914 
goods or services directly from the merchant or re-
tailer. 
(4) EXCLUSION NOT APPLICABLE TO CERTAIN 
CREDIT
TRANSACTIONS.—Paragraph (1) shall not 
apply to— 
(A) any credit transaction, including the 
collection of the debt arising from such exten-
sion, in which the merchant, retailer, or seller 
of nonfinancial services assigns, sells, or other-
wise conveys such debt owed by the consumer 
to another person; 
(B) any credit transaction— 
(i) in which the credit provided sig-
nificantly exceeds the market value of the 
product or service provided; and 
(ii) with respect to which the Director 
finds that the sale of the product or service 
is done as a subterfuge so as to evade or 
circumvent the provisions of this title; or 
(C) any credit transaction involving a per-
son who operates a line of business that in-
volves the extension of retail credit or retail 
leases involving motor vehicles, if—
915 
(i) the extension of retail credit or re-
tail leases is provided directly to con-
sumers; and 
(ii) the contracts governing such ex-
tension of retail credit or retail leases are 
not assigned to a third party finance or 
leasing source, except on a de minimis 
basis. 
(b) EXCLUSION FOR PERSONS REGULATED BY THE 
SECURITIES AND EXCHANGE COMMISSION.— 
(1) IN
GENERAL.—No provision of this title 
shall be construed as altering, amending, or affect-
ing the authority of the Securities and Exchange 
Commission or any securities commission (or any 
agency or office performing like functions) of any 
State to adopt rules, initiate enforcement pro-
ceedings, or take any other action with respect to a 
person regulated by the Securities and Exchange 
Commission or any securities commission (or any 
agency or office performing like functions) of any 
State. The Director and Agency shall have no rule-
making, supervisory, enforcement or other authority, 
including the authority to order assessments, under 
this title with respect to a person regulated by the 
Securities and Exchange Commission or any securi-
916 
ties commission (or any agency or office performing 
like functions) of any State. 
(2) CONSULTATION AND COORDINATION.—Not-
withstanding paragraph (1), the Securities and Ex-
change Commission shall consult and coordinate 
with the Director with respect to any rule (including 
any advance notice of proposed rulemaking) regard-
ing 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 Agency under this 
title or under any other law. 
(c) 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 affect-
ing the authority of the Commodity Futures Trading 
Commission to adopt rules, initiate enforcement pro-
ceedings, or take any other action with respect to a 
person regulated by the Commodity Futures Trading 
Commission. The Director and the Agency shall 
have no authority to exercise any power to enforce 
this title with respect to a person regulated by the 
Commodity Futures Trading Commission.
917 
(2) CONSULTATION AND COORDINATION.—Not-
withstanding paragraph (1), the Commodity Futures 
Trading Commission shall consult and coordinate 
with the Director with respect to any rule (including 
any advance notice of proposed rulemaking) regard-
ing a product or service that is the same type of 
product as, or that competes directly with, a con-
sumer financial product or service that is subject to 
the jurisdiction of the Agency under this title or 
under any other law. 
(d) PERSONS REGULATED BY A STATE SECURITIES 
COMMISSION.— 
(1) IN
GENERAL.—No provision of this title 
shall be construed as altering, amending, or affect-
ing the authority of any securities commission (or 
any agency or office performing like functions) of 
any State to adopt rules, initiate enforcement pro-
ceedings, 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 (m), the Director and the Agency 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 per-
918 
forming like functions) of any State, but only to the 
extent that the person acts in such regulated capac-
ity. 
(2) DESCRIPTION OF ACTIVITIES.—Paragraph 
(1) shall not apply to any person to the extent such 
person is engaged in any financial activity described 
in any subparagraph of section 101(19) or is other-
wise subject to any enumerated consumer law or any 
law or authority transferred under subtitle F or H. 
(e) EXCLUSION
FOR PERSONS REGULATED
BY
A 
STATE INSURANCE REGULATOR.— 
(1) IN
GENERAL.—No provision of this title 
shall be construed as altering, amending, or affect-
ing the authority of any State insurance regulator to 
adopt rules, initiate enforcement proceedings, or 
take any other action with respect to a person regu-
lated by any State insurance regulator. Except as 
provided in paragraphs (2) and (3), the Agency shall 
have no authority to exercise any power to enforce 
this title with respect to a person regulated by any 
State insurance regulator. 
