968 
vider’s website or the consumer otherwise con-
sents in accordance with the provisions of sec-
tion 101 of the Electronic Signatures in Global 
and National Commerce Act) the information 
required under such paragraph to the consumer 
not later than one business day after the date 
on which the transaction is conducted, if the 
transaction is conducted entirely by telephone 
(or electronically) and the consumer requests a 
written receipt. 
(b) WRITTEN FOREIGN LANGUAGE DISCLOSURES.— 
(1) IN
GENERAL.—The disclosures required 
under subsections (a)(2)(A) and (a)(2)(B)(i) shall be 
made in English and— 
(A) at each remittance transfer provider 
location, shall be made in the same languages 
principally used by the remittance transfer pro-
vider, or any of its agents, to advertise, solicit, 
or market its remittance transfers business, ei-
ther orally or in writing, at that location, if 
other than English, provided that such lan-
guages are those for which the Director has 
issued model disclosures as provided in sub-
section (g); or
969 
(B) on a remittance transfer provider’s 
website, shall at a minimum be made in any 
other language for which the Director has 
issued model disclosures as provided in sub-
section (g) if the remittance transfer provider, 
or any of its agents, advertises, solicits, or mar-
kets its remittance transfers business in such 
language. 
(2) DISPUTES CONCERNING TERMS.—If a dis-
closure is required by this section to be in English 
and another language, the English version of the 
disclosure shall govern any dispute concerning the 
terms of the receipt. However, any discrepancies be-
tween the English version and any other version due 
to the translation of the receipt from English to an-
other language including errors or ambiguities shall 
be construed against the remittance transfer pro-
vider or its agent and the remittance transfer pro-
vider or its agent shall be liable for any damages 
caused by these discrepancies. 
(c) REMITTANCE TRANSFER CANCELLATIONS, RE-
FUNDS, AND ERRORS.— 
(1) CANCELLATIONS.—
970 
(A) After receiving the receipt required 
under subsection (a)(2)(B), a consumer may 
cancel the currency transaction— 
(i) before leaving the premises of the 
remittance transfer provider where the 
consumer received the receipt; and 
(ii) not later than 30 minutes after 
the time the consumer initiated the remit-
tance transfer with the remittance transfer 
provider. 
(B) If a consumer cancels the transaction, 
the remittance transfer provider shall imme-
diately refund to the consumer the fees paid 
and the currency to be transferred, and issue a 
receipt indicating that the transaction has been 
cancelled. 
(C) A consumer may not cancel a remit-
tance transfer after the remittance transfer pro-
vider has sent the funds to the recipient. 
(D) A remittance transfer provider shall 
not be required to provide a refund if providing 
a refund would violate State or Federal law. 
(2) REFUNDS.— 
(A) If a remittance transfer provider re-
ceives written notice from the consumer within
971 
10 days of the promised date of delivery of a 
remittance transfer that no amount of the 
funds to be remitted was made available to the 
designated recipient in the foreign country, the 
remittance transfer provider shall— 
(i) refund to the consumer the total 
amount in U.S. dollars that was paid by 
the consumer in connection with such re-
mittance transfer; 
(ii) promptly transmit the remittance 
transfer in accordance with the terms in 
the written receipt provided to the con-
sumer pursuant to subsection (a)(2)(B); 
(iii) provide such other remedy, as de-
termined appropriate by rule of the Direc-
tor for the protection of consumers; or 
(iv) demonstrate to the consumer that 
the proceeds of the remittance transfer 
were made available to the recipient of the 
remittance provider. 
(B) A remittance transfer provider shall 
not be required to provide a refund if providing 
a refund would violate State or Federal law. 
(3) ERROR RESOLUTION.—
972 
(A) IN GENERAL.—If a remittance transfer 
provider receives written notice from the con-
sumer within 60 days of the promised date of 
delivery that an error occurred with respect to 
a remittance transfer, including that the full 
amount of the funds to be remitted was not 
made available to the designated recipient in 
the foreign country, the remittance transfer 
provider shall resolve the error pursuant to this 
paragraph. 
(B) REMEDIES.—Not later than 120 days 
after the date of receipt of a notice from the 
consumer pursuant to subparagraph (A), the 
remittance transfer provider shall— 
(i) as applicable to the error and as 
designated by the consumer— 
(I) refund to the consumer the 
total amount in United States dollars 
that was paid by the consumer in con-
nection with the remittance transfer 
that was not properly transmitted; 
(II) make available to the des-
ignated recipient, without additional 
cost to the designated recipient or to
973 
the consumer, the amount appropriate 
to resolve the error; 
(III) provide such other remedy, 
as determined appropriate by regula-
tion of the Director for the protection 
of consumers; or 
(ii) demonstrate to the consumer that 
there was no error. 
(4) REGULATIONS.—The Director, in order to 
protect consumers, shall establish, by regulation, 
clear and appropriate standards for remittance 
transfer providers with respect to error resolution, 
cancellation and refunds. 
(d) ENFORCEMENT AUTHORITY.—The Director shall 
have the sole authority to enforce the provisions of this 
section, and any regulations established pursuant to this 
section. 
(e) APPLICABILITY
OF
OTHER
PROVISIONS
OF 
LAW.— 
(1) APPLICABILITY OF TITLE 18 AND TITLE 31 
PROVISIONS.—A remittance transfer provider that is 
a money transmitting business as defined in section 
5330 of title 31, United States Code, may provide 
remittance transfers only if such provider is in com-
pliance with the requirements of section 5330 of title
974 
31, United States Code, and section 1960 of title 
18, United States Code, as applicable. 
(2) RULE OF CONSTRUCTION.—Nothing in this 
section shall be construed— 
(A) to affect the application to any trans-
action, to any remittance provider, or to any 
other person of any of the provisions of sub-
chapter II of chapter 53 of title 31, United 
States Code, section 21 of the Federal Deposit 
Insurance Act, or chapter 2 of title I of Public 
Law 91–508, or any regulations promulgated 
thereunder; or 
(B) to cause any fund transfer that would 
not otherwise be treated as such under para-
graph (2) 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 regulation pre-
scribed under such subparagraph. 
(f) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) DEPOSITORY INSTITUTION.—the term ‘‘de-
pository institution’’ has the same meaning as in 
section 3 of the Federal Deposit Insurance Act and 
includes a credit union.
975 
(2) NOT FIXED ON SEND.—The term ‘‘not fixed 
on send’’ when referring to an exchange rate used 
in a remittance transfer means an exchange rate 
that is not set by the remittance transfer provider 
at the time the consumer initiates the remittance 
transfer. 
(3) REMITTANCE
TRANSFER.—The term ‘‘re-
mittance transfer’’ means the electronic (as defined 
in section 106(2) of the Electronic Signatures in 
Global and National Commerce Act) transfer of 
funds to be effected or used primarily for personal, 
family, or household purposes at the request of a 
consumer located in any State to a person in an-
other country that is initiated by a remittance trans-
fer provider, whether or not the consumer is an ac-
count holder of the remittance transfer provider or 
whether or not the remittance transfer is also an 
electronic fund transfer, as defined in section 903 of 
the Electronic Fund Transfer Act. 
(4) REMITTANCE
TRANSFER
PROVIDER.—The 
term ‘‘remittance transfer provider’’ means any per-
son or depository institution, or agent thereof, that 
originates remittance transfers on behalf of con-
sumers in the normal course of its business, whether
976 
or not the consumer is an account holder of that 
person or depository institution. 
(g) MODEL DISCLOSURES.— 
(1) PUBLICATION.—Notwithstanding any provi-
sions of this title, the Director shall establish and 
publish model disclosure forms to facilitate compli-
ance with the disclosure requirements of this section 
and to aid the consumer in understanding the trans-
action to which the subject disclosure form relates. 
(2) LANGUAGES TO BE USED IN MODEL DIS-
CLOSURES.—The Director shall make these disclo-
sures available within 1 year of the effective date of 
this title— 
(A) in English; and 
(B) the ten most frequently spoken lan-
guages in the United States, other than 
English, used by consumers initiating remit-
tance transfers, as may be determined by the 
Director. 
(3) USE OF AUTOMATED EQUIPMENT.—In es-
tablishing model forms under this subsection, the 
Director shall consider the use by lessors of data 
processing or similar automated equipment. 
(4) USE OPTIONAL.—A remittance transfer pro-
vider may utilize a model disclosure form established
977 
by the Director under this subsection for purposes 
of compliance with this section, at the discretion of 
the remittance transfer provider. 
(5) EFFECT OF USE.—Any remittance transfer 
provider that properly uses the material aspects of 
any model disclosure form established by the Direc-
tor under this subsection shall be deemed to be in 
compliance with the disclosure requirements to 
which the form relates. 
(h) REGULATION AND EXEMPTION AUTHORITY.— 
Notwithstanding any other provisions of this title, the Di-
rector, in the sole discretion of the Director, in consulta-
tion with relevant Federal and State government agencies 
may by regulation exempt from one or more requirements 
of this section, any category of remittance transfer pro-
vider if the Director determines that under applicable Fed-
eral or State law that such category of remittance transfer 
provider is subject to requirements substantially similar 
to those imposed under this section or that such law gives 
greater protection and benefit to the consumer, and that 
there is adequate provision for enforcement. 
(i) APPLICABILITY OF STATE LAW.— 
(1) This section does not annul, alter, affect, or 
exempt any person subject to the provisions of this 
section from complying with other applicable Federal
979 
(4) Nothing in this section shall be construed as 
limiting the authority of a State attorney general or 
State regulator to bring an action or other regu-
latory proceeding arising solely under the law of that 
State. 
(j) FEDERAL CREDIT UNION ACT AMENDMENT.— 
Paragraph (12)(A) of section 107 of the Federal Credit 
Union Act (12 U.S.C. 1757(12)(A)) is amended by insert-
ing ‘‘and remittance transfers, as defined in section 4309 
of the Consumer Financial Protection Agency Act of 
2009’’ after ‘‘and domestic electronic fund transfers’’. 
(k) AUTOMATED CLEARINGHOUSE SYSTEM.— 
(1) EXPANSION
OF
SYSTEM.—The Board of 
Governors of the Federal Reserve System shall work 
with the Federal reserve banks to expand the use of 
the automated clearinghouse system for remittance 
transfers to foreign countries, with a focus on coun-
tries that receive significant remittance transfers 
from the United States, based on— 
(A) the volume and dollar amount of re-
mittance transfers to those countries; 
(B) the significance of the volume of such 
transfers, relative to the external financial flows 
of the receiving country; and 
(C) the feasibility of such an expansion.
980 
(2) REPORT TO THE CONGRESS.—Before the 
end of the 180-day period beginning on the date of 
the enactment of this title, and on April 30 bienni-
ally thereafter, the Board of Governors of the Fed-
eral Reserve System shall submit a report to the Di-
rector, the Committee on Banking, Housing, and 
Urban Affairs of the Senate, and the Committee on 
Financial Services of the House of Representatives 
on the status of the automated clearinghouse system 
and its progress in complying with the requirements 
of this section. 
(l) 
REGULATORY
GUIDANCE
ON
REMITTANCE 
TRANSFERS.— 
(1) PROVISION
OF
GUIDELINES
TO
INSTITU-
TIONS.—The Director shall provide guidelines to all 
remittance transfer providers regarding— 
(A) the offering of low-cost remittance 
transfers; 
(B) the availability of agency services to 
remittance transfer providers; 
(C) compliance with the provisions of this 
title; and 
(D) specific options that allow remittance 
transfer providers to take advantage of auto-
mated clearing systems, including the FedACH
981 
International Services offered by the Board of 
Governors of the Federal Reserve System and 
the Federal reserve banks, to transmit remit-
tances at low cost. 
(2) CONTENT OF GUIDELINES.—Guidelines pro-
vided to remittance transfer providers under this 
section shall include— 
(A) information as to the methods of pro-
viding remittance transfer services; 
(B) the potential economic opportunities in 
providing low-cost remittance transfers; and 
(C) the potential value to depository insti-
tutions of broadening their financial bases to 
include persons that use remittance transfers. 
(3) ASSISTANCE TO FINANCIAL LITERACY COM-
MISSION.—The Secretary of the Treasury and each 
agency referred to in subsection (a) shall, as part of 
their duties as members of the Financial Literacy 
and Education Commission, assist that Commission 
in improving the financial literacy and education of 
consumers who send remittances. 
(m) REPORT ON FEASIBILITY OF AND IMPEDIMENTS 
TO USE OF REMITTANCE HISTORY IN CALCULATION OF 
CREDIT SCORE.—Before the end of the 365-day period 
beginning on the date of the enactment of this title, the
982 
Director shall submit a report to the President, the Com-
mittee on Banking, Housing, and Urban Affairs of the 
Senate, and the Committee on Financial Services of the 
House of Representatives regarding— 
(1) the manner in which a consumer’s remit-
tance history could be used to enhance a consumer’s 
credit score; 
(2) the current legal and business model bar-
riers and impediments that impede the use of a con-
sumer’s remittance history to enhance the con-
sumer’s credit score; and 
(3) recommendations on the manner in which 
maximum transparency and disclosure to consumers 
of exchange rates for remittance transfers subject to 
this title may be accomplished, whether or not such 
exchange rates are known at the time of origination 
or payment by the consumer for the remittance 
transfer, including disclosure to the sender of the ac-
tual exchange rate used and the amount of currency 
that the recipient of the remittance transfer re-
ceived, using the values of the currency into which 
the funds were exchanged, as contained in section s 
919(a)(2)(D) and 919(a)(3) of the Electronic Fund 
Transfer Act (as amended by subsection (a)).
983 
(n) EFFECTIVE DATE.—This section shall apply with 
respect to remittance transfers made after the end of the 
180-day period beginning on the date of the enactment 
of this title. 
SEC. 4310. EFFECTIVE DATE. 
This subtitle shall take effect on the designated 
transfer date. 
SEC. 4311. NO AUTHORITY TO REQUIRE THE OFFERING OF 
FINANCIAL PRODUCTS OR SERVICES. 
The Director may not prescribe any regulation, issue 
any order or guidance, or take any other action, including 
any enforcement action, the effect of which would be to 
require a covered person to offer to any consumer a spe-
cific financial product or service. 
SEC. 4312. APPRAISAL INDEPENDENCE REQUIREMENTS. 
(a) PROMULGATION OF NEW REQUIREMENTS.—The 
Director shall lead a Negotiated Rulemaking Committee 
under the Federal Advisory Committee Act and the Nego-
tiated Rulemaking Act to promulgate appraisal independ-
ence requirements for residential loan purposes, and such 
Committee shall promulgate such requirements not later 
than the end of the 60-day period beginning on the date 
of the enactment of this title.
984 
(b) CERTAIN REGULATION REQUIREMENTS.—Regu-
lations promulgated by the Negotiated Rulemaking Com-
mittee under this section— 
(1) shall not prohibit lenders, the Federal Na-
tional Mortgage Association, or the Federal Home 
Loan Mortgage Corporation from accepting any ap-
praisal report completed by an appraiser selected, 
retained, or compensated in any manner by a mort-
gage loan originator— 
(A) licensed or registered in accordance 
with section 1501 et seq. of the SAFE Mort-
gage Licensing Act of 2008; and 
(B) subject to State or Federal laws that 
make it unlawful for a mortgage loan originator 
to make any payment, threat, or promise, di-
rectly or indirectly, to any appraiser of a prop-
erty, for the purposes of influencing the inde-
pendent judgment of the appraiser with respect 
to the value of the property, except that nothing 
in this section shall prohibit a person with an 
interest in a real estate transaction from asking 
an appraiser to— 
(i) consider additional, appropriate 
property information;
985 
(ii) provide further detail, substan-
tiation, or explanation for the appraiser’s 
value conclusion; or 
(iii) correct errors in the appraisal re-
port; and 
(2) shall include a requirement that lenders and 
their agents compensate appraisers at a rate that is 
customary and reasonable for appraisal services per-
formed in the market area of the property being ap-
praised. 
(c) SUNSET.—Effective on the date the appraisal 
independence requirements are promulgated pursuant to 
subsection (a), the Home Valuation Code of Conduct an-
nounced by the Federal Housing Finance Agency on De-
cember 23, 2008, shall have no force or effect. 
SEC. 4313. OVERDRAFT PROTECTION NOTICE REQUIRE-
MENTS. 
Not later than 180 days after the date of the enact-
ment of this Act, the Director shall promulgate a new rule 
that requires banks to prominently place in each consumer 
branch office information regarding the fees and charges 
associated with enrollment in the bank’s overdraft protec-
tion program.
986 
SEC. 4314. REVIEW, REPORT, AND PROGRAM WITH RE-
SPECT TO EXCHANGE FACILITATORS. 
(a) REVIEW.—The Director shall review all Federal 
laws and regulations relating to the protection of persons 
who utilize exchange facilitators. 
(b) REPORT.—Not later than 180 days after the ef-
fective date of this subtitle, the Director shall submit to 
Congress a report describing— 
(1) recommendations for legislation to ensure 
the appropriate protection of persons who utilize ex-
change facilitators; 
(2) recommendations for updating the regula-
tions of Federal departments and agencies to ensure 
the appropriate protection of such persons; and 
(3) recommendations for Agency regulations to 
ensure the appropriate protection of such persons. 
(c) PROGRAM.—Not later than 180 days after the 
date of the submission of the report under subsection (b), 
the Director shall establish and carry out a program, uti-
lizing the authorities of the Agency, to protect persons 
who utilize exchange facilitators. 
(d) EXCHANGE FACILITATOR DEFINED.—In this sec-
tion, the term ‘‘exchange facilitator’’ means a person 
that— 
(1) facilitates, for a fee, an exchange of like- 
kind property by entering into an agreement with a
987 
taxpayer by which the exchange facilitator acquires 
from the taxpayer the contractual rights to sell the 
taxpayer’s relinquished property and transfers a re-
placement property to the taxpayer as a qualified 
intermediary (within the meaning of Treasury Regu-
lations section 1.1031(k)–1(g)(4)) or enters into an 
agreement with the taxpayer to take title to a prop-
erty as an exchange accommodation titleholder 
(within the meaning of Revenue Procedure 2000–37) 
or enters into an agreement with a taxpayer to act 
as a qualified trustee or qualified escrow holder 
(within the meaning of Treasury Regulations section 
1.1031(k)–1(g)(3)); 
(2) maintains an office for the purpose of solic-
iting business as an exchange facilitator; or 
(3) purports to be an exchange facilitator by 
advertising any of the services listed in paragraph 
(1) or soliciting clients in printed publications, direct 
mail, television or radio advertisements, telephone 
calls, facsimile transmissions, or other electronic 
communications directed to the general public for 
purposes of providing any such services. 
SEC. 4315. REGULATION OF PERSON-TO-PERSON LENDING. 
(a) SCOPE OF EXEMPTION FROM FEDERAL SECURI-
TIES REGULATION.—Section 3(a) of the Securities Act of
988 
1933 (15 U.S.C. 77c(a)) is amended by adding at the end 
the following new paragraph: 
‘‘(15) PERSON-TO-PERSON LENDING.— 
‘‘(A) IN
GENERAL.—Any consumer loan, 
and any note representing a whole or fractional 
interest in any such loan, funded or sold 
through a person-to-person lending platform. 
‘‘(B) DEFINITIONS.— For purposes of this 
paragraph: 
‘‘(i) CONSUMER
LOAN.—The term 
‘consumer loan’ means a loan made to a 
natural person, the proceeds of which are 
intended primarily for personal, family, 
educational, household, or business use. 
‘‘(ii) 
PERSON-TO-PERSON
LENDING 
PLATFORM.— 
‘‘(I) IN
GENERAL.—The term 
‘person-to-person 
lending 
platform’ 
means an Internet website, the pri-
mary purpose of which is to provide a 
transaction platform for the funding 
or sale of individual consumer loans, 
or the sale of notes representing whole 
or fractional interests in individual 
consumer loans, by matching natural
989 
persons who wish to obtain such loans 
with persons who wish to fund them, 
or by matching persons who wish to 
sell such loans or notes with persons 
who wish to purchase them. 
‘‘(II) PROHIBITION ON MULTIPLE 
LOANS IN A SINGLE TRANSACTION.— 
The term ‘person-to-person lending 
platform’ does not include any plat-
form on which multiple loans may be 
funded or sold in a single transaction, 
or on which a note representing an in-
terest in multiple loans or other debt 
obligations may be sold.’’. 
(b) REGULATION BY THE AGENCY.— 
(1) IN GENERAL.—Primary jurisdiction for the 
regulation of the lending activities of person-to-per-
son lending and person-to-person lending platforms 
is hereby vested in the Agency. 
(2) INTERIM REQUIREMENTS.—Until the Direc-
tor issues and adopts disclosure requirements with 
respect to the sale of consumer loans, or notes rep-
resenting whole or fractional interests therein, on 
person-to-person lending platforms, a person-to-per-
son lending platform that registers the offer and sale
990 
of any such notes under the Securities Act of 1933 
shall, with respect to such registered offer and sale, 
provide the disclosure required under the Securities 
Act of 1933 to be contained in the registration 
statement and prospectus and provide such disclo-
sure required in any periodic reports required to be 
filed by such person-to-person lender pursuant to 
section 13 or section 15(d) of the Securities Ex-
change Act of 1934. 
(3) DEFINITIONS.—For purposes of this sub-
section, the terms ‘‘consumer loan’’, ‘‘person-to-per-
son lending platform’’, ‘‘prospectus’’, and ‘‘registra-
tion statement’’ shall have the meaning given such 
term under the Securities Act of 1933. 
(c) RULEMAKING.—The Director may prescribe such 
regulations and issue such orders as the Director con-
siders necessary or appropriate to implement the provi-
sions of this section and to provide borrower protection, 
lender protection, consumer choice, and expanded con-
sumer access to fair and reasonable credit choices. 
(d) EFFECTIVE
DATE.—Notwithstanding section 
4310, this section shall take effect on the date of the en-
actment of this title.
991 
SEC. 4316. TREATMENT OF REVERSE MORTGAGES. 
(a) IN GENERAL.—The Director shall examine the 
practices of covered persons in connection with any reverse 
mortgage transaction (as defined in section 103(bb) of the 
Truth in Lending Act (15 U.S.C. 1602)) and shall pre-
scribe regulations identifying any acts or practices as un-
lawful, unfair, deceptive, or abusive in connection with a 
reverse mortgage transaction or the offering of a reverse 
mortgage. 
