie showing that any behavior described in paragraphs 1 through 4 of subsection a was a contributing factor in the unfavorable personnel action alleged in the complaint   b rebuttal evidence notwithstanding a finding by the secretary of labor that the complainant has made the showing required under subparagraph a , no investigation otherwise required under paragraph 2 shall be conducted, if the employer demonstrates, by clear and convincing evidence, that the employer would have taken the same unfavorable personnel action in the absence of that behavior   c evidentiary standards the secretary of labor may determine that a violation of subsection a has occurred only if the complainant demonstrates that any behavior described in paragraphs 1 through 4 of subsection a was a contributing factor in the unfavorable personnel action alleged in the complaint relief may not be ordered under subparagraph a if the employer demonstrates by clear and convincing evidence that the employer would have taken the same unfavorable personnel action in the absence of that behavior    4 issuance of final orders review procedures  a timing not later than 120 days after the date of conclusion of any hearing under paragraph 2 , the secretary of labor shall issue a final order providing the relief prescribed by this paragraph or denying the complaint at any time before issuance of a final order, a proceeding under this subsection may be terminated on the basis of a settlement agreement entered into by the secretary of labor, the complainant, and the person alleged to have committed the violation   b penalties  i order of secretary of labor if, in response to a complaint filed under paragraph 1 , the secretary of labor determines that a violation of subsection a has occurred, the secretary of labor shall order the person who committed such violation  i to take affirmative action to abate the violation   ii to reinstate the complainant to his or her former position, together with compensation including back pay and restore the terms, conditions, and privileges associated with his or her employment and   iii to provide compensatory damages to the complainant    ii penalty if an order is issued under clause i , the secretary of labor, at the request of the complainant, shall assess against the person against whom the order is issued, a sum equal to the aggregate amount of all costs and expenses including attorney fees and expert witness fees reasonably incurred, as determined by the secretary of labor, by the complainant for, or in connection with, the bringing of the complaint upon which the order was issued    c penalty for frivolous claims if the secretary of labor finds that a complaint under paragraph 1 is frivolous or has been brought in bad faith, the secretary of labor may award to the prevailing employer a reasonable attorney fee, not exceeding $1,000, to be paid by the complainant   d de novo review  i failure of the secretary to act if the secretary of labor has not issued a final order within 210 days after the date of filing of a complaint under this subsection, or within 90 days after the date of receipt of a written determination, the complainant may bring an action at law or equity for de novo review in the appropriate district court of the united states having jurisdiction, which shall have jurisdiction over such an action without regard to the amount in controversy, and which action shall, at the request of either party to such action, be tried by the court with a jury   ii procedures a proceeding under clause i shall be governed by the same legal burdens of proof specified in paragraph 3 the court shall have jurisdiction to grant all relief necessary to make the employee whole, including injunctive relief and compensatory damages, including  i reinstatement with the same seniority status that the employee would have had, but for the discharge or discrimination   ii the amount of back pay, with interest and   iii compensation for any special damages sustained as a result of the discharge or discrimination, including litigation costs, expert witness fees, and reasonable attorney fees     e other appeals unless the complainant brings an action under subparagraph d , any person adversely affected or aggrieved by a final order issued under subparagraph a may file a petition for review of the order in the united states court of appeals for the circuit in which the violation with respect to which the order was issued, allegedly occurred or the circuit in which the complainant resided on the date of such violation, not later than 60 days after the date of the issuance of the final order of the secretary of labor under subparagraph a review shall conform to chapter 7 of title 5, united states code the commencement of proceedings under this subparagraph shall not, unless ordered by the court, operate as a stay of the order an order of the secretary of labor with respect to which review could have been obtained under this subparagraph shall not be subject to judicial review in any criminal or other civil proceeding    5 failure to comply with order  a actions by the secretary if any person has failed to comply with a final order issued under paragraph 4 , the secretary of labor may file a civil action in the united states district court for the district in which the violation was found to have occurred, or in the united states district court for the district of columbia, to enforce such order in actions brought under this paragraph, the district courts shall have jurisdiction to grant all appropriate relief including injunctive relief and compensatory damages   b civil actions to compel compliance a person on whose behalf an order was issued under paragraph 4 may commence a civil action against the person to whom such order was issued to require compliance with such order the appropriate united states district court shall have jurisdiction, without regard to the amount in controversy or the citizenship of the parties, to enforce such order   c award of costs authorized the court, in issuing any final order under this paragraph, may award costs of litigation including reasonable attorney and expert witness fees to any party, whenever the court determines such award is appropriate   d mandamus proceedings any nondiscretionary duty imposed by this section shall be enforceable in a mandamus proceeding brought under section 1361 of title 28, united states code     d unenforceability of certain agreements  1 no waiver of rights and remedies except as provided under paragraph 3 , and notwithstanding any other provision of law, the rights and remedies provided for in this section may not be waived by any agreement, policy, form, or condition of employment, including by any predispute arbitration agreement   2 no predispute arbitration agreements except as provided under paragraph 3 , and notwithstanding any other provision of law, no predispute arbitration agreement shall be valid or enforceable to the extent that it requires arbitration of a dispute arising under this section   3 exception notwithstanding paragraphs 1 and 2 , an arbitration provision in a collective bargaining agreement shall be enforceable as to disputes arising under subsection a 4 , unless the bureau determines, by rule, that such provision is inconsistent with the purposes of this title     sec 1058 effective date  this subtitle shall become effective on the designated transfer date     subtitle f transfer of functions and personnel transitional provisions  sec 1061 transfer of consumer financial protection functions  a defined terms for purposes of this subtitle  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 subsection 1025 a 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   b comptroller authority the bureau shall have all powers and duties that were vested in the comptroller of the currency, relating to consumer financial protection functions, on the day before the designated transfer date    3 director of the office of thrift supervision  a transfer of functions all consumer financial protection functions of the director of the office of thrift supervision are transferred to the bureau   b director authority the bureau shall have all powers and duties that were vested in the director of the office of thrift supervision, relating to consumer financial protection functions, on the day before the designated transfer date    4 federal deposit insurance corporation  a transfer of functions all consumer financial protection functions of the federal deposit insurance corporation are transferred to the bureau   b corporation authority the bureau shall have all powers and duties that were vested in the federal deposit insurance corporation, relating to consumer financial protection functions, on the day before the designated transfer date    5 federal trade commission  a transfer of functions the authority of the federal trade commission under an enumerated consumer law to prescribe rules, issue guidelines, or conduct a study or issue a report mandated under such law shall be transferred to the bureau on the designated transfer date nothing in this title shall be construed to require a mandatory transfer of any employee of the federal trade commission   b bureau authority  i in general the bureau shall have all powers and duties under the enumerated consumer laws to prescribe rules, issue guidelines, or to conduct studies or issue reports mandated by such laws, that were vested in the federal trade commission on the day before the designated transfer date   ii federal trade commission act subject to subtitle b, the bureau may enforce a rule prescribed under the federal trade commission act by the federal trade commission with respect to an unfair or deceptive act or practice to the extent that such rule applies to a covered person or service provider with respect to the offering or provision of a consumer financial product or service as if it were a rule prescribed under section 1031 of this title    c authority of the federal trade commission  i in general no provision of this title shall be construed as modifying, limiting, or otherwise affecting the authority of the federal trade commission including its authority with respect to affiliates described in section 1025 a 1 under the federal trade commission act or any other law, other than the authority under an enumerated consumer law to prescribe rules, issue official guidelines, or conduct a study or issue a report mandated under such law   ii commission authority relating to rules prescribed by the bureau subject to subtitle b, the federal trade commission shall have authority to enforce under the federal trade commission act 15 usc 41 et seq a rule prescribed by the bureau under this title with respect to a covered person subject to the jurisdiction of the federal trade commission under that act, and a violation of such a rule by such a person shall be treated as a violation of a rule issued under section 18 of that act 15 usc 57a with respect to unfair or deceptive acts or practices    d coordination to avoid duplication of or conflict between rules prescribed by the bureau under section 1031 of this title and the federal trade commission under section 18 a 1 b of the federal trade commission act that apply to a covered person or service provider with respect to the offering or provision of consumer financial products or services, the agencies shall negotiate an agreement with respect to rulemaking by each agency, including consultation with the other agency prior to proposing a rule and during the comment period   e deference no provision of this title shall be construed as altering, limiting, expanding, or otherwise affecting the deference that a court affords to the  i federal trade commission in making determinations regarding the meaning or interpretation of any provision of the federal trade commission act , or of any other federal law for which the commission has authority to prescribe rules or   ii bureau in making determinations regarding the meaning or interpretation of any provision of a federal consumer financial law other than any law described in clause i     6 national credit union administration  a transfer of functions all consumer financial protection functions of the national credit union administration are transferred to the bureau   b national credit union administration authority the bureau shall have all powers and duties that were vested in the national credit union administration, relating to consumer financial protection functions, on the day before the designated transfer date    7 department of housing and urban development  a transfer of functions all consumer protection functions of the secretary of the department of housing and urban development relating to the real estate settlement procedures act of 1974 12 usc 2601 et seq , the secure and fair enforcement for mortgage licensing act of 2008 12 usc 5102 et seq , and the interstate land sales full disclosure act 15 usc 1701 et seq are transferred to the bureau   b authority of the department of housing and urban development the bureau shall have all powers and duties that were vested in the secretary of the department of housing and urban development relating to the real estate settlement procedures act of 1974 12 usc 2601 et seq , the secure and fair enforcement for mortgage licensing act of 2008 12 usc 5101 et seq , and the interstate land sales full disclosure act 15 usc 1701 et seq , on the day before the designated transfer date     c authorities of the prudential regulators  1 examination a transferor agency that is a prudential regulator shall have  a authority to require reports from and conduct examinations for compliance with federal consumer financial laws with respect to a person described in section 1025 a , that is incidental to the backup and enforcement procedures provided to the regulator under section 1025 c and   b exclusive authority relative to the bureau to require reports from and conduct examinations for compliance with federal consumer financial laws with respect to a person described in section 1026 a , except as provided to the bureau under subsections b and c of section 1026    2 enforcement  a limitation the authority of a transferor agency that is a prudential regulator to enforce compliance with federal consumer financial laws with respect to a person described in section 1025 a , shall be limited to the backup and enforcement procedures in described in section 1025 c   b exclusive authority a transferor agency that is a prudential regulator shall have exclusive authority relative to the bureau to enforce compliance with federal consumer financial laws with respect to a person described in section 1026 a , except as provided to the bureau under subsections b and c of section 1026   c statutory enforcement for purposes of carrying out the authorities under, and subject to the limitations of, subtitle b, each prudential regulator may enforce compliance with the requirements imposed under this title, and any rule or order prescribed by the bureau under this title, under  i the federal credit union act 12 usc 1751 et seq , by the national credit union administration board with respect to any covered person or service provider that is an insured credit union, or service provider thereto, or any affiliate of an insured credit union, who is subject to the jurisdiction of the board under that act and   ii section 8 of the federal deposit insurance act 12 usc 1818 , by the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to a covered person or service provider that is a person described in section 3 q of that act and who is subject to the jurisdiction of that agency, as set forth in sections 3 q and 8 of the federal deposit insurance act or   iii the bank service company act 12 usc 1861 et seq      d effective date subsections b and c shall become effective on the designated transfer date    sec 1062 designated transfer date  a in general not later than 60 days after the date of enactment of this act, the secretary shall  1 in consultation with the chairman of the board of governors, the chairperson of the corporation, the chairman of the federal trade commission, the chairman of the national credit union administration board, the comptroller of the currency, the director of the office of thrift supervision, the secretary of the department of housing and urban development, and the director of the office of management and budget, designate a single calendar date for the transfer of functions to the bureau under section 1061 and   2 publish notice of that designated date in the federal register    b changing designation the secretary  1 may, in consultation with the chairman of the board of governors, the chairperson of the federal deposit insurance corporation, the chairman of the federal trade commission, the chairman of the national credit union administration board, the comptroller of the currency, the director of the office of thrift supervision, the secretary of the department of housing and urban development, and the director of the office of management and budget, change the date designated under subsection a and   2 shall publish notice of any changed designated date in the federal register    c permissible dates  1 in general except as provided in paragraph 2 , any date designated under this section shall be not earlier than 180 days, nor later than 12 months, after the date of enactment of this act   2 extension of time the secretary may designate a date that is later than 12 months after the date of enactment of this act if the secretary transmits to appropriate committees of congress  a a written determination that orderly implementation of this title is not feasible before the date that is 12 months after the date of enactment of this act   b an explanation of why an extension is necessary for the orderly implementation of this title and   c a description of the steps that will be taken to effect an orderly and timely implementation of this title within the extended time period    3 extension limited in no case may any date designated under this section be later than 18 months after the date of enactment of this act     sec 1063 savings provisions  a board of governors  1 existing rights, duties, and obligations not affected section 1061 b 1 does not affect the validity of any right, duty, or obligation of the united states, the board of governors or any federal reserve bank , or any other person that  a arises under any provision of law relating to any consumer financial protection function of the board of governors transferred to the bureau by this title and   b existed on the day before the designated transfer date    2 continuation of suits no provision of this act shall abate any proceeding commenced by or against the board of governors or any federal reserve bank before the designated transfer date with respect to any consumer financial protection function of the board of governors or any federal reserve bank transferred to the bureau by this title, except that the bureau, subject to sections 1024, 1025, and 1026, shall be substituted for the board of governors or federal reserve bank as a party to any such proceeding as of the designated transfer date    b federal deposit insurance corporation  1 existing rights, duties, and obligations not affected section 1061 b 4 does not affect the validity of any right, duty, or obligation of the united states, the federal deposit insurance corporation, the board of directors of that corporation, or any other person, that  a arises under any provision of law relating to any consumer financial protection function of the federal deposit insurance corporation transferred to the bureau by this title and   b existed on the day before the designated transfer date    2 continuation of suits no provision of this act shall abate any proceeding commenced by or against the federal deposit insurance corporation or the board of directors of that corporation before the designated transfer date with respect to any consumer financial protection function of the federal deposit insurance corporation transferred to the bureau by this title, except that the bureau, subject to sections 1024, 1025, and 1026, shall be substituted for the federal deposit insurance corporation or board of directors as a party to any such proceeding as of the designated transfer date    c federal trade commission section 1061 b 5 does not affect the validity of any right, duty, or obligation of the united states, the federal trade commission, or any other person, that  1 arises under any provision of law relating to any consumer financial protection function of the federal trade commission transferred to the bureau by this title and   2 existed on the day before the designated transfer date    d national credit union administration  1 existing rights, duties, and obligations not affected section 1061 b 6 does not affect the validity of any right, duty, or obligation of the united states, the national credit union administration, the national credit union administration board, or any other person, that  a arises under any provision of law relating to any consumer financial protection function of the national credit union administration transferred to the bureau by this title and   b existed on the day before the designated transfer date    2 continuation of suits no provision of this act shall abate any proceeding commenced by or against the national credit union administration or the national credit union administration board before the designated transfer date with respect to any consumer financial protection function of the national credit union administration transferred to the bureau by this title, except that the bureau, subject to sections 1024, 1025, and 1026, shall be substituted for the national credit union administration or national credit union administration board as a party to any such proceeding as of the designated transfer date    e office of the comptroller of the currency  1 existing rights, duties, and obligations not affected section 1061 b 2 does not affect the validity of any right, duty, or obligation of the united states, the comptroller of the currency, the office of the comptroller of the currency, or any other person, that  a arises under any provision of law relating to any consumer financial protection function of the comptroller of the currency transferred to the bureau by this title and   b existed on the day before the designated transfer date    2 continuation of suits no provision of this act shall abate any proceeding commenced by or against the comptroller of the currency or the office of the comptroller of the currency with respect to any consumer financial protection function of the comptroller of the currency transferred to the bureau by this title before the designated transfer date, except that the bureau, subject to sections 1024, 1025, and 1026, shall be substituted for the comptroller of the currency or the office of the comptroller of the currency as a party to any such proceeding as of the designated transfer date    f office of thrift supervision  1 existing rights, duties, and obligations not affected section 1061 b 3 does not affect the validity of any right, duty, or obligation of the united states, the director of the office of thrift supervision, the office of thrift supervision, or any other person, that  a arises under any provision of law relating to any consumer financial protection function of the director of the office of thrift supervision transferred to the bureau by this title and   b that existed on the day before the designated transfer date    2 continuation of suits no provision of this act shall abate any proceeding commenced by or against the director of the office of thrift supervision or the office of thrift supervision with respect to any consumer financial protection function of the director of the office of thrift supervision transferred to the bureau by this title before the designated transfer date, except that the bureau, subject to sections 1024, 1025, and 1026, shall be substituted for the director or the office of thrift supervision as a party to any such proceeding as of the designated transfer date    g department of housing and urban development  1 existing rights, duties, and obligations not affected section 1061 b 7 shall not affect the validity of any right, duty, or obligation of the united states, the secretary of the department of housing and urban development or the department of housing and urban development , or any other person, that  a arises under any provision of law relating to any function of the secretary of the department of housing and urban development with respect to the real estate settlement procedures act of 1974 12 usc 2601 et seq , the secure and fair enforcement for mortgage licensing act of 2008 12 usc 5102 et seq , or the interstate land sales full disclosure act 15 usc 1701 et seq transferred to the bureau by this title and   b existed on the day before the designated transfer date    2 continuation of suits this title shall not abate any proceeding commenced by or against the secretary of the department of housing and urban development or the department of housing and urban development with respect to any consumer financial protection function of the secretary of the department of housing and urban development transferred to the bureau by this title before the designated transfer date, except that the bureau, subject to sections 1024, 1025, and 1026, shall be substituted for the secretary of the department of housing and urban development or the department of housing and urban development as a party to any such proceeding as of the designated transfer date    h continuation of existing orders, rulings, determinations, agreements, and resolutions  1 in general except as provided in paragraph 2 and under subsection i , all orders, resolutions, determinations, agreements, and rulings