947 
stand the terms and conditions of a financial 
product or service or to protect their own inter-
ests in selecting or using a financial product or 
service; and 
(B) the widespread use of the act or prac-
tice is reasonably likely to contribute to insta-
bility and greater risk in the financial system. 
(4) CONSIDER AS UNFAIR CERTAIN PRACTICES 
WITH
REGARD
TO
THE
PROVISION
OF
CREDIT 
SCORES.—Subject to regulations prescribed by the 
Director, it shall be considered unfair for any con-
sumer reporting agency that compiles and maintains 
files on consumers on a nationwide basis (as defined 
in section 603(p) of the Fair Credit Reporting Act; 
15 U.S.C. 1681a(p)) to make available for purchase 
by creditors any credit score for a consumer that is 
not also available for purchase by that consumer at 
the same price as other credit scores sold to con-
sumers by such agency. 
(d) CONSULTATION.—In prescribing any regulation 
under this section, the Director shall consult with the Fed-
eral banking agencies, State bank supervisors, the Federal 
Trade Commission, or other Federal agencies, as appro-
priate, regarding the consistency of a proposed regulation 
with prudential, consumer protection, civil rights, market,
948 
or systemic objectives administered by such agencies or 
supervisors. 
SEC. 4302. DISCLOSURES. 
(a) IN GENERAL.—The Director may prescribe regu-
lations to ensure the timely, appropriate and effective dis-
closure to consumers of the costs, benefits, and risks asso-
ciated with any consumer financial product or service. 
(b) COORDINATION WITH OTHER LAWS.—In pre-
scribing regulations under subsection (a), the Director 
shall take into account disclosure requirements under 
other laws in order to enhance consumer compliance and 
reduce regulatory burden. 
(c) COMPLIANCE.— 
(1) MODEL
DISCLOSURES.—The Agency may 
provide model disclosures to facilitate compliance 
with the requirements of regulations prescribed 
under this section. 
(2) PER
SE
COMPLIANCE.—Compliance by a 
covered person with the model disclosures issued by 
the Agency under this subsection shall per se con-
stitute compliance with the disclosure requirements 
of this section. 
(3) ADDITIONAL GUIDANCE.—The Agency may 
issue exemptions, no action letters, and other guid-
949 
ance to promote compliance with disclosures require-
ments of regulations prescribed under this section. 
(d) COMBINED MORTGAGE LOAN DISCLOSURE.— 
Within 1 year after the designated transfer date, the Di-
rector shall propose for public comment regulations and 
model disclosures that combine the disclosures required 
under the Truth in Lending Act and the Real Estate Set-
tlement Procedures Act into a single, integrated disclosure 
for mortgage loan transactions covered by those laws, un-
less the Director determines that any proposal issued by 
the Board of Governors and the Department of Housing 
and Urban Development carries out the same purpose. 
SEC. 4303. SALES PRACTICES. 
The Director may prescribe regulations and issue or-
ders and guidance regarding the manner, settings, and cir-
cumstances for the provision of any consumer financial 
products or services to ensure that the risks, costs, and 
benefits of the products or services, both initially and over 
the term of the products or services, are fully and accu-
rately represented to consumers. 
SEC. 4304. PILOT DISCLOSURES. 
(a) PILOT DISCLOSURES.—The Agency shall estab-
lish standards and procedures for approval of pilot disclo-
sures to be provided or made available by a covered person 
to consumers in connection with the provision of a con-
950 
sumer financial product or service, or the offering of a 
consumer financial product or service. 
(b) STANDARDS.—The procedures shall provide that 
a pilot disclosure must be limited in time and scope and 
reasonably designed to contribute materially to the under-
standing of consumer awareness and understanding of, 
and responses to, disclosures or communications about the 
risks, costs, and benefits of consumer financial products 
or services. 
(c) TRANSPARENCY.—The procedures shall provide 
for public disclosure of pilots, but the Agency may limit 
disclosure to the extent necessary to encourage covered 
persons to conduct effective pilots. 
SEC. 
4305. 
ADOPTING 
OPERATIONAL 
STANDARDS 
TO 
DETER UNFAIR, DECEPTIVE, OR ABUSIVE 
PRACTICES. 