(b) REGULATIONS.—In prescribing regulations under 
subsection (a), the Director shall ensure that such regula-
tions shall— 
(1) include requirements for— 
(A) the purpose of preventing unlawful, 
unfair, deceptive or abusive acts and practices 
in connection with a reverse mortgage trans-
action; and 
(B) the purpose of providing timely, appro-
priate, and effective disclosure to consumers in 
connection with a reverse mortgage transaction 
that are consistent with requirements pre-
scribed by the Director in connection with other 
consumer mortgage products or services under 
this title; 
(2) with respect to the requirements under 
paragraph (1), be consistent with requirements pre-
992 
scribed by the Director in connection with other con-
sumer mortgage products or services under this title; 
and 
(3) provide for an integrated disclosure stand-
ard and model disclosures for reverse mortgage 
transactions, consistent with section 4302(d), that 
combines the relevant disclosures required under the 
Truth in Lending Act (15 U.S.C. 1601 et seq.) and 
the Real Estate Settlement Procedures Act, with the 
disclosures required to be provided to consumers for 
Home Equity Conversion Mortgages under section 
255 of the National Housing Act. 
(c) CONSULTATION.—In connection with the issuance 
of any regulations under this section, the Director shall 
consult with the Federal banking agencies, State bank su-
pervisors, the Federal Trade Commission, and the Depart-
ment of Housing and Urban Development, as appropriate, 
to ensure that any proposed regulation— 
(1) imposes substantially similar requirements 
on all covered persons; and 
(2) is consistent with prudential, consumer pro-
tection, civil rights, market or systemic objectives 
administered by such agencies or supervisors. 
(d) DEADLINE
FOR RULEMAKING.—The Director 
shall commence the rulemaking required under subsection
993 
(a) not later than 12 months after the date of the enact-
ment of this Act. 
Subtitle D—Preservation of State 
Law 
SEC. 4401. RELATION TO STATE LAW. 
(a) IN GENERAL.— 
(1) RULE OF CONSTRUCTION.—This title shall 
not be construed as annulling, altering, or affecting, 
or exempting any person subject to the provisions of 
this title from complying with, the laws, regulations, 
orders, or interpretations, in effect in any State, ex-
cept to the extent that such statute, regulation, 
order, or interpretation is inconsistent with the pro-
visions of this title and then only to the extent of the 
inconsistency. 
(2) GREATER
PROTECTION
UNDER
STATE 
LAW.—For the purposes of this subsection, a stat-
ute, regulation, order, or interpretation in effect in 
any State is not inconsistent with the provisions of 
this title if the protection such statute, regulation, 
order, or interpretation affords consumers is greater 
than the protection provided under this title. A de-
termination regarding whether a statute, regulation, 
order, or interpretation in effect in any State is in-
consistent with the provisions of this title may be
994 
made by the Agency on its own motion or in re-
sponse to a nonfrivolous petition initiated by any in-
terested person. 
(b) RELATION TO OTHER PROVISIONS OF ENUMER-
ATED CONSUMER LAWS THAT RELATE TO STATE LAW.— 
No provision of this title, except as provided in section 
4803, shall be construed as modifying, limiting, or super-
seding the operation of any provision of an enumerated 
consumer law that relates to the application of a law in 
effect in any State with respect to such Federal law. 
(c) ADDITIONAL CONSUMER PROTECTION REGULA-
TIONS IN RESPONSE TO STATE ACTION.— 
(1) NOTICE OF PROPOSED RULE REQUIRED.— 
The Agency shall issue a notice of proposed rule-
making whenever a majority of the States has en-
acted a resolution in support of the establishment or 
modification of a consumer protection regulation by 
the Agency. 
(2) AGENCY CONSIDERATIONS REQUIRED FOR 
ISSUANCE
OF
FINAL
REGULATION.—Before pre-
scribing a final regulation based upon a notice 
issued pursuant to paragraph (1), the Agency shall 
take into account whether—
995 
(A) the proposed regulation would afford 
greater protection to consumers than any exist-
ing regulation; 
(B) the intended benefits of the proposed 
regulation for consumers would outweigh any 
increased costs or inconveniences for con-
sumers, and would not discriminate unfairly 
against any category or class of consumers; and 
(C) a Federal banking agency has advised 
that the proposed regulation is likely to present 
an unacceptable safety and soundness risk to 
insured depository institutions. 
(3) EXPLANATION OF CONSIDERATIONS.—The 
Agency— 
(A) shall include a discussion of the con-
siderations required in subsection (b) in the 
Federal Register notice of a final regulation 
prescribed pursuant to this section; and 
(B) whenever the Agency determines not to 
prescribe a final regulation, shall publish an ex-
planation of such determination in the Federal 
Register, and provide a copy of such expla-
nation to each State that enacted a resolution 
in support of the proposed regulation, the Com-
mittee on Financial Services of the House of
996 
Representatives, and the Committee on Bank-
ing, Housing, and Urban Affairs of the Senate. 
(4) RESERVATION OF AUTHORITY.—No provi-
sion of this section shall be construed as limiting or 
restricting the authority of the Agency to enhance 
consumer protection standards established pursuant 
to this title in response to its own motion or in re-
sponse to a request by any other interested person. 
(5) RULE OF CONSTRUCTION.—No provision of 
this section shall be construed as exempt the Agency 
from complying with subchapter II of chapter 5 of 
title 5, United States Code. 
(6) DEFINITION.—For purposes of this section, 
the term ‘‘consumer protection regulation’’ means a 
regulation that the Agency is authorized to prescribe 
under this title, the enumerated consumer laws, or 
any law or authority transferred under subtitle F or 
H. 
SEC. 4402. PRESERVATION OF ENFORCEMENT POWERS OF 
STATES. 
(a) IN GENERAL.— 
(1) ACTION
BY
STATE.—Any State attorney 
general may bring a civil action in the name of such 
State, as parens patriae on behalf of natural persons 
residing in such State, in any district court of the
997 
United States or State court having jurisdiction of 
the defendant, to enforce and secure remedies under 
provisions of this title or regulations issued there-
under, or otherwise provided under other law. 
(2) RULE OF CONSTRUCTION.—No provision of 
this title shall be construed as modifying, limiting, 
or superseding the operation of any provision of an 
enumerated consumer law that relates to the author-
ity of a State attorney general or State regulator to 
enforce such Federal law. 
(b) CONSULTATION REQUIRED.— 
(1) NOTICE.— 
(A) IN
GENERAL.—Before initiating any 
action in a court or other administrative or reg-
ulatory proceeding against any covered person 
to enforce any provision of this title, including 
any regulation prescribed by the Director under 
this title, a State attorney general or State reg-
ulator shall timely provide a copy of the com-
plete complaint to be filed and written notice 
describing such action or proceeding to the 
Agency, or the Agency’s designee. 
(B) EMERGENCY ACTION.—If prior notice 
is not practicable, the State attorney general or 
State regulator shall provide a copy of the com-
998 
plete complaint and the notice to the Agency 
immediately upon instituting the action or pro-
ceeding. 
(C) CONTENTS OF NOTICE.—The notifica-
tion required under this section shall, at a min-
imum, describe— 
(i) the identity of the parties; 
(ii) the alleged facts underlying the 
proceeding; and 
(iii) whether there may be a need to 
coordinate the prosecution of the pro-
ceeding so as not to interfere with any ac-
tion, including any rulemaking, undertaken 
by the Director or Agency or another Fed-
eral agency. 
(2) AGENCY
RESPONSE.—In any action de-
scribed in paragraph (1), the Agency may— 
(A) intervene in the action as a party; 
(B) upon intervening— 
(i) remove the action to the appro-
priate United States district court, if the 
action was not originally brought there; 
and 
(ii) be heard on all matters arising in 
the action; and
1000 
commission or State insurance regulator under State 
law to adopt rules, initiate enforcement proceedings, 
or take any other action with respect to a person 
regulated by such commission or regulator. 
SEC. 4403. PRESERVATION OF EXISTING CONTRACTS. 
This title, and regulations, orders, guidance, and in-
terpretations prescribed, issued, and established by the 
Agency, shall not be construed to alter or affect the appli-
cability of any regulation, order, guidance, or interpreta-
tion prescribed, issued, and established by the Comptroller 
of the Currency or the Director of the Office of Thrift 
Supervision regarding the applicability of State law under 
Federal banking law to any contract entered into on or 
before the date of the enactment of this title, by national 
banks, Federal savings associations, or subsidiaries there-
of that are regulated and supervised by the Comptroller 
of the Currency or the Director of the Office of Thrift 
Supervision, respectively. 
SEC. 4404. STATE LAW PREEMPTION STANDARDS FOR NA-
TIONAL BANKS AND SUBSIDIARIES CLARI-
FIED. 
(a) IN GENERAL.—Chapter one of title LXII of the 
Revised Statutes of the United States (12 U.S.C. 21 et 
1 seq.) is amended by inserting after section 5136B the 
following new section:
1001 
‘‘SEC. 5136C. STATE LAW PREEMPTION STANDARDS FOR NA-
TIONAL BANKS AND SUBSIDIARIES CLARI-
FIED. 
‘‘(a) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
‘‘(1) NATIONAL
BANK.—The term ‘national 
bank’ includes— 
‘‘(A) any bank organized under the laws of 
the United States; and 
‘‘(B) any Federal branch established in ac-
cordance with the International Banking Act of 
1978. 
‘‘(2) STATE CONSUMER FINANCIAL LAWS.—The 
term ‘State consumer financial law’ means a State 
law that does not directly or indirectly discriminate 
against national banks and that directly and specifi-
cally regulates the manner, content, or terms and 
conditions of any financial transaction (as may be 
authorized for national banks to engage in), or any 
account related thereto, with respect to a consumer. 
‘‘(3) OTHER
DEFINITIONS.—The terms ‘affil-
iate’, ‘subsidiary’, ‘includes’, and ‘including’ have the 
same meaning as in section 3 of the Federal Deposit 
Insurance Act. 
‘‘(b) PREEMPTION STANDARD.—
1002 
‘‘(1) IN
GENERAL.—State consumer financial 
laws are preempted only if— 
‘‘(A) application of a State consumer fi-
nancial law would have a discriminatory effect 
on national banks in comparison with the effect 
of the law on a bank chartered by that State; 
‘‘(B) the State consumer financial law pre-
vents, significantly interferes with, or materially 
impairs the ability of an institution chartered as 
a national bank to engage in the business of 
banking. Any preemption determination under 
this subparagraph may be made by a court or 
by regulation or order of the Comptroller of the 
Currency in accordance with applicable law, on 
a case-by-case basis. Any such determination by 
a court shall comply with the standards set 
forth in subsection (d) of this section, with the 
court making the subsection (d) finding de 
novo; or 
‘‘(C) the State consumer financial law is 
preempted by Federal law other than this Act. 
‘‘(2) SAVINGS CLAUSE.—This Act does not pre-
empt or alter the applicability of any State law to 
any subsidiary or affiliate of a national bank (other
1003 
than an institution chartered as a national bank) 
that is not a depository institution. 
‘‘(3) CASE-BY-CASE DETERMINATION.— 
‘‘(A) DEFINITION.—The term ‘case-by-case 
determination pursuant to this section’ means a 
determination made by the Comptroller con-
cerning the impact of a particular State con-
sumer financial law on any national bank that 
is subject to that law, or the law of any other 
State with substantively equivalent terms. 
‘‘(B) 
CONSULTATION.—When 
making 
case-by-case determination pursuant to this sec-
tion that a State consumer financial law of an-
other State has a substantively equivalent terms 
as one that the Comptroller is preempting, the 
Comptroller shall first consult with the Con-
sumer Financial Protection Agency and shall 
take such Agency’s views into account when 
making the determination. 
‘‘(4) RULE OF CONSTRUCTION.—This Act does 
not occupy the field in any area of State law. 
‘‘(5) STANDARDS OF REVIEW.— 
‘‘(A) PREEMPTION.—A court reviewing 
any determinations made by the Comptroller re-
garding preemption of a State law by this Act
1004 
shall assess the validity of such determinations 
depending upon the thoroughness evident in the 
agency’s consideration, the validity of the agen-
cy’s reasoning, the consistency with other valid 
determinations made by the agency, and other 
factors which the court finds persuasive and rel-
evant to its decision. 
‘‘(B) SAVINGS
CLAUSE.—Except as pro-
vided in subparagraph (A), nothing in this sec-
tion shall affect the deference that a court may 
afford to the Comptroller in making determina-
tions regarding the meaning or interpretation of 
title LXII of the Revised Statutes of the United 
States or other Federal laws. 
‘‘(6) COMPTROLLER DETERMINATION NOT DEL-
EGABLE.—Any regulation, order or determination 
made by the Comptroller of the Currency under sub-
section (b)(1)(B) shall be made by the Comptroller 
and shall not be delegable to another officer or em-
ployee of the Comptroller of the Currency. 
‘‘(c) SUBSTANTIAL EVIDENCE.—No regulation or 
order of the Comptroller of the Currency prescribed under 
subsection (b)(1)(B), shall be interpreted or applied so as 
to invalidate, or otherwise declare inapplicable to a na-
tional bank, the provision of the State consumer financial
1005 
law unless substantial evidence, made on the record of the 
proceeding, supports the specific finding that the provision 
prevents, significantly interferes with, or materially im-
pairs the ability of a national bank to engage in the busi-
ness of banking. 
‘‘(d) OTHER FEDERAL LAWS.—Notwithstanding any 
other provision of law, the Comptroller of the Currency 
may not prescribe a regulation or order pursuant to sub-
section (b)(1)(B) until the Comptroller of the Currency, 
after consultation with the Consumer Financial Protection 
Agency, makes a finding, in writing, that a Federal law 
provides a substantive standard, applicable to a national 
bank, which regulates the particular conduct, activity, or 
authority that is subject to such provision of the State 
consumer financial law. 
‘‘(e) PERIODIC REVIEW
OF PREEMPTION DETER-
MINATIONS.—The Comptroller of the Currency shall peri-
odically conduct a review, through notice and public com-
ment, of each determination that a provision of Federal 
law preempts a State consumer financial law. The agency 
shall conduct such review within the 5-year period after 
prescribing or otherwise issuing such determination, and 
at least once during each 5-year period thereafter. After 
conducting the review of, and inspecting the comments 
made on, the determination, the agency shall timely pro-
1006 
pose to continue, amend or rescind it, as may be appro-
priate, in accordance with the procedures set forth in sub-
sections (a) and (b) of section 5244 (12 U.S.C. 43(a) and 
(b)). 
‘‘(f) APPLICATION OF STATE CONSUMER FINANCIAL 
LAW
TO
SUBSIDIARIES
AND
AFFILIATES.—Notwith-
standing any provision of this title, a State consumer fi-
nancial law shall apply to a subsidiary or affiliate of a 
national bank to the same extent that the State consumer 
financial law applies to any person, corporation, or other 
entity subject to such State law. 
‘‘(g) PRESERVATION
OF
POWERS
RELATED
TO 
CHARGING INTEREST.—No provision of this title shall be 
construed as altering or otherwise affecting the authority 
conferred by section 5197 of the Revised Statutes of the 
United States (12 U.S.C. 85) for the charging of interest 
by a national bank at the rate allowed by the laws of the 
State, territory or district where the bank is located, in-
cluding with respect to the meaning of ‘interest’ under 
such provision. 
‘‘(h) TRANSPARENCY OF OCC PREEMPTION DETER-
MINATIONS.—The Comptroller of the Currency shall pub-
lish and update no less frequently than quarterly, a list 
of preemption determinations by the Comptroller of the 
Currency then in effect that identifies the activities and
1007 
practices covered by each determination and the require-
ments and constraints determined to be preempted.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for chapter one of title LXII of the Revised Statutes of 
the United States is amended by inserting after the item 
relating to section 5136B the following new item: 
‘‘5136C. State law preemption standards for national banks and subsidiaries 
clarified.’’. 
SEC. 4405. VISITORIAL STANDARDS. 
Section 5136C of the Revised Statutes of the United 
States (as added by section 4404) is amended by adding 
at the end the following new subsections: 
‘‘(g) VISITORIAL POWERS.— 
‘‘(1) RULE OF CONSTRUCTION.—No provision 
of this title which relates to visitorial powers or oth-
erwise limits or restricts the visitorial authority to 
which any national bank is subject shall be con-
strued as limiting or restricting the authority of any 
attorney general (or other chief law enforcement of-
ficer) of any State to bring any action in any court 
of appropriate jurisdiction— 
‘‘(A) to enforce any applicable Federal or 
State law, as authorized by such law; or 
‘‘(B) on behalf of residents of such State, 
to enforce any applicable provision of any Fed-
eral or nonpreempted State law against a na-
1008 
tional bank, as authorized by such law, or to 
seek relief as authorized by such law. 
‘‘(2) CONSULTATION.—The attorney general (or 
other chief law enforcement officer) of any State 
shall consult with the head of the agency responsible 
for chartering and regulating national banks before 
acting under paragraph (1). 
‘‘(h) ENFORCEMENT ACTIONS.—The ability of the 
head of the agency responsible for chartering and regu-
lating national banks to bring an enforcement action 
under this title or section 5 of the Federal Trade Commis-
sion Act shall not be construed as precluding private par-
ties from enforcing rights granted under Federal or State 
law in the courts.’’. 
SEC. 4406. CLARIFICATION OF LAW APPLICABLE TO NON-
DEPOSITORY INSTITUTION SUBSIDIARIES. 
Section 5136C of the Revised Statutes of the United 
States is amended by inserting after subsection (h) (as 
added by section 4405) the following new subsection: 
‘‘(i) CLARIFICATION OF LAW APPLICABLE TO NON-
DEPOSITORY INSTITUTION SUBSIDIARIES
AND AFFILI-
ATES OF NATIONAL BANKS.— 
‘‘(1) DEFINITIONS.—For purposes of this sec-
tion, the following definitions shall apply:
1009 
‘‘(A) 
DEPOSITORY
INSTITUTION, 
SUB-
SIDIARY, AFFILIATE.—The terms ‘depository in-
stitution’, ‘subsidiary’, and ‘affiliate’ have the 
same meanings as in section 3 of the Federal 
Deposit Insurance Act. 
‘‘(B) NONDEPOSITORY INSTITUTION.—The 
term ‘nondepository institution’ means any enti-
ty that is not a depository institution. 
‘‘(2) IN GENERAL.—No provision of this title 
shall be construed as annulling, altering, or affecting 
the applicability of State law to any nondepository 
institution, subsidiary, other affiliate, or agent of a 
national bank.’’. 
SEC. 4407. STATE LAW PREEMPTION STANDARDS FOR FED-
ERAL SAVINGS ASSOCIATIONS AND SUBSIDI-
ARIES CLARIFIED. 
(a) IN GENERAL.—The Home Owners’ Loan Act (12 
U.S.C. 1461 et seq.) is amended by inserting after section 
5 the following new section: 
‘‘SEC. 6. STATE LAW PREEMPTION STANDARDS FOR FED-
ERAL SAVINGS ASSOCIATIONS CLARIFIED. 
‘‘(a) STATE
CONSUMER
FINANCIAL
LAW
DE-
FINED.—For purposes of this section, the term ‘State con-
sumer financial law’ means a State law that does not di-
rectly or indirectly discriminate against Federal savings
1010 
associations and that directly and specifically regulates the 
manner, content, or terms and conditions of any financial 
transaction (as may be authorized for Federal savings as-
sociations to engage in), or any account related thereto, 
with respect to a consumer. 
‘‘(b) PREEMPTION STANDARD.— 
‘‘(1) IN
GENERAL.—State consumer financial 
laws are preempted only if— 
‘‘(A) application of a State consumer fi-
nancial law would have a discriminatory effect 
on Federal savings associations in comparison 
with the effect of the law on a bank chartered 
by that State; 
‘‘(B) the State consumer financial law pre-
vents, significantly interferes with, or materially 
impairs the ability of an institution chartered as 
a Federal savings association to engage in the 
business of banking. Any preemption deter-
mination under this subparagraph may be made 
by a court or by regulation or order of the Di-
rector of the Office of Thrift Supervision in ac-
cordance with applicable law, on a case-by-case 
basis. Any such determination by a court shall 
comply with the standards set forth in sub-
1011 
section (d) of this section, with the court mak-
ing the subsection (d) finding de novo; or 
‘‘(C) the State consumer financial law is 
preempted by Federal law other than this Act. 
‘‘(2) SAVINGS CLAUSE.—This Act does not pre-
empt or alter the applicability of any State law to 
any subsidiary or affiliate of a Federal savings asso-
ciation (other than an institution chartered as a 
Federal savings association) that is not a depository 
institution. 
‘‘(3) CASE-BY-CASE DETERMINATION.— 
‘‘(A) DEFINITION.—The term ‘case-by-case 
determination pursuant to this section’ means a 
determination made by the Director concerning 
the impact of a particular State consumer fi-
nancial law on any Federal savings association 
that is subject to that law, or the law of any 
other State with substantively equivalent terms. 
‘‘(B) 
CONSULTATION.—When 
making 
case-by-case determination pursuant to this sec-
tion that a State consumer financial law of an-
other State has a substantively equivalent terms 
as one that the Director of the Office of Thrift 
Supervision is preempting, the Director shall 
first consult with the Consumer Financial Pro-
1012 
tection Agency and shall take such Agency’s 
views into account when making the determina-
tion. 
‘‘(4) RULE OF CONSTRUCTION.—This Act does 
not occupy the field in any area of State law. 
‘‘(5) STANDARDS OF REVIEW.— 
‘‘(A) PREEMPTION.—A court reviewing 
any determinations made by the Director re-
garding preemption of a State law by this Act 
shall assess the validity of such determinations 
depending upon the thoroughness evident in the 
agency’s consideration, the validity of the agen-
cy’s reasoning, the consistency with other valid 
determinations made by the agency, and other 
factors which the court finds persuasive and rel-
evant to its decision. 
‘‘(B) SAVINGS
CLAUSE.—Except as pro-
vided in subparagraph (A), nothing in this sec-
tion shall affect the deference that a court may 
afford to the Director in making determinations 
regarding the meaning or interpretation of the 
Home Owners’ Loan Act or other Federal laws. 