(2) DESCRIPTION OF ACTIVITIES.—Paragraph 
(1) shall not apply to any person described in such 
paragraph to the extent such person is engaged in 
any financial activity described in any subparagraph
919 
of section 4002(19) or is otherwise subject to any of 
the enumerated consumer laws or the authorities 
transferred under subtitle F or H. 
(3) PRESERVATION
OF
CERTAIN
AUTHORI-
TIES.—No provision of this title shall be construed 
as limiting the authority of the Director and the 
Agency from exercising powers under this Act with 
respect to a person, other than a person regulated 
by a State insurance regulator, who provides a prod-
uct or service for or on behalf of a person regulated 
by a State insurance regulator in connection with a 
financial activity. 
(f) EXCLUSION FOR PERSONS REGULATED BY THE 
FEDERAL HOUSING FINANCE AGENCY.—No provision of 
this title shall be construed as altering, amending, or af-
fecting the authority of the Federal Housing Finance 
Agency to adopt rules, initiate enforcement proceedings, 
or take any other action with respect to a person regulated 
by the Federal Housing Finance Agency. The Director 
and Agency shall have no authority to exercise any power 
to enforce this title with respect to a person regulated by 
the Federal Housing Finance Agency. For purposes of 
this subsection, the term ‘‘person regulated by the Federal 
Housing Finance Agency’’ means any Federal home loan
920 
bank, and any joint office of 1 or more Federal home loan 
banks. 
(g) EXCLUSION FOR PERSONS REGULATED BY THE 
FARM CREDIT ADMINISTRATION.—No provision of this 
title shall be constructed as altering, amending, or affect-
ing the authority of the Farm Credit Administration to 
adopt rules, institute enforcement proceedings, or take any 
other action with respect to a person regulated by the 
Farm Credit Administration. The Director and Agency 
shall have no authority to exercise any power to enforce 
this title, compel registration, or to order assessments with 
respect to a person regulated by the Farm Credit Adminis-
tration. For purposes of this subsection, the term ‘‘person 
regulated by the Farm Credit Administration’’ means any 
Farm Credit System Institution. 
(h) EMPLOYEE BENEFIT AND COMPENSATION PLANS 
AND CERTAIN OTHER ARRANGEMENTS UNDER THE IN-
TERNAL REVENUE CODE OF 1986.— 
(1) AUTHORITY
RETAINED
BY
OTHER
AGEN-
CIES.—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,
921 
or take any actions with respect to any specified 
plan or arrangement. 
(2) ACTIVITIES NOT CONSTITUTING FINANCIAL 
ACTIVITIES.—For the purposes of this title, a person 
shall not be treated as having engaged in a financial 
activity, as defined in section 4002(19), solely be-
cause such person is a specified plan or arrangement 
or is engaged in the activity of establishing or main-
taining, for the benefit of employees of such person 
(or for members of an employee organization), any 
specified plan or arrangement. 
(3) REGULATORY COORDINATION.—In the case 
of regulations promulgated under this title that ad-
dress any financial activity specifically pertaining to 
the administration and maintenance of a specified 
plan or arrangement, the Director shall coordinate 
with the Secretary of Labor and the Secretary of 
Treasury, as appropriate. 
(4) SPECIFIED PLAN OR ARRANGEMENT.—For 
purposes of this subsection, the term ‘‘specified plan 
or arrangement’’ means any plan, account, or ar-
rangement described in section 220, 223, 401(a), 
403(a), 403(b), 408, 408A, 529, or 530 of the Inter-
nal Revenue Code of 1986, or any employee benefit 
or compensation plan or arrangement, including a
922 
plan that is subject to title I of the Employee Retire-
ment Income Security Act of 1974. 