that have been issued, made, prescribed, or allowed to become effective by any transferor agency or by a court of competent jurisdiction, in the performance of consumer financial protection functions that are transferred by this title and that are in effect on the day before the designated transfer date, shall continue in effect, and shall continue to be enforceable by the appropriate transferor agency, according to the terms of those orders, resolutions, determinations, agreements, and rulings, and shall not be enforceable by or against the bureau   2 exception for orders applicable to persons described in section 1025 a all orders, resolutions, determinations, agreements, and rulings that have been issued, made, prescribed, or allowed to become effective by any transferor agency or by a court of competent jurisdiction, in the performance of consumer financial protection functions that are transferred by this title and that are in effect on the day before the designated transfer date with respect to any person described in section 1025 a , shall continue in effect, according to the terms of those orders, resolutions, determinations, agreements, and rulings, and shall be enforceable by or against the bureau or transferor agency    i identification of rules and orders continued not later than the designated transfer date, the bureau  1 shall, after consultation with the head of each transferor agency, identify the rules and orders that will be enforced by the bureau and   2 shall publish a list of such rules and orders in the federal register    j status of rules proposed or not yet effective  1 proposed rules any proposed rule of a transferor agency which that agency, in performing consumer financial protection functions transferred by this title, has proposed before the designated transfer date, but has not been published as a final rule before that date, shall be deemed to be a proposed rule of the bureau   2 rules not yet effective any interim or final rule of a transferor agency which that agency, in performing consumer financial protection functions transferred by this title, has published before the designated transfer date, but which has not become effective before that date, shall become effective as a rule of the bureau according to its terms     sec 1064 transfer of certain personnel  a in general  1 certain federal reserve system employees transferred  a identifying employees for transfer the bureau and the board of governors shall  i jointly determine the number of employees of the board of governors necessary to perform or support the consumer financial protection functions of the board of governors that are transferred to the bureau by this title and   ii consistent with the number determined under clause i , jointly identify employees of the board of governors for transfer to the bureau, in a manner that the bureau and the board of governors, in their sole discretion, determine equitable    b identified employees transferred all employees of the board of governors identified under subparagraph a ii shall be transferred to the bureau for employment   c federal reserve bank employees employees of any federal reserve bank who are performing consumer financial protection functions on behalf of the board of governors shall be treated as employees of the board of governors for purposes of subparagraphs a and b    2 certain fdic employees transferred  a identifying employees for transfer the bureau and the board of directors of the federal deposit insurance corporation shall  i jointly determine the number of employees of that corporation necessary to perform or support the consumer financial protection functions of the corporation that are transferred to the bureau by this title and   ii consistent with the number determined under clause i , jointly identify employees of the corporation for transfer to the bureau, in a manner that the bureau and the board of directors of the corporation, in their sole discretion, determine equitable    b identified employees transferred all employees of the corporation identified under subparagraph a ii shall be transferred to the bureau for employment    3 certain ncua employees transferred  a identifying employees for transfer the bureau and the national credit union administration board shall  i jointly determine the number of employees of the national credit union administration necessary to perform or support the consumer financial protection functions of the national credit union administration that are transferred to the bureau by this title and   ii consistent with the number determined under clause i , jointly identify employees of the national credit union administration for transfer to the bureau, in a manner that the bureau and the national credit union administration board, in their sole discretion, determine equitable    b identified employees transferred all employees of the national credit union administration identified under subparagraph a ii shall be transferred to the bureau for employment    4 certain office of the comptroller of the currency employees transferred  a identifying employees for transfer the bureau and the comptroller of the currency shall  i jointly determine the number of employees of the office of the comptroller of the currency necessary to perform or support the consumer financial protection functions of the office of the comptroller of the currency that are transferred to the bureau by this title and   ii consistent with the number determined under clause i , jointly identify employees of the office of the comptroller of the currency for transfer to the bureau, in a manner that the bureau and the office of the comptroller of the currency, in their sole discretion, determine equitable    b identified employees transferred all employees of the office of the comptroller of the currency identified under subparagraph a ii shall be transferred to the bureau for employment    5 certain office of thrift supervision employees transferred  a identifying employees for transfer the bureau and the director of the office of thrift supervision shall  i jointly determine the number of employees of the office of thrift supervision necessary to perform or support the consumer financial protection functions of the office of thrift supervision that are transferred to the bureau by this title and   ii consistent with the number determined under clause i , jointly identify employees of the office of thrift supervision for transfer to the bureau, in a manner that the bureau and the office of thrift supervision, in their sole discretion, determine equitable    b identified employees transferred all employees of the office of thrift supervision identified under subparagraph a ii shall be transferred to the bureau for employment    6 certain employees of department of housing and urban development transferred  a identifying employees for transfer the bureau and the secretary of the department of housing and urban development shall  i jointly determine the number of employees of the department of housing and urban development necessary to perform or support the consumer protection functions of the department that are transferred to the bureau by this title and   ii consistent with the number determined under clause i , jointly identify employees of the department of housing and urban development for transfer to the bureau in a manner that the bureau and the secretary of the department of housing and urban development, in their sole discretion, deem equitable    b identified employees transferred all employees of the department of housing and urban development identified under subparagraph a ii shall be transferred to the bureau for employment    7 consumer education, financial literacy, consumer complaints, and research functions the bureau and each of the transferor agencies except the federal trade commission shall jointly determine the number of employees and the types and grades of employees necessary to perform the functions of the bureau under subtitle a, including consumer education, financial literacy, policy analysis, responses to consumer complaints and inquiries, research, and similar functions all employees jointly identified under this paragraph shall be transferred to the bureau for employment   8 authority of the president to resolve disputes  a action authorized in the event that the bureau and a transferor agency are unable to reach an agreement under paragraphs 1 through 7 by the designated transfer date, the president, or the designee thereof, may issue an order or directive to the transferor agency to effect the transfer of personnel and property under this subtitle   b transmittal to congress required if an order or directive is issued under subparagraph a , the president shall transmit a copy of the written determination made with respect to such order or directive, including an explanation for the need for the order or directive, to the committee on banking, housing, and urban affairs and the committee on appropriations of the senate and the committee on financial services and the committee on appropriations of the house of representatives   c sunset the authority provided in this paragraph shall terminate 3 years after the designated transfer date    9 appointment authority for excepted service and senior executive service transferred  a in general in the case of an employee occupying a position in the excepted service or the senior executive service, any appointment authority established pursuant to law or regulations of the office of personnel management for filling such positions shall be transferred, subject to subparagraph b   b declining transfers allowed an agency or entity may decline to make a transfer of authority under subparagraph a and the employees appointed pursuant thereto to the extent that such authority relates to positions excepted from the competitive service because of their confidential, policy-making, policy-determining, or policy-advocating character, and non-career positions in the senior executive service within the meaning of section 3132 a 7 of title 5, united states code     b timing of transfers and position assignments each employee to be transferred under this section shall  1 be transferred not later than 90 days after the designated transfer date and   2 receive notice of a position assignment not later than 120 days after the effective date of his or her transfer    c transfer of function  1 in general notwithstanding any other provision of law, the transfer of employees shall be deemed a transfer of functions for the purpose of section 3503 of title 5, united states code   2 priority of this title if any provisions of this title conflict with any protection provided to transferred employees under section 3503 of title 5, united states code, the provisions of this title shall control    d equal status and tenure positions  1 employees transferred from the federal reserve system, fdic, hud, ncua, occ, and ots each employee transferred to the bureau from the board of governors, a federal reserve bank, the federal deposit insurance corporation, the department of housing and urban development, the national credit union administration, the office of the comptroller of the currency, or the office of thrift supervision shall be placed in a position at the bureau with the same status and tenure as that employee held on the day before the designated transfer date   2 employees transferred from the federal reserve system for purposes of determining the status and position placement of a transferred employee, any period of service with the board of governors or a federal reserve bank shall be credited as a period of service with a federal agency    e additional certification requirements limited examiners transferred to the bureau are not subject to any additional certification requirements before being placed in a comparable examiner position at the bureau examining the same types of institutions as they examined before they were transferred   f personnel actions limited  1 2-year protection except as provided in paragraph 2 , each transferred employee holding a permanent position on the day before the designated transfer date may not, during the 2-year period beginning on the designated transfer date, be involuntarily separated, or involuntarily reassigned outside his or her locality pay area   2 exceptions paragraph 1 does not limit the right of the bureau  a to separate an employee for cause or for unacceptable performance   b to terminate an appointment to a position excepted from the competitive service because of its confidential policy-making, policy-determining, or policy-advocating character or   c to reassign a supervisory employee outside of his or her locality pay area when the bureau determines that the reassignment is necessary for the efficient operation of the bureau     g pay  1 2-year protection  a in general except as provided in paragraph 2 , each transferred employee shall, during the 2-year period beginning on the designated transfer date, receive pay at a rate equal to not less than the basic rate of pay including any geographic differential that the employee received during the pay period immediately preceding the date of transfer   b limitation notwithstanding subparagraph a , if the employee was receiving a higher rate of basic pay on a temporary basis because of a temporary assignment, temporary promotion, or other temporary action immediately before the date of transfer, the bureau may reduce the rate of basic pay on the date on which the rate would have been reduced but for the transfer, and the protected rate for the remainder of the 2-year period shall be the reduced rate that would have applied, but for the transfer    2 exceptions paragraph 1 does not limit the right of the bureau to reduce the rate of basic pay of a transferred employee  a for cause   b for unacceptable performance or   c with the consent of the employee    3 protection only while employed paragraph 1 applies to a transferred employee only while that employee remains employed by the bureau   4 pay increases permitted paragraph 1 does not limit the authority of the bureau to increase the pay of a transferred employee    h reorganization  1 between 1st and 3rd year  a in general if the bureau determines, during the 2-year period beginning 1 year after the designated transfer date, that a reorganization of the staff of the bureau is required  i that reorganization shall be deemed a substantial reorganization for purposes of affording affected employees retirement under section 8336 d 2 or 8414 b 1 b of title 5, united states code   ii before the reorganization occurs, all employees in the same locality pay area as defined by the office of personnel management shall be placed in a uniform position classification system and   iii any resulting reduction in force shall be governed by the provisions of chapter 35 of title 5, united states code, except that the bureau shall  i establish competitive areas as that term is defined in regulations issued by the office of personnel management to include at a minimum all employees in the same locality pay area as defined by the office of personnel management   ii establish competitive levels as that term is defined in regulations issued by the office of personnel management without regard to whether the particular employees have been appointed to positions in the competitive service or the excepted service and   iii afford employees appointed to positions in the excepted service other than to a position excepted from the competitive service because of its confidential policy-making, policy-determining, or policy-advocating character the same assignment rights to positions within the bureau as employees appointed to positions in the competitive service     b service credit for reductions in force for purposes of this paragraph, periods of service with a federal home loan bank, a joint office of the federal home loan banks, the board of governors, a federal reserve bank, the federal deposit insurance corporation, or the national credit union administration shall be credited as periods of service with a federal agency    2 after 3rd year  a in general if the bureau determines, at any time after the 3-year period beginning on the designated transfer date, that a reorganization of the staff of the bureau is required, any resulting reduction in force shall be governed by the provisions of chapter 35 of title 5, united states code, except that the bureau shall establish competitive levels as that term is defined in regulations issued by the office of personnel management without regard to types of appointment held by particular employees transferred under this section   b service credit for reductions in force for purposes of this paragraph, periods of service with a federal home loan bank, a joint office of the federal home loan banks, the board of governors, a federal reserve bank, the federal deposit insurance corporation, or the national credit union administration shall be credited as periods of service with a federal agency     i benefits  1 retirement benefits for transferred employees  a in general  i continuation of existing retirement plan unless an election is made under clause iii or subparagraph b , each employee transferred pursuant to this subtitle shall remain enrolled in the existing retirement plan of that employee as of the date of transfer, through any period of continuous employment with the bureau   ii employer contribution the bureau shall pay any employer contributions to the existing retirement plan of each transferred employee, as required under that plan   iii option to elect into the federal reserve system retirement plan and federal reserve system thrift plan any employee transferred pursuant to this subtitle may, during the 1-year period beginning 6 months after the designated transfer date, elect to end their participation and benefit accruals under their existing retirement plan or plans and elect to participate in both the federal reserve system retirement plan and the federal reserve system thrift plan, through any period of continuous employment with the bureau, under the same terms as are applicable to federal reserve system transferred employees, as provided in subparagraph c an election of coverage by the federal reserve system retirement plan and the federal reserve system thrift plan shall begin on the day following the end of the 18-month period beginning on the designated transfer date, and benefit accruals under the existing retirement plan of the transferred employee shall end on the last day of the 18-month period beginning on the designated transfer date if an employee elects to participate in the federal reserve system retirement plan and the federal reserve system thrift plan, all of the service of the employee that was creditable under their existing retirement plan shall be transferred to the federal reserve system retirement plan on the day following the end of the 18-month period beginning on the designated transfer date   iv bureau contribution the bureau shall pay an employer contribution to the federal reserve system retirement plan, in the amount established as an employer contribution under the federal employees retirement system, as established under chapter 84 of title 5, united states code, for each bureau employee who elects to participate in the federal reserve system retirement plan under this subparagraph the bureau shall pay an employer contribution to the federal reserve system thrift plan for each bureau employee who elects to participate in such plan, as required under the terms of the federal reserve system thrift plan   v additional funding the bureau shall transfer to the federal reserve system retirement plan an amount determined by the board of governors, in consultation with the bureau, to be necessary to reimburse the federal reserve system retirement plan for the costs to such plan of providing benefits to employees electing coverage under the federal reserve system retirement plan under subparagraph iii , and who were transferred to the bureau from outside of the federal reserve system   vi option to elect into thrift plan created by the bureau if the bureau chooses to establish a thrift plan, the employees transferred pursuant to this subtitle shall have the option to elect, under such terms and conditions as the bureau may establish, coverage under such a thrift plan established by the bureau transferred employees may not remain in the thrift plan of the agency from which the employee transferred under this subtitle, if the employee elects to participate in a thrift plan established by the bureau    b option for employees transferred from federal reserve system to be subject to the federal employee retirement program  i election any federal reserve system transferred employee who was enrolled in the federal reserve system retirement plan on the day before the date of his or her transfer to the bureau may, during the 1-year period beginning 6 months after the designated transfer date, elect to be subject to the federal employee retirement program   ii effective date of coverage an election of coverage by the federal employee retirement program under this subparagraph shall begin on the day following the end of the 18-month period beginning on the designated transfer date, and benefit accruals under the existing retirement plan of the federal reserve system transferred employee shall end on the last day of the 18-month period beginning on the designated transfer date    c bureau participation in federal reserve system retirement plan  i benefits provided federal reserve system employees transferred pursuant to this subtitle shall continue to be eligible to participate in the federal reserve system retirement plan and federal reserve system thrift plan through any period of continuous employment with the bureau, unless the employee makes an election under subparagraph a vi or b the retirement benefits, formulas, and features offered to the federal reserve system transferred employees shall be the same as those offered to employees of the board of governors who participate in the federal reserve system retirement plan and the federal reserve system thrift plan, as amended from time to time   ii limitation the bureau shall not have responsibility or authority  i to amend an existing retirement plan including the federal reserve system retirement plan or federal reserve system thrift plan   ii for administering an existing retirement plan including the federal reserve system retirement plan or federal reserve system thrift plan or   iii for ensuring the plans comply with applicable laws, fiduciary rules, and related responsibilities    iii tax qualified status notwithstanding any other provision of law, providing benefits to federal reserve system employees transferred to the bureau pursuant to this subtitle, and to employees who elect coverage pursuant to subparagraph a iii or under section 1013 a 2 b , shall not cause any existing retirement plan including the federal reserve system retirement plan and the federal reserve system thrift plan to lose its tax-qualified status under sections 401 a and 501 a of the internal revenue code of 1986   iv bureau contribution the bureau shall pay any employer contributions to the existing retirement plan including the federal reserve system retirement plan and the federal reserve system thrift plan for each federal reserve system transferred employee participating in those plans, as required under the plan, after the designated transfer date   v controlled group status the bureau is the same employer as the federal reserve system as comprised of the board of governors and each of the 12 federal reserve banks prior to the date of enactment of this act for purposes of subsections b , c , m , and o of section 414 of the internal revenue code of 1986 26 usc 414    d definitions for purposes of this paragraph  i the term existing retirement plan means, with respect to an employee transferred pursuant to this subtitle, the retirement plan including the financial institutions retirement fund and any associated thrift savings plan, of the agency from which the employee was transferred under this subtitle, in which the employee was enrolled on the day before the date on which the employee was transferred   ii the term federal employee retirement program means either the civil service retirement system established under chapter 83 of title 5, united states code, or the federal employees retirement system established under chapter 84 of title 5, united states code, depending upon the service history of the individual   iii the term federal reserve system transferred employee means a transferred employee who is an employee of the board of governors or a federal reserve bank on the day before the designated transfer date, and who is transferred to the bureau on the designated transfer date pursuant to this subtitle   iv the term federal reserve system retirement plan means the retirement plan for employees of the federal reserve system and   v the term federal reserve system thrift plan means the thrift plan for employees of the federal reserve system     2 benefits other than retirement benefits for transferred employees  a during 1st year  i existing plans continue each employee transferred pursuant to this subtitle may, for 1 year after the designated transfer date, retain membership in any other employee benefit program of the agency or bank from which the employee transferred, including a medical, dental, vision, long term care, or life insurance program, to which the employee belonged on the day before the designated transfer date   ii employer contribution the bureau shall reimburse the agency or bank from which an employee was transferred for any cost incurred by that agency or bank in continuing to extend coverage in the benefit program to the employee, as required under that