‘‘(6) OTS DETERMINATION NOT DELEGABLE.— 
Any regulation, order, or determination made by the 
Director of the Office of Thrift Supervision under
1013 
subsection (b)(1)(B) shall be made by the Director 
and shall not be delegable to another officer or em-
ployee of the Director of the Office of Thrift Super-
vision. 
‘‘(c) OTHER FEDERAL LAW.—Notwithstanding any 
other provision of law, the Director of the Office of Thrift 
Supervision may not prescribe any regulation or order 
pursuant to subsection (b)(1)(B) until such Director, after 
consultation with the Consumer Financial Protection 
Agency, makes a finding, in writing, that a Federal law 
provides a substantive standard, applicable to a Federal 
savings association, which regulates the particular con-
duct, activity, or authority that is subject to such provision 
of the State consumer financial law. 
‘‘(d) SUBSTANTIAL EVIDENCE.—No regulation or 
order prescribed by the Director of the Office of Thrift 
Supervision issued under subsection (b)(1)(B) shall be in-
terpreted or applied so as to invalidate, or otherwise de-
clare inapplicable to a Federal savings association, the 
provision of the State consumer financial law unless sub-
stantial evidence, made on the record of the proceeding, 
supports the specific finding that the provision prevents, 
significantly interferes with, or materially impairs the abil-
ity of a Federal savings association to engage in the busi-
ness of banking.
1014 
‘‘(e) PERIODIC REVIEW
OF PREEMPTION DETER-
MINATIONS.—The Director of the Office of Thrift Super-
vision shall periodically conduct a review, through notice 
and public comment, of each determination that a provi-
sion of Federal law preempts a State consumer financial 
law. The agency shall conduct such review within the 5- 
year period after prescribing or otherwise issuing such de-
termination, and at least once during each 5-year period 
thereafter. After conducting the review of, and inspecting 
the comments made on, the determination, the agency 
shall timely propose to continue, amend or rescind it, as 
may be appropriate, in accordance with the procedures set 
forth in subsections (a) and (b) of section 5244 of the 
Revised Statutes of the United States (12 U.S.C. 43(a) 
and (b)). 
‘‘(f) APPLICATION OF STATE CONSUMER FINANCIAL 
LAW
TO
SUBSIDIARIES
AND
AFFILIATES.—Notwith-
standing any provision of this Act, a State consumer fi-
nancial law shall apply to a subsidiary or affiliate of a 
Federal savings association to the same extent that the 
State consumer financial law applies to any person, cor-
poration, or other entity subject to such State law and 
consistent with Federal law. 
‘‘(g) PRESERVATION
OF
POWERS
RELATED
TO 
CHARGING OF INTEREST.—No provision of this title shall
1015 
be construed as altering or otherwise affecting the author-
ity conferred by section 4(g) of the Home Owners’ Loan 
Act (12 U.S.C. 1463(g)) for the charging of interest by 
a Federal savings association at the rate allowed by the 
laws of the State, territory, or district where the bank is 
located, including with respect to the meaning of ‘interest’ 
under such provision. 
‘‘(h) TRANSPARENCY OF OTS PREEMPTION DETER-
MINATIONS.—The Director of the Office of Thrift Super-
vision shall publish and update no less frequently than 
quarterly, a list of preemption determinations by such Di-
rector then in effect that identifies the activities and prac-
tices covered by each determination and the requirements 
and constraints determined to be preempted.’’. 
(b) CLERICAL AMENDMENT.—The table of sections 
for the Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) 
is amended by striking the item relating to section 6 and 
inserting the following new item: 
‘‘Sec. 6. State law preemption standards for Federal savings associations clari-
fied.’’. 
SEC. 4408. VISITORIAL STANDARDS. 
Section 6 of the Home Owners’ Loan Act (as added 
by section 4407 of this title) is amended by adding at the 
end the following new subsections: 
‘‘(g) VISITORIAL POWERS.—
1016 
‘‘(1) IN GENERAL.—No provision of this Act 
shall be construed as limiting or restricting the au-
thority of any attorney general (or other chief law 
enforcement officer) of any State to bring any action 
in any court of appropriate jurisdiction— 
‘‘(A) to enforce any applicable Federal or 
State law, as authorized by such law; or 
‘‘(B) on behalf of residents of such State, 
to enforce any applicable provision of any Fed-
eral or State law against a Federal savings as-
sociation, as authorized by such law, or to seek 
relief as authorized by such law. 
‘‘(2) CONSULTATION.—The attorney general (or 
other chief law enforcement officer) of any State 
shall consult with the Director or any successor 
agency before acting under paragraph (1). 
‘‘(h) ENFORCEMENT ACTIONS.—The ability of the 
Director or any successor officer or agency to bring an 
enforcement action under this Act or section 5 of the Fed-
eral Trade Commission Act shall not be construed as pre-
cluding private parties from enforcing rights granted 
under Federal or State law in the courts.’’.
1017 
SEC. 4409. CLARIFICATION OF LAW APPLICABLE TO NON-
DEPOSITORY INSTITUTION SUBSIDIARIES. 
Section 6 of the Home Owners’ Loan Act is amended 
by adding after subsection (h) (as added by section 4408) 
the following new subsection: 
‘‘(i) CLARIFICATION OF LAW APPLICABLE TO NON-
DEPOSITORY INSTITUTION SUBSIDIARIES
AND AFFILI-
ATES OF FEDERAL SAVINGS ASSOCIATIONS.— 
‘‘(1) DEFINITIONS.—For purposes of this sec-
tion, the following definitions shall apply: 
‘‘(A) 
DEPOSITORY
INSTITUTION, 
SUB-
SIDIARY, AFFILIATE.—The terms ‘depository in-
stitution’, ‘subsidiary’, and ‘affiliate’ have the 
same meanings as in section 3 of the Federal 
Deposit Insurance Act. 
‘‘(B) NONDEPOSITORY INSTITUTION.—The 
term ‘nondepository institution’ means any enti-
ty that is not a depository institution. 
‘‘(2) IN GENERAL.—No provision of this title 
shall be construed as preempting the applicability of 
State law to any nondepository institution, sub-
sidiary, other affiliate, or agent of a Federal savings 
association.’’. 
SEC. 4410. EFFECTIVE DATE. 
This subtitle shall take effect on the designated 
transfer date.
1018 
Subtitle E—Enforcement Powers 
SEC. 4501. DEFINITIONS. 
For purposes of this subtitle, the following definitions 
shall apply: 
(1) 
AGENCY
INVESTIGATION.—The 
term 
‘‘Agency investigation’’ means any inquiry conducted 
by an Agency investigator for the purpose of 
ascertaining whether any person is or has been en-
gaged in any conduct that violates this title, any 
enumerated consumer law, or any regulation pre-
scribed or order issued by the Director under this 
title or under the authorities transferred under sub-
titles F and H. 
(2) AGENCY INVESTIGATOR.—The term ‘‘Agen-
cy investigator’’ means any attorney or investigator 
employed by the Agency who is charged with the 
duty of enforcing or carrying into effect any provi-
sions of this title, any enumerated consumer law, the 
authorities transferred under subtitles F and H, or 
any regulation prescribed or order issued under this 
title or pursuant to any such authority by the Direc-
tor. 
(3) COVERED EMPLOYEE.—The term ‘‘covered 
employee’’ means any individual performing tasks
1019 
related to the provision of a financial product or 
service to a consumer. 
(4) CUSTODIAN.—The term ‘‘custodian’’ means 
the custodian or any deputy custodian designated by 
the Agency. 
(5) 
DOCUMENTARY
MATERIAL.—The 
term 
‘‘documentary material’’ includes the original or any 
copy of any book, document, record, report, memo-
randum, paper, communication, tabulation, chart, 
log, electronic file, or other data or data compila-
tions stored in any medium. 
(6) VIOLATION.—The term ‘‘violation’’ means 
any act or omission that, if proved, would constitute 
a violation of any provision of this title, any enumer-
ated consumer law, any law for which authorities 
were transferred under subtitles F and H, or of any 
regulation prescribed or order issued by the Director 
under this title or pursuant to any such authority. 
SEC. 4502. INVESTIGATIONS AND ADMINISTRATIVE DIS-
COVERY. 
(a) JOINT INVESTIGATIONS.— 
(1) IN GENERAL.—The Agency or, where ap-
propriate, an Agency representative may engage in 
joint investigations and requests for information.
1020 
(2) FAIR LENDING.—The authority under para-
graph (1) includes matters relating to fair lending, 
and where appropriate, joint investigations and re-
quests for information with the Secretary of Hous-
ing and Urban Development, the Attorney General, 
or both. 
(b) SUBPOENAS.— 
(1) IN GENERAL.—The Agency or an Agency 
investigator may issue subpoenas for the attendance 
and testimony of witnesses and the production of 
relevant papers, books, documents, or other material 
in connection with hearings under this title. 
(2) FAILURE TO OBEY.—In case of contumacy 
or refusal to obey a subpoena issued pursuant to 
this paragraph and served upon any person, an ap-
propriate United States district court may, upon ap-
plication by the Agency or an Agency investigator 
and after notice to such person, issue an order re-
quiring such person to appear and give testimony or 
to appear and produce documents or other material, 
or both. 
(c) DEMANDS.— 
(1) IN GENERAL.—Whenever the Agency has 
reason to believe that any person may be in posses-
sion, custody, or control of any documentary mate-
1021 
rial or tangible things, or may have any information, 
relevant to a violation, the Agency may, before the 
institution of any proceedings under this title or 
under any enumerated consumer law or pursuant to 
the authorities transferred under subtitles F and H, 
issue in writing, and cause to be served upon such 
person, a civil investigative demand requiring such 
person to— 
(A) produce such documentary material for 
inspection and copying or reproduction in the 
form or medium requested by the Agency; 
(B) submit such tangible things; 
(C) file written reports or answers to ques-
tions; 
(D) give oral testimony concerning docu-
mentary material or other information; or 
(E) furnish any combination of such mate-
rial, answers, or testimony. 
(2) REQUIREMENTS.—Each civil investigative 
demand shall state the nature of the conduct consti-
tuting the alleged violation which is under investiga-
tion and the provision of law applicable to such vio-
lation.
1022 
(3) PRODUCTION OF DOCUMENTS.—Each civil 
investigative demand for the production of documen-
tary material shall— 
(A) describe each class of documentary 
material to be produced under the demand with 
such definiteness and certainty as to permit 
such material to be fairly identified; 
(B) prescribe a return date or dates which 
will provide a reasonable period of time within 
which the material so demanded may be assem-
bled and made available for inspection and 
copying or reproduction; and 
(C) identify the custodian to whom such 
material shall be made available. 
(4) PRODUCTION OF THINGS.—Each civil inves-
tigative demand for the submission of tangible 
things shall— 
(A) describe each class of tangible things 
to be submitted under the demand with such 
definiteness and certainty as to permit such 
things to be fairly identified; 
(B) prescribe a return date or dates which 
will provide a reasonable period of time within 
which the things so demanded may be assem-
bled and submitted; and
1023 
(C) identify the custodian to whom such 
things shall be submitted. 
(5) DEMAND FOR WRITTEN REPORTS OR AN-
SWERS.—Each civil investigative demand for written 
reports or answers to questions shall— 
(A) propound with definiteness and cer-
tainty the reports to be produced or the ques-
tions to be answered; 
(B) prescribe a date or dates at which time 
written reports or answers to questions shall be 
submitted; and 
(C) identify the custodian to whom such 
reports or answers shall be submitted. 
(6) ORAL TESTIMONY.—Each civil investigative 
demand for the giving of oral testimony shall— 
(A) prescribe a date, time, and place at 
which oral testimony shall be commenced; and 
(B) identify a Agency investigator who 
shall conduct the investigation and the custo-
dian to whom the transcript of such investiga-
tion shall be submitted. 
(7) SERVICE.— 
(A) Any civil investigative demand may be 
served by any Agency investigator at any place
1024 
within the territorial jurisdiction of any court of 
the United States. 
(B) Any such demand or any enforcement 
petition filed under this section may be served 
upon any person who is not found within the 
territorial jurisdiction of any court of the 
United States, in such manner as the Federal 
Rules of Civil Procedure prescribe for service in 
a foreign nation. 
(8) METHOD OF SERVICE.—Service of any civil 
investigative demand or any enforcement petition 
filed under this section may be made upon a person, 
including any legal entity, by— 
(A) delivering a duly executed copy of such 
demand or petition to the individual or to any 
partner, executive officer, managing agent, or 
general agent of such person, or to any agent 
of such person authorized by appointment or by 
law to receive service of process on behalf of 
such person; 
(B) delivering a duly executed copy of such 
demand or petition to the principal office or 
place of business of the person to be served; or 
(C) depositing a duly executed copy in the 
United States mails, by registered or certified
1025 
mail, return receipt requested, duly addressed 
to such person at its principal office or place of 
business. 
(9) PROOF OF SERVICE.— 
(A) A verified return by the individual 
serving any civil investigative demand or any 
enforcement petition filed under this section 
setting forth the manner of such service shall 
be proof of such service. 
(B) In the case of service by registered or 
certified mail, such return shall be accompanied 
by the return post office receipt of delivery of 
such demand or enforcement petition. 
(10) PRODUCTION
OF
DOCUMENTARY
MATE-
RIAL.—The production of documentary material in 
response to a civil investigative demand shall be 
made under a sworn certificate, in such form as the 
demand designates, by the person, if a natural per-
son, to whom the demand is directed or, if not a 
natural person, by any person having knowledge of 
the facts and circumstances relating to such produc-
tion, to the effect that all of the documentary mate-
rial required by the demand and in the possession, 
custody, or control of the person to whom the de-
1027 
formation required by the demand and in the posses-
sion, custody, control, or knowledge of the person to 
whom the demand is directed has been submitted. 
(13) TESTIMONY.— 
(A) PROCEDURE.— 
(i) OATH
AND
RECORDATION.—The 
examination of any person pursuant to a 
demand for oral testimony served under 
this subsection shall be taken before an of-
ficer authorized to administer oaths and 
affirmations by the laws of the United 
States or of the place where the examina-
tion is held. The officer before whom oral 
testimony is to be taken shall put the wit-
ness on oath or affirmation and shall per-
sonally, or by any individual acting under 
the direction of and in the presence of the 
officer, record the testimony of the witness. 
(ii) TRANSCRIPTIONS.—The testimony 
shall be taken stenographically and tran-
scribed. 
(iii) COPY TO CUSTODIAN.—After the 
testimony is fully transcribed, the officer 
before whom the testimony is taken shall
1028 
promptly transmit a copy of the transcript 
of the testimony to the custodian. 
(B) PARTIES PRESENT.—Any Agency in-
vestigator before whom oral testimony is to be 
taken shall exclude from the place where the 
testimony is to be taken all other persons ex-
cept the person giving the testimony, the attor-
ney for such person, the officer before whom 
the testimony is to be taken, an investigator or 
representative of an agency with which the 
Agency is engaged in a joint investigation, and 
any stenographer taking such testimony. 
(C) LOCATION.—The oral testimony of any 
person taken pursuant to a civil investigative 
demand shall be taken in the judicial district of 
the United States in which such person resides, 
is found, or transacts business, or in such other 
place as may be agreed upon by the Agency in-
vestigator before whom the oral testimony of 
such person is to be taken and such person. 
(D) ATTORNEY REPRESENTATION.— 
(i) IN
GENERAL.—Any person com-
pelled to appear under a civil investigative 
demand for oral testimony pursuant to this
1029 
section may be accompanied, represented, 
and advised by an attorney. 
(ii) CONFIDENTIAL ADVICE.—The at-
torney may advise the person summoned, 
in confidence, either upon the request of 
such person or upon the initiative of the 
attorney, with respect to any question 
asked of such person. 
(iii) OBJECTIONS.—The person sum-
moned or the attorney may object on the 
record to any question, in whole or in part, 
and shall briefly state for the record the 
reason for the objection. 
(iv) REFUSAL TO ANSWER.—An objec-
tion may properly be made, received, and 
entered upon the record when it is claimed 
that the person summoned is entitled to 
refuse to answer the question on grounds 
of any constitutional or other legal right or 
privilege, including the privilege against 
self-incrimination, but such person shall 
not otherwise object to or refuse to answer 
any question, and shall not otherwise inter-
rupt the oral examination, directly or 
through such person’s attorney.
1030 
(v) PETITION
FOR
ORDER.—If such 
person refuses to answer any question, the 
Agency may petition the district court of 
the United States pursuant to this section 
for an order compelling such person to an-
swer such question. 
(vi) BASIS FOR COMPELLING TESTI-
MONY.—If such person refuses to answer 
any question on grounds of the privilege 
against self-incrimination, the testimony of 
such person may be compelled in accord-
ance with the provisions of section 6004 of 
title 18, United States Code. 
(E) TRANSCRIPTS.— 
(i) RIGHT
TO
EXAMINE.—After the 
testimony of any witness is fully tran-
scribed, the Agency investigator shall af-
ford the witness (who may be accompanied 
by an attorney) a reasonable opportunity 
to examine the transcript. 
(ii) READING THE TRANSCRIPT.—The 
transcript shall be read to or by the wit-
ness, unless such examination and reading 
are waived by the witness.
1031 
(iii) REQUEST
FOR
CHANGES.—Any 
changes in form or substance which the 
witness desires to make shall be entered 
and identified upon the transcript by the 
Agency investigator with a statement of 
the reasons given by the witness for mak-
ing such changes. 
(iv) 
SIGNATURE.—The 
transcript 
shall be signed by the witness, unless the 
witness in writing waives the signing, is ill, 
cannot be found, or refuses to sign. 
(v) AGENCY ACTION IN LIEU OF SIG-
NATURE.—If the transcript is not signed 
by the witness during the 30-day period 
following the date upon which the witness 
is first afforded a reasonable opportunity 
to examine it, the officer or the Agency in-
vestigator shall sign the transcript and 
state on the record the fact of the waiver, 
illness, absence of the witness, or the re-
fusal to sign, together with any reasons 
given for the failure to sign. 
(F) CERTIFICATION BY INVESTIGATOR.— 
The officer shall certify on the transcript that 
the witness was duly sworn by the investigator
1032 
and that the transcript is a true record of the 
testimony given by the witness, and the officer 
or the Agency investigator shall promptly de-
liver the transcript or send it by registered or 
certified mail to the custodian. 
(G) COPY OF TRANSCRIPT.—The Agency 
investigator shall furnish a copy of the tran-
script (upon payment of reasonable charges for 
the transcript) to the witness only, except that 
the Agency may for good cause limit such wit-
ness to inspection of the official transcript of 
the testimony of such witness. 
(H) WITNESS FEES.—Any witness appear-
ing for the taking of oral testimony pursuant to 
a civil investigative demand shall be entitled to 
the same fees and mileage which are paid to 
witnesses in the district courts of the United 
States. 
(d) CONFIDENTIAL TREATMENT OF DEMAND MATE-
RIAL.— 
(1) IN GENERAL.—Materials received as a re-
sult of a civil investigative demand shall be subject 
to requirements and procedures regarding confiden-
tiality, in accordance with regulations established by 
the Director.
1033 
(2) DISCLOSURE TO CONGRESS.—No regulation 
established by the Director regarding the confiden-
tiality of materials submitted to, or otherwise ob-
tained by, the Agency shall be intended to prevent 
disclosure to either House of the Congress or to an 
appropriate committee of the Congress, except that 
the Director may prescribe regulations allowing prior 
notice to any party that owns or otherwise provided 
the material to the Agency and has designated such 
material as confidential. 
(e) PETITION FOR ENFORCEMENT.— 
(1) IN GENERAL.—Whenever any person fails 
to comply with any civil investigative demand duly 
served upon such person under this section, or when-
ever satisfactory copying or reproduction of material 
requested pursuant to the demand cannot be accom-
plished and such person refuses to surrender such 
material, the Agency, through such officers or attor-
neys as the Director may designate, may file, in the 
district court of the United States for any judicial 
district in which such person resides, is found, or 
transacts business, and serve upon such person, a 
petition for an order of such court for the enforce-
ment of this section.
1034 
(2) SERVICE OF PROCESS.—All process of any 
court to which application may be made as provided 
in this subsection may be served in any judicial dis-
trict. 
(f) PETITION FOR ORDER MODIFYING OR SETTING 
ASIDE DEMAND.— 
(1) IN GENERAL.—Not later than 20 days after 
the service of any civil investigative demand upon 
any person under subsection (b), or at any time be-
fore the return date specified in the demand, which-
ever period is shorter, or within such period exceed-
ing 20 days after service or in excess of such return 
date as may be prescribed in writing, subsequent to 
service, by any Agency investigator named in the de-
mand, such person may file with the Agency a peti-
tion for an order by the Agency modifying or setting 
aside the demand. 
(2) COMPLIANCE
DURING
PENDENCY.—The 
time permitted for compliance with the demand in 
whole or in part, as deemed proper and ordered by 
the Agency, shall not run during the pendency of 
such petition at the Agency, except that such person 
shall comply with any portions of the demand not 
sought to be modified or set aside.
1035 
(3) SPECIFIC
GROUNDS.—Such petition shall 
specify each ground upon which the petitioner relies 
in seeking such relief, and may be based upon any 
failure of the demand to comply with the provisions 
of this section, or upon any constitutional or other 
legal right or privilege of such person. 
(g) CUSTODIAL CONTROL.—At any time during 
which any custodian is in custody or control of any docu-
mentary material, tangible things, reports, answers to 
questions, or transcripts of oral testimony given by any 
person in compliance with any civil investigative demand, 
such person may file, in the district court of the United 
States for the judicial district within which the office of 
such custodian is situated, and serve upon such custodian, 
a petition for an order of such court requiring the per-
formance by such custodian of any duty imposed upon 
such custodian by this section or regulation prescribed by 
the Director. 
(h) JURISDICTION OF COURT.— 
(1) IN
GENERAL.—Whenever any petition is 
filed in any district court of the United States under 
this section, such court shall have jurisdiction to 
hear and determine the matter so presented, and to 
enter such order or orders as may be required to 
carry into effect the provisions of this section.
1036 
(2) APPEAL.—Any final order so entered shall 
be subject to appeal pursuant to section 1291 of title 
28, United States Code. 
SEC. 4503. HEARINGS AND ADJUDICATION PROCEEDINGS. 