(a) AUTHORITY TO PRESCRIBE STANDARDS.—The 
States are encouraged to prescribe standards applicable 
to covered persons who are not insured depository institu-
tions or credit unions, or service providers, to deter and 
detect unfair, deceptive, abusive, fraudulent, or illegal 
transactions in the provision of consumer financial prod-
ucts or services, including standards for— 
(1) background checks for principals, officers, 
directors, or key personnel;
951 
(2) registration, licensing, or certification; 
(3) bond or other appropriate financial require-
ments to provide reasonable assurance of ability to 
perform its obligations to consumers; 
(4) creating and maintaining records of trans-
actions or accounts; or 
(5) procedures and operations relating to the 
provision of, or maintenance of accounts for, con-
sumer financial products or services. 
(b) AGENCY AUTHORITY
TO PRESCRIBE STAND-
ARDS.— 
(1) IN GENERAL.—The Director may prescribe 
regulations establishing minimum standards under 
this section for any class of covered persons other 
than covered persons which are subject to the juris-
diction of a Federal banking agency or a State bank 
supervisor, or for any service provider. 
(2) REGISTRATION
AND
LICENSING
STAND-
ARDS.—In addition to prescribing standards for the 
purposes described in subsection (a), the Director 
may prescribe registration or licensing standards ap-
plicable to covered persons for the purposes of im-
posing fees or assessments in accordance with this 
title.
952 
(3) ENFORCEMENT OF STANDARDS.—The Di-
rector may enforce under subtitle E compliance with 
standards adopted by the Director or a State pursu-
ant to this section for covered persons or service 
providers operating in that State. 
(c) CONSULTATION.—In prescribing minimum stand-
ards under this section, the Director shall consult with the 
Federal banking agencies, State bank supervisors, the 
Federal Trade Commission, or other Federal agencies, as 
appropriate, regarding the consistency of a proposed regu-
lation with prudential, consumer protection, civil rights, 
market, or systemic objectives administered by such agen-
cies or supervisors. 
SEC. 4306. DUTIES. 
(a) IN GENERAL.— 
(1) REGULATIONS
ENSURING
FAIR
DEALING 
WITH
CONSUMERS.—The Director shall prescribe 
regulations imposing duties on a covered person, or 
an employee of a covered person, or an agent or 
independent contractor for a covered person, who 
deals or communicates directly with consumers in 
the provision of a consumer financial product or 
service, as the Director deems appropriate or nec-
essary to ensure fair dealing with consumers.
953 
(2) CONSIDERATIONS
FOR
DUTIES.—In pre-
scribing such regulations, the Director shall consider 
whether— 
(A) the covered person, employee, agent, or 
independent contractor represents implicitly or 
explicitly that the person, employee, agent, or 
contractor is acting in the interest of the con-
sumer with respect to any aspect of the trans-
action; 
(B) the covered person, employee, agent, 
or independent contractor provides the con-
sumer with advice with respect to any aspect of 
the transaction; 
(C) the consumer’s reliance on or use of 
any advice from the covered person, employee, 
agent, or independent contractor would be rea-
sonable and justifiable under the circumstances; 
(D) the benefits to consumers of imposing 
a particular duty would outweigh the costs; and 
(E) any other factors as the Director con-
siders appropriate. 
(3) DUTIES
RELATING
TO
COMPENSATION 
PRACTICES.— 
(A) IN GENERAL.—The Director may pre-
scribe regulations establishing duties regarding
954 
compensation practices applicable to a covered 
person, employee, agent, or independent con-
tractor who deals or communicates directly with 
a consumer in the provision of a consumer fi-
nancial product or service for the purpose of 
promoting fair dealing with consumers. 
(B) NO COMPENSATION CAPS.—The Direc-
tor may not prescribe a limit on the total dollar 
amount of compensation paid to any person. 
(C) 
DISPARITY
TREATMENT
PROHIB-
ITED.—The Director may not prescribe regula-
tions that directly or indirectly disparately 
treat, or are interpreted to disparately treat, or 
disparately impact any entity that employs cov-
ered persons. 
(4) REQUIREMENT TO INCLUDE DISCLAIMER ON 
PUBLIC
STATEMENTS.—The Director shall ensure 
that the Agency’s website, and any statement made 
by the Director or the Agency to the public, includes 
a disclaimer stating that the Agency does not en-
dorse any particular financial product or service and 
consumers are expected to exercise due diligence in 
deciding what financial products and services are ap-
propriate for them. 