program or negotiated agreements    b medical, dental, vision, or life insurance after first year if, at the end of the 1-year period beginning on the designated transfer date, the bureau has not established its own, or arranged for participation in another entitys, medical, dental, vision, or life insurance program, an employee transferred pursuant to this subtitle who was a member of such a program at the agency or federal reserve bank from which the employee transferred may, before the coverage of that employee ends under subparagraph a i , elect to enroll, without regard to any regularly scheduled open season, in  i the enhanced dental benefits program established under chapter 89a of title 5, united states code   ii the enhanced vision benefits established under chapter 89b of title 5, united states code   iii the federal employees group life insurance program established under chapter 87 of title 5, united states code, without regard to any requirement of insurability and   iv the federal employees health benefits program established under chapter 89 of title 5, united states code    c long term care insurance after 1st year if, at the end of the 1-year period beginning on the designated transfer date, the bureau has not established its own, or arranged for participation in another entitys, long term care insurance program, an employee transferred pursuant to this subtitle who was a member of such a program at the agency or federal reserve bank from which the employee transferred may, before the coverage of that employee ends under subparagraph a i , elect to apply for coverage under the federal long term care insurance program established under chapter 90 of title 5, united states code, under the underwriting requirements applicable to a new active workforce member as defined in part 875 of title 5, code of federal regulations   d employee contribution an individual enrolled in the federal employees health benefits program shall pay any employee contribution required by the plan   e additional funding the bureau shall transfer to the federal employees health benefits fund established under section 8909 of title 5, united states code, an amount determined by the director of the office of personnel management, after consultation with the bureau and the office of management and budget, to be necessary to reimburse the fund for the cost to the fund of providing benefits under this paragraph   f credit for time enrolled in other plans for employees transferred under this title, enrollment in a health benefits plan administered by a transferor agency or a federal reserve bank, as the case may be, immediately before enrollment in a health benefits plan under chapter 89 of title 5, united states code, shall be considered as enrollment in a health benefits plan under that chapter for purposes of section 8905 b 1 a of title 5, united states code   g special provisions to ensure continuation of life insurance benefits  i in general an annuitant as defined in section 8901 3 of title 5, united states code who is enrolled in a life insurance plan administered by a transferor agency on the day before the designated transfer date shall be eligible for coverage by a life insurance plan under sections 8706 b , 8714a, 8714b, and 8714c of title 5, united states code, or in a life insurance plan established by the bureau, without regard to any regularly scheduled open season and requirement of insurability   ii employee contribution an individual enrolled in a life insurance plan under this subparagraph shall pay any employee contribution required by the plan   iii additional funding the bureau shall transfer to the employees life insurance fund established under section 8714 of title 5, united states code, an amount determined by the director of the office of personnel management, after consultation with the bureau and the office of management and budget, to be necessary to reimburse the fund for the cost to the fund of providing benefits under this subparagraph not otherwise paid for by the employee under clause ii   iv credit for time enrolled in other plans for employees transferred under this title, enrollment in a life insurance plan administered by a transferor agency immediately before enrollment in a life insurance plan under chapter 87 of title 5, united states code, shall be considered as enrollment in a life insurance plan under that chapter for purposes of section 8706 b 1 a of title 5, united states code     3 opm rules the office of personnel management shall issue such rules as are necessary to carry out this subsection    j implementation of uniform pay and classification system not later than 2 years after the designated transfer date, the bureau shall implement a uniform pay and classification system for all employees transferred under this title   k equitable treatment in administering the provisions of this section, the bureau  1 shall take no action that would unfairly disadvantage transferred employees relative to each other based on their prior employment by the board of governors, the federal deposit insurance corporation, the department of housing and urban development, the national credit union administration, the office of the comptroller of the currency, the office of thrift supervision, a federal reserve bank, a federal home loan bank, or a joint office of the federal home loan banks and   2 may take such action as is appropriate in individual cases so that employees transferred under this section receive equitable treatment, with respect to the status, tenure, pay, benefits other than benefits under programs administered by the office of personnel management , and accrued leave or vacation time of those employees, for prior periods of service with any federal agency, including the board of governors, the corporation, the department of housing and urban development, the national credit union administration, the office of the comptroller of the currency, the office of thrift supervision, a federal reserve bank, a federal home loan bank, or a joint office of the federal home loan banks    l implementation in implementing the provisions of this section, the bureau shall coordinate with the office of personnel management and other entities having expertise in matters related to employment to ensure a fair and orderly transition for affected employees    sec 1065 incidental transfers  a incidental transfers authorized the director of the office of management and budget, in consultation with the secretary, shall make such additional incidental transfers and dispositions of assets and liabilities held, used, arising from, available, or to be made available, in connection with the functions transferred by this title, as the director may determine necessary to accomplish the purposes of this title   b sunset the authority provided in this section shall terminate 5 years after the date of enactment of this act    sec 1066 interim authority of the secretary  a in general the secretary is authorized to perform the functions of the bureau under this subtitle until the director of the bureau is confirmed by the senate in accordance with section 1011   b interim administrative services by the department of the treasury the department of the treasury may provide administrative services necessary to support the bureau before the designated transfer date    sec 1067 transition oversight  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 the date of enactment of this act   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, united states code, that is in effect on the date of enactment of this act or   2 the rights of employees under chapter 71 of title 5, united states code    e participation in examinations in order to prepare the bureau to conduct examinations under section 1025 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 1025 a conducted by the prudential regulators prior to the designated transfer date     subtitle g regulatory improvements  sec 1071 small business data collection  a in general the equal credit opportunity act 15 usc 1691 et seq is amended by inserting after section 704a the following  sec 704b small business loan data collection  a purpose the purpose of this section is to facilitate enforcement of fair lending laws and enable communities, governmental entities, and creditors to identify business and community development needs and opportunities of women-owned, minority-owned, and small businesses   b information gathering subject to the requirements of this section, in the case of any application to a financial institution for credit for women-owned, minority-owned, or small business, the financial institution shall  1 inquire whether the business is a women-owned, minority-owned, or small business, without regard to whether such application is received in person, by mail, by telephone, by electronic mail or other form of electronic transmission, or by any other means, and whether or not such application is in response to a solicitation by the financial institution and   2 maintain a record of the responses to such inquiry, separate from the application and accompanying information    c right to refuse any applicant for credit may refuse to provide any information requested pursuant to subsection b in connection with any application for credit   d no access by underwriters  1 limitation where feasible, no loan underwriter or other officer or employee of a financial institution, or any affiliate of a financial institution, involved in making any determination concerning an application for credit shall have access to any information provided by the applicant pursuant to a request under subsection b in connection with such application   2 limited access if a financial institution determines that a loan underwriter or other officer or employee of a financial institution, or any affiliate of a financial institution, involved in making any determination concerning an application for credit should have access to any information provided by the applicant pursuant to a request under subsection b , the financial institution shall provide notice to the applicant of the access of the underwriter to such information, along with notice that the financial institution may not discriminate on the basis of such information    e form and manner of information  1 in general each financial institution shall compile and maintain, in accordance with regulations of the bureau, a record of the information provided by any loan applicant pursuant to a request under subsection b   2 itemization information compiled and maintained under paragraph 1 shall be itemized in order to clearly and conspicuously disclose  a the number of the application and the date on which the application was received   b the type and purpose of the loan or other credit being applied for   c the amount of the credit or credit limit applied for, and the amount of the credit transaction or the credit limit approved for such applicant   d the type of action taken with respect to such application, and the date of such action   e the census tract in which is located the principal place of business of the women-owned, minority-owned, or small business loan applicant   f the gross annual revenue of the business in the last fiscal year of the women-owned, minority-owned, or small business loan applicant preceding the date of the application   g the race, sex, and ethnicity of the principal owners of the business and   h any additional data that the bureau determines would aid in fulfilling the purposes of this section    3 no personally identifiable information in compiling and maintaining any record of information under this section, a financial institution may not include in such record the name, specific address other than the census tract required under paragraph 1 e , telephone number, electronic mail address, or any other personally identifiable information concerning any individual who is, or is connected with, the women-owned, minority-owned, or small business loan applicant   4 discretion to delete or modify publicly available data the bureau may, at its discretion, delete or modify data collected under this section which is or will be available to the public, if the bureau determines that the deletion or modification of the data would advance a privacy interest    f availability of information  1 submission to bureau the data required to be compiled and maintained under this section by any financial institution shall be submitted annually to the bureau   2 availability of information information compiled and maintained under this section shall be  a retained for not less than 3 years after the date of preparation   b made available to any member of the public, upon request, in the form required under regulations prescribed by the bureau   c annually made available to the public generally by the bureau, in such form and in such manner as is determined by the bureau, by regulation    3 compilation of aggregate data the bureau may, at its discretion  a compile and aggregate data collected under this section for its own use and   b make public such compilations of aggregate data     g bureau action  1 in general the bureau shall prescribe such rules and issue such guidance as may be necessary to carry out, enforce, and compile data pursuant to this section   2 exceptions the bureau, by rule or order, may adopt exceptions to any requirement of this section and may, conditionally or unconditionally, exempt any financial institution or class of financial institutions from the requirements of this section, as the bureau deems necessary or appropriate to carry out the purposes of this section   3 guidance the bureau shall issue guidance designed to facilitate compliance with the requirements of this section, including assisting financial institutions in working with applicants to determine whether the applicants are women-owned, minority-owned, or small businesses for purposes of this section    h definitions for purposes of this section, the following definitions shall apply  1 financial institution the term financial institution means any partnership, company, corporation, association incorporated or unincorporated , trust, estate, cooperative organization, or other entity that engages in any financial activity   2 small business the term small business has the same meaning as the term small business concern in section 3 of the small business act 15 usc 632   3 small business loan the term small business loan means a loan made to a small business   4 minority the term minority has the same meaning as in section 1204 c 3 of the financial institutions reform, recovery, and enforcement act of 1989   5 minority-owned business the term minority-owned business means a business  a more than 50 percent of the ownership or control of which is held by 1 or more minority individuals and   b more than 50 percent of the net profit or loss of which accrues to 1 or more minority individuals    6 women-owned business the term women-owned business means a business  a more than 50 percent of the ownership or control of which is held by 1 or more women and   b more than 50 percent of the net profit or loss of which accrues to 1 or more women        b technical and conforming amendments section 701 b of the equal credit opportunity act 15 usc 1691 b is amended  1 in paragraph 3 , by striking or at the end   2 in paragraph 4 , by striking the period at the end and inserting or and   3 by inserting after paragraph 4 , the following  5 to make an inquiry under section 704b, in accordance with the requirements of that section      c clerical amendment the table of sections for title vii of the consumer credit protection act is amended by inserting after the item relating to section 704a the following new item    d effective date this section shall become effective on the designated transfer date    sec 1072 assistance for economically vulnerable individuals and families  a hera amendments section 1132 of the housing and economic recovery act of 2008 12 usc 1701x note is amended  1 in subsection a , by inserting in each of paragraphs 1 , 2 , 3 , and 4 or economically vulnerable individuals and families after homebuyers each place that term appears   2 in subsection b 1 , by inserting or economically vulnerable individuals and families after homebuyers   3 in subsection c 1  a in subparagraph a , by striking or at the end   b in subparagraph b , by striking the period at the end and inserting or and   c by adding at the end the following  c a nonprofit corporation that  i is exempt from taxation under section 501 c 3 of the internal revenue code of 1986 and   ii specializes or has expertise in working with economically vulnerable individuals and families, but whose primary purpose is not provision of credit counseling services    and    4 in subsection d 1 , by striking not more than 5    b applicability amendments made by subsection a shall not apply to programs authorized by section 1132 of the housing and economic recovery act of 2008 12 usc 1701x note that are funded with appropriations prior to fiscal year 2011    sec 1073 remittance transfers  a treatment of remittance transfers the electronic fund transfer act 15 usc 1693 et seq is amended  1 in section 902 b 15 usc 1693 b , by inserting and remittance after electronic fund   2 in section 904 c 15 usc 1693b c , in the first sentence, by inserting or remittance transfers after electronic fund transfers   3 by redesignating sections 919, 920, 921, and 922 as sections 920, 921, 922, and 923, respectively and   4 by inserting after section 918 the following  sec 919 remittance transfers  a disclosures required for remittance transfers  1 in general each remittance transfer provider shall make disclosures as required under this section and in accordance with rules prescribed by the board disclosures required under this section shall be in addition to any other disclosures applicable under this title   2 disclosures subject to rules prescribed by the board, a remittance transfer provider shall provide, in writing and in a form that the sender may keep, to each sender requesting a remittance transfer, as applicable to the transaction  a at the time at which the sender requests a remittance transfer to be initiated, and prior to the sender making any payment in connection with the remittance transfer, a disclosure describing  i the amount of currency that will be received by the designated recipient, using the values of the currency into which the funds will be exchanged   ii the amount of transfer and any other fees charged by the remittance transfer provider for the remittance transfer and   iii any exchange rate to be used by the remittance transfer provider for the remittance transfer, to the nearest 1/100th of a point and    b at the time at which the sender makes payment in connection with the remittance transfer  i a receipt showing  i the information described in subparagraph a   ii the promised date of delivery to the designated recipient and   iii the name and either the telephone number or the address of the designated recipient, if either the telephone number or the address of the designated recipient is provided by the sender and    ii a statement containing  i information about the rights of the sender under this section regarding the resolution of errors and   ii appropriate contact information for  aa the remittance transfer provider and   bb the state agency that regulates the remittance transfer provider and the board, including the toll-free telephone number established under section 1013 of the consumer financial protection act of 2010       3 requirements relating to disclosures with respect to each disclosure required to be provided under paragraph 2 a remittance transfer provider shall  a provide an initial notice and receipt, as required by subparagraphs a and b of paragraph 2 , and an error resolution statement, as required by subsection d , that clearly and conspicuously describe the information required to be disclosed therein and   b with respect to any transaction that a sender conducts electronically, comply with the electronic signatures in global and national commerce act 15 usc 7001 et seq    4 exception for disclosures of amount received  a in general subject to the rules prescribed by the board, and except as provided under subparagraph b , the disclosures required regarding the amount of currency that will be received by the designated recipient shall be deemed to be accurate, so long as the disclosures provide a reasonably accurate estimate of the foreign currency to be received this paragraph shall apply only to a remittance transfer provider who is an insured depository institution, as defined in section 3 of the federal deposit insurance act 12 usc 1813 , or an insured credit union, as defined in section 101 of the federal credit union act 12 usc 1752 , and if  i a remittance transfer is conducted through a demand deposit, savings deposit, or other asset account that the sender holds with such remittance transfer provider and   ii at the time at which the sender requests the transaction, the remittance transfer provider is unable to know, for reasons beyond its control, the amount of currency that will be made available to the designated recipient    b deadline the application of subparagraph a shall terminate 5 years after the date of enactment of the consumer financial protection act of 2010, unless the board determines that termination of such provision would negatively affect the ability of remittance transfer providers described in subparagraph a to send remittances to locations in foreign countries, in which case, the board may, by rule, extend the application of subparagraph a to not longer than 10 years after the date of enactment of the consumer financial protection act of 2010    5 exemption authority the board may, by rule, permit a remittance transfer provider to satisfy the requirements of  a paragraph 2 a orally, if the transaction is conducted entirely by telephone   b paragraph 2 b , in the case of a transaction conducted entirely by telephone, by mailing the disclosures required under such subparagraph to the sender, not later than 1 business day after the date on which the transaction is conducted, or by including such documents in the next periodic statement, if the telephone transaction is conducted through a demand deposit, savings deposit, or other asset account that the sender holds with the remittance transfer provider   c subparagraphs a and b of paragraph 2 together in one written disclosure, but only to the extent that the information provided in accordance with paragraph 3 a is accurate at the time at which payment is made in connection with the subject remittance transfer and   d paragraph 2 a , without compliance with section 101 c of the electronic signatures in global commerce act, if a sender initiates the transaction electronically and the information is displayed electronically in a manner that the sender can keep    6 storefront and internet notices  a in general  i prominent posting subject to subparagraph b , the board may prescribe rules to require a remittance transfer provider to prominently post, and timely update, a notice describing a model remittance transfer for one or more amounts, as the board may determine, which notice shall show the amount of currency that will be received by the designated recipient, using the values of the currency into which the funds will be exchanged   ii onsite displays the board may require the notice prescribed under this subparagraph to be displayed in every physical storefront location owned or controlled by the remittance transfer provider   iii internet notices subject to paragraph 3 , the board shall prescribe rules to require a remittance transfer provider that provides remittance transfers via the internet to provide a notice, comparable to a storefront notice described in this subparagraph, located on the home page or landing page with respect to such remittance transfer services owned or controlled by the remittance transfer provider   iv rulemaking authority in prescribing rules under this subparagraph, the board may impose standards or requirements regarding the provision of the storefront and internet notices required under this subparagraph and the provision of the disclosures required under paragraphs 2 and 3    b study and analysis prior to proposing rules under subparagraph a , the board shall undertake appropriate studies and analyses, which shall be consistent with section 904 a 2 , and may include an advanced notice of proposed rulemaking, to determine whether a storefront notice or internet notice facilitates the ability of a consumer  i to compare prices for remittance transfers and   ii to understand the types and amounts of any fees or costs imposed on remittance transfers      b foreign language disclosures the disclosures required under this section shall be made in english and in each of the foreign languages principally used by the remittance transfer provider, or any of its agents, to advertise, solicit, or market, either orally or in writing, at that office   c regulations regarding transfers to certain nations if the board determines that a recipient nation does not legally allow, or the method by which transactions are made in the recipient country do not allow, a remittance transfer provider to know the amount of currency that will be received by the designated recipient, the board may prescribe rules not later than 18 months after the date of enactment of the consumer financial protection act of 2010 addressing the issue, which rules shall include standards for a remittance transfer provider to provide  1 a receipt that is consistent with subsections a and b and   2 a reasonably accurate estimate of the foreign currency to be received, based on the rate provided to the sender by the remittance transfer provider at the time at which the transaction was initiated by the