(i) EXCLUSION FOR ACCOUNTANTS AND TAX PRE-
PARERS.— 
(1) IN GENERAL.—Except as permitted in para-
graph (2), the Director and the Agency may not ex-
ercise any rulemaking, supervisory, enforcement or 
other authority, including authority to order assess-
ments, over— 
(A) any person that is a certified public ac-
countant, 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 inter-
est with respect to a person described in this 
subparagraph when such person is performing 
or offering to perform customary and usual ac-
counting activities, including the provision of 
accounting, tax, advisory, other services that 
are subject to the regulatory authority of a 
state board of accountancy or a Federal author-
ity, or other services that are incidental to such 
customary and usual accounting activities, to 
the extent that such incidental services are not 
offered or provided by the person separate and
923 
apart from such customary and usual account-
ing activities and are not offered or provided to 
consumers who are not receiving such cus-
tomary and usual accounting activities; or 
(B) any person other than a person de-
scribed in subparagraph (A) that performs in-
come tax preparation activities for consumers. 
(2) CERTAIN ACTIVITIES NOT EXCLUDED.— 
(A) IN GENERAL.—In no event shall para-
graph (1) apply to any activity which involves 
the sale of securities or extension of credit 
which is provided by a person described in para-
graph (1)(A). 
(B) DEFINITION.—For purposes of sub-
paragraph (A), the term ‘‘extension of credit’’ 
shall not include an ordinary account receivable. 
(3) DESCRIPTION OF ACTIVITIES.—Paragraph 
(1) shall not apply to— 
(A) any person described in paragraph 
(1)(A) to the extent 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 a fi-
nancial activity described in any subparagraph 
of section 4002(19);
924 
(B) any person described in paragraph 
(1)(B) to the extent such person is engaged in 
any activity which is a financial activity de-
scribed 
in 
any 
subparagraph 
of 
section 
4002(19); or 
(C) any person described in paragraph 
(1)(A) or (1)(B) that is otherwise subject to 
any of the enumerated consumer laws or the 
authorities transferred under subtitle F or H. 
(j) EXCLUSION FOR REAL ESTATE LICENSEES.— 
(1) IN GENERAL.—Except as permitted in para-
graph (2), the Director and the Agency may not ex-
ercise any rulemaking, supervisory, enforcement or 
other authority, including authority to order assess-
ments, over a person that is licensed or registered as 
a real estate broker, real estate agent, in accordance 
with State law, but only to the extent that such per-
son— 
(A) acts as a real estate agent or broker 
for a buyer, seller, lessor, or lessee of real prop-
erty; 
(B) brings together parties interested in 
the sale, purchase, lease, rental, or exchange of 
real property;
925 
(C) negotiates, on behalf of any party, any 
portion of a contract relating to the sale, pur-
chase, lease, rental, or exchange of real prop-
erty (other than in connection with providing fi-
nancing with respect to any such transaction); 
(D) engages in any activity for which a 
person engaged in the activity is required to be 
registered or licensed as a real estate agent or 
real estate broker under any applicable law; or 
(E) offers to engage in any activity, or act 
in any capacity, described in subparagraph (A), 
(B), (C), or (D). 
(2) DESCRIPTION OF ACTIVITIES.—Paragraph 
(1) shall not apply to any person described in such 
paragraph to the extent such person is engaged in 
any financial activity described in any subparagraph 
of section 4002(19) or is otherwise subject to any of 
the enumerated consumer laws or the authorities 
transferred under subtitle F or H. 
(k) EXCLUSION FOR AUTO DEALERS.— 
(1) IN GENERAL.—The Director and the Agen-
cy may not exercise any rulemaking, supervisory, en-
forcement or any other authority, including author-
ity to order assessments, over a motor vehicle dealer 
that is primarily engaged in the sale and servicing
926 
of motor vehicles, the leasing and servicing of motor 
vehicles, or both. 
(2) CERTAIN FUNCTIONS EXCEPTED.—The pro-
visions of paragraph (1) shall not apply to any per-
son to the extent that person— 
(A) provides consumers with any services 
related to residential mortgages; or 
(B) operates a line of business that in-
volves the extension of retail credit or retail 
leases involving motor vehicles, and in which— 
(i) the extension of retail credit or re-
tail leases is routinely provided directly to 
consumers; and 
(ii) the contract governing such exten-
sion of retail credit or retail leases is not 
routinely assigned to a third party finance 
or leasing source. 