(b) ADMINISTRATIVE PROCEEDINGS.—
955 
(1) IN GENERAL.—Any regulation prescribed by 
the Director under this section shall be enforceable 
only by the Agency through an adjudication pro-
ceeding under subtitle E or by a State regulator 
through an appropriate administrative proceeding as 
permitted under State law. 
(2) EXCLUSIVITY OF REMEDY.—No action may 
be commenced in any court to enforce any require-
ment of a regulation prescribed under this section 
(other than by the Agency, or by a State regulator, 
as may be necessary to enforce an administrative 
order under this section), and no court may exercise 
supplemental jurisdiction over a claim asserted 
under a regulation prescribed under this section 
based on allegations or evidence of conduct that oth-
erwise may be subject to such regulation. 
(3) RULE
OF
CONSTRUCTION.—The Agency, 
the Attorney General, and any State attorney gen-
eral or State regulator shall not be precluded from 
enforcing any other Federal or State law against a 
person with respect to conduct that may be subject 
to a regulation prescribed by the Director under this 
section.
956 
(c) EXCLUSIONS.—This section shall not be con-
strued as authorizing the Director to prescribe regulations 
applicable to— 
(1) an attorney licensed to practice law and in 
compliance with the applicable rules and standards 
of professional conduct, but only to the extent that 
the consumer financial product or service provided is 
within the attorney-client relationship with the con-
sumer; or 
(2) any trustee, custodian, or other person that 
holds a fiduciary duty in connection with a trust, in-
cluding a fiduciary duty to a grantor or beneficiary 
of a trust, that is subject to and in compliance with 
the applicable law relating to such trust. 
SEC. 4307. CONSUMER RIGHTS TO ACCESS INFORMATION. 
(a) IN GENERAL.—Subject to regulations prescribed 
by the Director, a covered person shall make available to 
a consumer, in an electronic form usable by the consumer, 
information in the control or possession of the covered per-
son concerning the consumer financial product or service 
that the consumer obtained from such covered person in-
cluding information relating to any transaction, series of 
transactions, or to the account including costs, charges 
and usage data.
957 
(b) EXCEPTIONS.—A covered person shall not be re-
quired by this section to make available to the consumer— 
(1) any confidential commercial information, in-
cluding 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 re-
garding other unlawful or potentially unlawful con-
duct; 
(3) any information required to be kept con-
fidential by any other law (including section 6103 of 
the Internal Revenue Code of 1986); 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.—No provision 
of this section shall be construed as imposing any duty 
on a covered person to maintain or keep any information 
about a consumer. 
(d) STANDARDIZED FORMATS FOR DATA.—The Di-
rector, by regulation, shall prescribe standards applicable 
to covered persons to promote the development and use 
of standardized formats for information, including
958 
through the use of machine readable files, to be made 
available to consumers under this section. 
(e) CONSULTATION.—The Director shall, when pre-
scribing any regulation under this section, consult with the 
Federal banking agencies, State bank supervisors, the 
Federal Trade Commission, and the Commissioner of In-
ternal Revenue to ensure that the regulations— 
(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. 4308. PROHIBITED ACTS. 
It shall be unlawful for any person— 
(1) to advertise, market, offer, sell, enforce, or 
attempt to enforce, any term, agreement, change in 
terms, fee, or charge in connection with a consumer 
financial product or service that is not in conformity 
with this title or applicable regulation prescribed or 
order issued by the Director or to engage in any un-
fair, deceptive, or abusive act or practice, except that 
no person shall be held to have violated this sub-
959 
section solely by virtue of providing or selling time 
or space to a person placing an advertisement; 
(2) to fail or refuse to pay any fee or assess-
ment imposed by the Agency under this title, to fail 
or refuse to permit access to or copying of records, 
to fail or refuse to establish or maintain records, or 
to fail or refuse to make reports or provide informa-
tion to the Agency, as required by this title, an enu-
merated consumer law, or pursuant to the authori-
ties transferred by subtitles F and H, or any regula-
tion prescribed or order issued by the Director this 
title or pursuant to any such authority; or 
(3) to knowingly or recklessly provide substan-
tial assistance to another person in violation of the 
provisions of section 4301, or any regulation pre-
scribed or order issued under such section, and, not-
withstanding any other provision of this title, any 
such person shall be deemed to be in violation of 
that section to the same extent as the person to 
whom such assistance is provided. 