(a) IN GENERAL.—The Agency may conduct hear-
ings and adjudication proceedings with respect to any per-
son in the manner prescribed by chapter 5 of title 5, 
United States Code in order to ensure or enforce compli-
ance with— 
(1) the provisions of this title, including any 
regulations prescribed by the Director under this 
title; and 
(2) any other Federal law that the Agency is 
authorized to enforce, including an enumerated con-
sumer law, and any regulations or order prescribed 
thereunder, unless such Federal law specifically lim-
its the Agency from conducting a hearing or adju-
dication proceeding and only to the extent of such 
limitation. 
(b) SPECIAL RULES FOR CEASE-AND-DESIST PRO-
CEEDINGS.— 
(1) ISSUANCE.— 
(A) NOTICE OF CHARGES.—If, in the opin-
ion of the Agency, any covered person or service 
provider is engaging or has engaged in an activ-
1037 
ity that violates a law, regulation, or any condi-
tion imposed in writing on the person by the 
Agency, the Agency may issue and serve upon 
the person a notice of charges with respect to 
such violation. 
(B) CONTENTS
OF
NOTICE.—The notice 
shall contain a statement of the facts consti-
tuting any alleged violation and shall fix a time 
and place at which a hearing will be held to de-
termine whether an order to cease-and-desist 
there from should issue against the person. 
(C) TIME OF HEARING.—A hearing under 
this subsection shall be fixed for a date not ear-
lier than 30 days nor later than 60 days after 
service of such notice unless an earlier or a 
later date is set by the Agency at the request 
of any party so served. 
(D) NONAPPEARANCE
DEEMED
TO
BE 
CONSENT TO ORDER.—Unless the party or par-
ties so served shall appear at the hearing per-
sonally or by a duly authorized representative, 
they shall be deemed to have consented to the 
issuance of the cease-and-desist order. 
(E) ISSUANCE OF ORDER.—In the event of 
such consent, or if upon the record made at any
1038 
such hearing, the Agency shall find that any 
violation specified in the notice of charges has 
been established, the Agency may issue and 
serve upon the person an order to cease-and-de-
sist from any such violation or practice. 
(F) INCLUDES
REQUIREMENT
FOR
COR-
RECTIVE ACTION.—Such order may, by provi-
sions which may be mandatory or otherwise, re-
quire the person to cease-and-desist from the 
same, and, further, to take affirmative action to 
correct the conditions resulting from any such 
violation. 
(2) EFFECTIVENESS OF ORDER.—A cease-and- 
desist order shall take effect at the end of the 30- 
day period beginning on the date of the service of 
such order upon the covered person or service pro-
vider concerned (except in the case of a cease-and- 
desist order issued upon consent, which shall take 
effect at the time specified therein), and shall re-
main effective and enforceable as provided therein, 
except to such extent as it is stayed, modified, termi-
nated, or set aside by action of the Agency or a re-
viewing court. 
(3) DECISION AND APPEAL.—
1039 
(A) PLACE
OF
AND
PROCEDURES
FOR 
HEARING.—Any hearing provided for in this 
subsection shall be held in the Federal judicial 
district or in the territory in which the resi-
dence or home office of the person is located 
unless the person consents to another place, 
and shall be conducted in accordance with the 
provisions of chapter 5 of title 5 of the United 
States Code. 
(B) TIME
LIMIT
FOR
DECISION.—After 
such hearing, and within 90 days after the 
Agency has notified the parties that the case 
has been submitted to it for final decision, the 
Agency shall— 
(i) render its decision (which shall in-
clude findings of fact upon which its deci-
sion is predicated) and shall issue; and 
(ii) serve upon each party to the pro-
ceeding an order or orders consistent with 
the provisions of this section. Judicial re-
view of any such order shall be exclusively 
as provided in this subsection. 
(C) 
MODIFICATION
OF
ORDER
GEN-
ERALLY.—Unless a petition for review is timely 
filed in a court of appeals of the United States,
1040 
as hereinafter provided in paragraph (4), and 
thereafter until the record in the proceeding has 
been filed as so provided, the Agency may at 
any time, upon such notice and in such manner 
as it shall deem proper, modify, terminate, or 
set aside any such order. 
(D) MODIFICATION OF ORDER AFTER FIL-
ING RECORD ON APPEAL.—Upon such filing of 
the record, the Agency may modify, terminate, 
or set aside any such order with permission of 
the court. 
(4) APPEAL TO COURT OF APPEALS.— 
(A) IN GENERAL.—Any party to any pro-
ceeding under this subsection may obtain a re-
view of any order served pursuant to this sub-
section (other than an order issued with the 
consent of the person concerned) by the filing 
in the court of appeals of the United States for 
the circuit in which the principal office of the 
covered person is located, or in the United 
States Court of Appeals for the District of Co-
lumbia Circuit, within 30 days after the date of 
service of such order, a written petition praying 
that the order of the Agency be modified, termi-
nated, or set aside.
1041 
(B) TRANSMITTAL OF COPY TO THE AGEN-
CY.—A copy of such petition shall be forthwith 
transmitted by the clerk of the court to the 
Agency, and thereupon the Agency shall file in 
the court the record in the proceeding, as pro-
vided in section 2112 of title 28 of the United 
States Code. 
(C) JURISDICTION OF COURT.—Upon the 
filing of a petition under subparagraph (A), 
such court shall have jurisdiction, which upon 
the filing of the record shall except as provided 
in the last sentence of paragraph (3) be exclu-
sive, to affirm, modify, terminate, or set aside, 
in whole or in part, the order of the Agency. 
(D) SCOPE OF REVIEW.—Review of such 
proceedings shall be had as provided in chapter 
7 of title 5 of the United States Code. 
(E) FINALITY.—The judgment and decree 
of the court shall be final, except that the same 
shall be subject to review by the Supreme Court 
upon certiorari, as provided in section 1254 of 
title 28 of the United States Code. 
(5) NO
STAY.—The commencement of pro-
ceedings for judicial review under paragraph (4)
1042 
shall not, unless specifically ordered by the court, 
operate as a stay of any order issued by the Agency. 
(c) SPECIAL RULES FOR TEMPORARY CEASE-AND- 
DESIST PROCEEDINGS.— 
(1) ISSUANCE.— 
(A) IN GENERAL.—Whenever the Agency 
determines that the violation specified in the 
notice of charges served upon a person, includ-
ing a service provider, pursuant to subsection 
(b), or the continuation of such violation, is 
likely to cause the person to be insolvent or oth-
erwise prejudice the interests of consumers be-
fore the completion of the proceedings con-
ducted pursuant to subsection (b), the Agency 
may issue a temporary order requiring the per-
son to cease-and-desist from any such violation 
or practice and to take affirmative action to 
prevent or remedy such insolvency or other con-
dition pending completion of such proceedings. 
(B) OTHER
REQUIREMENTS.—Any tem-
porary order issued under this paragraph may 
include any requirement authorized under this 
subtitle. 
(C) EFFECT DATE OF ORDER.—Any tem-
porary order issued under this paragraph shall
1043 
take effect upon service upon the person and, 
unless set aside, limited, or suspended by a 
court in proceedings authorized by paragraph 
(2) of this subsection, shall remain effective and 
enforceable pending the completion of the ad-
ministrative proceedings pursuant to such no-
tice and until such time as the Agency shall dis-
miss the charges specified in such notice, or if 
a cease-and-desist order is issued against the 
person, until the effective date of such order. 
(2) APPEAL.—Within 10 days after the person 
concerned has been served with a temporary cease- 
and-desist order, the person may apply to the United 
States district court for the judicial district in which 
the home office of the person is located, or the 
United States District Court for the District of Co-
lumbia, for an injunction setting aside, limiting, or 
suspending the enforcement, operation, or effective-
ness of such order pending the completion of the ad-
ministrative proceedings pursuant to the notice of 
charges served upon the person under subsection 
(b), and such court shall have jurisdiction to issue 
such injunction. 
(3) INCOMPLETE OR INACCURATE RECORDS.—
1044 
(A) TEMPORARY ORDER.—If a notice of 
charges served under subsection (b) specifies, 
on the basis of particular facts and cir-
cumstances, that a person’s books and records 
are so incomplete or inaccurate that the Agency 
is unable to determine the financial condition of 
that person or the details or purpose of any 
transaction or transactions that may have a 
material effect on the financial condition of that 
person, the Agency may issue a temporary 
order requiring— 
(i) the cessation of any activity or 
practice which gave rise, whether in whole 
or in part, to the incomplete or inaccurate 
state of the books or records; or 
(ii) affirmative action to restore such 
books or records to a complete and accu-
rate state, until the completion of the pro-
ceedings under subsection (b)(1). 
(B) EFFECTIVE PERIOD.—Any temporary 
order issued under subparagraph (A)— 
(i) shall take effect upon service; and 
(ii) unless set aside, limited, or sus-
pended by a court in proceedings under
1045 
paragraph (2), shall remain in effect and 
enforceable until the earlier of— 
(I) the completion of the pro-
ceeding initiated under subsection (b) 
in connection with the notice of 
charges; or 
(II) the date the Agency deter-
mines, by examination or otherwise, 
that the person’s books and records 
are accurate and reflect the financial 
condition of the person. 
(d) SPECIAL RULES
FOR ENFORCEMENT
OF OR-
DERS.— 
(1) IN GENERAL.—The Agency may in its dis-
cretion apply to the United States district court 
within the jurisdiction of which the principal office 
of the person is located, for the enforcement of any 
effective and outstanding notice or order issued 
under this section, and such court shall have juris-
diction and power to order and require compliance 
herewith. 
(2) EXCEPTION.—Except as otherwise provided 
in this subsection, no court shall have jurisdiction to 
affect by injunction or otherwise the issuance or en-
forcement of any notice or order or to review, mod-
1046 
ify, suspend, terminate, or set aside any such notice 
or order. 
(e) REGULATIONS.—The Director shall prescribe reg-
ulations establishing such procedures as may be necessary 
to carry out this section. 
SEC. 4504. LITIGATION AUTHORITY. 
(a) IN GENERAL.—If any person violates a provision 
of this title, any enumerated consumer law, any law for 
which authorities were transferred under subtitles F and 
H, or any regulation prescribed or order issued by the Di-
rector under this title or pursuant to any such authority, 
the Agency may commence a civil action against such per-
son to impose a civil penalty and to seek all appropriate 
legal and equitable relief including a permanent or tem-
porary injunction as permitted by law. 
(b) REPRESENTATION.—The Agency may act in its 
own name and through its own attorneys in enforcing any 
provision of this title, regulations under this title, or any 
other law or regulation, or in any action, suit, or pro-
ceeding to which the Agency is a party. 
(c) COMPROMISE
OF ACTIONS.—The Agency may 
compromise or settle any action if such compromise is ap-
proved by the court. 
(d) NOTICE TO THE ATTORNEY GENERAL.—When 
commencing a civil action under this title, any enumerated
1047 
consumer law, any law for which authorities were trans-
ferred under subtitles F and H, or any regulation there-
under, the Agency shall notify the Attorney General. 
(e) APPEARANCE BEFORE THE SUPREME COURT.— 
The Agency may represent itself in its own name before 
the Supreme Court of the United States, if— 
(1) the Agency makes a written request to the 
Attorney General within the 10-day period which be-
gins on the date of entry of the judgment which 
would permit any party to file a petition for writ of 
certiorari; and 
(2) the Attorney General concurs with such re-
quest or fails to take action within 60 days of the 
Agency’s request. 
(f) FORUM.—Any civil action brought under this title 
may be brought in a United States district court or in 
any court of competent jurisdiction of a state in a district 
in which the defendant is located or resides or is doing 
business, and such court shall have jurisdiction to enjoin 
such person and to require compliance with this title, any 
enumerated consumer law, any law for which authorities 
were transferred under subtitles F and H, or any regula-
tion prescribed or order issued by the Director under this 
title or pursuant to any such authority. 
(g) TIME FOR BRINGING ACTION.—
1048 
(1) IN
GENERAL.—Except as otherwise per-
mitted by law or equity, no action may be brought 
under this title more than 3 years after the date of 
the discovery of the violation to which an action re-
lates. 
(2) LIMITATIONS
UNDER
OTHER
FEDERAL 
LAWS.— 
(A) For purposes of this section, an action 
arising under this title shall not include claims 
arising solely under enumerated consumer laws. 
(B) In any action arising solely under an 
enumerated consumer law, the Agency may 
commence, defend, or intervene in the action in 
accordance with the requirements of that law, 
as applicable. 
(C) In any action arising solely under the 
laws for which authorities were transferred by 
subtitles F and H, the Agency may commence, 
defend, or intervene in the action in accordance 
with the requirements of that law, as applicable. 
SEC. 4505. RELIEF AVAILABLE. 
(a) ADMINISTRATIVE PROCEEDINGS OR COURT AC-
TIONS.— 
(1) JURISDICTION.—The court (or Agency, as 
the case may be) in an action or adjudication pro-
1049 
ceeding brought under this title, any enumerated 
consumer law, or any law for which authorities were 
transferred by subtitles F and H, shall have jurisdic-
tion to grant any appropriate legal or equitable relief 
with respect to a violation of this title, any enumer-
ated consumer law, and any law for which authori-
ties were transferred by subtitles F and H, including 
a violation of a regulation prescribed or order issued 
under this title, any enumerated consumer law and 
any law for which authorities were transferred by 
subtitles F and H. 
(2) RELIEF.—Such relief may include— 
(A) rescission or reformation of contracts; 
(B) refund of moneys or return of real 
property; 
(C) restitution; 
(D) disgorgement or compensation for un-
just enrichment; 
(E) payment of damages; 
(F) public notification regarding the viola-
tion, including the costs of notification; 
(G) limits on the activities or functions of 
the person; and 
(H) civil money penalties under subsection 
(c).
1050 
(3) NO EXEMPLARY OR PUNITIVE DAMAGES.— 
Nothing in this subsection shall be construed as au-
thorizing the imposition of exemplary or punitive 
damages. 
(b) RECOVERY OF COSTS.—In any action brought by 
the Agency, a State attorney general, or a State bank su-
pervisor to enforce any provision of this title, any enumer-
ated consumer law, any law for which authorities were 
transferred by subtitles F and H, or any regulation pre-
scribed or order issued by the Director under this title 
or pursuant to any such authority, the Agency, State at-
torney general, or State bank supervisor may recover the 
costs incurred by such Agency, attorney general, or super-
visor in connection with prosecuting such action if the 
Agency, State attorney general, or State bank supervisors 
(as the case may be) is the prevailing party in the action. 
(c) CIVIL MONEY PENALTY IN COURT AND ADMINIS-
TRATIVE ACTIONS.— 
(1) Any person that violates, through any act or 
omission, any provision of this title, any enumerated 
consumer law, or any regulation prescribed or order 
issued by the Director under this title shall forfeit 
and pay a civil penalty pursuant to this subsection 
determined as follows:
1051 
(A) FIRST TIER.—For any violation of any 
law, regulation, final order or condition imposed 
in writing by the Agency, or for any failure to 
pay any fee or assessment imposed by the 
Agency (including any fee or assessment for 
which a related person may be liable), a civil 
penalty shall not exceed $5,000 for each day 
during which such violation continues. 
(B) 
SECOND
TIER.—Notwithstanding 
paragraph (A), for any person that recklessly 
engages in a violation of this title, any enumer-
ated consumer law, or any regulation prescribed 
or order issued by the Director under this title, 
relating to the provision of an alternative con-
sumer financial product or service, a civil pen-
alty shall not exceed $25,000 for each day dur-
ing which such violation continues. 
(C) THIRD
TIER.—Notwithstanding sub-
paragraphs (A) and (B), for any person that 
knowingly violates this title, any enumerated 
consumer law, or any regulation prescribed or 
order issued by the Director under this title, a 
civil penalty shall not exceed $1,000,000 for 
each day during which such violation continues.
1052 
(2) MITIGATING FACTORS.—In determining the 
amount of any penalty assessed under paragraph 
(1), the Agency or the court shall take into account 
the appropriateness of the penalty with respect to— 
(A) the size of financial resources and good 
faith of the person charged; 
(B) the gravity of the violation or failure 
to pay; 
(C) the severity of the risks to or losses of 
the consumer, which may take into account the 
number of products or services sold or provided; 
(D) the history of previous violations; and 
(E) such other matters as justice may re-
quire. 
(3) AUTHORITY
TO
MODIFY
OR
REMIT
PEN-
ALTY.—The Agency may compromise, modify, or 
remit any penalty which may be assessed or had al-
ready been assessed under paragraph (1). The 
amount of such penalty, when finally determined, 
shall be exclusive of any sums owed by the person 
to the United States in connection with the costs of 
the proceeding, and may be deducted from any sums 
owing by the United States to the person charged. 
(4) NOTICE AND HEARING.—No civil penalty 
may be assessed with respect to a violation of this
1053 
title, any enumerated consumer law, or any regula-
tion prescribed or order issued by the Director, un-
less— 
(A) the Agency gives notice and an oppor-
tunity for a hearing to the person accused of 
the violation; or 
(B) the appropriate court has ordered such 
assessment and entered judgment in favor of 
the Agency. 
SEC. 4506. REFERRALS FOR CRIMINAL PROCEEDINGS. 
Whenever the Agency obtains evidence that any per-
son, either domestic or foreign, has engaged in conduct 
that may constitute a violation of Federal criminal law, 
the Agency shall transmit such evidence to the Attorney 
General, who may institute criminal proceedings under ap-
propriate law. No provision of this section shall be con-
strued as affecting any other authority of the Agency to 
disclose information. 
SEC. 4507. EMPLOYEE PROTECTION. 
(a) No covered person shall terminate or in any other 
way discriminate against, or cause to be terminated or dis-
criminated against, any covered employee or any author-
ized representative of covered employees by reason of the 
fact that such employee or representative whether at the 
employee’s initiative or in the ordinary course of the em-
1054 
ployee’s duties (or any person acting pursuant to a request 
of the employee) has— 
(1) provided information to the Agency or to 
any other state, local, Federal, or tribal government 
entity, filed, instituted or caused to be filed or insti-
tuted any proceeding under this title, any enumer-
ated consumer law, any law for which authorities 
were transferred by subtitles F and H, or has testi-
fied or is about to testify in any proceeding resulting 
from the administration or enforcement of the provi-
sions of this title; or 
(2) objected to, or refused to participate in, any 
activity, policy, practice, or assigned task that the 
employee (or other such person) reasonably believed 
to be in violation of any law, rule, or regulation, or 
to be unfair, deceptive, or abusive and likely to cause 
specific and substantial injury to one or more con-
sumers. 
(b)(1) A person who believes that he or she has been 
discharged or otherwise discriminated against by any per-
son in violation of subsection (a) may, not later than 180 
days after the date on which such violation occurs, file 
(or have any person file on his or her behalf) a complaint 
with the Secretary of Labor alleging such discharge or dis-
crimination and identifying the person responsible for
1055 
such act. Upon receipt of such a complaint, the Secretary 
shall notify, in writing, the person named in the complaint 
of the filing of the complaint, of the allegations contained 
in the complaint, of the substance of evidence supporting 
the complaint, and of the opportunities that will be af-
forded to such person under paragraph (2). 
(2)(A) Not later than 60 days after the date of re-
ceipt of a complaint filed under paragraph (1) and after 
affording the complainant and the person named in the 
complaint an opportunity to submit to the Secretary a 
written response to the complaint and an opportunity to 
meet with a representative of the Secretary to present 
statements from witnesses, the Secretary shall initiate an 
investigation and determine whether there is reasonable 
cause to believe that the complaint has merit and notify, 
in writing, the complainant and the person alleged to have 
committed a violation of subsection (a) of the Secretary’s 
findings. If the Secretary concludes that there is reason-
able cause to believe that a violation of subsection (a) has 
occurred, the Secretary shall accompany the Secretary’s 
findings with a preliminary order providing the relief pre-
scribed by paragraph (3)(B). Not later than 30 days after 
the date of notification of findings under this paragraph, 
either the person alleged to have committed the violation 
or the complainant may file objections to the findings or
1056 
preliminary order, or both, and request a hearing on the 
record. The filing of such objections shall not operate to 
stay any reinstatement remedy contained in the prelimi-
nary order. Any such hearing shall be conducted expedi-
tiously. If a hearing is not requested in such 30-day pe-
riod, the preliminary order shall be deemed a final order 
that is not subject to judicial review. 
(B)(i) The Secretary shall dismiss a complaint filed 
under this subsection and shall not conduct an investiga-
tion otherwise required under subparagraph (A) unless the 
complainant makes a prima facie showing that any behav-
ior described in paragraphs (1) through (4) of subsection 
(a) was a contributing factor in the unfavorable personnel 
action alleged in the complaint. 
(ii) Notwithstanding a finding by the Secretary that 
the complainant has made the showing required under 
clause (i), no investigation otherwise required under sub-
paragraph (A) shall be conducted if the employer dem-
onstrates, by clear and convincing evidence, that the em-
ployer would have taken the same unfavorable personnel 
action in the absence of that behavior. 
(iii) The Secretary may determine that a violation of 
subsection (a) has occurred only if the complainant dem-
onstrates that any behavior described in paragraphs (1) 
through (4) of subsection (a) was a contributing factor
1057 
in the unfavorable personnel action alleged in the com-
plaint. 
(iv) Relief may not be ordered under subparagraph 
(A) if the employer demonstrates by clear and convincing 
evidence that the employer would have taken the same un-
favorable personnel action in the absence of that behavior. 
(3)(A) Not later than 120 days after the date of con-
clusion of any hearing under paragraph (2), the Secretary 
shall issue a final order providing the relief prescribed by 
this paragraph or denying the complaint. At any time be-
fore issuance of a final order, a proceeding under this sub-
section may be terminated on the basis of a settlement 
agreement entered into by the Secretary, the complainant, 
and the person alleged to have committed the violation. 
(B) If, in response to a complaint filed under para-
graph (1), the Secretary determines that a violation of 
subsection (a) has occurred, the Secretary shall order the 
person who committed such violation— 
(i) to take affirmative action to abate the viola-
tion; 
(ii) to reinstate the complainant to his or her 
former position together with compensation (includ-
ing back pay) and restore the terms, conditions, and 
privileges associated with his or her employment; 
and
1058 
(iii) to provide compensatory damages to the 
complainant. If such an order is issued under this 
paragraph, the Secretary, at the request of the com-
plainant, shall assess against the person against 
whom the order is issued a sum equal to the aggre-
gate amount of all costs and expenses (including at-
torneys’ and expert witness fees) reasonably in-
curred, as determined by the Secretary, by the com-
plainant for, or in connection with, the bringing of 
the complaint upon which the order was issued. 