sender    d remittance transfer errors  1 error resolution  a in general if a remittance transfer provider receives oral or written notice from the sender within 180 days of the promised date of delivery that an error occurred with respect to a remittance transfer, including the amount of currency designated in subsection a 3 a that was to be sent to the designated recipient of the remittance transfer, using the values of the currency into which the funds should have been exchanged, but was not made available to the designated recipient in the foreign country, the remittance transfer provider shall resolve the error pursuant to this subsection and investigate the reason for the error   b remedies not later than 90 days after the date of receipt of a notice from the sender pursuant to subparagraph a , the remittance transfer provider shall, as applicable to the error and as designated by the sender  i refund to the sender the total amount of funds tendered by the sender in connection with the remittance transfer which was not properly transmitted   ii make available to the designated recipient, without additional cost to the designated recipient or to the sender, the amount appropriate to resolve the error   iii provide such other remedy, as determined appropriate by rule of the board for the protection of senders or   iv provide written notice to the sender that there was no error with an explanation responding to the specific complaint of the sender     2 rules the board shall establish, by rule issued not later than 18 months after the date of enactment of the consumer financial protection act of 2010, clear and appropriate standards for remittance transfer providers with respect to error resolution relating to remittance transfers, to protect senders from such errors standards prescribed under this paragraph shall include appropriate standards regarding record keeping, as required, including documentation  a of the complaint of the sender   b that the sender provides the remittance transfer provider with respect to the alleged error and   c of the findings of the remittance transfer provider regarding the investigation of the alleged error that the sender brought to their attention    3 cancellation and refund policy rules not later than 18 months after the date of enactment of the consumer financial protection act of 2010, the board shall issue final rules regarding appropriate remittance transfer cancellation and refund policies for consumers    e applicability of this title  1 in general a remittance transfer that is not an electronic fund transfer, as defined in section 903, shall not be subject to any of the provisions of sections 905 through 913 a remittance transfer that is an electronic fund transfer, as defined in section 903, shall be subject to all provisions of this title, except for section 908, that are otherwise applicable to electronic fund transfers under this title   2 rule of construction nothing in this section shall be construed  a to affect the application to any transaction, to any remittance provider, or to any other person of any of the provisions of subchapter ii of chapter 53 of title 31, united states code, section 21 of the federal deposit insurance act 12 usc 1829b , or chapter 2 of title i of public law 91508 12 usc 19511959 , or any regulations promulgated thereunder or   b to cause any fund transfer that would not otherwise be treated as such under paragraph 1 to be treated as an electronic fund transfer, or as otherwise subject to this title, for the purposes of any of the provisions referred to in subparagraph a or any regulations promulgated thereunder     f acts of agents  1 in general a remittance transfer provider shall be liable for any violation of this section by any agent, authorized delegate, or person affiliated with such provider, when such agent, authorized delegate, or affiliate acts for that remittance transfer provider   2 obligations of remittance transfer providers the board shall prescribe rules to implement appropriate standards or conditions of, liability of a remittance transfer provider, including a provider who acts through an agent or authorized delegate an agency charged with enforcing the requirements of this section, or rules prescribed by the board under this section, may consider, in any action or other proceeding against a remittance transfer provider, the extent to which the provider had established and maintained policies or procedures for compliance, including policies, procedures, or other appropriate oversight measures designed to assure compliance by an agent or authorized delegate acting for such provider    g definitions as used in this section  1 the term designated recipient means any person located in a foreign country and identified by the sender as the authorized recipient of a remittance transfer to be made by a remittance transfer provider, except that a designated recipient shall not be deemed to be a consumer for purposes of this act   2 the term remittance transfer  a means the electronic as defined in section 106 2 of the electronic signatures in global and national commerce act 15 usc 7006 2 transfer of funds requested by a sender located in any state to a designated recipient that is initiated by a remittance transfer provider, whether or not the sender holds an account with the remittance transfer provider or whether or not the remittance transfer is also an electronic fund transfer, as defined in section 903 and   b does not include a transfer described in subparagraph a in an amount that is equal to or lesser than the amount of a small-value transaction determined, by rule, to be excluded from the requirements under section 906 a    3 the term remittance transfer provider means any person or financial institution that provides remittance transfers for a consumer in the normal course of its business, whether or not the consumer holds an account with such person or financial institution and   4 the term sender means a consumer who requests a remittance provider to send a remittance transfer for the consumer to a designated recipient        b automated clearinghouse system  1 expansion of system the board of governors shall work with the federal reserve banks and the department of the treasury to expand the use of the automated clearinghouse system and other payment mechanisms for remittance transfers to foreign countries, with a focus on countries that receive significant remittance transfers from the united states, based on  a the number, volume, and size of such transfers   b the significance of the volume of such transfers relative to the external financial flows of the receiving country, including  i the total amount transferred and   ii the total volume of payments made by united states government agencies to beneficiaries and retirees living abroad    c the feasibility of such an expansion and   d the ability of the federal reserve system to establish payment gateways in different geographic regions and currency zones to receive remittance transfers and route them through the payments systems in the destination countries    2 report to congress not later than one calendar year after the date of enactment of this act, and on april 30 biennially thereafter during the 10-year period beginning on that date of enactment, the board of governors shall submit a report to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives on the status of the automated clearinghouse system and its progress in complying with the requirements of this subsection the report shall include an analysis of adoption rates of international ach transactions rules and formats, the efficacy of increasing adoption rates, and potential recommendations to increase adoption    c expansion of financial institution provision of remittance transfers  1 provision of guidelines to institutions each of the federal banking agencies and the national credit union administration shall provide guidelines to financial institutions under the jurisdiction of the agency regarding the offering of low-cost remittance transfers and no-cost or low-cost basic consumer accounts, as well as agency services to remittance transfer providers   2 assistance to financial literacy commission as part of its duties as members of the financial literacy and education commission, the bureau, the federal banking agencies, and the national credit union administration shall assist the financial literacy and education commission in executing the strategy for assuring financial empowerment or the safe strategy , as it relates to remittances    d federal credit union act conforming amendment paragraph 12 of section 107 of the federal credit union act 12 usc 1757 is amended to read as follows  12 in accordance with regulations prescribed by the board  a to sell, to persons in the field of membership, negotiable checks including travelers checks , money orders, and other similar money transfer instruments including international and domestic electronic fund transfers and remittance transfers, as defined in section 919 of the electronic fund transfer act and   b to cash checks and money orders for persons in the field of membership for a fee      e report on feasibility of and impediments to use of remittance history in calculation of credit score before the end of the 365-day period beginning on the date of enactment of this act, the director shall submit a report to the president, the committee on banking, housing, and urban affairs of the senate, and the committee on financial services of the house of representatives regarding  1 the manner in which the remittance history of a consumer could be used to enhance the credit score of the consumer   2 the current legal and business model barriers and impediments that impede the use of the remittance history of the consumer to enhance the credit score of the consumer and   3 recommendations on the manner in which maximum transparency and disclosure to consumers of exchange rates for remittance transfers subject to this title and the amendments made by this title may be accomplished, whether or not such exchange rates are known at the time of origination or payment by the consumer for the remittance transfer, including disclosure to the sender of the actual exchange rate used and the amount of currency that the recipient of the remittance transfer received, using the values of the currency into which the funds were exchanged, as contained in sections 919 a 2 d and 919 a 3 of the electronic fund transfer act as amended by this section     sec 1074 department of the treasury study on ending the conservatorship of fannie mae, freddie mac, and reforming the housing finance system  a study required  1 in general the secretary of the treasury shall conduct a study of and develop recommendations regarding the options for ending the conservatorship of the federal national mortgage association in this section referred to as fannie mae and the federal home loan mortgage corporation in this section referred to as freddie mac , while minimizing the cost to taxpayers, including such options as  a the gradual wind-down and liquidation of such entities   b the privatization of such entities   c the incorporation of the functions of such entities into a federal agency   d the dissolution of fannie mae and freddie mac into smaller companies or   e any other measures the secretary determines appropriate    2 analyses the study required under paragraph 1 shall include an analysis of  a the role of the federal government in supporting a stable, well-functioning housing finance system, and whether and to what extent the federal government should bear risks in meeting federal housing finance objectives   b how the current structure of the housing finance system can be improved   c how the housing finance system should support the continued availability of mortgage credit to all segments of the market   d how the housing finance system should be structured to ensure that consumers continue to have access to 30-year, fixed rate, pre-payable mortgages and other mortgage products that have simple terms that can be easily understood   e the role of the federal housing administration and the department of veterans affairs in a future housing system   f the impact of reforms of the housing finance system on the financing of rental housing   g the impact of reforms of the housing finance system on secondary market liquidity   h the role of standardization in the housing finance system   i how housing finance systems in other countries offer insights that can help inform options for reform in the united states and   j the options for transition to a reformed housing finance system     b report and recommendations not later than january 31, 2011, the secretary of the treasury shall submit the report and recommendations required under subsection a to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives    sec 1075 reasonable fees and rules for payment card transactions  a in general the electronic fund transfer act 15 usc 1693 et seq is amended  1 by redesignating sections 920 and 921 as sections 921 and 922, respectively and   2 by inserting after section 919 the following  sec 920 reasonable fees and rules for payment card transactions  a reasonable interchange transaction fees for electronic debit transactions  1 regulatory authority over interchange transaction fees the board may prescribe regulations, pursuant to section 553 of title 5, united states code, regarding any interchange transaction fee that an issuer may receive or charge with respect to an electronic debit transaction, to implement this subsection including related definitions , and to prevent circumvention or evasion of this subsection   2 reasonable interchange transaction fees the amount of any interchange transaction fee that an issuer may receive or charge with respect to an electronic debit transaction shall be reasonable and proportional to the cost incurred by the issuer with respect to the transaction   3 rulemaking required  a in general the board shall prescribe regulations in final form not later than 9 months after the date of enactment of the consumer financial protection act of 2010, to establish standards for assessing whether the amount of any interchange transaction fee described in paragraph 2 is reasonable and proportional to the cost incurred by the issuer with respect to the transaction   b information collection the board may require any issuer or agent of an issuer or payment card network to provide the board with such information as may be necessary to carry out the provisions of this subsection and the board, in issuing rules under subparagraph a and on at least a bi-annual basis thereafter, shall disclose such aggregate or summary information concerning the costs incurred, and interchange transaction fees charged or received, by issuers or payment card networks in connection with the authorization, clearance or settlement of electronic debit transactions as the board considers appropriate and in the public interest    4 considerations consultation in prescribing regulations under paragraph 3 a , the board shall  a consider the functional similarity between  i electronic debit transactions and   ii checking transactions that are required within the federal reserve bank system to clear at par    b distinguish between  i the incremental cost incurred by an issuer for the role of the issuer in the authorization, clearance, or settlement of a particular electronic debit transaction, which cost shall be considered under paragraph 2 and   ii other costs incurred by an issuer which are not specific to a particular electronic debit transaction, which costs shall not be considered under paragraph 2 and    c consult, as appropriate, with the comptroller of the currency, the board of directors of the federal deposit insurance corporation, the director of the office of thrift supervision, the national credit union administration board, the administrator of the small business administration, and the director of the bureau of consumer financial protection    5 adjustments to interchange transaction fees for fraud prevention costs  a adjustments the board may allow for an adjustment to the fee amount received or charged by an issuer under paragraph 2 , if  i such adjustment is reasonably necessary to make allowance for costs incurred by the issuer in preventing fraud in relation to electronic debit transactions involving that issuer and   ii the issuer complies with the fraud-related standards established by the board under subparagraph b , which standards shall  i be designed to ensure that any fraud-related adjustment of the issuer is limited to the amount described in clause i and takes into account any fraud-related reimbursements including amounts from charge-backs received from consumers, merchants, or payment card networks in relation to electronic debit transactions involving the issuer and   ii require issuers to take effective steps to reduce the occurrence of, and costs from, fraud in relation to electronic debit transactions, including through the development and implementation of cost-effective fraud prevention technology     b rulemaking required  i in general the board shall prescribe regulations in final form not later than 9 months after the date of enactment of the consumer financial protection act of 2010, to establish standards for making adjustments under this paragraph   ii factors for consideration in issuing the standards and prescribing regulations under this paragraph, the board shall consider  i the nature, type, and occurrence of fraud in electronic debit transactions   ii the extent to which the occurrence of fraud depends on whether authorization in an electronic debit transaction is based on signature, pin, or other means   iii the available and economical means by which fraud on electronic debit transactions may be reduced   iv the fraud prevention and data security costs expended by each party involved in electronic debit transactions including consumers, persons who accept debit cards as a form of payment, financial institutions, retailers and payment card networks   v the costs of fraudulent transactions absorbed by each party involved in such transactions including consumers, persons who accept debit cards as a form of payment, financial institutions, retailers and payment card networks   vi the extent to which interchange transaction fees have in the past reduced or increased incentives for parties involved in electronic debit transactions to reduce fraud on such transactions and   vii such other factors as the board considers appropriate      6 exemption for small issuers  a in general this subsection shall not apply to any issuer that, together with its affiliates, has assets of less than $10,000,000,000, and the board shall exempt such issuers from regulations prescribed under paragraph 3 a   b definition for purposes of this paragraph, the term issuer shall be limited to the person holding the asset account that is debited through an electronic debit transaction    7 exemption for government-administered payment programs and reloadable prepaid cards  a in general this subsection shall not apply to an interchange transaction fee charged or received with respect to an electronic debit transaction in which a person uses  i a debit card or general-use prepaid card that has been provided to a person pursuant to a federal, state or local government-administered payment program, in which the person may only use the debit card or general-use prepaid card to transfer or debit funds, monetary value, or other assets that have been provided pursuant to such program or   ii a plastic card, payment code, or device that is  i linked to funds, monetary value, or assets which are purchased or loaded on a prepaid basis   ii not issued or approved for use to access or debit any account held by or for the benefit of the card holder other than a subaccount or other method of recording or tracking funds purchased or loaded on the card on a prepaid basis   iii redeemable at multiple, unaffiliated merchants or service providers, or automated teller machines   iv used to transfer or debit funds, monetary value, or other assets and   v reloadable and not marketed or labeled as a gift card or gift certificate     b exception notwithstanding subparagraph a , after the end of the 1-year period beginning on the effective date provided in paragraph 9 , this subsection shall apply to an interchange transaction fee charged or received with respect to an electronic debit transaction described in subparagraph a i in which a person uses a general-use prepaid card, or an electronic debit transaction described in subparagraph a ii , if any of the following fees may be charged to a person with respect to the card  i a fee for an overdraft, including a shortage of funds or a transaction processed for an amount exceeding the account balance   ii a fee imposed by the issuer for the first withdrawal per month from an automated teller machine that is part of the issuer s designated automated teller machine network    c definition for purposes of subparagraph b , the term designated automated teller machine network means either  i all automated teller machines identified in the name of the issuer or   ii any network of automated teller machines identified by the issuer that provides reasonable and convenient access to the issuer s customers    d reporting beginning 12 months after the date of enactment of the consumer financial protection act of 2010, the board shall annually provide a report to the congress regarding  i the prevalence of the use of general-use prepaid cards in federal, state or local government-administered payment programs and   ii the interchange transaction fees and cardholder fees charged with respect to the use of such general-use prepaid cards     8 regulatory authority over network fees  a in general the board may prescribe regulations, pursuant to section 553 of title 5, united states code, regarding any network fee   b limitation the authority under subparagraph a to prescribe regulations shall be limited to regulations to ensure that  i a network fee is not used to directly or indirectly compensate an issuer with respect to an electronic debit transaction and   ii a network fee is not used to circumvent or evade the restrictions of this subsection and regulations prescribed under such subsection    c rulemaking required the board shall prescribe regulations in final form before the end of the 9-month period beginning on the date of the enactment of the consumer financial protection act of 2010, to carry out the authorities provided under subparagraph a    9 effective date this subsection shall take effect at the end of the 12-month period beginning on the date of the enactment of the consumer financial protection act of 2010    b limitation on payment card network restrictions  1 prohibitions against exclusivity arrangements  a no exclusive network the board shall, before the end of the 1-year period beginning on the date of the enactment of the consumer financial protection act of 2010, prescribe regulations providing that an issuer or payment card network shall not directly or through any agent, processor, or licensed member of a payment card network, by contract, requirement, condition, penalty, or otherwise, restrict the number of payment card networks on which an electronic debit transaction may be processed to  i 1 such network or   ii 2 or more such networks which are owned, controlled, or otherwise operated by  i affiliated persons or   ii networks affiliated with such issuer     b no routing restrictions the board shall, before the end of the 1-year period beginning on the date of the enactment of the consumer financial protection act of 2010, prescribe regulations providing that an issuer or payment card network shall not, directly or through any agent, processor, or licensed member of the network, by contract, requirement, condition, penalty, or otherwise, inhibit the ability of any person who accepts debit cards for payments to direct the routing of electronic debit transactions for processing over any payment card network that may process such transactions    2 limitation on restrictions on offering discounts for use of a form of payment  a in general a payment card network shall not, directly or through any agent, processor, or licensed member of the network, by contract, requirement, condition, penalty, or otherwise, inhibit the ability of any person to provide a discount or in-kind incentive for payment by the use of cash, checks, debit cards, or credit cards to the extent that  i in the case of a discount or in-kind incentive for payment by the use of debit cards, the discount or in-kind incentive does not differentiate on the basis of the issuer or the payment card network   ii in the case of a discount or in-kind incentive for payment by the use of credit cards, the discount or in-kind incentive does not differentiate on the basis of the issuer or the payment card network and   iii to the extent required by federal law and applicable state law, such discount or in-kind incentive is offered to all prospective buyers and disclosed clearly and conspicuously    b lawful discounts for purposes of this paragraph, the network may not penalize any person for the providing of a discount that is in compliance with federal law and applicable state law    3 limitation on restrictions on setting transaction minimums or maximums  a in general a payment card network shall not, directly or through any agent, processor, or licensed member of the network, by contract, requirement, condition, penalty, or otherwise, inhibit the ability  i of any person to set a minimum dollar value for the acceptance by that person of credit cards, to the extent that  i such minimum dollar value does not differentiate between issuers or between payment card networks and   ii such minimum dollar value