Nothing in this section shall be construed as limiting or 
superseding the protection provided to any provider or 
user qualifying for protection under section 230(c)(1) of 
the Communications Act of 1934 (47 U.S.C. 230(c)(1)).
960 
SEC. 4309. TREATMENT OF REMITTANCE TRANSFERS. 
(a) DISCLOSURES
REQUIRED
FOR
REMITTANCE 
TRANSFERS.— 
(1) IN
GENERAL.—Each remittance transfer 
provider shall make disclosures to consumers, as 
specified by this section and by regulation prescribed 
by the Director. 
(2) SPECIFIC
DISCLOSURES.—In addition to 
any other disclosures applicable under this title, a 
remittance transfer provider shall— 
(A) disclose clearly and conspicuously, in 
writing and in a form that the consumer may 
keep, to each consumer who requests informa-
tion regarding the fees or exchange rate for a 
remittance transfer, prior to the consumer mak-
ing any payment in connection with the trans-
fer— 
(i) the total amount in United States 
dollars that will be required to be paid by 
the consumer in connection with the remit-
tance transfer; 
(ii) the amount of currency that the 
designated recipient of the remittance 
transfer will receive, using the values of 
the currency into which the funds will be 
exchanged;
961 
(iii) the fee charged by the remittance 
transfer provider for the remittance trans-
fer; 
(iv) any exchange rate to be used by 
the remittance transfer provider for the re-
mittance transfer, unless the exchange rate 
is not fixed on send; 
(v) the amount of time for which the 
information specified in this subparagraph 
(A) will be in effect; 
(vi) the expected time interval within 
which the funds being transferred will be 
made available to the recipient; and 
(vii) the location where the funds 
being transferred will be made available to 
the recipient if the funds are to be made 
available only at one location, or if the re-
mittance transfer provider permits the re-
cipient to choose from multiple locations 
where the funds being transferred will be 
made available to the recipient, the remit-
tance transfer provider shall make avail-
able to the consumer or the recipient a re-
source that lists such locations;
962 
(B) at the time at which the consumer 
makes payment in connection with the remit-
tance transfer, a receipt in writing disclosing 
clearly and conspicuously— 
(i) the information described in sub-
paragraph (A); 
(ii) the expected time interval within 
which the funds being transferred will be 
made available to the recipient, which shall 
be not more than ten days after the date 
the consumer makes payment in connec-
tion with the remittance transfer unless 
otherwise prohibited by applicable State or 
Federal law or the law of another country, 
or as may be specified by the consumer so 
long as the consumer has the choice to 
order that the funds be made available to 
the recipient not more than ten days after 
the consumer makes payment in connec-
tion with the remittance transfer; 
(iii) the location where the funds 
being transferred will be made available to 
the recipient if the funds are to be made 
available only at one location, or if the re-
mittance transfer provider permits the re-
963 
cipient to choose from multiple locations 
where the funds being transferred will be 
made available to the recipient, the remit-
tance transfer provider shall make avail-
able to the consumer or the recipient a re-
source that lists such locations; 
(iv) the name and telephone number 
or address of the designated recipient, if 
provided to the remittance transfer pro-
vider by the consumer; 
(v) information about the rights of the 
consumer under this section to cancel the 
remittance transfer, to resolve errors and 
to receive refunds; 
(vi) appropriate contact information 
for the remittance transfer provider; 
(vii) a transaction reference number 
unique to that remittance transfer; and 
(viii) information as to when the ex-
change rate will be calculated (for example, 
when the funds are received by the recipi-
ent), if the customer has been notified that 
the exchange rate is not fixed on send; 
(C) at the time at which the consumer ini-
tiates the remittance transfer, offer to provide
964 
in writing, prior to making any payment in con-
nection with the transfer, the information listed 
in subparagraph (A); and 
(D) in the case of an exchange rate not 
fixed on send, the remittance provider shall also 
disclose, at the time at which the consumer ini-
tiates the remittance transfer, the range, using 
the high and low rates, for the prior 30 day pe-
riod, that the consumer would have received if 
a representative amount had been exchanged by 
the remittance transfer provider, as well as a 
clear and conspicuous notice that the actual ex-
change rate may vary. 