(C) If the Secretary finds that a complaint under 
paragraph (1) is frivolous or has been brought in bad 
faith, the Secretary may award to the prevailing employer 
a reasonable attorneys’ fee, not exceeding $ 1,000, to be 
paid by the complainant. 
(4) If the Secretary has not issued a final decision 
within 210 days after the filing of the complaint, or within 
90 days after receiving a written determination, the com-
plainant may bring an action at law or equity for de novo 
review in the appropriate district court of the United 
States with jurisdiction, which shall have jurisdiction over 
such an action without regard to the amount in con-
troversy, and which action shall, at the request of either 
party to such action, be tried by the court with a jury. 
The proceedings shall be governed by the same legal bur-
1059 
dens of proof specified in paragraph (2)(B). The court 
shall have jurisdiction to grant all relief necessary to make 
the employee whole, including injunctive relief and com-
pensatory damages, including— 
(A) reinstatement with the same seniority sta-
tus that the employee would have had, but for the 
discharge or discrimination; 
(B) the amount of back pay, with interest; and 
(C) compensation for any special damages sus-
tained as a result of the discharge or discrimination, 
including litigation costs, expert witness fees, and 
reasonable attorney’s fees. 
(5)(A) Unless the complainant brings an action under 
paragraph (4), any person adversely affected or aggrieved 
by a final order issued under paragraph (3) may obtain 
review of the order in the United States Court of Appeals 
for the circuit in which the violation, with respect to which 
the order was issued, allegedly occurred or the circuit in 
which the complainant resided on the date of such viola-
tion. The petition for review must be filed not later than 
60 days after the date of the issuance of the final order 
of the Secretary. Review shall conform to chapter 7 of title 
5, United States Code. The commencement of proceedings 
under this subparagraph shall not, unless ordered by the 
court, operate as a stay of the order.
1060 
(B) An order of the Secretary with respect to which 
review could have been obtained under subparagraph (A) 
shall not be subject to judicial review in any criminal or 
other civil proceeding. 
(6) Whenever any person has failed to comply with 
an order issued under paragraph (3), the Secretary may 
file a civil action in the United States district court for 
the district in which the violation was found to occur, or 
in the United States district court for the District of Co-
lumbia, to enforce such order. In actions brought under 
this paragraph, the district courts shall have jurisdiction 
to grant all appropriate relief including, but not limited 
to, injunctive relief and compensatory damages. 
(7)(A) A person on whose behalf an order was issued 
under paragraph (3) may commence a civil action against 
the person to whom such order was issued to require com-
pliance with such order. The appropriate United States 
district court shall have jurisdiction, without regard to the 
amount in controversy or the citizenship of the parties, 
to enforce such order. 
(B) The court, in issuing any final order under this 
paragraph, may award costs of litigation (including rea-
sonable attorneys’ and expert witness fees) to any party 
whenever the court determines such award is appropriate.
1061 
(c) Any nondiscretionary duty imposed by this section 
shall be enforceable in a mandamus proceeding brought 
under section 1361 of title 28, United States Code. 
(d)(1) Except as provided under paragraph (3), the 
rights and remedies provided for in this section may not 
be waived by any agreement, policy, form, or condition of 
employment, including by any predispute arbitration 
agreement. 
(2) Except as provided under paragraph (3), no 
predispute arbitration agreement shall be valid or enforce-
able if it requires arbitration of a dispute arising under 
this section. 
(e) Notwithstanding paragraphs (1) and (2), an arbi-
tration provision in a collective bargaining agreement shall 
be enforceable as to disputes arising under paragraph 
(a)(2) of this section unless the Agency determines by rule 
that such provision is inconsistent with the purposes of 
this Act. 
(f) Any employer receiving covered funds shall post 
notice of the rights and remedies provided under this sec-
tion. 
SEC. 4508. NO PRIVATE RIGHT OF ACTION. 
Nothing in this title shall be construed to create a 
private right of action, but this section shall not be con-
strued or interpreted to deny any private right of action
1062 
arising under the enumerated consumer laws or the au-
thorities transferred under subtitle F or H. 
SEC. 4509. EFFECTIVE DATE. 
This subtitle shall take effect on the designated 
transfer date. 
Subtitle F—Transfer of Functions 
and 
Personnel; 
Transitional 
Provisions 
SEC. 4601. TRANSFER OF CERTAIN FUNCTIONS. 
(a) IN GENERAL.—Except as provided in subsection 
(b), consumer financial protection functions are trans-
ferred as follows: 
(1) BOARD OF GOVERNORS.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the 
Board of Governors are transferred to the Di-
rector. 
(B) BOARD OF GOVERNORS’ AUTHORITY.— 
The Director shall have all powers and duties 
that were vested in the Board of Governors, re-
lating to consumer financial protection func-
tions, on the day before the designated transfer 
date. 
(C) RETENTION OF CONSUMER ADVISORY 
COUNCIL.—
1063 
(i) 
RETENTION
AND
CONTINU-
ATION.—Notwithstanding the transfer of 
functions under subparagraph (A), the 
Consumer Advisory Council established by 
the Board of Governors pursuant to sec-
tion 703(b) of Public Law 90–321 (15 
U.S.C. 1691b(b)) shall continue as an enti-
ty within the Federal Reserve System. 
(ii) ADDITIONAL FUNCTIONS.—In ad-
dition to the functions performed by the 
Consumer Advisory Council as of the des-
ignated transfer date, the Consumer Advi-
sory Council shall— 
(I) submit to the Director (and 
make available to the public) an an-
nual set of recommendations for con-
sumer protection regulations and meet 
with the Director to discuss the an-
nual recommendations; 
(II) meet with the Board of Gov-
ernors of the Federal Reserve System 
at least once a year and provide oral 
or written representations concerning 
matters within the jurisdiction of the 
Board; and
1064 
(III) call for information and 
make recommendations in regard to 
consumer protection regulations. 
(iii) RESPONSE
TO
RECOMMENDA-
TIONS.—When the Chair of the Federal 
Reserve testifies before Congress, the 
Chair shall also testify about the rec-
ommendations of the Consumer Advisory 
Council under clause (ii)(II) and its rec-
ommendations for consumer protection 
regulations. 
(2) COMPTROLLER OF THE CURRENCY.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the 
Comptroller of the Currency are transferred to 
the Director. 
(B) COMPTROLLER’S
AUTHORITY.—The 
Director shall have all powers and duties that 
were vested in the Comptroller of the Currency, 
relating to consumer financial protection func-
tions, on the day before the designated transfer 
date. 
(3) DIRECTOR OF THE OFFICE OF THRIFT SU-
PERVISION.—
1065 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the Di-
rector of the Office of Thrift Supervision are 
transferred to the Director. 
(B) DIRECTOR’S AUTHORITY.—The Direc-
tor shall have all powers and duties that were 
vested in the Director of the Office of Thrift 
Supervision, relating to consumer financial pro-
tection functions, on the day before the des-
ignated transfer date. 
(4) FEDERAL DEPOSIT INSURANCE CORPORA-
TION.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the Fed-
eral Deposit Insurance Corporation are trans-
ferred to the Director. 
(B) CORPORATION’S AUTHORITY.—The Di-
rector shall have all powers and duties that 
were vested in the Federal Deposit Insurance 
Corporation, relating to consumer financial pro-
tection functions, on the day before the des-
ignated transfer date. 
(5) FEDERAL TRADE COMMISSION.— 
(A) TRANSFER OF FUNCTIONS.—Except as 
provided in subparagraph (C), the consumer fi-
1066 
nancial protection functions of the Federal 
Trade Commission that are contained within 
the enumerated consumer laws are transferred 
to the Agency, except as provided in section 
4202(e). This transfer shall not be subject to 
the provisions of section 3503 of title 5, United 
States Code. 
(B) FEDERAL
TRADE
COMMISSION
AU-
THORITY.—The Agency shall have all powers 
and duties that were vested in the Federal 
Trade Commission that were contained within 
the enumerated statutes, except as provided in 
section 4202(e), on the day before the des-
ignated transfer date. 
(6) NATIONAL
CREDIT
UNION
ADMINISTRA-
TION.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the Na-
tional Credit Union Administration are trans-
ferred to the Director. 
(B) NATIONAL
CREDIT
UNION
ADMINIS-
TRATION’S
AUTHORITY.—The Director shall 
have all powers and duties that were vested in 
the National Credit Union Administration, re-
lating to consumer financial protection func-
1067 
tions, on the day before the designated transfer 
date. 
(7) SECRETARY OF HOUSING AND URBAN DE-
VELOPMENT.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer protection functions of the Secretary of 
Housing and Urban Development relating to 
the Real Estate Settlement Procedures Act of 
1974 and the Secure and Fair Enforcement for 
Mortgage Licensing Act of 2008 are transferred 
to the Director. 
(B) SECRETARY OF HUD’S AUTHORITY.— 
The Director shall have all powers and duties 
that were vested in the Secretary of Housing 
and Urban Development relating to the Real 
Estate Settlement Procedures Act of 1974 and 
the Secure and Fair Enforcement for Mortgage 
Licensing Act of 2008, on the day before the 
designated transfer date. 
(b) TRANSFERS OF FUNCTIONS SUBJECT TO EN-
FORCEMENT AUTHORITY REMAINING WITH TRANSFEROR 
AGENCIES.—The transfers of functions in subsection (a) 
shall not affect the authority of the agencies identified in 
subsection (a) from initiating enforcement proceedings
1068 
under the circumstances described in paragraph (2) or (3) 
of section 4202(e). 
(c) TERMINATION OF AUTHORITY OF TRANSFEROR 
AGENCIES TO COLLECT FEES FOR CONSUMER FINAN-
CIAL PROTECTION PURPOSES.—Authorities of the agen-
cies identified in subsection (a) to assess and collect fees 
to cover the cost of conducting consumer financial protec-
tion functions transferred under subsection (a) shall ter-
minate on the day before the designated transfer date. 
(d) CONSUMER FINANCIAL PROTECTION FUNCTIONS 
DEFINED.—For purposes of this subtitle, the term ‘‘con-
sumer financial protection functions’’ means research, 
rulemaking, issuance of orders or guidance, supervision, 
examination, and enforcement activities, powers, and du-
ties relating to the provision of consumer financial prod-
ucts or services, including the authority to assess and col-
lect fees for those purposes, except that such term shall 
not include any such function relating to an agency’s re-
sponsibilities under the Community Reinvestment Act of 
1977. 
(e) EFFECTIVE DATE.—Subsections (a) and (b) shall 
take effect on the designated transfer date. 
SEC. 4602. DESIGNATED TRANSFER DATE. 
The designated transfer date shall be 180 days after 
the date of enactment of this title.
1069 
SEC. 4603. SAVINGS PROVISIONS. 
(a) BOARD OF GOVERNORS.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS
NOT
AFFECTED.—Section 4601(a)(1) shall 
not affect the validity of any right, duty, or obliga-
tion of the United States, the Board of Governors 
(or any Federal reserve bank), or any other person 
that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the Board of Governors transferred to 
the Director by this title; and 
(B) existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—this title shall 
not abate any proceeding commenced by or against 
the Board of Governors (or any Federal reserve 
bank) before the designated transfer date with re-
spect to any consumer financial protection function 
of the Board of Governors (or any Federal reserve 
bank) transferred to the Director by this title, ex-
cept that the Director shall be substituted for the 
Board of Governors (or Federal reserve bank) as a 
party to any such proceeding as of the designated 
transfer date. 
(b) FEDERAL DEPOSIT INSURANCE CORPORATION.—
1070 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS
NOT
AFFECTED.—Section 4601(a)(4) shall 
not affect the validity of any right, duty, or obliga-
tion of the United States, the Federal Deposit In-
surance Corporation, the Board of Directors of that 
Corporation, or any other person, that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the Federal Deposit Insurance Corpora-
tion transferred to the Director by this title; 
and 
(B) existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—this title shall 
not abate any proceeding commenced by or against 
the Federal Deposit Insurance Corporation (or the 
Board of Directors of that Corporation) before the 
designated transfer date with respect to any con-
sumer financial protection function of the Federal 
Deposit Insurance Corporation transferred to the 
Director by this title, except that the Director shall 
be substituted for the Federal Deposit Insurance 
Corporation (or Board of Directors) as a party to 
any such proceeding as of the designated transfer 
date.
1071 
(c) 
FEDERAL
TRADE
COMMISSION.—Section 
4601(a)(5) shall not affect the validity of any right, duty, 
or obligation of the United States, the Federal Trade 
Commission, or any other person, that— 
(1) arises under any provision of law relating to 
any consumer financial protection function of the 
Federal Trade Commission transferred to the Direc-
tor by this title; and 
(2) existed on the day before the designated 
transfer date. 
(d) NATIONAL CREDIT UNION ADMINISTRATION.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS
NOT
AFFECTED.—Section 4601(a)(6) shall 
not affect the validity of any right, duty, or obliga-
tion of the United States, the National Credit Union 
Administration, the National Credit Union Adminis-
tration Board, or any other person, that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the National Credit Union Administra-
tion transferred to the Director by this title; 
and 
(B) existed on the day before the des-
ignated transfer date.
1072 
(2) CONTINUATION OF SUITS.—this title shall 
not abate any proceeding commenced by or against 
the National Credit Union Administration (or the 
National Credit Union Administration Board) before 
the designated transfer date with respect to any con-
sumer financial protection function of the National 
Credit Union Administration transferred to the Di-
rector by this title, except that the Director shall be 
substituted for the National Credit Union Adminis-
tration (or National Credit Union Administration 
Board) as a party to any such proceeding as of the 
designated transfer date. 
(e) COMPTROLLER OF THE CURRENCY.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS
NOT
AFFECTED.—Section 4601(a)(2) shall 
not affect the validity of any right, duty, or obliga-
tion of the United States, the Comptroller of the 
Currency, the Office of the Comptroller of the Cur-
rency, or any other person, that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the Comptroller of the Currency trans-
ferred to the Director by this title; and 
(B) existed on the day before the des-
ignated transfer date.
1073 
(2) CONTINUATION OF SUITS.—this title shall 
not abate any proceeding commenced by or against 
the Comptroller of the Currency (or the Office of the 
Comptroller of the Currency) with respect to any 
consumer financial protection function of the Comp-
troller of the Currency transferred to the Director 
by this title before the designated transfer date, ex-
cept that the Director shall be substituted for the 
Comptroller of the Currency (or the Office of the 
Comptroller of the Currency) as a party to any such 
proceeding as of the designated transfer date. 
(f) DIRECTOR OF THE OFFICE OF THRIFT SUPER-
VISION.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS
NOT
AFFECTED.—Section 4601(a)(3) shall 
not affect the validity of any right, duty, or obliga-
tion of the United States, the Director of the Office 
of Thrift Supervision, the Office of Thrift Super-
vision, or any other person, that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the Director of the Office of Thrift Su-
pervision transferred to the Director by this 
title; and
1074 
(B) that existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—this title shall 
not abate any proceeding commenced by or against 
the Director of the Office of Thrift Supervision (or 
the Office of Thrift Supervision) with respect to any 
consumer financial protection function of the Direc-
tor of the Office of Thrift Supervision transferred to 
the Director by this title before the designated 
transfer date, except that the Director shall be sub-
stituted for the Director (or the Office of Thrift Su-
pervision) as a party to any such proceeding as of 
the designated transfer date. 
(g) SECRETARY OF HOUSING AND URBAN DEVELOP-
MENT.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS
NOT
AFFECTED.—Section 4601(a)(7) shall 
not affect the validity of any right, duty, or obliga-
tion of the United States, the Secretary of Housing 
and Urban Development, the Department of Hous-
ing and Urban Development, or any other person, 
that— 
(A) arises under any provision of law relat-
ing to any function of the Secretary of Housing 
and Urban Development under the Real Estate
1075 
Settlement Procedures Act of 1974 and the Se-
cure and Fair Enforcement for Mortgage Li-
censing Act of 2008 transferred to the Director 
by this title; and 
(B) that existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—this title shall 
not abate any proceeding commenced by or against 
the Secretary of Housing and Urban Development 
(or the Department of Housing and Urban Develop-
ment) with respect to any consumer financial protec-
tion function of the Secretary of Housing and Urban 
Development transferred to the Director by this title 
before the designated transfer date, except that the 
Director shall be substituted for the Secretary of 
Housing and Urban Development (or such Depart-
ment) as a party to any such proceeding as of the 
designated transfer date. 
(h) CONTINUATION OF EXISTING ORDERS, REGULA-
TIONS, DETERMINATIONS, AGREEMENTS, AND RESOLU-
TIONS.—All orders, resolutions, determinations, agree-
ments, and regulations that have been issued, made, pre-
scribed, or allowed to become effective by the Board of 
Governors (or any Federal reserve bank), the Federal De-
posit Insurance Corporation, the Federal Trade Commis-
1076 
sion, the National Credit Union Administration, the 
Comptroller of the Currency, the Director of the Office 
of Thrift Supervision, the Secretary of Housing and 
Urban Development, or by a court of competent jurisdic-
tion, in the performance of consumer financial protection 
functions that are transferred by this title and that are 
in effect on the day before the designated transfer date, 
shall continue in effect according to the terms of those 
orders, resolutions, determinations, agreements, and regu-
lations, and shall be enforceable by or against the Director 
until modified, terminated, set aside, or superseded in ac-
cordance with applicable law by the Director, by any court 
of competent jurisdiction, or by operation of law. 
(i) IDENTIFICATION
OF
REGULATIONS
CONTIN-
UED.—Not later than the designated transfer date, the 
Director— 
(1) shall, after consultation with the Chairman 
of the Board of Governors, the Chairperson of the 
Federal Deposit Insurance Corporation, the Chair-
man of the Federal Trade Commission, the Chair-
man of the National Credit Union Administration 
Board, the Comptroller of the Currency, the Direc-
tor of the Office of Thrift Supervision, and the Sec-
retary of Housing and Urban Development identify
1077 
the regulations continued under subsection (g) that 
will be enforced by the Director; and 
(2) shall publish a list of such regulations in 
the Federal Register. 
(j) STATUS OF REGULATIONS PROPOSED OR NOT 
YET EFFECTIVE.— 
(1) PROPOSED
REGULATIONS.—Any proposed 
regulation of the Board of Governors, the Federal 
Deposit Insurance Corporation, the Federal Trade 
Commission, the National Credit Union Administra-
tion, the Comptroller of the Currency, the Director 
of the Office of Thrift Supervision, or the Secretary 
of Housing and Urban Development which that 
agency, in performing consumer financial protection 
functions transferred by this title, has proposed be-
fore the designated transfer date but has not pub-
lished as a final regulation before that date, shall be 
deemed to be a proposed regulation of the Director. 
(2) REGULATIONS NOT YET EFFECTIVE.—Any 
interim or final regulation of Board of Governors, 
the Federal Deposit Insurance Corporation, the Fed-
eral Trade Commission, the National Credit Union 
Administration, the Comptroller of the Currency, the 
Director of the Office of Thrift Supervision, or the 
Secretary of Housing and Urban Development which
1078 
that agency, in performing consumer financial pro-
tection functions transferred by this title, has pub-
lished before the designated transfer date but which 
has not become effective before that date, shall take 
effect as a regulation of the Director according to its 
terms. 
SEC. 4604. TRANSFER OF CERTAIN PERSONNEL. 
(a) IN GENERAL.— 
(1) CERTAIN FEDERAL RESERVE SYSTEM EM-
PLOYEES TRANSFERRED.— 
(A) IDENTIFYING EMPLOYEES FOR TRANS-
FER.—The Director and the Board of Gov-
ernors shall— 
(i) jointly determine the number of 
employees of the Board necessary to per-
form or support the consumer financial 
protection functions of the Board of Gov-
ernors that are transferred to the Director 
by this title; and 
(ii) consistent with the number deter-
mined under clause (i), jointly identify em-
ployees of the Board of Governors for 
transfer to the Agency in a manner that 
the Director and the Board of Governors, 
in their sole discretion, deem equitable.
1079 
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the Board of Gov-
ernors identified under subparagraph (A)(ii) 
shall be transferred to the Agency for employ-
ment. 
(C) FEDERAL
RESERVE
BANK
EMPLOY-
EES.—Employees of any Federal reserve bank 
who, on the day before the designated transfer 
date, are performing consumer financial protec-
tion functions on behalf of the Board of Gov-
ernors shall be treated as employees of the 
Board of Governors for purposes of subpara-
graphs (A) and (B). 
(2) 
CERTAIN
FDIC
EMPLOYEES
TRANS-
FERRED.— 
(A) IDENTIFYING EMPLOYEES FOR TRANS-
FER.—The Director and the Board of Directors 
of the Federal Deposit Insurance Corporation 
shall— 
(i) jointly determine the number of 
employees of that Corporation necessary to 
perform or support the consumer financial 
protection functions of the Corporation 
that are transferred to the Director by this 
title; and
1080 
(ii) consistent with the number deter-
mined under clause (i), jointly identify em-
ployees of the Corporation for transfer to 
the Agency in a manner that the Director 
and the Board of Directors of the Corpora-
tion, in their discretion, deem equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the Corporation 
identified under subparagraph (A)(ii) shall be 
transferred to the Agency for employment. 
(3) 
CERTAIN
NCUA
EMPLOYEES
TRANS-
FERRED.— 
(A) IDENTIFYING EMPLOYEES FOR TRANS-
FER.—The Director and the National Credit 
Union Administration Board shall— 
(i) jointly determine the number of 
employees of the National Credit Union 
Administration necessary to perform or 
support the consumer financial protection 
functions of the National Credit Union Ad-
ministration that are transferred to the Di-
rector by this title; and 
(ii) consistent with the number deter-
mined under clause (i), jointly identify em-
ployees of the National Credit Union Ad-
1081 
ministration for transfer to the Agency in 
a manner that the Director and the Na-
tional Credit Union Administration Board, 
in their discretion, deem equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the National Credit 
Union Administration identified under subpara-
graph (A)(ii) shall be transferred to the Agency 
for employment. 