does not exceed $1000 or    ii of any federal agency or institution of higher education to set a maximum dollar value for the acceptance by that federal agency or institution of higher education of credit cards, to the extent that such maximum dollar value does not differentiate between issuers or between payment card networks    b increase in minimum dollar amount the board may, by regulation prescribed pursuant to section 553 of title 5, united states code, increase the amount of the dollar value listed in subparagraph a i ii    4 rule of construction no provision of this subsection shall be construed to authorize any person  a to discriminate between debit cards within a payment card network on the basis of the issuer that issued the debit card or   b to discriminate between credit cards within a payment card network on the basis of the issuer that issued the credit card     c definitions for purposes of this section, the following definitions shall apply  1 affiliate the term affiliate means any company that controls, is controlled by, or is under common control with another company   2 debit card the term debit card  a means any card, or other payment code or device, issued or approved for use through a payment card network to debit an asset account regardless of the purpose for which the account is established , whether authorization is based on signature, pin, or other means   b includes a general-use prepaid card, as that term is defined in section 915 a 2 a and   c does not include paper checks    3 credit card the term credit card has the same meaning as in section 103 of the truth in lending act   4 discount the term discount  a means a reduction made from the price that customers are informed is the regular price and   b does not include any means of increasing the price that customers are informed is the regular price    5 electronic debit transaction the term electronic debit transaction means a transaction in which a person uses a debit card   6 federal agency the term federal agency means  a an agency as defined in section 101 of title 31, united states code and   b a government corporation as defined in section 103 of title 5, united states code    7 institution of higher education the term institution of higher education has the same meaning as in 101 and 102 of the higher education act of 1965 20 usc 1001, 1002   8 interchange transaction fee the term interchange transaction fee means any fee established, charged or received by a payment card network for the purpose of compensating an issuer for its involvement in an electronic debit transaction   9 issuer the term issuer means any person who issues a debit card, or credit card, or the agent of such person with respect to such card   10 network fee the term network fee means any fee charged and received by a payment card network with respect to an electronic debit transaction, other than an interchange transaction fee   11 payment card network the term payment card network means an entity that directly, or through licensed members, processors, or agents, provides the proprietary services, infrastructure, and software that route information and data to conduct debit card or credit card transaction authorization, clearance, and settlement, and that a person uses in order to accept as a form of payment a brand of debit card, credit card or other device that may be used to carry out debit or credit transactions    d enforcement  1 in general compliance with the requirements imposed under this section shall be enforced under section 918   2 exception sections 916 and 917 shall not apply with respect to this section or the requirements imposed pursuant to this section        b amendment to the food and nutrition act of 2008 section 7 h 10 of the food and nutrition act of 2008 7 usc 2016 h 10 is amended to read as follows  10 federal law not applicable section 920 of the electronic fund transfer act shall not apply to electronic benefit transfer or reimbursement systems under this act     c amendment to the farm security and rural investment act of 2002 section 4402 of the farm security and rural investment act of 2002 7 usc 3007 is amended by adding at the end the following new subsection  f federal law not applicable section 920 of the electronic fund transfer act shall not apply to electronic benefit transfer systems established under this section     d amendment to the child nutrition act of 1966 section 11 of the child nutrition act of 1966 42 usc 1780 is amended by adding at the end the following  c federal law not applicable section 920 of the electronic fund transfer act shall not apply to electronic benefit transfer systems established under this act or the richard b russell national school lunch act 42 usc 1751 et seq      sec 1076 reverse mortgage study and regulations  a study not later than 1 year after the designated transfer date, the bureau shall conduct a study on reverse mortgage transactions   b regulations  1 in general if the bureau determines through the study required under subsection a that conditions or limitations on reverse mortgage transactions are necessary or appropriate for accomplishing the purposes and objectives of this title, including protecting borrowers with respect to the obtaining of reverse mortgage loans for the purpose of funding investments, annuities, and other investment products and the suitability of a borrower in obtaining a reverse mortgage for such purpose   2 identified practices and integrated disclosures the regulations prescribed under paragraph 1 may, as the bureau may so determine  a identify any practice as unfair, deceptive, or abusive in connection with a reverse mortgage transaction and   b provide for an integrated disclosure standard and model disclosures for reverse mortgage transactions, consistent with section 4302 d , that combines the relevant disclosures required under the truth in lending act 15 usc 1601 et seq and the real estate settlement procedures act, with the disclosures required to be provided to consumers for home equity conversion mortgages under section 255 of the national housing act     c rule of construction this section shall not be construed as limiting the authority of the bureau to issue regulations, orders, or guidance that apply to reverse mortgages prior to the completion of the study required under subsection a    sec 1077 report on private education loans and private educational lenders  a report not later than 2 years after the date of enactment of this act, the director and the secretary of education, in consultation with the commissioners of the federal trade commission, and the attorney general of the united states, shall submit a report to the committee on banking, housing, and urban affairs and the committee on health, education, labor, and pensions of the senate and the committee on financial services and the committee on education and labor of the house of representatives, on private education loans as that term is defined in section 140 of the truth in lending act 15 usc 1650 and private educational lenders as that term is defined in such section   b content the report required by this section shall examine, at a minimum  1 the growth and changes of the private education loan market in the united states   2 factors influencing such growth and changes   3 the extent to which students and parents of students rely on private education loans to finance postsecondary education and the private education loan indebtedness of borrowers   4 the characteristics of private education loan borrowers, including  a the types of institutions of higher education that they attend   b socioeconomic characteristics including income and education levels, racial characteristics, geographical background, age, and gender   c what other forms of financing borrowers use to pay for education   d whether they exhaust their federal loan options before taking out a private loan   e whether such borrowers are dependent or independent students as determined under part f of title iv of the higher education act of 1965 or parents of such students   f whether such borrowers are students enrolled in a program leading to a certificate, license, or credential other than a degree, an associates degree, a baccalaureate degree, or a graduate or professional degree and   g if practicable, employment and repayment behaviors    5 the characteristics of private educational lenders, including whether such creditors are for-profit, non-profit, or institutions of higher education   6 the underwriting criteria used by private educational lenders, including the use of cohort default rate as such term is defined in section 435 m of the higher education act of 1965   7 the terms, conditions, and pricing of private education loans   8 the consumer protections available to private education loan borrowers, including the effectiveness of existing disclosures and requirements and borrowers awareness and understanding about terms and conditions of various financial products   9 whether federal regulators and the public have access to information sufficient to provide them with assurances that private education loans are provided in accord with the nations fair lending laws and that allows public officials to determine lender compliance with fair lending laws and   10 any statutory or legislative recommendations necessary to improve consumer protections for private education loan borrowers and to better enable federal regulators and the public to ascertain private educational lender compliance with fair lending laws     sec 1078 study and report on credit scores  a study the bureau shall conduct a study on the nature, range, and size of variations between the credit scores sold to creditors and those sold to consumers by consumer reporting agencies that compile and maintain files on consumers on a nationwide basis as defined in section 603 p of the fair credit reporting act 15 usc 1681a p , and whether such variations disadvantage consumers   b report to congress the bureau shall submit a report to congress on the results of the study conducted under subsection a not later than 1 year after the date of enactment of this act    sec 1079 review, report, and program with respect to exchange facilitators  a review the director shall review all federal laws and regulations relating to the protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes   b report not later than 1 year after the designated transfer date, the director shall submit to congress a report describing  1 recommendations for legislation to ensure the appropriate protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes   2 recommendations for updating the regulations of federal departments and agencies to ensure the appropriate protection of such consumers and   3 recommendations for regulations to ensure the appropriate protection of such consumers    c program not later than 2 years after the date of the submission of the report under subsection b , the bureau shall, consistent with subtitle b, propose regulations or otherwise establish a program to protect consumers who use exchange facilitators   d exchange facilitator defined in this section, the term exchange facilitator means a person that  1 facilitates, for a fee, an exchange of like kind property by entering into an agreement with a taxpayer by which the exchange facilitator acquires from the taxpayer the contractual rights to sell the taxpayers relinquished property and transfers a replacement property to the taxpayer as a qualified intermediary within the meaning of treasury regulations section 11031 k 1 g 4 or enters into an agreement with the taxpayer to take title to a property as an exchange accommodation titleholder within the meaning of revenue procedure 200037 or enters into an agreement with a taxpayer to act as a qualified trustee or qualified escrow holder within the meaning of treasury regulations section 11031 k 1 g 3   2 maintains an office for the purpose of soliciting business to perform the services described in paragraph 1 or   3 advertises any of the services described in paragraph 1 or solicits clients in printed publications, direct mail, television or radio advertisements, telephone calls, facsimile transmissions, or other electronic communications directed to the general public for purposes of providing any such services     sec 1079a financial fraud provisions  a sentencing guidelines  1 securities fraud  a directive pursuant to its authority under section 994 of title 28, united states code, and in accordance with this paragraph, the united states sentencing commission shall review and, if appropriate, amend the federal sentencing guidelines and policy statements applicable to persons convicted of offenses relating to securities fraud or any other similar provision of law, in order to reflect the intent of congress that penalties for the offenses under the guidelines and policy statements appropriately account for the potential and actual harm to the public and the financial markets from the offenses   b requirements in making any amendments to the federal sentencing guidelines and policy statements under subparagraph a , the united states sentencing commission shall  i ensure that the guidelines and policy statements, particularly section 2b11 b 14 and section 2b11 b 17 and any successors thereto , reflect  i the serious nature of the offenses described in subparagraph a   ii the need for an effective deterrent and appropriate punishment to prevent the offenses and   iii the effectiveness of incarceration in furthering the objectives described in subclauses i and ii    ii consider the extent to which the guidelines appropriately account for the potential and actual harm to the public and the financial markets resulting from the offenses   iii ensure reasonable consistency with other relevant directives and guidelines and federal statutes   iv make any necessary conforming changes to guidelines and   v ensure that the guidelines adequately meet the purposes of sentencing, as set forth in section 3553 a 2 of title 18, united states code     2 financial institution fraud  a directive pursuant to its authority under section 994 of title 28, united states code, and in accordance with this paragraph, the united states sentencing commission shall review and, if appropriate, amend the federal sentencing guidelines and policy statements applicable to persons convicted of fraud offenses relating to financial institutions or federally related mortgage loans and any other similar provisions of law, to reflect the intent of congress that the penalties for the offenses under the guidelines and policy statements ensure appropriate terms of imprisonment for offenders involved in substantial bank frauds or other frauds relating to financial institutions   b requirements in making any amendments to the federal sentencing guidelines and policy statements under subparagraph a , the united states sentencing commission shall  i ensure that the guidelines and policy statements reflect  i the serious nature of the offenses described in subparagraph a   ii the need for an effective deterrent and appropriate punishment to prevent the offenses and   iii the effectiveness of incarceration in furthering the objectives described in subclauses i and ii    ii consider the extent to which the guidelines appropriately account for the potential and actual harm to the public and the financial markets resulting from the offenses   iii ensure reasonable consistency with other relevant directives and guidelines and federal statutes   iv make any necessary conforming changes to guidelines and   v ensure that the guidelines adequately meet the purposes of sentencing, as set forth in section 3553 a 2 of title 18, united states code      b extension of statute of limitations for securities fraud violations  1 in general chapter 213 of title 18, united states code, is amended by adding at the end the following  sec 3301 securities fraud offenses  a definition in this section, the term securities fraud offense means a violation of, or a conspiracy or an attempt to violate  1 section 1348   2 section 32 a of the securities exchange act of 1934 15 usc 78ff a   3 section 24 of the securities act of 1933 15 usc 77x   4 section 217 of the investment advisers act of 1940 15 usc 80b17   5 section 49 of the investment company act of 1940 15 usc 80a48 or   6 section 325 of the trust indenture act of 1939 15 usc 77yyy    b limitation no person shall be prosecuted, tried, or punished for a securities fraud offense, unless the indictment is found or the information is instituted within 6 years after the commission of the offense      2 technical and conforming amendment the table of sections for chapter 213 of title 18, united states code, is amended by adding at the end the following     c amendments to the false claims act relating to limitations on actions section 3730 h of title 31, united states code, is amended  1 in paragraph 1 , by striking or agent on behalf of the employee, contractor, or agent or associated others in furtherance of other efforts to stop 1 or more violations of this subchapter and inserting agent or associated others in furtherance of an action under this section or other efforts to stop 1 or more violations of this subchapter and   2 by adding at the end the following  3 limitation on bringing civil action a civil action under this subsection may not be brought more than 3 years after the date when the retaliation occurred        subtitle h conforming amendments  sec 1081 amendments to the inspector general act  effective on the date of enactment of this act, the inspector general act of 1978 5 usc app 3 is amended  1 in section 8g a 2 , by inserting and the bureau of consumer financial protection after board of governors of the federal reserve system   2 in section 8g c , by adding at the end the following for purposes of implementing this section, the chairman of the board of governors of the federal reserve system shall appoint the inspector general of the board of governors of the federal reserve system and the bureau of consumer financial protection the inspector general of the board of governors of the federal reserve system and the bureau of consumer financial protection shall have all of the authorities and responsibilities provided by this act with respect to the bureau of consumer financial protection, as if the bureau were part of the board of governors of the federal reserve system and   3 in section 8g g 3 , by inserting and the bureau of consumer financial protection after board of governors of the federal reserve system the first place that term appears     sec 1082 amendments to the privacy act of 1974  effective on the date of enactment of this act, section 552a of title 5, united states code, is amended by adding at the end the following  w applicability to bureau of consumer financial protection except as provided in the consumer financial protection act of 2010, this section shall apply with respect to the bureau of consumer financial protection      sec 1083 amendments to the alternative mortgage transaction parity act of 1982  a in general the alternative mortgage transaction parity act of 1982 12 usc 3801 et seq is amended  1 in section 803 12 usc 3802 1 , by striking 1974 and all that follows through described and defined and inserting the following 1974 , in which the interest rate or finance charge may be adjusted or renegotiated, described and defined and   2 in section 804 12 usc 3803  a in subsection a  i in each of paragraphs 1 , 2 , and 3 , by inserting after transactions made each place that term appears on or before the designated transfer date, as determined under section 1062 of the consumer financial protection act of 2010,   ii in paragraph 2 , by striking and at the end   iii in paragraph 3 , by striking the period at the end and inserting and and   iv by adding at the end the following new paragraph  4 with respect to transactions made after the designated transfer date, only in accordance with regulations governing alternative mortgage transactions, as issued by the bureau of consumer financial protection for federally chartered housing creditors, in accordance with the rulemaking authority granted to the bureau of consumer financial protection with regard to federally chartered housing creditors under provisions of law other than this section      b by striking subsection c and inserting the following  c preemption of state law an alternative mortgage transaction may be made by a housing creditor in accordance with this section, notwithstanding any state constitution, law, or regulation that prohibits an alternative mortgage transaction for purposes of this subsection, a state constitution, law, or regulation that prohibits an alternative mortgage transaction does not include any state constitution, law, or regulation that regulates mortgage transactions generally, including any restriction on prepayment penalties or late charges   and   c by adding at the end the following  d bureau actions the bureau of consumer financial protection shall  1 review the regulations identified by the comptroller of the currency and the national credit union administration, as those rules exist on the designated transfer date , as applicable under paragraphs 1 through 3 of subsection a   2 determine whether such regulations are fair and not deceptive and otherwise meet the objectives of the consumer financial protection act of 2010 and   3 promulgate regulations under subsection a 4 after the designated transfer date    e designated transfer date as used in this section, the term designated transfer date means the date determined under section 1062 of the consumer financial protection act of 2010       b effective date this section and the amendments made by this section shall become effective on the designated transfer date   c rule of construction the amendments made by subsection a shall not affect any transaction covered by the alternative mortgage transaction parity act of l982 12 usc 3801 et seq and entered into on or before the designated transfer date    sec 1084 amendments to the electronic fund transfer act  the electronic fund transfer act 15 usc 1693 et seq is amended  1 by striking board each place that term appears and inserting bureau , except in subsections a and e of section 904 as amended in paragraph 3 of this section and in 918 15 usc 1693o as so designated by the credit card act of 2009 and section 920 as added by section 1076   2 in section 903 15 usc 1693a  a by redesignating paragraphs 3 through 11 as paragraphs 4 through 12 , respectively and   b by inserting after paragraph 3 the following  4 the term bureau means the bureau of consumer financial protection      3 in section 904 15 usc 1693b  a in subsection a , by striking a and inserting the following prescription by boardthe board shall prescribe regulations to carry out the purposes of this title  a prescription by the bureau and the board  1 in general except as provided in paragraph 2 , the bureau shall prescribe rules to carry out the purposes of this title   2 authority of the board the board shall have sole authority to prescribe rules  a to carry out the purposes of this title with respect to a person described in section 1029 a of the consumer financial protection act of 2010 and   b to carry out the purposes of section 920     and   b by adding at the end the following new subsection  e deference no provision of this title may be construed as altering, limiting, or otherwise affecting the deference that a court affords to  1 the bureau in making determinations regarding the meaning or interpretation of any provision of this title for which the bureau has authority to prescribe regulations or   2 the board in making determinations regarding the meaning or interpretation of section 920       4 in section 916 d 15 usc 1693m as so designated by the credit card act of 2009  a in the subsection heading, by striking of board or approval of duly authorized official or employee of federal reserve system   b by inserting bureau or the before board each place that term appears and   c by inserting bureau of consumer financial protection or the before federal reserve system and    5 in section 918 15 usc 1693o as so designated by the credit card act of 2009  a in subsection a  i by striking compliance and inserting subject to subtitle b of the consumer financial protection act of 2010, compliance   ii by striking paragraphs 1 and 2 , and inserting the following  1 section 8 of the federal deposit insurance act, by the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to  a national banks, federal savings associations, and federal branches and federal agencies of foreign banks   b member banks of the federal reserve system other than national banks , branches and agencies of foreign banks other than federal branches, federal agencies, and insured state branches of foreign banks , commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25a of the federal reserve act and   c banks and state savings associations insured by the federal deposit insurance corporation other than members of the federal reserve system , and insured state branches of foreign banks      iii by redesignating paragraphs 3 through 5 as paragraphs 2 through 4 , respectively   iv in paragraph 2 as so redesignated , by striking the period at the end and inserting a semicolon   v in paragraph 3 as so redesignated , by striking and at the end   vi in paragraph 4 as so redesignated , by striking the period at the end and inserting and and   vii by adding at the end the following  5 subtitle e of the consumer financial protection act of 2010, by the bureau, with respect to any person subject to this title, except that the bureau shall not have authority to enforce the requirements of section 920 or any regulations prescribed by the board under section 920      b in subsection b , by inserting any of paragraphs 1 through 4 of