H. R. 4173—671 
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 Commis-
sion) 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 con-
sumer complaints and inquiries, research, and similar func-
tions. 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 expla-
nation for the need for the order or directive, to the Com-
mittee on Banking, Housing, and Urban Affairs and the 
Committee on Appropriations of the Senate and the Com-
mittee on Financial Services and the Committee on Appro-
priations 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 posi-
tions 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 des-
ignated transfer date; and 
(2) receive notice of a position assignment not later than 
120 days after the effective date of his or her transfer.
H. R. 4173—672 
(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 trans-
ferred 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 addi-
tional 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 unaccept-
able 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
H. R. 4173—673 
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) imme-
diately 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 ‘‘substan-
tial 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 gov-
erned 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 assign-
ment rights to positions within the Bureau as
H. R. 4173—674 
employees appointed to positions in the competi-
tive service. 
(B) SERVICE CREDIT FOR REDUCTIONS IN FORCE.—For 
purposes of this paragraph, periods of service with a Fed-
eral 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 Fed-
eral 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 retire-
ment 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 employ-
ment with the Bureau, under the same terms as are 
applicable to Federal Reserve System transferred 
employees, as provided in subparagraph (C). An elec-
tion of coverage by the Federal Reserve System Retire-
ment Plan and the Federal Reserve System Thrift Plan 
shall begin on the day following the end of the 18-
H. R. 4173—675 
month period beginning on the designated transfer 
date, and benefit accruals under the existing retire-
ment 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 trans-
ferred 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 Fed-
eral Reserve System Retirement Plan under this 
subparagraph. The Bureau shall pay an employer con-
tribution 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 Fed-
eral 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 FED-
ERAL RESERVE SYSTEM TO BE SUBJECT TO THE FEDERAL 
EMPLOYEE RETIREMENT PROGRAM.— 
(i) ELECTION.—Any Federal Reserve System trans-
ferred 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.
H. R. 4173—677 
(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 U.S.C. 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 Pro-
gram’’ 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 insur-
ance 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 pro-
gram 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 entity’s, 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
H. R. 4173—678 
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 estab-
lished 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 Pro-
gram 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 des-
ignated transfer date, the Bureau has not established its 
own, or arranged for participation in another entity’s, 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 Per-
sonnel 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 sec-
tion 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
H. R. 4173—679 
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 subpara-
graph shall pay any employee contribution required 
by the plan. 
(iii) ADDITIONAL
FUNDING.—The Bureau shall 
transfer to the Employees’ Life Insurance Fund estab-
lished 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 insur-
ance plan under chapter 87 of title 5, United States 
Code, shall be considered as enrollment in a life insur-
ance 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 sub-
section. 
(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.
H. R. 4173—680 
(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 Sec-
retary, shall make such additional incidental transfers and disposi-
tions 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 termi-
nate 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 bene-
fits 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 develop-
ment 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 plan-
ning; 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;
H. R. 4173—681 
(v) part-time work; 
(vi) job sharing; 
(vii) parental leave benefits and childcare assist-
ance; 
(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 indica-
tors 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 des-
ignated 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 U.S.C. 
1691 et seq.) is amended by inserting after section 704A the fol-
lowing: 
‘‘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, govern-
mental 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 institu-
tion 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,
H. R. 4173—682 
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 affil-
iate of a financial institution, involved in making any deter-
mination 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 applica-
tion. 
‘‘(2) LIMITED ACCESS.—If a financial institution determines 
that a loan underwriter or other officer or employee of a finan-
cial institution, or any affiliate of a financial institution, 
involved in making any determination concerning an applica-
tion 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 com-
piling and maintaining any record of information under this
H. R. 4173—683 
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 con-
cerning 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 com-
piled 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, condi-
tionally 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 institu-
tion’ 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 U.S.C. 632).
H. R. 4173—684 
‘‘(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 U.S.C. 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: 
‘‘704B. Small business loan data collection.’’. 
(d) EFFECTIVE DATE.—This section shall become effective on 
the designated transfer date. 
SEC. 1072. ASSISTANCE FOR ECONOMICALLY VULNERABLE INDIVID-
UALS AND FAMILIES. 
(a) HERA AMENDMENTS.—Section 1132 of the Housing and 
Economic Recovery Act of 2008 (12 U.S.C. 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 coun-
seling services.’’; and 
(4) in subsection (d)(1), by striking ‘‘not more than 5’’.
H. R. 4173—685 
(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 U.S.C. 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 U.S.C. 1693 et seq.) is amended— 
(1) in section 902(b) (15 U.S.C. 1693(b)), by inserting ‘‘and 
remittance’’ after ‘‘electronic fund’’; 
(2) in section 904(c) (15 U.S.C. 1693b(c)), in the first sen-
tence, 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 accord-
ance 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 trans-
action— 
‘‘(A) at the time at which the sender requests a remit-
tance 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 remit-
tance 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 des-
ignated 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
H. R. 4173—686 
‘‘(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 estab-
lished 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 para-
graph (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 Signa-
tures in Global and National Commerce Act (15 U.S.C. 
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 cur-
rency 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 cur-
rency 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 U.S.C. 1813), or an insured credit union, 
as defined in section 101 of the Federal Credit Union 
Act (12 U.S.C. 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 des-
ignated 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 remit-
tances to locations in foreign countries, in which case, 
the Board may, by rule, extend the application of subpara-
graph (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 require-
ments of— 
‘‘(A) paragraph (2)(A) orally, if the transaction is con-
ducted entirely by telephone;
H. R. 4173—687 
‘‘(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 con-
ducted 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 remit-
tance 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 dis-
played 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 con-
trolled 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 appro-
priate 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 con-
sumer— 
‘‘(i) to compare prices for remittance transfers; and
H. R. 4173—688 
‘‘(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 des-
ignated 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 subpara-
graph (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 remit-
tance 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 Con-
sumer Financial Protection Act of 2010, clear and appropriate 
standards for remittance transfer providers with respect to
H. R. 4173—689 
error resolution relating to remittance transfers, to protect 
senders from such errors. Standards prescribed under this para-
graph 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 U.S.C. 1829b), or chapter 2 of title I 
of Public Law 91–508 (12 U.S.C. 1951–1959), or any regula-
tions promulgated thereunder; or 
‘‘(B) to cause any fund transfer that would not other-
wise 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 pro-
ceeding 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.
H. R. 4173—731 
(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 U.S.C. 5102)— 
(A) by redesignating paragraphs (2) through (12) as 
(3) through (13), respectively; 
(B) by striking paragraph (1) and inserting the fol-
lowing: 
‘‘(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 U.S.C. 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 Con-
sumer Financial Protection’’; 
(6) in section 1508 (12 U.S.C. 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.—