(4) 
CERTAIN
HUD
EMPLOYEES
TRANS-
FERRED.— 
(A) IDENTIFYING EMPLOYEES FOR TRANS-
FER.—The Director and the Secretary of Hous-
ing and Urban Development shall— 
(i) jointly determine the number of 
employees of the Department of Housing 
and Urban Development necessary to per-
form or support the consumer financial 
protection functions of the Secretary of 
Housing and Urban Development that are 
transferred to the Director by this title; 
and 
(ii) consistent with the number deter-
mined under clause (i), jointly identify em-
ployees of the Department of Housing and
1082 
Urban Development for transfer to the 
Agency in a manner that the Director and 
the Secretary of Housing and Urban De-
velopment, in their discretion, deem equi-
table. 
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the Department of 
Housing and Urban Development identified 
under subparagraph (A)(ii) shall be transferred 
to the Agency for employment. 
(5) APPOINTMENT AUTHORITY FOR EXCEPTED 
SERVICE AND SENIOR EXECUTIVE SERVICE TRANS-
FERRED.— 
(A) IN GENERAL.—In the case of employ-
ees occupying positions in the excepted service 
or the Senior Executive Service, any appoint-
ment authority established pursuant to law or 
regulations of the Director of the Office of Per-
sonnel 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 to such
1083 
subparagraph) to the extent that such authority 
relates to positions excepted from the competi-
tive service because of their confidential, policy- 
making, policy-determining, or policy-advocating 
character, and non-career positions in the Sen-
ior Executive Service (within the meaning of 
section 3132(a)(7) of title 5, United States 
Code). 
(b) TIMING OF TRANSFERS AND POSITION ASSIGN-
MENTS.—Each employee to be transferred under this sec-
tion shall— 
(1) be transferred not later than 90 days after 
the designated transfer date; and 
(2) receive notice of such employee’s position 
assignment not later than 120 days after the effec-
tive date of the employee’s transfer. 
(c) TRANSFER OF FUNCTION.— 
(1) IN GENERAL.—Notwithstanding any other 
provision of law, the transfer of employees shall be 
deemed a transfer of functions for the purpose of 
section 3503 of title 5, United States Code. 
(2) PRIORITY OF THIS TITLE.—If any provi-
sions of this title conflict with any protection pro-
vided to transferred employees under section 3503 of
1084 
title 5, United States Code, the provisions of this 
title shall control. 
(d) EQUAL STATUS AND TENURE POSITIONS.— 
(1) EMPLOYEES
TRANSFERRED
FROM
FDIC, 
FTC, HUD, NCUA, OCC, AND OTS.—Each employee 
transferred from the Federal Deposit Insurance Cor-
poration, the Federal Trade Commission, the De-
partment 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 Agency with the same status and tenure as he 
or she held on the day before the designated transfer 
date. 
(2) EMPLOYEES
TRANSFERRED
FROM
THE 
FEDERAL RESERVE SYSTEM.— 
(A) 
COMPARABILITY.—Each 
employee 
transferred from the Board of Governors or 
from a Federal reserve bank shall be placed in 
a position with the same status and tenure as 
that of employees transferring to the Agency 
from the Office of the Comptroller of the Cur-
rency who perform similar functions and have 
similar periods of service.
1085 
(B) SERVICE
PERIODS
CREDITED.—For 
purposes of this paragraph, periods of service 
with the Board of Governors or a Federal re-
serve bank shall be credited as periods of serv-
ice with a Federal agency. 
(e) ADDITIONAL
CERTIFICATION
REQUIREMENTS 
LIMITED.—Examiners transferred to the Agency shall not 
be subject to any additional certification requirements be-
fore being placed in a comparable examiner’s position at 
the Agency examining the same types of institutions as 
the transferred examiners examined before such examiners 
were transferred. 
(f) PERSONNEL ACTIONS LIMITED.— 
(1) 5-YEAR PROTECTION.—Except as provided 
in paragraph (2), each transferred employee holding 
a permanent position on the day before the des-
ignated transfer date shall not, during the 5-year pe-
riod beginning on the designated transfer date, be 
involuntarily separated, or involuntarily reassigned 
outside such transferred employee’s local locality pay 
area as defined by the Director of the Office of Per-
sonnel Management. 
(2) EXCEPTIONS.—Paragraph (1) shall not be 
construed as limiting the right of the Director to—
1086 
(A) separate an employee for cause or for 
unacceptable performance; 
(B) terminate an appointment to a position 
excepted from the competitive service because of 
its 
confidential 
policy-making, 
policy-deter-
mining, or policy-advocating character; or 
(C) reassign a supervisory employee out-
side such employee’s locality pay area as de-
fined by the Director of the Office of Personnel 
Management when the Director determines that 
the reassignment is necessary for the efficient 
operation of the Agency. 
(g) PAY.— 
(1) 1-YEAR PROTECTION.—Except as provided 
in paragraph (2), each transferred employee shall, 
during the 1-year period beginning on the des-
ignated transfer date, receive pay at a rate not less 
than the basic rate of pay (including any geographic 
differential) that the employee received during the 1- 
year period immediately before the transfer. 
(2) EXCEPTIONS.—Paragraph (1) shall not be 
construed as limiting the right of the Agency to re-
duce the rate of basic pay of a transferred em-
ployee— 
(A) for cause;
1087 
(B) for unacceptable performance; or 
(C) with the employee’s consent. 
(3) PROTECTION
ONLY
WHILE
EMPLOYED.— 
Paragraph (1) applies to a transferred employee 
only while that employee remains employed by the 
Agency. 
(4) PAY
INCREASES
PERMITTED.—Paragraph 
(1) shall not be construed as limiting the authority 
of the Agency to increase a transferred employee’s 
pay. 
(h) REORGANIZATION.— 
(1) BETWEEN 1ST AND 3RD YEAR.— 
(A) IN
GENERAL.—If the Agency deter-
mines, during the period beginning 1 year after 
the designated transfer date and ending 3 years 
after the designated transfer date, that a reor-
ganization of the staff of the Agency is re-
quired— 
(i) 
that 
reorganization 
shall 
be 
deemed a ‘‘major reorganization’’ for pur-
poses of affording affected employees re-
tirement under section 8336(d)(2) or 
8414(b)(1)(B) of title 5, United States 
Code;
1088 
(ii) before the reorganization occurs, 
all employees in the same locality pay area 
as defined by the Director of the Office of 
Personnel Management shall be placed in a 
uniform position classification system; and 
(iii) any resulting reduction in force 
shall be governed by the provisions of 
chapter 35 of title 5, United States Code, 
except that the Agency shall— 
(I) establish competitive areas 
(as that term is defined in regulations 
issued by the Director of the Office of 
Personnel Management) to include at 
a minimum all employees in the same 
locality pay area as defined by the Of-
fice of Personnel Management; 
(II) establish competitive levels 
(as that term is defined in regulations 
issued by the Director of the Office of 
Personnel Management) without re-
gard to whether the particular em-
ployees have been appointed to posi-
tions in the competitive service or the 
excepted service; and
1089 
(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, pol-
icy-determining, or policy-advocating 
character) the same assignment rights 
to positions within the Agency as em-
ployees appointed to positions in the 
competitive service. 
(B) SERVICE CREDIT FOR REDUCTIONS IN 
FORCE.—For purposes of this paragraph, peri-
ods of service with the Board of Governors, a 
Federal reserve bank, the Federal Deposit In-
surance Corporation, the National Credit Union 
Administration, or the Federal Home Loan 
Bank Board or any successor to such Board 
shall be credited as periods of service with a 
Federal agency. 
(2) AFTER 3RD YEAR.— 
(A) IN
GENERAL.—If the Agency deter-
mines, at any time after the 3-year period be-
ginning on the designated transfer date, that a 
reorganization of the staff of the Agency is re-
quired, any resulting reduction in force shall be
1090 
governed by the provisions of chapter 35 of title 
5, United States Code, except that the Agency 
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 employ-
ees transferred under this section. 
(B) SERVICE CREDIT FOR REDUCTIONS IN 
FORCE.—For purposes of this paragraph, peri-
ods of service with the Board of Governors, a 
Federal reserve bank, the Federal Deposit In-
surance Corporation, the National Credit Union 
Administration, or the Federal Home Loan 
Bank Board or any successor to such Board 
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 RE-
TIREMENT PLAN.—Except as provided in 
subparagraph (B), each transferred em-
ployee shall remain enrolled in such em-
ployee’s existing retirement plan as long as
1091 
the employee remains employed by the 
Agency. 
(ii) EMPLOYER’S
CONTRIBUTION.— 
The Director shall pay any employer con-
tributions to the existing retirement plan 
of each transferred employee as required 
under that plan. 
(B) OPTION
FOR
EMPLOYEES
TRANS-
FERRED FROM FEDERAL RESERVE SYSTEM TO 
BE SUBJECT TO FEDERAL EMPLOYEE RETIRE-
MENT PROGRAM.— 
(i) ELECTION.—Any transferred em-
ployee who was enrolled in a Federal Re-
serve System retirement plan on the day 
before the date of the employee’s transfer 
to the Agency may, during the period be-
ginning 6 months after the designated 
transfer date and ending 1 year after the 
designated transfer date, elect to be sub-
ject to the Federal employee retirement 
program. 
(ii) 
EFFECTIVE
DATE
OF
COV-
ERAGE.—For any employee making an 
election under clause (i), coverage by the 
Federal employee retirement program shall
1092 
begin 1 year after the designated transfer 
date. 
(C) AGENCY PARTICIPATION IN FEDERAL 
RESERVE SYSTEM RETIREMENT PLAN.— 
(i) SEPARATE ACCOUNT IN FEDERAL 
RESERVE SYSTEM RETIREMENT PLAN ES-
TABLISHED.—A separate account in the 
Federal Reserve System retirement plan 
shall be established for Agency employees 
who do not make the election under sub-
paragraph (B). 
(ii) FUNDS ATTRIBUTABLE TO TRANS-
FERRED EMPLOYEES REMAINING IN FED-
ERAL
RESERVE
SYSTEM
RETIREMENT 
PLAN
TRANSFERRED.—The proportionate 
share of funds in the Federal Reserve Sys-
tem retirement plan, including the propor-
tionate share of any funding surplus in 
that plan, attributable to a transferred em-
ployee who does not make the election 
under subparagraph (B), shall be trans-
ferred to the account established under 
clause (i). 
(iii) EMPLOYER CONTRIBUTIONS DE-
POSITED.—The Director shall deposit into
1093 
the account established under clause (i) 
the employer contributions that the Agency 
makes on behalf of employees who do not 
make the election under subparagraph (B). 
(iv) ACCOUNT ADMINISTRATION.—The 
Director shall administer the account es-
tablished under clause (i) as a partici-
pating employer in the Federal Reserve 
System retirement plan. 
(D) DEFINITIONS.—For purposes of this 
paragraph, the following definitions shall apply: 
(i) EXISTING
RETIREMENT
PLAN.— 
The term ‘‘existing retirement plan’’ 
means, with respect to any employee trans-
ferred under this section, the particular re-
tirement plan (including the Financial In-
stitutions Retirement Fund) and any asso-
ciated thrift savings plan of the agency or 
Federal reserve bank from which the em-
ployee was transferred, which the employee 
was enrolled in on the day before the des-
ignated transfer date. 
(ii) FEDERAL
EMPLOYEE
RETIRE-
MENT PLAN.—The term ‘‘Federal employee 
retirement program’’ means the retirement
1094 
program for Federal employees established 
by chapters 83 and 84 of title 5, United 
States Code. 
(2) BENEFITS OTHER THAN RETIREMENT BEN-
EFITS FOR TRANSFERRED EMPLOYEES.— 
(A) DURING 1ST YEAR.— 
(i) EXISTING
PLANS
CONTINUE.— 
Each transferred employee 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 den-
tal, vision, long-term care, or life insurance 
program, to which the employee belonged 
on the day before the designated transfer 
date. 
(ii) EMPLOYER’S
CONTRIBUTION.— 
The Director shall reimburse the agency or 
bank from which an employee was trans-
ferred for any cost incurred by that agency 
or bank in continuing to extend coverage 
in the benefit program to the employee as 
required under that program or negotiated 
agreements.
1095 
(B) DENTAL, VISION, OR LIFE INSURANCE 
AFTER 1ST YEAR.—If, after the 1-year period 
beginning on the designated transfer date, the 
Director decides not to continue participation in 
any dental, vision, or life insurance program of 
an agency or bank from which employees trans-
ferred, a transferred employee who is a member 
of such a program may, before the Director’s 
decision takes effect, elect to enroll, without re-
gard to any regularly scheduled open season, 
in— 
(i) the enhanced dental benefits estab-
lished by chapter 89A of title 5, United 
States Code; 
(ii) the enhanced vision benefits estab-
lished by chapter 89B of title 5, United 
States Code; and 
(iii) the Federal Employees Group 
Life Insurance Program established by 
chapter 87 of title 5, United States Code, 
without regard to any requirement of in-
surability. 
(C) LONG-TERM CARE INSURANCE AFTER 
1ST YEAR.—If, after the 1-year period begin-
ning on the designated transfer date, the Direc-
1096 
tor decides not to continue participation in any 
long-term care insurance program of an agency 
or bank from which employees transferred, a 
transferred employee who is a member of such 
a program may, before the Director’s decision 
takes effect, elect to apply for coverage under 
the Federal Long Term Care Insurance Pro-
gram established by chapter 90 of title 5, 
United States Code, under the underwriting re-
quirements applicable to a new active workforce 
member (as defined in Part 875, title 5, Code 
of Federal Regulations). 
(D) EMPLOYEE’S CONTRIBUTION.—An in-
dividual enrolled in the Federal Employees 
Health Benefits program shall pay any em-
ployee contribution required by the plan. 
(E) ADDITIONAL FUNDING.—The Director 
shall transfer to the Federal Employees Health 
Benefits Fund established under section 8909 
of title 5, United States Code, an amount deter-
mined by the Director of the Office of Per-
sonnel Management, after consultation with the 
Director and the Director of the Office of Man-
agement and Budget, to be necessary to reim-
1097 
burse the Fund for the cost to the Fund of pro-
viding benefits under this subparagraph. 
(F) CREDIT
FOR
TIME
ENROLLED
IN 
OTHER
PLANS.—For employees transferred 
under this section, enrollment in a health bene-
fits plan administered by the Comptroller of the 
Currency, the Director of the Office of Thrift 
Supervision, the Federal Deposit Insurance 
Corporation, the National Credit Union Admin-
istration, the Board of Governors, the Secretary 
of Housing and Urban Development, or a Fed-
eral reserve bank, immediately before enroll-
ment in a health benefits plan under chapter 89 
of title 5, United States Code, shall be consid-
ered 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 CON-
TINUATION OF LIFE INSURANCE BENEFITS.— 
(i) IN GENERAL.—An annuitant (as 
defined in section 8901(3) of title 5, 
United States Code) who is enrolled in a 
life insurance plan administered by the 
Board of Governors of the Federal Reserve 
System, the Federal Deposit Insurance
1098 
Corporation, the Federal Trade Commis-
sion, the Secretary of Housing and Urban 
Development, the National Credit Union 
Administration, the Comptroller of the 
Currency, or the Director of the Office of 
Thrift Supervision on the day before the 
designated transfer date shall be eligible 
for coverage by a life insurance plan under 
sections 8706(b), 8714a, 8714b, and 
8714c of title 5, United States Code, or in 
a life insurance plan established by the 
Agency, without regard to any regularly 
scheduled open season and requirement of 
insurability. 
(ii) EMPLOYEE’S CONTRIBUTION.—An 
individual enrolled in a life insurance plan 
under this clause shall pay any employee 
contribution required by the plan. 
(iii) ADDITIONAL FUNDING.—The Di-
rector shall transfer to the Employees’ Life 
Insurance Fund established under section 
8714 of title 5, United States Code, an 
amount determined by the Director of the 
Office of Personnel Management, after 
consultation with the Director and the Di-
1099 
rector of 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 oth-
erwise paid for by the employee under 
clause (ii). 
(iv) CREDIT FOR TIME ENROLLED IN 
OTHER PLANS.—For employees transferred 
under this section, enrollment in a life in-
surance plan administered by the Board of 
Governors, the Federal Deposit Insurance 
Corporation, the Federal Trade Commis-
sion, the Secretary of Housing and Urban 
Development, the National Credit Union 
Administration, the Comptroller of the 
Currency, the Director of the Office of 
Thrift Supervision, or a Federal reserve 
bank immediately before enrollment in a 
life insurance plan under chapter 87 of 
title 5, United States Code, shall be con-
sidered as enrollment in a life insurance 
plan under that chapter for purposes of 
section 8706(b)(1)(A) of title 5, United 
States Code.
1100 
(j) IMPLEMENTATION OF UNIFORM PAY AND CLASSI-
FICATION SYSTEM.—Not later than 2 years after the des-
ignated transfer date, the Director shall implement a uni-
form pay and classification system for all transferred em-
ployees. 
(k) EQUITABLE TREATMENT.—In administering the 
provisions of this section, the Director— 
(1) shall take no action that would unfairly dis-
advantage transferred employees relative to each 
other based on their prior employment by the Board 
of Governors, the Federal Deposit Insurance Cor-
poration, the Federal Trade Commission, the Sec-
retary of Housing and Urban Development, the Na-
tional Credit Union Administration, the Office of the 
Comptroller of the Currency, the Office of Thrift 
Supervision, a Federal reserve bank, the Federal 
Home Loan Bank Board or any successor to such 
Board, 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 those employees’ status, tenure, pay, benefits 
(other than benefits under programs administered by 
the Office of Personnel Management), and accrued
1101 
leave or vacation time, for prior periods of service 
with any Federal agency, including the Board of 
Governors of the Federal Reserve System, the Fed-
eral Deposit Insurance Corporation, the Federal 
Trade Commission, the Department of Housing and 
Urban Development, the National Credit Union Ad-
ministration, the Office of the Comptroller of the 
Currency, the Office of Thrift Supervision, a Federal 
reserve bank, the Federal Home Loan Bank Board 
or any successor to such Board, a Federal home 
loan bank, or a joint office of the Federal home loan 
banks. 
(l) IMPLEMENTATION.—In implementing the provi-
sions of this section, the Director shall work with the Di-
rector of the Office of Personnel Management and other 
entities with expertise in matters related to employment 
to ensure a fair and orderly transition for affected employ-
ees. 
SEC. 4605. INCIDENTAL TRANSFERS. 
(a) INCIDENTAL TRANSFERS AUTHORIZED.—The Di-
rector of the Office of Management and Budget, in con-
sultation with the Secretary, shall make such additional 
incidental transfers and dispositions of assets and liabil-
ities held, used, arising from, available, or to be made 
available, in connection with the functions transferred by
1102 
this title, as the Director may determine necessary to ac-
complish the purposes of this title. 
(b) SUNSET.—The authority provided in this section 
shall terminate 5 years after the date of the enactment 
of this title. 
SEC. 4606. INTERIM AUTHORITY OF THE SECRETARY. 
(a) IN GENERAL.—The Secretary is authorized to 
perform the functions of the Director under this subtitle 
until the appointment of the Director in accordance with 
section 4102. 
(b) INTERIM ADMINISTRATIVE SERVICES
BY
THE 
DEPARTMENT OF THE TREASURY.—The Secretary of the 
Treasury may provide administrative services necessary to 
support the Agency during the 24-month period beginning 
on the date of the enactment of this title. 
(c) INTERIM FUNDING FOR THE DEPARTMENT OF 
THE TREASURY.—For the purposes of carrying out the 
authorities granted in this section, there are appropriated 
to the Secretary of the Treasury such sums as are nec-
essary. Notwithstanding any other provision of law, such 
amounts shall be subject to apportionment under section 
1517 of title 31, United States Code, and restrictions that 
generally apply to the use of appropriated funds in title 
31, United States Code, and other laws.
1103 
Subtitle G—Regulatory 
Improvements 
SEC. 4701. COLLECTION OF DEPOSIT ACCOUNT DATA. 
(a) PURPOSE.—The purpose of this section is to pro-
mote awareness and understanding of the access of indi-
viduals and communities to financial services, and to iden-
tify business and community development needs and op-
portunities. 
(b) IN GENERAL.— 
(1) RECORDS
REQUIRED.—For each branch, 
automated teller machine at which deposits are ac-
cepted, and other deposit taking service facility with 
respect to any financial institution, the financial in-
stitution shall maintain records of the number and 
dollar amounts of deposit accounts of customers. 
(2) GEO-CODED ADDRESSES OF DEPOSITORS.— 
The customers’ addresses maintained pursuant to 
paragraph (1) shall be geo-coded so that data shall 
be collected regarding the census tracts of the resi-
dence or business location of the customers. 
(3) IDENTIFICATION OF DEPOSITOR TYPE.—In 
maintaining records on any deposit account under 
this section, the financial institution shall also 
record whether the deposit account is for a residen-
tial or commercial customer.
1104 
(4) PUBLIC AVAILABILITY.— 
(A) IN GENERAL.—The following informa-
tion shall be publicly available on an annual 
basis— 
(i) the address and census tracts of 
each branch, automated teller machine at 
which deposits are accepted, and other de-
posit taking service facility with respect to 
any financial institution; 
(ii) the type of deposit account includ-
ing whether the account was a checking or 
savings account; 
(iii) data on the number and dollar 
amounts of the accounts, presented by cen-
sus tract location of the residential and 
commercial customers; and 
(iv) any other data deemed appro-
priate by the Director. 
(B) PROTECTION
OF
IDENTITY.—In the 
publicly available data, any personally identifi-
able data element shall be removed so as to pro-
tect the identities of the commercial and resi-
dential customers. 
(c) AVAILABILITY OF INFORMATION.—
1105 
(1) SUBMISSION TO AGENCIES.—The data re-
quired to be compiled and maintained under this 
section by any financial institution shall be sub-
mitted annually to the Agency, or to a Federal bank-
ing agency, in accordance with regulations pre-
scribed by the Director. 
(2) AVAILABILITY OF INFORMATION.—Informa-
tion compiled and maintained under this section 
shall be retained for not less than 3 years after the 
date of preparation and shall be made available to 
the public, upon request, in the form required under 
regulations prescribed by the Director. 
(d) AGENCY USE.—The Director— 
(1) shall assess the distribution of residential 
and commercial accounts at such financial institu-
tion across income and minority level of census 
tracts; and 
(2) may use the data for any other purpose as 
permitted by law. 