before subsection a each place that term appears and   c by striking subsection c and inserting the following  c overall enforcement authority of the federal trade commission except to the extent that enforcement of the requirements imposed under this title is specifically committed to some other government agency under any of paragraphs 1 through 4 of subsection a , and subject to subtitle b of the consumer financial protection act of 2010, the federal trade commission shall be authorized to enforce such requirements for the purpose of the exercise by the federal trade commission of its functions and powers under the federal trade commission act, a violation of any requirement imposed under this title shall be deemed a violation of a requirement imposed under that act all of the functions and powers of the federal trade commission under the federal trade commission act are available to the federal trade commission to enforce compliance by any person subject to the jurisdiction of the federal trade commission with the requirements imposed under this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the federal trade commission act        sec 1085 amendments to the equal credit opportunity act  the equal credit opportunity act 15 usc 1691 et seq is amended  1 by striking board each place that term appears, other than in section 703 f as added by this section and section 704 a 4 15 usc 1691c a 4 , and inserting bureau   2 in section 702 15 usc 1691a , by striking subsection c and inserting the following  c the term bureau means the bureau of consumer financial protection     3 in section 703 15 usc 1691b  a by striking the section heading and inserting the following  sec 703 promulgation of regulations by the bureau     b by striking a regulations   c by striking subsection b   d by redesignating paragraphs 1 through 5 as subsections a through e , respectively   e in subsection c , as so redesignated, by striking paragraph 2 and inserting subsection b and   f by adding at the end the following  f board authority notwithstanding subsection a , the board shall prescribe regulations to carry out the purposes of this title with respect to a person described in section 1029 a of the consumer financial protection act of 2010 these regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the board are necessary or proper to effectuate the purposes of this title, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith   g deference notwithstanding any power granted to any federal agency under this title, the deference that a court affords to a federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this title that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this title      4 in section 704 15 usc 1691c  a in subsection a  i by striking compliance and inserting subject to subtitle b of the consumer protection financial protection act of 2010   ii by striking paragraphs 1 and 2 and inserting the following  1 section 8 of the federal deposit insurance act, by the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to  a national banks, federal savings associations, and federal branches and federal agencies of foreign banks   b member banks of the federal reserve system other than national banks , branches and agencies of foreign banks other than federal branches, federal agencies, and insured state branches of foreign banks , commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25a of the federal reserve act and   c banks and state savings associations insured by the federal deposit insurance corporation other than members of the federal reserve system , and insured state branches of foreign banks      iii by redesignating paragraphs 3 through 9 as paragraphs 2 through 8 , respectively   iv in paragraph 7 as so redesignated , by striking and at the end   v in paragraph 8 as so redesignated , by striking the period at the end, and inserting and and   vi by adding at the end the following  9 subtitle e of the consumer financial protection act of 2010, by the bureau, with respect to any person subject to this title      b by striking subsection c and inserting the following  c overall enforcement authority of federal trade commission except to the extent that enforcement of the requirements imposed under this title is specifically committed to some other government agency under any of paragraphs 1 through 8 of subsection a , and subject to subtitle b of the consumer financial protection act of 2010, the federal trade commission shall be authorized to enforce such requirements for the purpose of the exercise by the federal trade commission of its functions and powers under the federal trade commission act 15 usc 41 et seq , a violation of any requirement imposed under this subchapter shall be deemed a violation of a requirement imposed under that act all of the functions and powers of the federal trade commission under the federal trade commission act are available to the federal trade commission to enforce compliance by any person with the requirements imposed under this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the federal trade commission act, including the power to enforce any rule prescribed by the bureau under this title in the same manner as if the violation had been a violation of a federal trade commission trade regulation rule   and   c in subsection d , by striking board and inserting bureau    5 in section 706 e 15 usc 1691e e  a in the subsection heading  i by striking board each place that term appears and inserting bureau and   ii by striking federal reserve system and inserting bureau of consumer financial protection and    b by striking federal reserve system and inserting bureau of consumer financial protection    6 in section 706 g 15 usc 1691e g , by striking 3 and inserting 9 and   7 in section 706 f 15 usc 1691e f , by striking two years from each place that term appears and inserting 5 years after     sec 1086 amendments to the expedited funds availability act  a amendment to section 603 section 603 d 1 of the expedited funds availability act 12 usc 4002 is amended by inserting after board the following , jointly with the director of the bureau of consumer financial protection,   b amendments to section 604 section 604 of the expedited funds availability act 12 usc 4003 is amended  1 by inserting after board each place that term appears, other than in subsection f , the following , jointly with the director of the bureau of consumer financial protection, and   2 in subsection f , by striking board each place that term appears and inserting the following board, jointly with the director of the bureau of consumer financial protection    c amendments to section 605 section 605 of the expedited funds availability act 12 usc 4004 is amended  1 by inserting after board each place that term appears, other than in the heading for section 605 f 1 , the following , jointly with the director of the bureau of consumer financial protection, and   2 in subsection f 1 , in the paragraph heading, by inserting and bureau after board    d amendments to section 609 section 609 of the expedited funds availability act 12 usc 4008 is amended  1 in subsection a , by inserting after board the following , jointly with the director of the bureau of consumer financial protection, and   2 by striking subsection e and inserting the following  e consultations in prescribing regulations under subsections a and b , the board and the director of the bureau of consumer financial protection, in the case of subsection a , and the board, in the case of subsection b , shall consult with the comptroller of the currency, the board of directors of the federal deposit insurance corporation, and the national credit union administration board      e expedited funds availability improvements section 603 of the expedited funds availability act 12 usc 4002 is amended  1 in subsection a 2 d , by striking $100 and inserting $200 and   2 in subsection b 3 c , in the subparagraph heading, by striking $100 and inserting $200 and   3 in subsection c 1 b iii , in the clause heading, by striking $100 and inserting $200    f regular adjustments for inflation section 607 of the expedited funds availability act 12 usc 4006 is amended by adding at the end the following  f adjustments to dollar amounts for inflation the dollar amounts under this title shall be adjusted every 5 years after december 31, 2011, by the annual percentage increase in the consumer price index for urban wage earners and clerical workers, as published by the bureau of labor statistics, rounded to the nearest multiple of $25      sec 1087 amendments to the fair credit billing act  the fair credit billing act 15 usc 16661666j is amended by striking board each place that term appears, other than in section 105 i as added by this subtitle and inserting bureau    sec 1088 amendments to the fair credit reporting act and the fair and accurate credit transactions act of 2003  a fair credit reporting act the fair credit reporting act 15 usc 1681 et seq is amended  1 in section 603 15 usc 1681a  a by redesignating subsections w and x as subsections x and y , respectively and   b by inserting after subsection v the following  w the term bureau means the bureau of consumer financial protection   and    2 except as otherwise specifically provided in this subsection  a by striking federal trade commission each place that term appears and inserting bureau   b by striking ftc each place that term appears and inserting bureau   c by striking the commission each place that term appears, other than sections 615 e 15 usc 1681m e and 628 a 1 15 usc 1681w a 1 , and inserting the bureau and   d by striking the federal banking agencies, the national credit union administration, and the commission shall jointly each place that term appears, other than section 615 e 1 15 usc 1681m e and section 628 a 1 15 usc 1681w a 1 , and inserting the bureau shall    3 in section 603 k 2 15 usc 1681a k 2 , by striking board of governors of the federal reserve system and inserting bureau   4 in section 604 g 15 usc 1681b g  a in paragraph 3 , by striking subparagraph c and inserting the following  c as otherwise determined to be necessary and appropriate, by regulation or order, by the bureau or the applicable state insurance authority with respect to any person engaged in providing insurance or annuities   and   b by striking paragraph 5 and inserting the following  5 regulations and effective date for paragraph 2  a regulations required the bureau may, after notice and opportunity for comment, prescribe regulations that permit transactions under paragraph 2 that are determined to be necessary and appropriate to protect legitimate operational, transactional, risk, consumer, and other needs and which shall include permitting actions necessary for administrative verification purposes , consistent with the intent of paragraph 2 to restrict the use of medical information for inappropriate purposes       5 in section 605 h 2 a 15 usc 1681c h 2 a , by striking with respect to the entities that are subject to their respective enforcement authority under section 621 and inserting , in consultation with the federal banking agencies, the national credit union administration, and the federal trade commission,   6 in section 611 e 2 15 usc 1681i e , by striking paragraph 2 and inserting the following  2 exclusion complaints received or obtained by the bureau pursuant to its investigative authority under the consumer financial protection act of 2010 shall not be subject to paragraph 1     7 in section 615 d 2 b 15 usc 1681m d 2 b , by striking the federal banking agencies and inserting the federal trade commission, the federal banking agencies,   8 in section 615 e 1 15 usc 1681m e 1 , by striking and the commission and inserting the federal trade commission, the commodity futures trading commission, and the securities and exchange commission   9 in section 615 h 6 15 usc 1681m h 6 , by striking subparagraph a and inserting the following  a rules required the bureau shall prescribe rules to carry out this subsection     10 in section 621 15 usc 1681s  a by striking subsection a and inserting the following  a enforcement by federal trade commission  1 in general the federal trade commission shall be authorized to enforce compliance with the requirements imposed by this title under the federal trade commission act 15 usc 41 et seq , with respect to consumer reporting agencies and all other persons subject thereto, except to the extent that enforcement of the requirements imposed under this title is specifically committed to some other government agency under any of subparagraphs a through g of subsection b 1 , and subject to subtitle b of the consumer financial protection act of 2010, subsection b for the purpose of the exercise by the federal trade commission of its functions and powers under the federal trade commission act, a violation of any requirement or prohibition imposed under this title shall constitute an unfair or deceptive act or practice in commerce, in violation of section 5 a of the federal trade commission act 15 usc 45 a , and shall be subject to enforcement by the federal trade commission under section 5 b of that act with respect to any consumer reporting agency or person that is subject to enforcement by the federal trade commission pursuant to this subsection, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the federal trade commission act the federal trade commission shall have such procedural, investigative, and enforcement powers, including the power to issue procedural rules in enforcing compliance with the requirements imposed under this title and to require the filing of reports, the production of documents, and the appearance of witnesses, as though the applicable terms and conditions of the federal trade commission act were part of this title any person violating any of the provisions of this title shall be subject to the penalties and entitled to the privileges and immunities provided in the federal trade commission act as though the applicable terms and provisions of such act are part of this title   2 penalties  a knowing violations except as otherwise provided by subtitle b of the consumer financial protection act of 2010, in the event of a knowing violation, which constitutes a pattern or practice of violations of this title, the federal trade commission may commence a civil action to recover a civil penalty in a district court of the united states against any person that violates this title in such action, such person shall be liable for a civil penalty of not more than $2,500 per violation   b determining penalty amount in determining the amount of a civil penalty under subparagraph a , the court shall take into account the degree of culpability, any history of such prior conduct, ability to pay, effect on ability to continue to do business, and such other matters as justice may require   c limitation notwithstanding paragraph 2 , a court may not impose any civil penalty on a person for a violation of section 623 a 1 , unless the person has been enjoined from committing the violation, or ordered not to commit the violation, in an action or proceeding brought by or on behalf of the federal trade commission, and has violated the injunction or order, and the court may not impose any civil penalty for any violation occurring before the date of the violation of the injunction or order       b by striking subsection b and inserting the following  b enforcement by other agencies  1 in general subject to subtitle b of the consumer financial protection act of 2010, compliance with the requirements imposed under this title with respect to consumer reporting agencies, persons who use consumer reports from such agencies, persons who furnish information to such agencies, and users of information that are subject to section 615 d shall be enforced under  a section 8 of the federal deposit insurance act 12 usc 1818 , by the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to  i any national bank or state savings association, and any federal branch or federal agency of a foreign bank   ii any member bank of the federal reserve system other than a national bank , a branch or agency of a foreign bank other than a federal branch, federal agency, or insured state branch of a foreign bank , a commercial lending company owned or controlled by a foreign bank, and any organization operating under section 25 or 25a of the federal reserve act and   iii any bank or federal savings association insured by the federal deposit insurance corporation other than a member of the federal reserve system and any insured state branch of a foreign bank    b the federal credit union act 12 usc 1751 et seq , by the administrator of the national credit union administration with respect to any federal credit union   c subtitle iv of title 49, united states code, by the secretary of transportation, with respect to all carriers subject to the jurisdiction of the surface transportation board   d the federal aviation act of 1958 49 usc app 1301 et seq , by the secretary of transportation, with respect to any air carrier or foreign air carrier subject to that act   e the packers and stockyards act, 1921 7 usc 181 et seq except as provided in section 406 of that act , by the secretary of agriculture, with respect to any activities subject to that act   f the commodity exchange act, with respect to a person subject to the jurisdiction of the commodity futures trading commission   g the federal securities laws, and any other laws that are subject to the jurisdiction of the securities and exchange commission, with respect to a person that is subject to the jurisdiction of the securities and exchange commission and   h subtitle e of the consumer financial protection act of 2010, by the bureau, with respect to any person subject to this title    2 incorporated definitions the terms used in paragraph 1 that are not defined in this title or otherwise defined in section 3 s of the federal deposit insurance act 12 usc 1813 s have the same meanings as in section 1 b of the international banking act of 1978 12 usc 3101      c in subsection c 2  i by inserting and the federal trade commission before or the appropriate and   ii by inserting and the federal trade commission before or appropriate each place that term appears    d in subsection c 4 , by inserting before or the appropriate each place that term appears the following , the federal trade commission,   e by striking subsection e and inserting the following  e regulatory authority  1 in general the bureau shall prescribe such regulations as are necessary to carry out the purposes of this title, except with respect to sections 615 e and 628 the bureau may prescribe regulations as may be necessary or appropriate to administer and carry out the purposes and objectives of this title, and to prevent evasions thereof or to facilitate compliance therewith except as provided in section 1029 a of the consumer financial protection act of 2010, the regulations prescribed by the bureau under this title shall apply to any person that is subject to this title, notwithstanding the enforcement authorities granted to other agencies under this section   2 deference notwithstanding any power granted to any federal agency under this title, the deference that a court affords to a federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this title that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this title the regulations prescribed by the bureau under this title shall apply to any person that is subject to this title, notwithstanding the enforcement authorities granted to other agencies under this section    and   f in subsection f 2 , by striking the federal banking agencies and insert the federal trade commission, the federal banking agencies,    11 in section 623 15 usc 1681s2  a in subsection a 7 , by striking subparagraph d and inserting the following  d model disclosure  i duty of bureau the bureau shall prescribe a brief model disclosure that a financial institution may use to comply with subparagraph a , which shall not exceed 30 words   ii use of model not required no provision of this paragraph may be construed to require a financial institution to use any such model form prescribed by the bureau   iii compliance using model a financial institution shall be deemed to be in compliance with subparagraph a if the financial institution uses any model form prescribed by the bureau under this subparagraph, or the financial institution uses any such model form and rearranges its format      b in subsection a 8 , by inserting , in consultation with the federal trade commission, the federal banking agencies, and the national credit union administration, before shall jointly and   c by striking subsection e and inserting the following  e accuracy guidelines and regulations required  1 guidelines the bureau shall, with respect to persons or entities that are subject to the enforcement authority of the bureau under section 621  a establish and maintain guidelines for use by each person that furnishes information to a consumer reporting agency regarding the accuracy and integrity of the information relating to consumers that such entities furnish to consumer reporting agencies, and update such guidelines as often as necessary and   b prescribe regulations requiring each person that furnishes information to a consumer reporting agency to establish reasonable policies and procedures for implementing the guidelines established pursuant to subparagraph a    2 criteria in developing the guidelines required by paragraph 1 a , the bureau shall  a identify patterns, practices, and specific forms of activity that can compromise the accuracy and integrity of information furnished to consumer reporting agencies   b review the methods including technological means used to furnish information relating to consumers to consumer reporting agencies   c determine whether persons that furnish information to consumer reporting agencies maintain and enforce policies to ensure the accuracy and integrity of information furnished to consumer reporting agencies and   d examine the policies and processes that persons that furnish information to consumer reporting agencies employ to conduct reinvestigations and correct inaccurate information relating to consumers that has been furnished to consumer reporting agencies        12 in section 628 a 1 15 usc 1681w a 1 , by striking not later than and all that follows through exchange commission, and inserting the federal trade commission, the securities and exchange commission, the commodity futures trading commission, the federal banking agencies, and the national credit union administration, with respect to the entities that are subject to their respective enforcement authority under section 621, and   13 in section 628 a 3 15 usc 1681w a 3 , by striking the federal banking agencies, the national credit union administration, the commission, and the securities and exchange commission and inserting the agencies identified in paragraph 1    b fair and accurate credit transactions act of 2003 the fair and accurate credit transactions act of 2003 public law 108159 is amended  1 in section 112 b 15 usc 1681c1 note , by striking commission and inserting bureau   2 in section 211 d 15 usc 1681j note , by striking commission each place that term appears and inserting bureau   3 in section 214 b 15 usc 1681s3 note , by striking paragraph 1 and inserting the following  1 in general regulations to carry out section 624 of the fair credit reporting act 15 usc 1681s3 , shall be prescribed, as described in paragraph 2 , by  a the commodity futures trading commission, with respect to entities subject to its enforcement authorities   b the securities and exchange commission, with respect to entities subject to its enforcement authorities and   c the bureau, with respect to other entities subject to this act    and   4 in section 214 e 1 15 usc 1681s3 note , by striking commission and inserting bureau     sec 1089 amendments to the fair debt collection practices act  the fair debt collection practices act 15 usc 1692 et seq is amended  1 by striking commission each place that term appears and inserting bureau   2 in section 803 15 usc 1692a  a by striking paragraph 1 and inserting the following  1 the term bureau means the bureau of consumer financial protection      3 in section 814 15 usc 1692l  a by striking subsection a and inserting the following  a federal trade commission the federal trade commission shall be authorized to enforce compliance with this title, except to the extent that enforcement of the requirements imposed under this title is specifically committed to another government agency under any of paragraphs 1 through 5 of subsection b , subject to subtitle b of the consumer financial protection act of 2010 for purpose of the exercise by the federal trade commission of its functions and powers under the federal trade commission act 15 usc 41 et seq , a violation of this title shall be deemed an unfair or deceptive act or practice in violation of that act all of the functions and powers of the federal trade commission under the federal trade commission act are available to the federal trade commission to enforce compliance by any person with this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the federal trade commission act, including the power to enforce the provisions of this title, in the same manner as if the violation had been a violation of a federal trade commission trade regulation rule   and   b in subsection b  i by striking compliance and inserting subject to subtitle b of the consumer financial protection act of 2010, compliance   ii by striking paragraphs 1 and 2 and inserting the following  1 section 8 of the federal deposit insurance act, by the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to  a national banks, federal savings associations, and federal branches