(3) NO IMPACT ON PRIOR AUTHORITY.—Noth-
ing in this subsection shall be construed to modify, 
limit, or supersede the rulemaking or enforcement 
authority over motor vehicle dealers that could be 
exercised by any Federal department or agency on 
the day prior to the enactment of this title. 
(4) NO TRANSFER OF CERTAIN AUTHORITY.— 
Notwithstanding subtitle F or any other provision of
927 
law under this title, the consumer financial protec-
tion functions of the Board of Governors and the 
Federal Trade Commission shall not be transferred 
to the Director or the Agency to the extent such 
functions are with respect to a person described 
under paragraph (1). 
(5) DEFINITIONS.—For purposes of this sub-
section: 
(A) MOTOR VEHICLE.—The term ‘‘motor 
vehicle’’ means any self-propelled vehicle de-
signed for transporting persons or property on 
a street, highway, or other road. 
(B) MOTOR VEHICLE DEALER.—The term 
‘‘motor vehicle dealer’’ means any person resi-
dent in the United States or any territory of 
the United States, and licensed by a State, a 
territory of the United States, or the District of 
Columbia to engage in the sale of motor vehi-
cles. 
(l) NO AUTHORITY TO IMPOSE USURY LIMIT.—No 
provision of this title shall be construed as conferring au-
thority on the Director or the Agency to establish a usury 
limit applicable to an extension of credit offered or made 
by a covered person to a consumer, unless explicitly au-
thorized by law.
928 
(m) EXCLUSION FOR MANUFACTURED HOME RE-
TAILERS AND MODULAR HOME RETAILERS.— 
(1) IN GENERAL.—The Director and the Agen-
cy may not exercise any rulemaking, supervisory, en-
forcement or other authority, including authority to 
order assessments, over a person to the extent such 
person— 
(A) acts as an agent or broker for a buyer 
or seller of a manufactured home or a modular 
home; 
(B) 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 
(C) offers to engage in any activity de-
scribed in subparagraph (A) or (B). 
(2) DESCRIPTION OF ACTIVITIES.—Paragraph 
(1) shall not apply to any person described in such 
paragraph to the extent such person is engaged in 
any financial activity described in any subparagraph 
of section 4002(19) or is otherwise subject to any of 
the enumerated consumer laws or the authorities 
transferred under subtitle F or H.
929 
(3) DEFINITIONS.—For purposes of this sub-
section: 
(A) MANUFACTURED
HOME.—The term 
‘‘manufactured home’’ has the meaning given 
such term in section 603 of the National Manu-
factured Housing Construction and Safety 
Standards Act of 1974 (42 U.S.C. 5402). 
(B) MODULAR
HOME.—The term ‘‘mod-
ular home’’ means a house built in a factory in 
two or more modules that meet the State or 
local building codes where the house will be lo-
cated and where such modules are transported 
to the building site, installed on foundations, 
and completed. 
(n) EXCLUSION FOR PRACTICE OF LAW.— 
(1) IN GENERAL.—Except as provided under 
paragraph (2), nothing in this title shall apply with 
respect to an activity engaged in by an attorney, or 
engaged in under the direction of 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.— 
(A) IN GENERAL.—Paragraph (1) shall not 
be construed to limit the exercise by the Direc-
tor and the Agency of any rulemaking, super-
930 
visory, enforcement, or other authority, includ-
ing authority to order assessments, regarding 
any activity that is a financial activity described 
in any subparagraph of section 4002(19) and is 
not engaged in as— 
(i) part of the practice of law; or 
(ii) incidental to the practice of law, 
to the extent that such activity is provided 
exclusively within the scope of the attor-
ney-client relationship and is not otherwise 
provided by or under the direction of the 
attorney to any consumer who is not re-
ceiving legal advice or services from the at-
torney in connection with such activity. 
(B) CONSTRUCTION.—Paragraph (1) shall 
not be construed to limit the authority of the 
Director and the Agency with respect to any ac-
tivity to the extent that such activity is other-
wise subject to any of the enumerated consumer 
laws or the authorities transferred under sub-
title F or H. 