(e) REGULATIONS AND GUIDANCE.— 
(1) IN GENERAL.—The Director shall prescribe 
such regulations and issue guidance as may be nec-
essary to carry out, enforce, and compile data pursu-
ant to this section.
1106 
(2) DATA
COMPILATION
REGULATIONS.—The 
Director shall prescribe regulations regarding the 
provision of data compiled under this section to the 
Federal banking agencies to carry out the purposes 
of this section and shall issue guidance to financial 
institutions regarding measures to facilitate compli-
ance with the this section and the requirements of 
regulations prescribed under this section. 
(f) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) AGENCY.—The term ‘‘Agency’’ means the 
Consumer Financial Protection Agency. 
(2) CREDIT UNION.—The term ‘‘credit union’’ 
means a Federal credit union or a State-chartered 
credit union (as such terms are defined in section 
101 of the Federal Credit Union Act). 
(3) DEPOSIT ACCOUNT.—The term ‘‘deposit ac-
count’’ includes any checking account, savings ac-
count, credit union share account, and other type of 
account as defined by the Director. 
(4) DIRECTOR.—The term ‘‘Director’’ means 
the Director of the Agency. 
(5) FEDERAL
BANKING
AGENCY.—The term 
‘‘Federal banking agency’’ means the Board of Gov-
ernors of the Federal Reserve System, the head of
1107 
the agency responsible for chartering and regulating 
national banks, the Director of the Office of Thrift 
Supervision, the Federal Deposit Insurance Corpora-
tion, and the National Credit Union Administration; 
and the term ‘‘Federal banking agencies’’ means all 
of those agencies. 
(6) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’— 
(A) has the meaning given to the term ‘‘in-
sured depository institution’’ in section 3(c)(2) 
of the Federal Deposit Insurance Act; and 
(B) includes any credit union. 
(g) EFFECTIVE DATE.—This section shall take effect 
on the designated transfer date. 
SEC. 4702. 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 following new section: 
‘‘§ 704B. Small business loan data collection 
‘‘(a) PURPOSE.—The purpose of this section is to fa-
cilitate enforcement of fair lending laws and enable com-
munities, governmental entities, and creditors to identify 
business and community development needs and opportu-
nities of women- and minority-owned small businesses.
1108 
‘‘(b) IN GENERAL.—Subject to the requirements of 
this section, in the case of any application to a financial 
institution for credit for a small business, the financial in-
stitution shall— 
‘‘(1) inquire whether the business is a women- 
or minority-owned business, without regard to 
whether such application is received in person, by 
mail, by telephone, by electronic mail or other form 
of electronic transmission, or by any other means 
and whether or not such application is in response 
to a solicitation by the financial institution; and 
‘‘(2) maintain a record of the responses to such 
inquiry separate from the application and accom-
panying 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) IN GENERAL.—Where feasible, no loan un-
derwriter or other officer or employee of a financial 
institution, or any affiliate of a financial institution, 
involved in making any determination concerning an 
application for credit shall have access to any infor-
mation provided by the applicant pursuant to a re-
1109 
quest under subsection (b) in connection with such 
application. 
‘‘(2) EXCEPTION.—If a financial institution de-
termines that loan underwriter or other officer or 
employee of a financial institution, or any affiliate of 
a financial institution, involved in making any deter-
mination concerning an application for credit should 
have access to any information provided by the ap-
plicant pursuant to a request under subsection (b), 
the financial institution will provide notice to the ap-
plicant of the access of the underwriter to this infor-
mation, along with notice that the financial institu-
tion may not discriminate on this basis of this infor-
mation. 
‘‘(e) FORM AND MANNER OF INFORMATION.— 
‘‘(1) IN GENERAL.—Each financial institution 
shall compile and maintain, in accordance with regu-
lations of the Agency, 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 also be 
itemized in order to clearly and conspicuously dis-
close the following:
1110 
‘‘(A) The number of the application and 
the date 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 small busi-
ness loan applicant. 
‘‘(F) The gross annual revenue of the busi-
ness in the last fiscal year of the small business 
loan applicant preceding the date of the appli-
cation. 
‘‘(G) The race, sex, and ethnicity of the 
principal owners of the business. 
‘‘(H) Any additional data the Agency de-
termines would aid in fulfilling the purposes of 
this section. 
‘‘(3) INCLUSION OF PERSONALLY IDENTIFIABLE 
INFORMATION
PROHIBITED.—In 
compiling 
and 
maintaining any record of information under this
1111 
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, and any 
other personally identifiable information concerning 
any individual who is, or is connected with, the small 
business loan applicant. 
‘‘(4) DISCRETION TO DELETE OR MODIFY PUB-
LICLY AVAILABLE DATA.—The Agency may, in the 
discretion of the Agency, delete or modify data col-
lected under this section which is or will be available 
to the public if the Agency determines that the dele-
tion or modification of the data would advance a 
compelling privacy interest. 
‘‘(f) AVAILABILITY OF INFORMATION.— 
‘‘(1) SUBMISSION TO AGENCY.—The data re-
quired to be compiled and maintained under this 
section by any financial institution shall be sub-
mitted annually to the Agency. 
‘‘(2) AVAILABILITY OF INFORMATION.— 
‘‘(A) IN GENERAL.—Information compiled 
and maintained under this section shall be re-
tained for not less than 3 years after the date 
of preparation and shall be made available to
1112 
the public, upon request, in the form required 
under regulations prescribed by the Agency. 
‘‘(B) ANNUAL DISCLOSURE TO THE PUB-
LIC.—In addition to the availability by request 
under subparagraph (A) of data compiled and 
maintained under this section, the Agency shall 
annually provide such data to the public. 
‘‘(C) PROCEDURES.—The procedures for 
disclosing data compiled and maintained under 
this section to the public shall be determined by 
the Agency by regulation. 
‘‘(3) COMPILATION OF AGGREGATE DATA.— 
‘‘(A) IN GENERAL.—The Agency may, in 
the discretion of the Agency, compile for the 
Agency’s own use compilations of aggregate 
data. 
‘‘(B) PUBLIC
AVAILABILITY
OF
AGGRE-
GATE DATA.—The Agency may, in the discre-
tion of the Agency, make public compilations of 
aggregate data in such manner as the Agency 
may determine to be appropriate. 
‘‘(g) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
‘‘(1) FINANCIAL INSTITUTION.—The term ‘fi-
nancial institution’ means any partnership, com-
1113 
pany, corporation, association (incorporated or unin-
corporated), trust, estate, cooperative organization, 
or other entity that engages in any financial activity. 
‘‘(2) MINORITY-OWNED
BUSINESS.—The term 
‘minority-owned business’ means a business— 
‘‘(A) more than 50 percent of the owner-
ship or control of which is held by 1 or more 
minority individuals; and 
‘‘(B) more than 50 percent of the net prof-
it or loss of which accrues to 1 or more minor-
ity individuals. 
‘‘(3) WOMEN-OWNED
BUSINESS.—The term 
‘women-owned business’ means a business— 
‘‘(A) more than 50 percent of the owner-
ship or control of which is held by 1 or more 
women; and 
‘‘(B) more than 50 percent of the net prof-
it or loss of which accrues to 1 or more women. 
‘‘(4) MINORITY.—The term ‘minority’ has the 
meaning given to such term by section 1204(c)(3) of 
the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989. 
‘‘(5) SMALL BUSINESS LOAN.—The term ‘small 
business loan’ shall be defined by the Agency, which 
may take into account—
1114 
‘‘(A) the gross revenues of the borrower; 
‘‘(B) the total number of employees of the 
borrower; 
‘‘(C) the industry in which the borrower 
has its primary operations; and 
‘‘(D) the size of the loan. 
‘‘(h) AGENCY ACTION.— 
‘‘(1) IN GENERAL.—The Agency shall prescribe 
such regulations and issue such guidance as may be 
necessary to carry out, enforce, and compile data 
pursuant to this section. 
‘‘(2) EXCEPTIONS.—The Agency, by regulation 
or order, may adopt exceptions to any requirement 
of this section and may, conditionally or uncondi-
tionally, exempt any financial institution or class of 
institutions from the requirements of this section as 
the Agency determines to be necessary or appro-
priate to carry out the purposes and objectives of 
this section. 
‘‘(3) GUIDANCE.—The Agency shall issue guid-
ance designed to facilitate compliance with the re-
quirements of this section, including assisting finan-
cial institutions in working with applicants to deter-
mine whether the applicants are women- or minor-
ity-owned for the purposes of this section.’’.
1115 
(b) TECHNICAL AND CONFORMING AMENDMENT.— 
Section 701(b) of the Equal Credit Opportunity Act (15 
U.S.C. 1691(b)) is amended— 
(1) by striking ‘‘or’’ after the semicolon at the 
end of paragraph (3); 
(2) by striking the period at the end of para-
graph (4) and inserting ‘‘; or’’; and 
(3) by inserting after paragraph (4), the fol-
lowing new paragraph: 
‘‘(5) to make an inquiry under section 704B in 
accordance with the requirements of such section.’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for the Equal Credit Opportunity Act is amended by in-
serting after the item relating to section 704A the fol-
lowing new item: 
‘‘704B. Small business loan data collection.’’. 
(d) EFFECTIVE DATE.—This section shall take effect 
on the designated transfer date. 
SEC. 4703. ANNUAL FINANCIAL AUTOPSY. 
(a) STUDY REQUIRED.—Not later than March 31 of 
each calendar year, the Director shall— 
(1) conduct a scientific sampling of foreclosures 
and bankruptcies during the previous calendar year 
in each State or territory of the United States; and 
(2) identify any underlying causes of such 
bankruptcies or foreclosures, including any specific
1116 
financial products or services that have been the 
cause of substantial numbers of such bankruptcies 
or foreclosures. 
(b) REPORT.—After the completion of each study re-
quired under subsection (a), the Director shall submit a 
report to the Congress containing— 
(1) any conclusions made by the Director in 
carrying out such study; 
(2) any specific financial products or services 
that the Director has identified to have caused a 
substantial number of bankruptcies or foreclosures, 
as well as which companies or individuals provided 
such financial products or services; and 
(3) any recommendations the Director has for 
legislation that would reduce the underlying causes 
of bankruptcies and foreclosures identified in such 
study. 
SEC. 4704. REPORTING OF MORTGAGE DATA BY STATE. 
(a) IN GENERAL.—Section 104(a) of the Helping 
Families Save Their Homes Act of 2009 (division A of 
Public Law 111–22) is amended— 
(1) in paragraph (2), by striking ‘‘resulting’’ 
and inserting ‘‘in each State that result’’; 
(2) in paragraph (3), by inserting ‘‘each State 
for’’ after ‘‘modifications in’’; and
1117 
(3) in paragraph (4), by inserting ‘‘in each 
State’’ after ‘‘total number of loans’’. 
(b) 
CONFORMING
AMENDMENT.—Section 
104(b)(1)(A) of such Act is amended by adding at the end 
the following sentence: ‘‘Not later than 60 days after the 
date of the enactment of the Wall Street Reform and Con-
sumer Protection Act of 2009, the Comptroller of the Cur-
rency and the Director of the Office of Thrift Supervision 
shall update such requirements to reflect amendments 
made to this section by such Act.’’. 
Subtitle H—Conforming 
Amendments 
SEC. 4801. AMENDMENTS TO THE INSPECTOR GENERAL 
ACT OF 1978. 
(a) ESTABLISHMENT.—Section 8G(a)(2) of the In-
spector General Act of 1978 (5 U.S.C. App.) is amended 
by inserting ‘‘the Consumer Financial Protection Agency,’’ 
before ‘‘the Consumer Product Safety Commission,’’. 
(b) EFFECTIVE DATE.—This section shall take effect 
on the date of the enactment of this title. 
SEC. 4802. AMENDMENTS TO THE PRIVACY ACT OF 1974. 
(a) APPLICABILITY.—Section 552a of title 5, United 
States Code, is amended by adding at the end the fol-
lowing new subsection:
1118 
‘‘(w) APPLICABILITY TO CONSUMER FINANCIAL PRO-
TECTION AGENCY.—Except as provided in the Consumer 
Financial Protection Agency Act of 2009, this section 
shall apply with respect to the Consumer Financial Protec-
tion Agency.’’. 
(b) EFFECTIVE DATE.—This section shall take effect 
on the date of the enactment of this title. 
SEC. 4803. AMENDMENTS TO THE ALTERNATIVE MORT-
GAGE TRANSACTION PARITY ACT OF 1982. 
(a) SECTION 803(1).—Section 803(1) of the Alter-
native Mortgage Transaction Parity Act of 1982 (12 
U.S.C. 3802(1)) is amended by striking paragraphs (B) 
and (C). 
(b) SECTION 804(a).—Section 804(a) of the Alter-
native Mortgage Transaction Parity Act of l982 (12 
U.S.C. 3803(a)) is amended— 
(1) in paragraphs (1), (2), and (3), by inserting 
‘‘on or before the designated transfer date, as deter-
mined in section 4602 of the Consumer Financial 
Protection Agency Act of 2009’’ after ‘‘transactions 
made’’ each place such term appears; 
(2) in paragraph (2), by striking ‘‘and’’ at the 
end; 
(3) in paragraph (3), by striking the period at 
the end and inserting ‘‘; and’’; and
1119 
(4) by adding at the end the following new 
paragraph: 
‘‘(4) with respect to transactions made after the 
designated transfer date, as determined in section 
4602 of the Consumer Financial Protection Agency 
Act of 2009, only in accordance with regulations 
governing alternative mortgage transactions as 
issued by the Consumer Financial Protection Agency 
for federally chartered housing creditors, in accord-
ance with the rulemaking authority granted to the 
Consumer Financial Protection Agency with regard 
to federally chartered housing creditors under laws 
other than this section.’’. 
(c) SECTION 804.—Section 804 of the Alternative 
Mortgage Transaction Parity Act of l982 (12 U.S.C. 
3803) is amended— 
(1) by striking subsection (c) and inserting the 
following new subsection: 
‘‘(c) EFFECT OF STATE LAW.— 
‘‘(1) IN
GENERAL.—An alternative mortgage 
transaction may be made by a housing creditor in 
accordance with this section, notwithstanding any 
State Constitution, law, or regulation that prohibits 
an alternative mortgage transaction.
1120 
‘‘(2) RULE OF CONSTRUCTION.—For purposes 
of this subsection, a State Constitution, law, or reg-
ulation that prohibits an alternative mortgage trans-
action does not include any State Constitution, law, 
or regulation that regulates mortgage transactions 
generally, including any restriction on prepayment 
penalties or late charges.’’; and 
(2) by adding at the end the following new sub-
section: 
‘‘(d) DUTIES OF CONSUMER FINANCIAL PROTECTION 
AGENCY.—The Consumer Financial Protection Agency 
shall— 
‘‘(1) review the regulations identified by the 
Comptroller of the Currency, the National Credit 
Union Administration, and the Director of the Office 
of Thrift Supervision (as those regulations exist on 
the designated transfer date, as determined in sec-
tion 4602 of the Consumer Financial Protection 
Agency Act of 2009) as applicable under paragraphs 
(1), (2), and (3) of subsection (a); 
‘‘(2) determine whether such regulations are 
fair and not deceptive and otherwise meet the objec-
tives of section 4201 of the Consumer Financial 
Protection Agency Act of 2009; and
1121 
‘‘(3) prescribe regulations under subsection 
(a)(4) after the designated transfer date, as deter-
mined under such Act.’’. 
(d) EFFECTIVE DATE
AND SCOPE
OF APPLICA-
TION.— 
(1) EFFECTIVE DATE.—This section shall take 
effect on the designated transfer date. 
(2) SCOPE OF APPLICATION.—The amendments 
made by subsection (a) shall not affect any trans-
action covered by the Alternative Mortgage Trans-
action Parity Act of l982 which is entered into on 
or before the designated transfer date. 
SEC. 4804. AMENDMENTS TO THE CONSUMER CREDIT PRO-
TECTION ACT. 
(a) TRUTH IN LENDING ACT.— 
(1) SECTION 103.—Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended by strik-
ing subsection (b) and inserting the following new 
subsection: 
‘‘(b) AGENCY DEFINITIONS.— 
‘‘(1) BOARD.—The term ‘Board’ means the 
‘Board of Governors of the Federal Reserve System’. 
‘‘(2) AGENCY.—The term ‘Agency’ means the 
Consumer Financial Protection Agency.’’.
1122 
(2) UNIVERSAL
AMENDMENT
RELATING
TO 
BOARD OF GOVERNORS OF THE FEDERAL RESERVE 
SYSTEM.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), the Truth in Lending Act 
(15 U.S.C. 1601 et seq.) is amended by striking 
‘‘Board’’ each place such term appears, includ-
ing in chapters 4 and 5 relating to credit billing 
and consumer leases, and inserting ‘‘Agency’’. 
(B) EXCEPTIONS.—The amendment de-
scribed in subparagraph (A) shall not apply to 
sections 108(a) (as amended by paragraph (4)) 
and 140(d) and shall not apply to the term 
‘‘Board’’ when used in reference to the Federal 
Deposit Insurance Corporation or the National 
Credit Union Administration. 
(3) SECTION 105.—Section 105(b) of the Truth 
in Lending Act (15 U.S.C. 1604(b)) is amended by 
striking the first sentence and inserting the fol-
lowing: ‘‘The Agency shall publish a single, inte-
grated disclosure for mortgage loan transactions, in-
cluding real estate settlement cost statements, which 
include the disclosure requirements of this title, in 
conjunction with the disclosure requirements of the 
Real Estate Settlement Procedures Act that, taken
1123 
together, may apply to transactions subject to both 
or either law. The purpose of such model disclosure 
shall be to facilitate compliance with the disclosure 
requirements of those titles, and to aid the borrower 
or lessee in understanding the transaction by uti-
lizing readily understandable language to simplify 
the technical nature of the disclosures.’’. 
(4) SECTION 108.—Section 108 of the Truth in 
Lending Act (15 U.S.C. 1607) is amended— 
(A) by striking subsection (a) and insert-
ing the following new subsection: 
‘‘(a) ENFORCING
AGENCIES.—Subject to section 
4202 of the Consumer Financial Protection Agency Act 
of 2009, compliance with the requirements imposed under 
this title shall be enforced as follows: 
‘‘(1) Under section 8 of the Federal Deposit In-
surance Act, in the case of— 
‘‘(A) national banks, and Federal branches 
and Federal agencies of foreign banks, by the 
head of the agency responsible for chartering 
and regulating national banks; 
‘‘(B) member banks of the Federal Reserve 
System (other than national banks), branches 
and agencies of foreign banks (other than Fed-
eral branches, Federal agencies, and insured
1124 
State branches of foreign banks), commercial 
lending companies owned or controlled by for-
eign banks, and organizations operating under 
section 25 or 25A of the Federal Reserve Act, 
by the Board; 
‘‘(C) depository institution insured by the 
Federal Deposit Insurance Corporation (other 
than members of the Federal Reserve System, 
Federal savings associations, and savings and 
loan holding companies) and insured State 
branches of foreign banks, by the Board of Di-
rectors of the Federal Deposit Insurance Cor-
poration; and 
‘‘(D) Federal savings associations and sav-
ings and loan holding companies, by the Direc-
tor of the Office of Thrift Supervision. 
‘‘(2) Under subtitle E of the Consumer Finan-
cial Protection Agency Act of 2009, by the Agency. 
‘‘(3) Under the Federal Credit Union Act, by 
the head of the agency responsible for chartering 
and regulating Federal credit unions. 
‘‘(4) Under the Federal Aviation Act of 1958, 
by the Secretary of Transportation with respect to 
any air carrier or foreign air carrier subject to that 
Act.
1125 
‘‘(5) Under the Packers and Stockyards Act, 
1921 (except as provided in section 406 of that Act), 
by the Secretary of Agriculture with respect to any 
activities subject to that Act. 
‘‘(6) Under the Farm Credit Act of 1971, by 
the Farm Credit Administration with respect to any 
Federal land bank, Federal land bank association, 
Federal intermediate credit bank, or production 
credit association.’’; and 
(B) by striking subsection (c) and insert-
ing the following new subsection: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY OF THE 
FEDERAL TRADE COMMISSION.—Except to the extent 
that enforcement of the requirements imposed under this 
title is specifically committed to some other Government 
agency (other than the Consumer Financial Protection 
Agency) under subsection (a) and subject to section 4202 
of the Consumer Financial Protection Agency Act of 2009, 
the Federal Trade Commission shall enforce such require-
ments. For the purpose of the exercise by the Federal 
Trade Commission of its functions and powers under the 
Federal Trade Commission Act, a violation of any require-
ment imposed under this title shall be deemed a violation 
of a requirement imposed under that Act. All of the func-
tions and powers of the Federal Trade Commission under
1126 
the Federal Trade Commission Act are available to the 
Commission to enforce compliance by any person with the 
requirements under this title, irrespective of whether that 
person is engaged in commerce or meets any other juris-
dictional tests in the Federal Trade Commission Act.’’. 
(5) UNIVERSAL AMENDMENT RELATING TO THE 
FEDERAL TRADE COMMISSION.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B) (and except for any insertion 
of ‘‘Federal Trade Commission’’ made by this 
subtitle), the Truth in Lending Act (15 U.S.C. 
1601 et seq.) is amended by striking ‘‘Federal 
Trade Commission’’ each place such term ap-
pears and inserting ‘‘Agency’’. 
(B) EXCEPTIONS.—The amendment de-
scribed in subparagraph (A) shall not apply to 
sections 108(c) (as amended by paragraph (4)) 
129(m) (as amended by paragraph (7)), 140A, 
or 149 (as amended by paragraph (8)). 
(6) SECTION 127.—Subparagraph (C) of section 
127(b)(11) of the Truth in Lending Act (15 U.S.C. 
1637(b)(11)) is amended to read as follows: 
‘‘(C) Notwithstanding subparagraphs (A) 
and (B), in the case of a creditor with respect 
to which compliance with this title is enforced
1127 
by the Agency, the following statement, in a 
prominent location on the front of the billing 
statement, disclosed clearly and conspicuously: 
‘Minimum Payment Warning: Making only the 
required minimum payment will increase the in-
terest you pay and the time it takes to repay 
your balance. For example, making only the 
typical 5 percent minimum monthly payment on 
a balance of $300 at an interest rate of 17 per-
cent would take 24 months to repay the balance 
in full. For an estimate of the time it would 
take to repay your balance, making only min-
imum monthly payments, call the Consumer Fi-
nancial Protection Agency at this toll-free num-
ber: lllllllll [the blank space to 
be filled in by the creditor].’ A creditor who is 
subject to this subparagraph shall not be sub-
ject to subparagraph (A) or (B).’’. 