and federal agencies of foreign banks   b member banks of the federal reserve system other than national banks , branches and agencies of foreign banks other than federal branches, federal agencies, and insured state branches of foreign banks , commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25a of the federal reserve act and   c banks and state savings associations insured by the federal deposit insurance corporation other than members of the federal reserve system , and insured state branches of foreign banks      iii by redesignating paragraphs 3 through 6 , as paragraphs 2 through 5 , respectively   iv in paragraph 4 as so redesignated , by striking and at the end   v in paragraph 5 as so redesignated , by striking the period at the end and inserting and and   vi by inserting before the undesignated matter at the end the following  6 subtitle e of the consumer financial protection act of 2010, by the bureau, with respect to any person subject to this title       4 in subsection d , by striking neither the commission and all that follows through the end of the subsection and inserting the following except as provided in section 1029 a of the consumer financial protection act of 2010, the bureau may prescribe rules with respect to the collection of debts by debt collectors, as defined in this title     sec 1090 amendments to the federal deposit insurance act  the federal deposit insurance act 12 usc 1811 et seq is amended  1 in section 8 t 12 usc 1818 t , by adding at the end the following  6 referral to bureau of consumer financial protection subject to subtitle b of the consumer financial protection act of 2010, each appropriate federal banking agency shall make a referral to the bureau of consumer financial protection when the federal banking agency has a reasonable belief that a violation of an enumerated consumer law, as defined in the consumer financial protection act of 2010, has been committed by any insured depository institution or institution-affiliated party within the jurisdiction of that appropriate federal banking agency   and   2 in section 43 12 usc 1831t  a in subsection c , by striking federal trade commission and inserting bureau   b in subsection d , by striking federal trade commission and inserting bureau   c in subsection e  i in paragraph 2 , by striking federal trade commission and inserting bureau and   ii by adding at the end the following new paragraph  5 bureau the term bureau means the bureau of consumer financial protection   and    d in subsection f  i by striking paragraph 1 and inserting the following  1 limited enforcement authority compliance with the requirements of subsections b , c , and e , and any regulation prescribed or order issued under such subsection, shall be enforced under the consumer financial protection act of 2010, by the bureau, subject to subtitle b of the consumer financial protection act of 2010, and under the federal trade commission act 15 usc 41 et seq by the federal trade commission   and   ii in paragraph 2 , by striking subparagraph c and inserting the following  c limitation on state action while federal action pending if the bureau or federal trade commission has instituted an enforcement action for a violation of this section, no appropriate state supervisory agency may, during the pendency of such action, bring an action under this section against any defendant named in the complaint of the bureau or federal trade commission for any violation of this section that is alleged in that complaint         sec 1091 amendment to federal financial institutions examination council act of 1978  section 1004 a 4 of the federal financial institutions examination council act of 1978 12 usc 3303 a 4 is amended by striking director, office of thrift supervision and inserting director of the consumer financial protection bureau    sec 1092 amendments to the federal trade commission act  section 18 f of the federal trade commission act 15 usc 57a f is amended  1 by striking the subsection heading and inserting the following  f definitions of banks, savings and loan institutions, and federal credit unions     2 by striking paragraph 1 and inserting the following  1 repealed     3 by striking paragraphs 5 through 7   4 in paragraph 2  a by striking 2 and all that follows through enforcement in the case of and inserting the following  2 definition for purposes of this act, the term bank means     b in subparagraph a , by striking , by the division and all that follows through currency   c in subparagraph b  i by striking , by the division and all that follows through system and   ii by striking 25 a and inserting 25a and    d in subparagraph c  i by striking other and inserting other than and   ii by striking , by the division and all that follows through corporation     5 in paragraph 3 , by striking compliance and all that follows through as defined in and inserting the following for purposes of this act, the term savings and loan institution has the same meaning as in and   6 in paragraph 4 , by striking compliance and all that follows through credit unions under and inserting the following for purposes of this act, the term federal credit union has the same meaning as in     sec 1093 amendments to the gramm-leach-bliley act  title v of the gramm-leach-bliley act 15 usc 6801 et seq is amended  1 in section 501 b 15 usc 6801 b , by inserting , other than the bureau of consumer financial protection, after 505 a   2 in section 502 e 5 15 usc 6802 e 5 , by inserting the bureau of consumer financial protection after including   3 in section 504 a 15 usc 6804 a  a by striking paragraphs 1 and 2 and inserting the following  1 rulemaking  a in general except as provided in subparagraph c , the bureau of consumer financial protection and the securities and exchange commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subtitle with respect to financial institutions and other persons subject to their respective jurisdiction under section 505 and notwithstanding subtitle b of the consumer financial protection act of 2010 , except that the bureau of consumer financial protection shall not have authority to prescribe regulations with respect to the standards under section 501   b cftc the commodity futures trading commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subtitle with respect to financial institutions and other persons subject to the jurisdiction of the commodity futures trading commission under section 5g of the commodity exchange act   c federal trade commission authority notwithstanding the authority of the bureau of consumer financial protection under subparagraph a , the federal trade commission shall have authority to prescribe such regulations as may be necessary to carry out the purposes of this subtitle with respect to any financial institution that is a person described in section 1029 a of the consumer financial protection act of 2010   d rule of construction nothing in this paragraph shall be construed to alter, affect, or otherwise limit the authority of a state insurance authority to adopt regulations to carry out this subtitle    2 coordination, consistency, and comparability each of the agencies authorized under paragraph 1 to prescribe regulations shall consult and coordinate with the other such agencies and, as appropriate, and with representatives of state insurance authorities designated by the national association of insurance commissioners, for the purpose of assuring, to the extent possible, that the regulations prescribed by each such agency are consistent and comparable with the regulations prescribed by the other such agencies   and   b in paragraph 3 , by striking , and shall be issued in final form not later than 6 months after the date of enactment of this act    4 in section 505 a 15 usc 6805 a  a by striking this subtitle and all that follows through as follows and inserting subject to subtitle b of the consumer financial protection act of 2010, this subtitle and the regulations prescribed thereunder shall be enforced by the bureau of consumer financial protection, the federal functional regulators, the state insurance authorities, and the federal trade commission with respect to financial institutions and other persons subject to their jurisdiction under applicable law, as follows   b in paragraph 1  i in the matter preceding subparagraph a , by inserting by the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act, after act,   ii in subparagraph a , by striking , by the office of the comptroller of the currency   iii in subparagraph b , by striking , by the board of governors of the federal reserve system   iv in subparagraph c , by striking , by the board of directors of the federal deposit insurance corporation and   v in subparagraph d , by striking , by the director of the office of thrift supervision and    c by adding at the end the following  8 under subtitle e of the consumer financial protection act of 2010, by the bureau of consumer financial protection, in the case of any financial institution and other covered person or service provider that is subject to the jurisdiction of the bureau and any person subject to this subtitle, but not with respect to the standards under section 501      5 in section 505 b 1 15 usc 6805 b 1 , by inserting , other than the bureau of consumer financial protection, after subsection a and   6 in section 507 b 15 usc 6807 , by striking federal trade commission and inserting bureau of consumer financial protection     sec 1094 amendments to the home mortgage disclosure act of 1975  the home mortgage disclosure act of 1975 12 usc 2801 et seq is amended  1 by striking board each place that term appears, other than in sections 303, 304 h , 305 b as amended by this section , and 307 a as amended by this section and inserting bureau   2 in section 303 12 usc 2802  a by redesignating paragraphs 1 through 6 as paragraphs 2 through 7 , respectively and   b by inserting before paragraph 2 the following  1 the term bureau means the bureau of consumer financial protection      3 in section 304 12 usc 2803  a in subsection b  i in paragraph 4 , by inserting age, before and gender   ii in paragraph 3 , by striking and at the end   iii in paragraph 4 , by striking the period at the end and inserting a semicolon and   iv by adding at the end the following  5 the number and dollar amount of mortgage loans grouped according to measurements of  a the total points and fees payable at origination in connection with the mortgage as determined by the bureau, taking into account 15 usc 1602 aa 4   b the difference between the annual percentage rate associated with the loan and a benchmark rate or rates for all loans   c the term in months of any prepayment penalty or other fee or charge payable on repayment of some portion of principal or the entire principal in advance of scheduled payments and   d such other information as the bureau may require and    6 the number and dollar amount of mortgage loans and completed applications grouped according to measurements of  a the value of the real property pledged or proposed to be pledged as collateral   b the actual or proposed term in months of any introductory period after which the rate of interest may change   c the presence of contractual terms or proposed contractual terms that would allow the mortgagor or applicant to make payments other than fully amortizing payments during any portion of the loan term   d the actual or proposed term in months of the mortgage loan   e the channel through which application was made, including retail, broker, and other relevant categories   f as the bureau may determine to be appropriate, a unique identifier that identifies the loan originator as set forth in section 1503 of the safe mortgage licensing act of 2008   g as the bureau may determine to be appropriate, a universal loan identifier   h as the bureau may determine to be appropriate, the parcel number that corresponds to the real property pledged or proposed to be pledged as collateral   i the credit score of mortgage applicants and mortgagors, in such form as the bureau may prescribe and   j such other information as the bureau may require       b by striking subsection h and inserting the following  h submission to agencies  1 in general the data required to be disclosed under subsection b shall be submitted to the bureau or to the appropriate agency for the institution reporting under this title, in accordance with rules prescribed by the bureau notwithstanding the requirement of subsection a 2 a for disclosure by census tract, the bureau, in consultation with other appropriate agencies described in paragraph 2 and, after notice and comment, shall develop regulations that  a prescribe the format for such disclosures, the method for submission of the data to the appropriate agency, and the procedures for disclosing the information to the public   b require the collection of data required to be disclosed under subsection b with respect to loans sold by each institution reporting under this title   c require disclosure of the class of the purchaser of such loans   d permit any reporting institution to submit in writing to the bureau or to the appropriate agency such additional data or explanations as it deems relevant to the decision to originate or purchase mortgage loans and   e modify or require modification of itemized information, for the purpose of protecting the privacy interests of the mortgage applicants or mortgagors, that is or will be available to the public    2 other appropriate agencies the appropriate agencies described in this paragraph are  a the appropriate federal banking agencies, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to the entities that are subject to the jurisdiction of each such agency, respectively   b the federal deposit insurance corporation for banks insured by the federal deposit insurance corporation other than members of the federal reserve system , mutual savings banks, insured state branches of foreign banks, and any other depository institution described in section 303 2 a which is not otherwise referred to in this paragraph   c the national credit union administration board with respect to credit unions and   d the secretary of housing and urban development with respect to other lending institutions not regulated by the agencies referred to in subparagraph a or b    3 rules for modifications under paragraph 1  a application a modification under paragraph 1 e shall apply to information concerning  i credit score data described in subsection b 6 i , in a manner that is consistent with the purpose described in paragraph 1 e and   ii age or any other category of data described in paragraph 5 or 6 of subsection b , as the bureau determines to be necessary to satisfy the purpose described in paragraph 1 e , and in a manner consistent with that purpose    b standards the bureau shall prescribe standards for any modification under paragraph 1 e to effectuate the purposes of this title, in light of the privacy interests of mortgage applicants or mortgagors where necessary to protect the privacy interests of mortgage applicants or mortgagors, the bureau shall provide for the disclosure of information described in subparagraph a in aggregate or other reasonably modified form, in order to effectuate the purposes of this title       c in subsection i , by striking subsection b 4 and inserting subsections b 4 , b 5 , and b 6   d in subsection j  i by striking paragraph 3 and inserting the following  3 change of form not required a depository institution meets the disclosure requirement of paragraph 1 if the institution provides the information required under such paragraph in such formats as the bureau may require   and   ii in paragraph 2 a , by striking in the format in which such information is maintained by the institution and inserting in such formats as the bureau may require    e in subsection m , by striking paragraph 2 and inserting the following  2 form of information in complying with paragraph 1 , a depository institution shall provide the person requesting the information with a copy of the information requested in such formats as the bureau may require   and   f by adding at the end the following  n timing of certain disclosures the data required to be disclosed under subsection b shall be submitted to the bureau or to the appropriate agency for any institution reporting under this title, in accordance with regulations prescribed by the bureau institutions shall not be required to report new data under paragraph 5 or 6 of subsection b before the first january 1 that occurs after the end of the 9-month period beginning on the date on which regulations are issued by the bureau in final form with respect to such disclosures      4 in section 305 12 usc 2804  a by striking subsection b and inserting the following  b powers of certain other agencies  1 in general subject to subtitle b of the consumer financial protection act of 2010, compliance with the requirements of this title shall be enforced  a under section 8 of the federal deposit insurance act, the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to  i any national bank or federal savings association, and any federal branch or federal agency of a foreign bank   ii any member bank of the federal reserve system other than a national bank , branch or agency of a foreign bank other than a federal branch, federal agency, and insured state branch of a foreign bank , commercial lending company owned or controlled by a foreign bank, and any organization operating under section 25 or 25a of the federal reserve act and   iii any bank or state savings association insured by the federal deposit insurance corporation other than a member of the federal reserve system , any mutual savings bank as, defined in section 3 f of the federal deposit insurance act 12 usc 1813 f , any insured state branch of a foreign bank, and any other depository institution not referred to in this paragraph or subparagraph b or c    b under subtitle e of the consumer financial protection act of 2010, by the bureau, with respect to any person subject to this subtitle   c under the federal credit union act, by the administrator of the national credit union administration with respect to any insured credit union and   d with respect to other lending institutions, by the secretary of housing and urban development    2 incorporated definitions the terms used in paragraph 1 that are not defined in this title or otherwise defined in section 3 s of the federal deposit insurance act 12 usc 1813 s shall have the same meanings as in section 1 b of the international banking act of 1978 12 usc 3101    and   b by adding at the end the following  d overall enforcement authority of the bureau of consumer financial protection subject to subtitle b of the consumer financial protection act of 2010, enforcement of the requirements imposed under this title is committed to each of the agencies under subsection b to facilitate research, examinations, and enforcement, all data collected pursuant to section 304 shall be available to the entities listed under subsection b the bureau may exercise its authorities under the consumer financial protection act of 2010 to exercise principal authority to examine and enforce compliance by any person with the requirements of this title      5 in section 306 12 usc 2805 b , by striking subsection b and inserting the following  b exemption authority the bureau may, by regulation, exempt from the requirements of this title any state-chartered depository institution within any state or subdivision thereof, if the agency determines that, under the law of such state or subdivision, that institution is subject to requirements that are substantially similar to those imposed under this title, and that such law contains adequate provisions for enforcement notwithstanding any other provision of this subsection, compliance with the requirements imposed under this subsection shall be enforced by the office of the comptroller of the currency under section 8 of the federal deposit insurance act, in the case of national banks and federal savings associations, the deposits of which are insured by the federal deposit insurance corporation   and   6 by striking section 307 12 usc 2806 and inserting the following  sec 307 compliance improvement methods  a in general  1 consultation required the director of the bureau of consumer financial protection, with the assistance of the secretary, the director of the bureau of the census, the board of governors of the federal reserve system, the federal deposit insurance corporation, and such other persons as the bureau deems appropriate, shall develop or assist in the improvement of, methods of matching addresses and census tracts to facilitate compliance by depository institutions in as economical a manner as possible with the requirements of this title   2 authorization of appropriations there are authorized to be appropriated, such sums as may be necessary to carry out this subsection   3 contracting authority the director of the bureau of consumer financial protection is authorized to utilize, contract with, act through, or compensate any person or agency in order to carry out this subsection    b recommendations to congress the director of the bureau of consumer financial protection shall recommend to the committee on banking, housing, and urban affairs of the senate and the committee on financial services of the house of representatives, such additional legislation as the director of the bureau of consumer financial protection deems appropriate to carry out the purpose of this title        sec 1095 amendments to the homeowners protection act of 1998  section 10 of the homeowners protection act of 1998 12 usc 4909 is amended  1 in subsection a  a by striking compliance and all that follows through the end of paragraph 1 and inserting the following subject to subtitle b of the consumer financial protection act of 2010, compliance with the requirements imposed under this act shall be enforced under  1 section 8 of the federal deposit insurance act, by the appropriate federal banking agency as defined in section 3 q of that act , with respect to  a insured depository institutions as defined in section 3 c 2 of that act   b depository institutions described in clause i , ii , or iii of section 19 b 1 a of the federal reserve act which are not insured depository institutions as defined in section 3 c 2 of the federal deposit insurance act and   c depository institutions described in clause v or vi of section 19 b 1 a of the federal reserve act which are not insured depository institutions as defined in section 3 c 2 of the federal deposit insurance act      b in paragraph 2 , by striking and at the end   c in paragraph 3 , by striking the period at the end and inserting and and   d by adding at the end the following  4 subtitle e of the consumer financial protection act of 2010, by the bureau of consumer financial protection, with respect to any person subject to this act   and    2 in subsection b 2 , by inserting before the period at the end the following , subject to subtitle b of the consumer financial protection act of 2010     sec 1096 amendments to the home ownership and equity protection act of 1994  the home ownership and equity protection act of 1994 15 usc 1601 note is amended  1 in section 158 a , by striking board of governors of the federal reserve system, in consultation with the consumer advisory council of the board and inserting bureau, in consultation with the advisory board to the bureau and   2 in section 158 b , by striking board of governors of the federal reserve system and inserting bureau     sec 1097 amendments to the omnibus appropriations act, 2009  section 626 of the omnibus appropriations act, 2009 15 usc 1638 note is amended  1 by striking subsection a and inserting the following  a  1 the bureau of consumer financial protection shall have authority to prescribe rules with respect to mortgage loans in accordance with section 553 of title 5, united states code such rulemaking shall relate to unfair or deceptive acts or practices regarding mortgage loans, which may include unfair or deceptive acts or practices involving loan modification and foreclosure rescue services any violation of a rule prescribed under this paragraph shall be treated as a violation of a rule prohibiting unfair, deceptive, or abusive acts or practices under the consumer financial protection act of 2010 and a violation of a rule under section 18 of the federal trade commission act 15 usc 57a regarding unfair or deceptive acts or practices   2 the bureau of consumer financial protection shall enforce the rules issued under paragraph 1 in the same manner, by the same means, and with the same jurisdiction, powers, and duties, as though all applicable terms and provisions of the consumer financial protection act of 2010 were incorporated into and made part of this subsection   3 subject to subtitle b of the consumer financial protection act of 2010, the federal trade commission shall enforce the rules issued under paragraph 1 , in the same manner, by the same means, and with the same jurisdiction, as though all applicable terms and provisions of the federal trade commission act were incorporated into and made part of this section    and   2 in subsection b  a by striking paragraph 1 and inserting the following  1 except as provided in paragraph 6 , in any case in which the attorney general of a state has reason to believe that an interest of the residents of the state has been or is threatened or adversely affected by the engagement of any person subject to a rule prescribed under subsection a in practices that violate such rule, the state, as parens patriae, may bring a civil action on behalf of its residents in an appropriate district court of the united states or other court of competent jurisdiction  a to enjoin that practice   b to enforce compliance