(3) EXCEPTION.—Notwithstanding paragraph 
(1), an individual who provides legal advice or serv-
ices related to preventing a foreclosure shall be sub-
931 
ject to this title unless such individual provides fore-
closure prevention services in connection with— 
(A) the preparation and filing of a bank-
ruptcy petition; or 
(B) court proceedings to avoid a fore-
closure. 
(o) EXCLUSION FOR PAWNBROKERS.— 
(1) IN GENERAL.—The Director and the Agen-
cy may not exercise any rulemaking, supervisory, en-
forcement, or other authority, including authority to 
order assessments, under this title with respect to 
any pawnbroker licensed by a State or political sub-
division thereof, a territory of the United States, or 
the District of Columbia, but only to the extent that 
such person acts in such capacity and provides ei-
ther— 
(A) non-recourse credit secured by a 
possessory security interest in tangible goods 
physically delivered by the consumer to the 
pawnbroker for which the consumer does not 
provide a written or electronic promise, order or 
authorization to pay, or in any other manner 
authorize a debit of a deposit account, prior to 
or contemporaneously with the disbursement of 
the original proceeds; or
932 
(B) credit or any other financial activity 
issued directly by a pawnbroker to a consumer, 
in a case in which the good or service being 
provided is not itself a consumer financial prod-
uct or service, exclusively for the purpose of en-
abling that consumer to purchase goods or serv-
ices directly from the pawnbroker. 
(2) RULE OF CONSTRUCTION.— 
(A) FTC AUTHORITY
PRESERVED.—Ex-
cept as provided in subparagraph (B), no provi-
sion of this title shall be construed as modi-
fying, limiting, or superseding the authority of 
the Federal Trade Commission with respect to 
the activities described under paragraph (1). 
(B) EXERCISE OF RULEMAKING AUTHOR-
ITY.—The Director may exercise any rule-
making authority regarding the activities de-
scribed in paragraph (1) only as may be author-
ized by the enumerated consumer laws or any 
law or authority transferred under subtitle F or 
H. 
(p) EXCLUSION FOR CERTAIN CONSUMER REPORT-
ING AGENCIES.— 
(1) IN GENERAL.—Except as permitted in para-
graph (2), the Director and the Agency may not ex-
933 
ercise any rulemaking, supervisory, enforcement or 
other authority, including authority to order assess-
ments, over a person that is a consumer reporting 
agency, as such term is defined in section 603(f) of 
the Fair Credit Reporting Act (15 U.S.C. 1681a(f)), 
but only to the extent that such consumer reporting 
agency furnishes a consumer report to another per-
son that it has reason to believe intends to use the 
information for employment purposes, including for 
security investigations, government licensing and 
evaluating a consumer’s residential or tenant his-
tory. 
(2) DESCRIPTION OF ACTIVITIES.—Paragraph 
(1) shall not apply to any person described in such 
paragraph to the extent such person is engaged in 
any financial activity described in any subparagraph 
of section 4002(19) or is otherwise subject to any of 
the enumerated consumer laws or the authorities 
transferred under subtitle F or H. 
(q) LIMITED AUTHORITY OF THE AGENCY TO OB-
TAIN INFORMATION.—Notwithstanding subsections (a), 
(f), (g), (h), (i), and (k), the Director may request or re-
quire information from any person subject to or described 
in any such subsection in order to carry out the respon-
934 
sibilities and functions of the Agency and in accordance 
with section 4206, 4501, or 4502. 
(r) EXCLUSION FOR ACTIVITIES RELATING TO CHAR-
ITABLE CONTRIBUTIONS.— 
(1) The Director and the Agency may not exer-
cise any rulemaking, supervisory, enforcement, or 
other authority, including authority to order assess-
ments or penalties, over any activities related to the 
solicitation or making of voluntary contributions to 
or through a tax-exempt organization as recognized 
by the Internal Revenue Service, by any agent, vol-
unteer or representative of such organizations to the 
extent the organization, agent, volunteer or rep-
resentative thereof is soliciting or providing advice, 
information, education or instruction to donor(s) or 
potential donor(s) relating to a contribution to or 
through the organization. 