If the actual rate used for the transfer is known to 
the remittance provider, either because such rate 
was set by the remittance provider itself or because 
the remittance provider receives confirmation of the 
actual exchange rate used, the remittance provider 
shall make available to consumers written or elec-
tronic confirmation of the actual exchange rate used 
and the amount of currency that the recipient or the 
remittance transfer received, using the values of the 
currency into which the funds were exchanged. The 
Director shall within 2 years after the date of the 
enactment of the Consumer Financial Protection
965 
Agency Act of 2009 prescribe consumer disclosures 
for transfers with rates not fixed on send that are 
functionally equivalent to those applicable to remit-
tances where the exchange rate is specified by the 
remittance transfer provider at the time the con-
sumer initiates the remittance transfer. To the 
greatest extent possible, the Director shall ensure 
that functional equivalence will enable remittance 
transfer providers to comply with all requirements in 
this title and provide consumers with information 
sufficient to compare services providers, to time 
their use of the product, to discover errors in trans-
mission and to seek remedies. 
(3) 
EXEMPTION.—Notwithstanding 
require-
ments under paragraph (2)(A)(ii), (2)(A)(iv), or 
(2)(B)(i), no such disclosure is required— 
(A) because of the requirements of another 
law, including the law of another country; 
(B) because the transfer is being routed 
through the Directo a Me´xico offered by the 
Federal reserve banks; or 
(C) because of any other circumstance 
deemed permissible by regulation of the Direc-
tor; If the actual rate used for the transfer is 
known to the remittance provider, the remit-
966 
tance provider shall make available to con-
sumers written or electronic confirmation of the 
actual exchange rate used and the amount of 
currency that the recipient of the remittance 
transfer received, using the values of the cur-
rency into which the funds were exchanged. 
(4) PROVISION
OF
TOLL-FREE
NUMBER
AND 
WEB ACCESS.— 
(A) In addition to providing the disclosures 
required by this section to a consumer at a re-
mittance transfer provider location, a remit-
tance transfer provider shall provide a toll-free 
telephone number or local number, and an 
Internet website that a consumer can access for 
which access no remittance transfer provider 
may assess a charge, to obtain the information 
required by paragraph (2)(A) for remittance 
transfers offered by that remittance transfer 
provider or information about the status of a 
remittance transfer for which a consumer has 
made payment. 
(B) A remittance transfer provider that on 
an aggregate basis originates 30,000 or fewer 
transfers on a calendar year basis (or such 
other amount as may be prescribed by the Di-
967 
rector) is not required to offer the web access 
prescribed in subparagraph (A), but is required 
to provide a toll-free telephone number or local 
number as prescribed in subparagraph (A). 
(5) ALTERNATIVE METHODS OF DISCLOSURE.— 
Subject to subsection (e)(2), a remittance transfer 
provider may— 
(A) if the transaction is conducted entirely 
by telephone (which shall include, but not be 
limited to, a mobile telephone) satisfy the re-
quirements of paragraph (2)(A) orally or, at the 
option of the consumer, electronically through a 
message sent to the consumer through any elec-
tronic means (including, but not limited to, an 
electronic mail address or a mobile telephone) 
as designated by the consumer; 
(B) satisfy the requirements of paragraph 
(2)(A) electronically if the transfer is initiated 
by the consumer electronically through the re-
mittance transfer provider’s website or through 
any other electronic means; and 
(C) satisfy the requirements of paragraph 
(2)(B) by mailing (or transmitting electronically 
if the transfer is initiated electronically by the 
consumer through the remittance transfer pro-
978 
law and the laws of any State relating to remittance 
transfers and remittance transfer providers, except 
to the extent that those laws are inconsistent with 
the provisions of this section, and then only to the 
extent of the inconsistency. 
(2) Notwithstanding any other provisions of 
this title, the Director may determine whether such 
inconsistencies exist. A State law is not inconsistent 
with this section if the protection such law affords 
any consumer is greater than the protection afforded 
by this section. If the Director determines that a 
State requirement is inconsistent, remittance trans-
fer providers shall incur no liability under the law of 
that State for a good faith failure to comply with 
that law, notwithstanding that such determination is 
subsequently amended, rescinded, or determined by 
judicial or other authority to be invalid for any rea-
son. This section does not extend the applicability of 
any such law to any class of persons or transactions 
to which it would not otherwise apply. 
(3) This section does not annul, alter, or affect 
the laws of any State relating to the licensing or 
registration, supervision or examination of remit-
tance transfer providers.