with the rule   c to obtain damages, restitution, or other compensation on behalf of the residents of the state or   d to obtain penalties and relief provided under the consumer financial protection act of 2010, the federal trade commission act, and such other relief as the court deems appropriate      b in paragraphs 2 and 3 , by striking the primary federal regulator each time the term appears and inserting the bureau of consumer financial protection or the commission, as appropriate   c in paragraph 3 , by inserting and subject to subtitle b of the consumer financial protection act of 2010, after paragraph 2 , and   d in paragraph 6 , by striking the primary federal regulator each place that term appears and inserting the bureau of consumer financial protection or the commission      sec 1098 amendments to the real estate settlement procedures act of 1974  the real estate settlement procedures act of 1974 12 usc 2601 et seq is amended  1 in section 3 12 usc 2602  a in paragraph 7 , by striking and at the end   b in paragraph 8 , by striking the period at the end and inserting and and   c by adding at the end the following  9 the term bureau means the bureau of consumer financial protection      2 in section 4 12 usc 2603  a in subsection a , by striking the first sentence and inserting the following the bureau shall publish a single, integrated disclosure for mortgage loan transactions including real estate settlement cost statements which includes the disclosure requirements of this section and section 5, in conjunction with the disclosure requirements of the truth in lending act that, taken together, may apply to a transaction that is subject to both or either provisions of law the purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this title and the truth in lending act, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures   b by striking secretary each place that term appears and inserting bureau and   c by striking form each place that term appears and inserting forms    3 in section 5 12 usc 2604  a by striking secretary each place that term appears and inserting bureau and   b in subsection a , by striking the first sentence and inserting the following the bureau shall prepare and distribute booklets jointly addressing compliance with the requirements of the truth in lending act and the provisions of this title, in order to help persons borrowing money to finance the purchase of residential real estate better to understand the nature and costs of real estate settlement services    4 in section 6 j 3 12 usc 2605 j 3  a by striking secretary and inserting bureau and   b by striking , by regulations that shall take effect not later than april 20, 1991,    5 in section 7 b 12 usc 2606 b by striking secretary and inserting bureau   6 in section 8 c 5 12 usc 2607 c 5 , by striking secretary and inserting bureau   7 in section 8 d 12 usc 2607 d  a in the subsection heading, by inserting bureau and before secretary and   b by striking paragraph 4 , and inserting the following  4 the bureau, the secretary, or the attorney general or the insurance commissioner of any state may bring an action to enjoin violations of this section except, to the extent that a person is subject to the jurisdiction of the bureau, the secretary, or the attorney general or the insurance commissioner of any state, the bureau shall have primary authority to enforce or administer this section, subject to subtitle b of the consumer financial protection act of 2010      8 in section 10 c 12 usc 2609 c and d , by striking secretary and inserting bureau   9 in section 16 12 usc 2614 , by inserting the bureau, before the secretary   10 in section 18 12 usc 2616 , by striking secretary each place that term appears and inserting bureau and   11 in section 19 12 usc 2617  a in the section heading by striking secretary and inserting bureau   b in subsection a , by striking secretary each place that term appears and inserting bureau and   c in subsections b and c , by striking the secretary each place that term appears and inserting the bureau      sec 1098a amendments to the interstate land sales full disclosure act  the interstate land sales full disclosure act 15 usc 1701 et seq is amended  1 by striking secretary each place that term appears and inserting director   2 by striking department of housing and urban development each place that term appears and inserting bureau of consumer financial protection   3 by striking department each place that term appears and inserting bureau   4 in section 1402 15 usc 1701  a by striking paragraph 1 and inserting the following  1 director means the director of the bureau of consumer financial protection     b in paragraph 10 , by striking and at the end   c in paragraph 11 , by striking the period at the end and inserting and and   d by adding at the end the following  12 bureau means the bureau of consumer financial protection   and    5 in section 1416 a 15 usc 1715 a , by striking secretary of housing and urban development and inserting director of the bureau of consumer financial protection     sec 1099 amendments to the right to financial privacy act of 1978  the right to financial privacy act of 1978 12 usc 3401 et seq is amended  1 in section 1101  a in paragraph 6  i in subparagraph a , by inserting and after the semicolon   ii in subparagraph b , by striking and at the end and   iii by striking subparagraph c and    b in paragraph 7 , by striking subparagraph b , and inserting the following  b the bureau of consumer financial protection      2 in section 1112 e 12 usc 3412 e , by striking and the commodity futures trading commission is permitted and inserting the commodity futures trading commission, and the bureau of consumer financial protection is permitted and   3 in section 1113 12 usc 3413 , by adding at the end the following new subsection  r disclosure to the bureau of consumer financial protection nothing in this title shall apply to the examination by or disclosure to the bureau of consumer financial protection of financial records or information in the exercise of its authority with respect to a financial institution       sec 1100 amendments to the secure and fair enforcement for mortgage licensing act of 2008  the safe mortgage licensing act of 2008 12 usc 5101 et seq is amended  1 by striking a federal banking agency each place that term appears, other than in paragraphs 7 and 11 of section 1503 and section 1507 a 1 , and inserting the bureau   2 by striking federal banking agencies each place that term appears and inserting bureau and   3 by striking secretary each place that term appears and inserting director   4 in section 1503 12 usc 5102  a by redesignating paragraphs 2 through 12 as 3 through 13 , respectively   b by striking paragraph 1 and inserting the following  1 bureau the term bureau means the bureau of consumer financial protection   2 federal banking agency the term federal banking agency means the board of governors of the federal reserve system, the office of the comptroller of the currency, the national credit union administration, and the federal deposit insurance corporation   and   c by striking paragraph 10 , as so designated by this section, and inserting the following  10 director the term director means the director of the bureau of consumer financial protection   and    5 in section 1507 12 usc 5106  a in subsection a  i by striking paragraph 1 and inserting the following  1 in general the bureau shall develop and maintain a system for registering employees of a depository institution, employees of a subsidiary that is owned and controlled by a depository institution and regulated by a federal banking agency, or employees of an institution regulated by the farm credit administration, as registered loan originators with the nationwide mortgage licensing system and registry the system shall be implemented before the end of the 1-year period beginning on the date of enactment of the consumer financial protection act of 2010   and   ii in paragraph 2  i by striking appropriate federal banking agency and the farm credit administration and inserting bureau and   ii by striking employees s identity and inserting identity of the employee and     b in subsection b , by striking through the financial institutions examination council, and the farm credit administration , and inserting and the bureau of consumer financial protection    6 in section 1508 12 usc 5107  a by striking the section heading and inserting the following sec 1508 bureau of consumer financial protection backup authority to establish loan originator licensing system and   b by adding at the end the following  f regulation authority  1 in general the bureau is authorized to promulgate regulations setting minimum net worth or surety bond requirements for residential mortgage loan originators and minimum requirements for recovery funds paid into by loan originators   2 considerations in issuing regulations under paragraph 1 , the bureau shall take into account the need to provide originators adequate incentives to originate affordable and sustainable mortgage loans, as well as the need to ensure a competitive origination market that maximizes consumer access to affordable and sustainable mortgage loans       7 by striking section 1510 12 usc 5109 and inserting the following  sec 1510 fees  the bureau, the farm credit administration, and the nationwide mortgage licensing system and registry may charge reasonable fees to cover the costs of maintaining and providing access to information from the nationwide mortgage licensing system and registry, to the extent that such fees are not charged to consumers for access to such system and registry      8 by striking section 1513 12 usc 5112 and inserting the following  sec 1513 liability provisions  the bureau, any state official or agency, or any organization serving as the administrator of the nationwide mortgage licensing system and registry or a system established by the director under section 1509, or any officer or employee of any such entity, shall not be subject to any civil action or proceeding for monetary damages by reason of the good faith action or omission of any officer or employee of any such entity, while acting within the scope of office or employment, relating to the collection, furnishing, or dissemination of information concerning persons who are loan originators or are applying for licensing or registration as loan originators    and   9 in section 1514 12 usc 5113 in the section heading, by striking under hud backup licensing system and inserting by the bureau     sec 1100a amendments to the truth in lending act  the truth in lending act 15 usc 1601 et seq is amended  1 in section 103 15 usc 1602  a by redesignating subsections b through bb as subsections c through cc , respectively and   b by inserting after subsection a the following  b bureau the term bureau means the bureau of consumer financial protection      2 by striking board each place that term appears, other than in section 140 d and sections 105 i and 108 a , as amended by this section, and inserting bureau   3 by striking federal trade commission each place that term appears, other than in section 108 c and section 129 m , as amended by this act, and other than in the context of a reference to the federal trade commission act, and inserting bureau   4 in section 105 a 15 usc 1604 a , in the second sentence  a by striking except in the case of a mortgage referred to in section 103 aa , these regulations may contain such and inserting except with respect to the provisions of section 129 that apply to a mortgage referred to in section 103 aa , such regulations may contain such additional requirements, and   b by inserting all or after exceptions for    5 in section 105 b 15 usc 1604 b , by striking the first sentence and inserting the following the bureau shall publish a single, integrated disclosure for mortgage loan transactions including real estate settlement cost statements which includes the disclosure requirements of this title in conjunction with the disclosure requirements of the real estate settlement procedures act of 1974 that, taken together, may apply to a transaction that is subject to both or either provisions of law the purpose of such model disclosure shall be to facilitate compliance with the disclosure requirements of this title and the real estate settlement procedures act of 1974, and to aid the borrower or lessee in understanding the transaction by utilizing readily understandable language to simplify the technical nature of the disclosures   6 in section 105 f 1 15 usc 1604 f 1 , by inserting all or after from all or part of this title   7 in section 105 15 usc 1604 , by adding at the end the following  i authority of the board to prescribe rules notwithstanding subsection a , the board shall have authority to prescribe rules under this title with respect to a person described in section 1029 a of the consumer financial protection act of 2010 regulations prescribed under this subsection may contain such classifications, differentiations, or other provisions, as in the judgment of the board are necessary or proper to effectuate the purposes of this title, to prevent circumvention or evasion thereof, or to facilitate compliance therewith     8 in section 108 15 usc 1604 , by adding at the end the following  a by striking subsection a and inserting the following  a enforcing agencies subject to subtitle b of the consumer financial protection act of 2010, compliance with the requirements imposed under this title shall be enforced under  1 section 8 of the federal deposit insurance act, by the appropriate federal banking agency, as defined in section 3 q of the federal deposit insurance act 12 usc 1813 q , with respect to  a national banks, federal savings associations, and federal branches and federal agencies of foreign banks   b member banks of the federal reserve system other than national banks , branches and agencies of foreign banks other than federal branches, federal agencies, and insured state branches of foreign banks , commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25a of the federal reserve act and   c banks and state savings associations insured by the federal deposit insurance corporation other than members of the federal reserve system , and insured state branches of foreign banks    2 the federal credit union act, by the director of the national credit union administration, with respect to any federal credit union   3 the federal aviation act of 1958, by the secretary of transportation, with respect to any air carrier or foreign air carrier subject to that act   4 the packers and stockyards act, 1921 except as provided in section 406 of that act , by the secretary of agriculture, with respect to any activities subject to that act   5 the farm credit act of 1971, by the farm credit administration with respect to any federal land bank, federal land bank association, federal intermediate credit bank, or production credit association and   6 subtitle e of the consumer financial protection act of 2010, by the bureau, with respect to any person subject to this title    and   b by striking subsection c and inserting the following  c overall enforcement authority of the federal trade commission except to the extent that enforcement of the requirements imposed under this title is specifically committed to some other government agency under any of paragraphs 1 through 5 of subsection a , and subject to subtitle b of the consumer financial protection act of 2010, the federal trade commission shall be authorized to enforce such requirements for the purpose of the exercise by the federal trade commission of its functions and powers under the federal trade commission act, a violation of any requirement imposed under this title shall be deemed a violation of a requirement imposed under that act all of the functions and powers of the federal trade commission under the federal trade commission act are available to the federal trade commission to enforce compliance by any person with the requirements under this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests under the federal trade commission act   and    9 in section 129 15 usc 1639 , by striking subsection m and inserting the following  m civil penalties in federal trade commission enforcement actions for purposes of enforcement by the federal trade commission, any violation of a regulation issued by the bureau pursuant to subsection l 2 shall be treated as a violation of a rule promulgated under section 18 of the federal trade commission act 15 usc 57a regarding unfair or deceptive acts or practices   and   10 in chapter 5 15 usc 1667 et seq  a by striking the board each place that term appears and inserting the bureau and   b by striking the board each place that term appears and inserting the bureau      sec 1100b amendments to the truth in savings act  the truth in savings act 12 usc 4301 et seq is amended  1 by striking board each place that term appears, other than in section 272 b 12 usc 4311 , and inserting bureau   2 in section 270 a 12 usc 4309  a by striking compliance and all that follows through the end of paragraph 1 and inserting subject to subtitle b of the consumer financial protection act of 2010, compliance with the requirements imposed under this subtitle shall be enforced under  1 section 8 of the federal deposit insurance act by the appropriate federal banking agency as defined in section 3 q of that act , with respect to  a insured depository institutions as defined in section 3 c 2 of that act   b depository institutions described in clause i , ii , or iii of section 19 b 1 a of the federal reserve act which are not insured depository institutions as defined in section 3 c 2 of the federal deposit insurance act and   c depository institutions described in clause v or vi of section 19 b 1 a of the federal reserve act which are not insured depository institutions as defined in section 3 c 2 of the federal deposit insurance act      b in paragraph 2 , by striking the period at the end and inserting and and   c by adding at the end the following  3 subtitle e of the consumer financial protection act of 2010, by the bureau, with respect to any person subject to this subtitle      3 in section 272 b 12 usc 4311 b , by striking regulation prescribed by the board each place that term appears and inserting regulation prescribed by the bureau and   4 in section 274 12 usc 4313 , by striking paragraph 4 and inserting the following  4 bureau the term bureau means the bureau of consumer financial protection       sec 1100c amendments to the telemarketing and consumer fraud and abuse prevention act  a amendments to section 3 section 3 of the telemarketing and consumer fraud and abuse prevention act 15 usc 6102 is amended by striking subsections b and c and inserting the following  b rulemaking authority the commission shall have authority to prescribe rules under subsection a , in accordance with section 553 of title 5, united states code in prescribing a rule under this section that relates to the provision of a consumer financial product or service that is subject to the consumer financial protection act of 2010, including any enumerated consumer law thereunder, the commission shall consult with the bureau of consumer financial protection regarding the consistency of a proposed rule with standards, purposes, or objectives administered by the bureau of consumer financial protection   c violations any violation of any rule prescribed under subsection a  1 shall be treated as a violation of a rule under section 18 of the federal trade commission act regarding unfair or deceptive acts or practices and   2 that is committed by a person subject to the consumer financial protection act of 2010 shall be treated as a violation of a rule under section 1031 of that act regarding unfair, deceptive, or abusive acts or practices      b amendments to section 4 section 4 d of the telemarketing and consumer fraud and abuse prevention act 15 usc 6103 d is amended by inserting after commission each place that term appears the following or the bureau of consumer financial protection   c amendments to section 5 section 5 c of the telemarketing and consumer fraud and abuse prevention act 15 usc 6104 c is amended by inserting after commission each place that term appears the following or the bureau of consumer financial protection   d amendment to section 6 section 6 of the telemarketing and consumer fraud and abuse prevention act 15 usc 6105 is amended by adding at the end the following  d enforcement by bureau of consumer financial protection except as otherwise provided in sections 3 d , 3 e , 4, and 5, and subject to subtitle b of the consumer financial protection act of 2010, this act shall be enforced by the bureau of consumer financial protection under subtitle e of the consumer financial protection act of 2010, with respect to the offering or provision of a consumer financial product or service subject to that act      sec 1100d amendments to the paperwork reduction act  a designation as an independent agency section 2 5 of the paperwork reduction act 44 usc 3502 5 is amended by inserting the bureau of consumer financial protection, the office of financial research, after the securities and exchange commission,   b comparable treatment section 3513 of title 44, united states code, is amended by adding at the end the following  c comparable treatment notwithstanding any other provision of law, the director shall treat or review a rule or order prescribed or proposed by the director of the bureau of consumer financial protection on the same terms and conditions as apply to any rule or order prescribed or proposed by the board of governors of the federal reserve system      sec 1100e adjustments for inflation in the truth in lending act  a caps  1 credit transactions section 104 3 of the truth in lending act 15 usc 1603 3 is amended by striking $25,000 and inserting $50,000   2 consumer leases section 181 1 of the truth in lending act 15 usc 1667 1 is amended by striking $25,000 and inserting $50,000    b adjustments for inflation on and after december 31, 2011, the bureau shall adjust annually the dollar amounts described in sections 104 3 and 181 1 of the truth in lending act as amended by this section , by the annual percentage increase in the consumer price index for urban wage earners and clerical workers, as published by the bureau of labor statistics, rounded to the nearest multiple of $100, or $1,000, as applicable    sec 1100f use of consumer reports  section 615 of the fair credit reporting act 15 usc 1681m is amended  1 in subsection a  a by redesignating paragraphs 2 and 3 as paragraphs 3 and 4 , respectively   b by inserting after paragraph 1 the following  2 provide to the consumer written or electronic disclosure  a of a numerical credit score as defined in section 609 f 2 a used by such person in taking any adverse action based in whole or in part on any information in a consumer report and   b of the information set forth in subparagraphs b through e of section 609 f 1    and   c in paragraph 4 as so redesignated , by striking paragraph 2 and inserting paragraph 3 and    2 in subsection h 5  a in subparagraph c , by striking and and inserting a semicolon   b in subparagraph d , by striking the period and inserting and and   c by inserting at the end the following  e include a statement informing the consumer of  i a numerical credit score as defined in section 609 f 2 a , used by such person in making the credit decision described in paragraph 1 based in whole or in part on any information in a consumer report and   ii the information set forth in subparagraphs b through e of section 609 f 1         sec 1100g small business fairness and regulatory transparency  a panel requirement section 609 d of title 5, united states code, is amended by striking means the and all that follows and inserting the following means  1 the environmental protection agency   2 the consumer financial protection bureau of the federal reserve system and   3 the occupational safety and health administration of the department of labor     b initial regulatory flexibility analysis section 603 of title 5, united states code, is amended by adding at the end the following  d  1 for a covered agency, as defined in section 609 d 2 , each initial regulatory flexibility analysis shall include a description of  a any projected increase in the cost of credit for small entities   b any significant alternatives to the proposed rule which accomplish the stated objectives of applicable statutes and which minimize any increase in the cost of credit for small entities and   c advice and recommendations of representatives of small entities relating to issues described in subparagraphs a and b and subsection b    2 a covered agency, as defined in section 609 d 2 , shall, for purposes of complying with paragraph 1 c  a identify representatives of small entities in consultation with the chief counsel for advocacy of the small business administration and   b collect advice and recommendations from the representatives identified under subparagraph a relating to issues described in subparagraphs a and b of paragraph 1 and subsection b       c final regulatory flexibility analysis section 604 a of title 5, united states code, is amended  1 in paragraph 4 , by striking and at the end   2 in paragraph 5 , by striking the period at the end and inserting and and   3 by adding at the end the following  6 for a covered agency, as defined in section 609 d 2 , a description of the steps the agency has taken to minimize any additional cost of credit for small entities       sec 1100h effective date  except as otherwise provided in this subtitle and the amendments made by this subtitle, this subtitle and the amendments made by this subtitle, other than sections 1081 and 1082, shall become effective on the designated transfer date     