(2) This exclusion shall not apply to other ac-
tivities not described in the paragraph above and are 
financial activities as described in any subparagraph 
of section 4002(19), or otherwise subject to any of 
the enumerated consumer laws, or the authorities 
transferred under subtitle F or H.
935 
SEC. 4206. COLLECTION OF INFORMATION; CONFIDEN-
TIALITY REGULATIONS. 
(a) COLLECTION OF INFORMATION.— 
(1) IN GENERAL.—In conducting research on 
the provision of consumer financial products or serv-
ices, the Director shall have the power to gather in-
formation from time to time regarding the organiza-
tion, business conduct, and practices of covered per-
sons or service providers. 
(2) SPECIFIC AUTHORITY.—In order to gather 
such information, the Director shall have the 
power— 
(A) to gather and compile information; 
(B) to require persons to file with the 
Agency, in such form and within such reason-
able period of time as the Director may pre-
scribe, by regulation or order, annual or special 
reports, or answers in writing to specific ques-
tions, furnishing information the Director may 
require; and 
(C) to make public such information ob-
tained by it under this section as is in the pub-
lic interest in reports or otherwise in the man-
ner best suited for public information and use. 
(b) CONFIDENTIALITY REGULATIONS.—The Director 
shall prescribe regulations regarding the confidential
936 
treatment of information obtained from persons in connec-
tion with the exercise of any authority of the Agency or 
Director under this title and the enumerated consumer 
laws and the authorities transferred under subtitles F and 
H. 
(c) PRIVACY CONSIDERATIONS.—In collecting infor-
mation from any person, publicly releasing information 
held by the Agency, or requiring covered persons to pub-
licly report information, the Director and the Agency shall 
take steps to ensure that proprietary, personal or con-
fidential consumer information that are protected from 
public disclosure under section 552(b) or 552a of title 5, 
United States Code, or any other provision of law are not 
made public under this title. 
SEC. 4207. MONITORING; ASSESSMENTS OF SIGNIFICANT 
REGULATIONS; REPORTS. 
(a) MONITORING.— 
(1) IN GENERAL.—The Agency shall monitor 
for risks to consumers in the provision of consumer 
financial products or services, including develop-
ments in markets for such products or services. 
(2) MEANS OF MONITORING.—Such monitoring 
may be conducted by examinations of covered per-
sons or service providers, analysis of reports ob-
tained from covered persons or service providers, as-
937 
sessment of consumer complaints, surveys and inter-
views of covered persons, service providers, and con-
sumers, and review of available databases. 
(3) CONSIDERATIONS.—In allocating the re-
sources of the Agency to perform the monitoring re-
quired by this section, the Director may consider, 
among other factors— 
(A) likely risks and costs to consumers as-
sociated with buying or using a type of con-
sumer financial product or service; 
(B) consumers’ understanding of the risks 
of a type of consumer financial product or serv-
ice; 
(C) the state of the law that applies to the 
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 provision of a 
consumer financial product or service; 
(E) extent, if any, to which the risks of a 
consumer financial product or service may dis-
proportionately affect traditionally underserved 
consumers, if any; or
938 
(F) types, number, and other pertinent 
characteristics of covered persons that provide 
the product or service. 
(4) REPORTS.—The Agency shall publish at 
least 1 report of significant findings of the moni-
toring required by paragraph (1) in each calendar 
year, beginning in the calendar year that is 1 year 
after the designated transfer date. 
(b) ASSESSMENT OF SIGNIFICANT REGULATIONS.— 
(1) IN GENERAL.—The Agency shall conduct an 
assessment of each significant regulation prescribed 
or order issued by the Director under this title, 
under the authorities transferred under subtitles F 
and H or pursuant to any enumerated consumer law 
that addresses, among other relevant factors, the ef-
fectiveness of the regulation in meeting the purposes 
and objectives of this title and the specific goals 
stated by the Director. 
(2) BASIS FOR ASSESSMENT.—The assessment 
shall reflect available evidence and any data that the 
Agency reasonably may collect. 
(3) REPORTS.—The Agency shall publish a re-
port of an assessment under this subsection not 
later than 3 years after the effective date of the reg-
ulation or order, unless the Director determines that
939 
3 years is not sufficient time to study or review the 
impact of the regulation, but in no event shall the 
Agency publish a report of such assessment more 
than 5 years after the effective date of the regula-
tion or order. 
(4) PUBLIC COMMENT REQUIRED.—Before pub-
lishing a report of its assessment, the Agency shall 
invite, with sufficient time allotted, public comment 
on, and may hold public hearings on, recommenda-
tions for modifying, expanding, or eliminating the 
newly adopted significant regulation or order. 
(c) INFORMATION GATHERING.—In conducting any 
monitoring or assessment required by this section, the 
Agency may gather information through a variety of meth-
ods, including by conducting surveys or interviews of con-
sumers. 
SEC. 
4208. 
AUTHORITY 
TO 
RESTRICT 
MANDATORY 
PREDISPUTE ARBITRATION. 
(a) IN GENERAL.—The Director, by regulation, may 
prohibit or impose conditions or limitations on the use of 
any 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 Director finds that such a prohibition or imposition 
of conditions or limitations are in the public interest and
940 
for the protection of consumers. This authority shall not 
prohibit or restrict a consumer from entering into a vol-
untary arbitration agreement with a covered person after 
a dispute has arisen. 
(b) EFFECTIVE DATE.—Notwithstanding any other 
provision of law, any regulation prescribed by the Director 
under subsection (a) 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 regu-
lation, as established by the Director. 
SEC. 4209. REGISTRATION AND SUPERVISION OF NON-
DEPOSITORY COVERED PERSONS. 
(a) RISK-BASED PROGRAMS.— 
(1) IN
GENERAL.—The Agency shall develop 
risk-based programs to supervise covered persons 
that are not credit unions, depository institutions, or 
persons excluded under section 4205 by prescribing 
registration requirements, reporting requirements, 
and examination standards and procedures. 
(2) BASIS FOR PROGRAMS.—The risk-based su-
pervisory programs established pursuant to para-
graph (1) shall be based on—
941 
(A) relevant registration and reporting in-
formation about such covered persons, as deter-
mined by the Agency; and 
(B) the Agency’s assessment of risks posed 
to consumers in the relevant geographic mar-
kets and markets for consumer financial prod-
ucts and services. 
(b) REGISTRATION.— 
(1) IN GENERAL.—The Director shall prescribe 
regulations regarding registration requirements for 
covered persons that are not credit unions or deposi-
tory institutions. 
(2) CONSULTATION WITH STATE AGENCIES.— 
In developing and implementing registration require-
ments under this subsection, the Agency shall con-
sult with State agencies regarding requirements or 
systems for registration (including coordinated or 
combined systems), where appropriate. 
(3) EXCEPTION FOR RELATED PERSONS.—The 
Agency shall not impose requirements regarding the 
registration of a related person. 
(4) REGISTRATION INFORMATION.—Subject to 
regulations prescribed by the Director, the Agency 
shall publicly disclose the registration information 
about a covered person which is not a bank holding
942 
company, credit union, or depository institution for 
the purposes of facilitating the ability of consumers 
to identify the covered person as registered with the 
Agency. 
(c) REPORTING REQUIREMENTS.— 
(1) IN GENERAL.—The Agency may require re-
ports from covered persons that are not credit 
unions or depository institutions, or service providers 
thereto, for the purposes of facilitating supervision 
of such covered persons or service providers. 
(2) CONSISTENCY
OF
REPORTING
REQUIRE-
MENTS AND RISK-BASED STANDARDS.—The Agency 
shall impose reporting requirements under this sub-
section that are consistent with the risk-based stand-
ards developed and implemented under this section 
and the registration information pertaining to the 
relevant types or classes of covered persons. 
(3) CONTENTS
OF
REPORTS.—Reporting re-
quirements imposed under this paragraph may in-
clude information regarding— 
(A) the nature of the covered person’s 
business; 
(B) the covered person’s name, legal form, 
ownership and management structure, and re-
lated persons;
943 
(C) the covered person’s locations of oper-
ation; 
(D) the covered person’s types and number 
of consumer financial products and services 
provided by the covered person; 
(E) compliance with any requirement im-
posed or enforced by the Agency, including any 
requirement relating to registration, licensing, 
fees, or assessments; and 
(F) the financial condition of such covered 
person, including a related person, for the pur-
pose of assessing the ability of such person to 
perform its obligation to consumers. 
(4) CONSULTATION WITH THE FEDERAL TRADE 
COMMISSION.—In developing and implementing re-
port requirements under this subsection, the Agency 
shall consult with the Federal Trade Commission, 
where appropriate. 
(5) EXCEPTION
FOR
RELATED
PERSONS.— 
Other than reports permitted under paragraph 
(3)(F) or in connection with a supervisory action or 
examination or pursuant to the powers granted in 
subtitle E, the Agency shall not impose requirements 
regarding reports of any related person. 
(d) EXAMINATIONS.—
944 
(1) EXAMINATIONS
REQUIRED.—The Agency 
shall conduct examinations of covered persons that 
are not credit unions or depository institutions as 
part of the programs implemented under paragraphs 
(2) and (3) of section 4202(c). 
(2) EXAMINATION
STANDARDS
AND
PROCE-
DURES.—The Director shall establish risk-based 
standards and procedures for conducting examina-
tions of covered persons required to be examined 
under paragraph (1), including the frequency and 
scope of such examinations, except that the Agency 
shall conduct examinations of such covered persons 
that are determined to pose the highest risk to con-
sumers based on factors determined by the Director, 
such as the operations, sales practices, or consumer 
financial products or services provided by such cov-
ered persons. 
(e) AUTHORITY TO COLLECT INFORMATION REGARD-
ING FEES OR ASSESSMENTS.—To the extent permitted by 
Federal law, the Agency may obtain from the Secretary 
of the Treasury information relating to a covered person 
which is not a bank holding company, credit union, or de-
pository institution, including information regarding com-
pliance with a reporting or registration requirement under 
the subchapter II of chapter 53 of title 31, United States
945 
Code, for the purposes of, and only to the extent necessary 
in, investigating, determining, or enforcing compliance 
with a requirement relating to any fee or assessment im-
posed by the Agency under this title. 
SEC. 4210. EFFECTIVE DATE. 
This subtitle shall take effect on the designated 
transfer date. 
Subtitle C—Specific Authorities 
SEC. 4301. PROHIBITING UNFAIR, DECEPTIVE, OR ABUSIVE 
ACTS OR PRACTICES. 
(a) IN GENERAL.—The Agency may take any action 
authorized under subtitle E to prevent a person from com-
mitting 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) REGULATIONS.— 
(1) IN GENERAL.—The Director may prescribe 
regulations identifying as unlawful unfair, deceptive, 
or abusive acts or practices in connection with any 
transaction with a consumer for a consumer finan-
cial product or service or the offering of a consumer 
financial product or service.
946 
(2) INCLUDES PREVENTION MEASURES.—Regu-
lations prescribed under this section may include re-
quirements for the purpose of preventing such acts 
or practices. 
(c) UNFAIR, DECEPTIVE, OR ABUSIVE ACTS
OR 
PRACTICES DEFINED.— 
(1) UNFAIR ACTS OR PRACTICES.—Any deter-
mination by the Director and the Agency that an act 
or practice is unfair shall be consistent with the 
standard set forth under section 5 of the Federal 
Trade Commission Act and with the policy state-
ment adopted by the Federal Trade Commission 
pursuant to section 5 of the Federal Trade Commis-
sion Act and dated December 17, 1980. 
(2) DECEPTIVE ACTS OR PRACTICES.—Any de-
termination by the Director and the Agency that an 
act or practice is deceptive shall be consistent with 
the policy statement adopted by the Federal Trade 
Commission pursuant to section 5 of the Federal 
Trade Commission Act and dated October 14, 1983. 
(3) ABUSIVE ACTS OR PRACTICES.—The Direc-
tor and the Agency may determine that an act or 
practice is abusive only if the Director finds that— 
(A) the act or practice is reasonably likely 
to result in a consumer’s inability to under-