(7) SECTION 129.—Section 129(m) of the Truth 
in Lending Act (15 U.S.C. 1639(m)) is amended to 
read as follows: 
‘‘(m) CIVIL PENALTIES IN FEDERAL TRADE COM-
MISSION ENFORCEMENT ACTIONS.—For purposes of en-
forcement by the Federal Trade Commission, any violation 
of a regulation issued by the Agency pursuant to sub-
1128 
section (l)(2) of this section shall be treated as a violation 
of a regulation promulgated under section 18 of the Fed-
eral Trade Commission Act (15 U.S.C. 57a) regarding un-
fair or deceptive acts or practices.’’. 
(8) SECTION 149.—Section 149(b) of the Truth 
in Lending Act (15 U.S.C. 1665d(b)) is amended by 
inserting ‘‘the Federal Trade Commission,’’ after ‘‘in 
consultation with’’. 
(b) FAIR CREDIT REPORTING ACT.— 
(1) SECTION
603.—Section 603 of the Fair 
Credit Reporting Act (15 U.S.C. 1681a) is amend-
ed— 
(A) by redesignating subsections (w) and 
(x) as subsections (x) and (y), respectively; and 
(B) by inserting after subsection (v) the 
following new subsection: 
‘‘(w) AGENCY.—The term ‘Agency’ means the Con-
sumer Financial Protection Agency.’’. 
(2) UNIVERSAL
AMENDMENTS
RELATING
TO 
THE FEDERAL TRADE COMMISSION.—Other than in 
connection with the amendment made by paragraphs 
(7)(B), (8)(A), (8)(C), and (8)(D) of this subsection 
(and except for any insertion of ‘‘Federal Trade 
Commission’’ made by this subtitle), the Fair Credit 
Reporting Act (15 U.S.C. 1681a) is amended—
1129 
(A) by striking ‘‘Federal Trade Commis-
sion’’ each place such term appears and insert-
ing ‘‘Agency’’; 
(B) by striking ‘‘Commission’’ each place 
such term appears (other than in connection 
with the term amended in subparagraph (A)) 
and inserting ‘‘Agency’’; and 
(C) by striking ‘‘Federal banking agencies, 
the National Credit Union Administration, and 
the Commission shall jointly’’ each place such 
term 
appears 
in 
sections 
605(h)(2) 
and 
623(a)(8)(A) and inserting ‘‘Agency shall’’. 
(3) SECTION
603.—Section 603(k)(2) of the 
Fair Credit Reporting Act (15 U.S.C. 1681a(k)(2)) 
is amended by striking ‘‘Board of Governors of the 
Federal Reserve System’’ and inserting ‘‘Agency’’. 
(4) SECTION
604.—Subsection 604(g) of the 
Fair Credit Reporting Act (15 U.S.C. 1681b(g)) is 
amended— 
(A) by striking subparagraph (C) of para-
graph (3) and inserting the following new sub-
paragraph: 
‘‘(C) as otherwise determined to be nec-
essary and appropriate, by regulation or order 
and subject to paragraph (6), by the Agency
1130 
(with respect to any covered person subject to 
the jurisdiction of such agency under paragraph 
(2) of section 621(b)), or the applicable State 
insurance authority (with respect to any person 
engaged in providing insurance or annuities).’’; 
and 
(B) by striking paragraph (5) and insert-
ing the following new paragraph: 
‘‘(5) REGULATIONS
REQUIRED.—The Agency 
may, after notice and opportunity for comment, pre-
scribe regulations that permit transactions under 
paragraph (2) that are determined to be necessary 
and appropriate to protect legitimate operational, 
transactional, risk, consumer, and other needs (and 
which shall include permitting actions necessary for 
administrative verification purposes), consistent with 
the intent of paragraph (2) to restrict the use of 
medical information for inappropriate purposes.’’. 
(5) SECTION
609.—Section 609(d)(1) of the 
Fair Credit Reporting Act (15 U.S.C. 1681g(d)(1)) 
is amended by inserting ‘‘the Federal Trade Com-
mission,’’ after ‘‘in consultation with’’. 
(6) SECTION 611.—Section 611(e) of the Fair 
Credit Reporting Act (15 U.S.C. 1681i(e)) is 
amended—
1131 
(A) by amending paragraph (2) to read as 
follows: 
‘‘(2) EXCLUSION.—Complaints received or ob-
tained by the Agency pursuant to its investigative 
authority under the Consumer Financial Protection 
Agency Act of 2009 shall not be subject to para-
graph (1).’’; and 
(B) in the heading of paragraph (3) by in-
serting 
‘‘CONSUMER
REPORTING’’ 
before 
‘‘AGENCY’’. 
(7) SECTION
615.—Section 615 of the Fair 
Credit Reporting Act (15 U.S.C. 1681m) is amend-
ed— 
(A) in subsection (d)(2)(B), by inserting 
‘‘the Federal Trade Commission,’’ after ‘‘in 
consultation with’’; 
(B) in subsection (e)(1), by striking ‘‘and 
the Commission’’ and inserting ‘‘the Federal 
Trade Commission, the Securities and Ex-
change Commission, and the Commodities Fu-
tures Trading Commission’’; and 
(C) by striking subparagraph (A) of sub-
section (h)(6) and inserting the following: 
‘‘(A) 
RULES
REQUIRED.—The 
Agency 
shall prescribe rules.’’.
1132 
(8) SECTION
621.—Section 621 of the Fair 
Credit Reporting Act (15 U.S.C. 1681s) is amend-
ed— 
(A) by striking subsection (a) and insert-
ing the following new subsection: 
‘‘(a) ENFORCEMENT BY FEDERAL TRADE COMMIS-
SION.— 
‘‘(1) IN GENERAL.—Subject to section 4202 of 
the Consumer Financial Protection Agency Act of 
2009, compliance with the requirements imposed 
under this title shall be enforced under the Federal 
Trade Commission Act by the Federal Trade Com-
mission with respect to consumer reporting agencies 
and all other persons subject thereto, except to the 
extent that enforcement of the requirements imposed 
under this title is specifically committed to some 
other government agency (other than the Consumer 
Financial Protection Agency) under subsection (b) 
hereof. For the purpose of the exercise by the Fed-
eral Trade Commission of its functions and powers 
under the Federal Trade Commission Act, a viola-
tion of any requirement or prohibition imposed 
under this title shall constitute an unfair or decep-
tive act or practice in commerce in violation of sec-
tion 5(a) of the Federal Trade Commission Act and
1133 
shall be subject to enforcement by the Federal Trade 
Commission under section 5(b) of such Act with re-
spect to any consumer reporting agency or person 
subject to enforcement by the Federal Trade Com-
mission pursuant to this subsection, irrespective of 
whether that person is engaged in commerce or 
meets any other jurisdictional tests in the Federal 
Trade Commission Act. The Federal Trade Commis-
sion shall have such procedural, investigative, and 
enforcement powers (subject to section 4202 of the 
Consumer Financial Protection Agency Act of 
2009), including the power to issue procedural rules 
in enforcing compliance with the requirements im-
posed under this title and to require the filing of re-
ports, the production of documents, and the appear-
ance of witnesses as though the applicable terms and 
conditions of the Federal Trade Commission Act 
were part of this title. Any person violating any of 
the provisions of this title shall be subject to the 
penalties and entitled to the privileges and immuni-
ties provided in the Federal Trade Commission Act 
as though the applicable terms and provisions there-
of were part of this title. 
‘‘(2) CIVIL MONEY PENALTIES.—
1134 
‘‘(A) IN
GENERAL.—Subject to section 
4202 of the Consumer Financial Protection 
Agency Act of 2009, in the event of a knowing 
violation, which constitutes a pattern or prac-
tice of violations of this title, the Commission 
may commence a civil action to recover a civil 
penalty in a district court of the United States 
against any person that violates this title. In 
such action, such person shall be liable for a 
civil penalty of not more than $2,500 per viola-
tion. 
‘‘(B) 
FACTORS
IN
DETERMINING 
AMOUNT.—In determining the amount of a civil 
penalty under subparagraph (A), the court shall 
take into account the degree of culpability, any 
history of prior such conduct, ability to pay, ef-
fect on ability to continue to do business, and 
such other matters as justice may require. 
‘‘(3) EXCEPTION.—Notwithstanding paragraph 
(2), a court may not impose any civil penalty on a 
person for a violation of section 623(a)(1) unless the 
person has been enjoined from committing the viola-
tion, or ordered not to commit the violation, in an 
action or proceeding brought by or on behalf of the 
Federal Trade Commission or the Agency, as the
1135 
case may be, and has violated the injunction or 
order, and the court may not impose any civil pen-
alty for any violation occurring before the date of 
the violation of the injunction or order.’’; 
(B) by striking subsection (b) and insert-
ing the following new subsection: 
‘‘(b) ENFORCEMENT BY OTHER AGENCIES.—Subject 
to section 4202 of the Consumer Financial Protection 
Agency Act of 2009, compliance with the requirements im-
posed under this title with respect to consumer reporting 
agencies, persons who use consumer reports from such 
agencies, persons who furnish information to such agen-
cies, and users of information that are subject to sub-
section (d) of section 615 shall be enforced as follows: 
‘‘(1) Under section 8 of the Federal Deposit In-
surance Act, in the case of— 
‘‘(A) national banks, and Federal branches 
and Federal agencies of foreign banks, by the 
head of the agency responsible for chartering 
and regulating national banks; 
‘‘(B) member banks of the Federal Reserve 
System (other than national banks), branches 
and agencies of foreign banks (other than Fed-
eral branches, Federal agencies, and insured 
State branches of foreign banks), commercial
1136 
lending companies owned or controlled by for-
eign banks, and organizations operating under 
section 25 or 25A of the Federal Reserve Act, 
by the Board of Governors of the Federal Re-
serve System; 
‘‘(C) banks insured by the Federal Deposit 
Insurance Corporation (other than members of 
the Federal Reserve System, Federal savings 
associations, and savings and loan holding com-
panies) and insured State branches of foreign 
banks, by the Board of Directors of the Federal 
Deposit Insurance Corporation; and 
‘‘(D) Federal savings associations and sav-
ings and loan holding companies, by the Direc-
tor of the Office of Thrift Supervision. 
‘‘(2) Under subtitle E of the Consumer Finan-
cial Protection Agency Act of 2009, by the Agency 
in the case of a covered person under that Act. 
‘‘(3) Under the Federal Credit Union Act, by 
the National Credit Union Administration Board 
with respect to any Federal credit union. 
‘‘(4) Under subtitle IV of title 49, United 
States Code, by the Secretary of Transportation, 
with respect to all carriers subject to the jurisdiction 
of the Surface Transportation Board.
1137 
‘‘(5) Under the Federal Aviation Act of 1958, 
by the Secretary of Transportation with respect to 
any air carrier or foreign air carrier subject to that 
Act. 
‘‘(6) Under the Packers and Stockyards Act, 
1921 (except as provided in section 406 of that Act), 
by the Secretary of Agriculture with respect to any 
activities subject to that Act. 
‘‘(7) Under the Commodity Exchange Act, with 
respect to a person subject to the jurisdiction of the 
Commodity Futures Trading Commission. 
‘‘(8) Under the Federal securities law and any 
other laws subject to the jurisdiction of the Securi-
ties and Exchange Commission, with respect to a 
person subject to the jurisdiction of the Securities 
and Exchange Commission. 
Any term used in paragraph (1) that is not defined in 
this title or otherwise defined in section 3(s) of the Federal 
Deposit Insurance Act shall have the meaning given to 
such term in section 1(b) of the International Banking Act 
of 1978.’’; 
(C) in paragraph (2) of subsection (c)— 
(i) by inserting ‘‘the Agency and’’ be-
fore ‘‘the Federal Trade Commission’’ in 
the first sentence;
1138 
(ii) by inserting ‘‘Agency and the Fed-
eral Trade’’ after ‘‘provide the’’; and 
(iii) by inserting ‘‘Agency,’’ before 
‘‘Federal Trade Commission’’ in the sec-
ond sentence; 
(D) in paragraph (4) of subsection (c)— 
(i) by inserting ‘‘Agency’’, before ‘‘the 
Federal Trade Commission’’; and 
(ii) inserting ‘‘Agency, the Federal 
Trade’’ after ‘‘complaint of the’’; 
(E) in paragraph (2) of subsection (f), by 
inserting ‘‘the Federal Trade Commission’’ 
after ‘‘in consultation with’’; 
(F) by striking subsection (e) and inserting 
the following new subsection: 
‘‘(e) REGULATORY AUTHORITY.—The Agency shall 
prescribe such regulations as necessary to carry out the 
purposes of this Act, except that, with respect to sections 
615(e) and 628 of this title, the agencies identified in sub-
sections (a) and (b) of this section shall prescribe such 
regulations as necessary to carry out the purposes of such 
sections with respect to entities within their enforcement 
authority under such subsections.’’; and 
(G) in the heading of subsection (g) by 
striking ‘‘FTC’’.
1139 
(8) SECTION
623.—Section 623 of the Fair 
Credit Reporting Act (15 U.S.C. 1681s–2) is 
amended— 
(A) by amending subparagraph (a)(7)(D) 
to read as follows: 
‘‘(D) MODEL DISCLOSURE.— 
‘‘(i) DUTY
OF
AGENCY
TO
PRE-
PARE.—The Agency shall prescribe a brief 
model disclosure a financial institution 
may use to comply with subparagraph (A), 
which shall not exceed 30 words. 
‘‘(ii) 
USE
OF
MODEL
NOT
RE-
QUIRED.—No provision of this paragraph 
shall be construed as requiring a financial 
institution to use any such model form pre-
scribed by the Agency. 
‘‘(iii) COMPLIANCE USING MODEL.—A 
financial institution shall be deemed to be 
in compliance with subparagraph (A) if the 
financial institution uses any such model 
form prescribed by the Agency, or the fi-
nancial institution uses any such model 
form and rearranges its format.’’. 
(B) by amending subsection (e) to read as 
follows:
1140 
‘‘(e) ACCURACY GUIDELINES AND REGULATIONS RE-
QUIRED.— 
‘‘(1) GUIDELINES.—The Agency shall, with re-
spect to the entities that are subject to its enforce-
ment authority under section 621— 
‘‘(A) establish and maintain guidelines for 
use by each person that furnishes information 
to a consumer reporting agency regarding the 
accuracy and integrity of the information relat-
ing to consumers that such entities furnish to 
consumer reporting agencies, and update such 
guidelines as often as necessary; and 
‘‘(B) prescribe regulations requiring each 
person that furnishes information to a con-
sumer reporting agency to establish reasonable 
policies and procedures or implementing the 
guidelines established pursuant to subpara-
graph (A). 
‘‘(2) CRITERIA.—In developing the guidelines 
required by paragraph (1)(A), the Agency shall— 
‘‘(A) identify patterns, practices, and spe-
cific forms of activity that can compromise the 
accuracy and integrity of information furnished 
to consumer reporting agencies;
1141 
‘‘(B) review the methods (including techno-
logical means) used to furnish information re-
lating to consumers to consumer reporting 
agencies; 
‘‘(C) determine whether persons that fur-
nish information to consumer reporting agen-
cies maintain and enforce policies to ensure the 
accuracy and integrity of information furnished 
to consumer reporting agencies; and 
‘‘(D) examine the policies and processes 
that persons that furnish information to con-
sumer reporting agencies employ to conduct re-
investigations and correct inaccurate informa-
tion relating to consumers that has been fur-
nished to consumer reporting agencies.’’. 
(c) EQUAL CREDIT OPPORTUNITY ACT.— 
(1) SECTION 701.—Section 701 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691) is amend-
ed by striking ‘‘Board’’ each place such term ap-
pears and inserting ‘‘Agency’’. 
(2) SECTION 702.—Section 702(c) of the Equal 
Credit Opportunity Act (15 U.S.C. 1691a) is 
amended to read as follows: 
‘‘(c) The term ‘Agency’ means the Consumer Finan-
cial Protection Agency.’’.
1142 
(3) SECTION 703.—Section 703 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691b) is 
amended— 
(A) by striking subsection (b); 
(B) in subsection (a)— 
(i) by striking ‘‘(1)’’; and 
(ii) by redesignating paragraphs (2), 
(3), (4), and (5) as subsections (b), (c), 
(d), and (e), respectively; 
(C) in subsection (c) (as so redesig-
nated)— 
(i) by striking ‘‘paragraph (2)’’ and 
inserting ‘‘subsection (b)’’; and 
(ii) by striking ‘‘such paragraph’’ and 
inserting ‘‘such subsection’’; 
(D) in subsection (d) (as so redesig-
nated)— 
(i) by striking ‘‘subsection’’ and in-
serting ‘‘section’’; 
(ii) by striking ‘‘Act’’ and inserting 
‘‘title’’; and 
(iii) by striking ‘‘this paragraph’’ and 
inserting ‘‘this subsection’’; and
1143 
(E) by striking ‘‘Board’’ each place such 
term appears in such section and inserting 
‘‘Agency’’. 
(4) SECTION 704.—Section 704 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691c) is amend-
ed— 
(A) in subsection (a)— 
(i) in the matter preceding paragraph 
(1), by striking ‘‘Compliance’’ and insert-
ing ‘‘Subject to section 4202 of the Con-
sumer Financial Protection Agency Act of 
2009, compliance’’; 
(ii) in paragraph (1)(A), by striking 
‘‘Office of the Comptroller of the Cur-
rency’’ and inserting ‘‘head of the agency 
responsible for chartering and regulating 
national banks’’; 
(iii) in paragraph (1)(B)— 
(I) by inserting ‘‘of Governors of 
the Federal Reserve System’’ after 
‘‘Board’’; and 
(II) by striking ‘‘and’’ after the 
semicolon; 
(iv) in paragraph (1)(C), by inserting 
‘‘and’’ after the semicolon;
1144 
(v) by inserting after subparagraph 
(C) of paragraph (1) the following new 
subparagraph: 
‘‘(D) savings associations and savings and 
loan holding companies by the Director of the 
Office of Thrift Supervision;’’; and 
(vi) by amending paragraph (2) to 
read as follows: 
‘‘(2) Subtitle E of the Consumer Financial Pro-
tection Agency Act of 2009, by the Agency.’’; 
(B) by striking subsection (c) and insert-
ing the following new subsection: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY OF FED-
ERAL TRADE COMMISSION.—Except to the extent that en-
forcement of the requirements imposed under this title is 
specifically committed to some other Government agency 
(other than the Consumer Financial Protection Agency) 
under subsection (a) and subject to section 4202 of the 
Consumer Financial Protection Agency Act of 2009, the 
Federal Trade Commission shall enforce such require-
ments. For the purpose of the exercise by the Federal 
Trade Commission of its functions and powers under the 
Federal Trade Commission Act, a violation of any require-
ment imposed under this title shall be deemed a violation 
of a requirement imposed under that Act. All of the func-
1145 
tions and powers of the Federal Trade Commission under 
the Federal Trade Commission Act are available to the 
Commission to enforce compliance by any person with the 
requirements imposed under this title, irrespective of 
whether that person is engaged in commerce or meets any 
other jurisdictional tests in the Federal Trade Commission 
Act, including the power to enforce any regulation pre-
scribed by the Director under this title in the same man-
ner as if the violation had been a violation of a Federal 
Trade Commission trade regulation rule.’’; and 
(C) in subsection (d), by striking ‘‘Board’’ 
and inserting ‘‘Agency’’. 
(5) SECTION 704a.—Section 704A(a)(1) of the 
Equal Credit Opportunity Act (15 U.S.C. 1691c– 
1(a)(1)) is amended in by striking ‘‘Board’’ and in-
serting ‘‘Agency’’. 
(6) SECTION 705.—Section 705 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691d) is 
amended— 
(A) in subsection (f), by striking ‘‘Board’’ 
each place such term appears and inserting 
‘‘Agency’’; and 
(B) in subsection (g), by striking ‘‘Board’’ 
and inserting ‘‘Agency’’.
1146 
(7) SECTION 706.—Section 706 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691e) is amend-
ed— 
(A) in subsection (e)— 
(i) by striking ‘‘Board’’ each place 
such term appears and inserting ‘‘Agency’’; 
and 
(ii) by striking ‘‘Federal Reserve Sys-
tem’’ and inserting ‘‘Consumer Financial 
Protection Agency’’; 
(B) in subsection (f), by striking ‘‘two 
years’’ each place such term appears and insert-
ing ‘‘5 years’’; 
(C) in subsection (g)— 
(i) by striking ‘‘The agencies having’’, 
in the 1st sentence, and inserting ‘‘The 
Agency and the agencies having’’; 
(ii) by striking ‘‘Each agency re-
ferred’’, in the 2nd sentence, and inserting 
‘‘The Agency and each agency referred’’; 
(iii) by striking ‘‘Each such agency’’, 
in the 3rd sentence, and inserting ‘‘The 
Agency and each such agency’’; and 
(iv) by striking ‘‘whenever the agen-
cy’’ in the 3rd sentence, and inserting
1147 
‘‘whenever the Agency or an agency having 
responsibility for administrative enforce-
ment under section 704’’; and 
(D) in subsection (k)— 
(i) by striking ‘‘Whenever an agency’’ 
and inserting ‘‘Whenever the Agency or an 
agency’’; and 
(ii) by striking ‘‘the agency shall no-
tify’’ and inserting ‘‘the Agency, or an 
agency referred to in any such paragraph, 
as the case may be, shall notify’’. 
(8) SECTION 707.—Section 707 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691f) is amend-
ed by striking ‘‘Board’’ each place such term ap-
pears and inserting ‘‘Agency’’. 
(d) FAIR DEBT COLLECTION PRACTICES ACT.— 
(1) SECTION
803.—Section 803 of the Fair 
Debt Collection Practices Act (15 U.S.C. 1692a) is 
amended— 
(A) by redesignating paragraphs (1), (2), 
(3), (4), (5), (6), (7), and (8) as paragraphs 
(2), (3), (4), (5), (6), (7), (8), and (9), respec-
tively; and 
(B) by inserting before paragraph (2) (as 
so redesignated) the following new paragraph:
1148 
‘‘(1) The term ‘Agency’ means the Consumer 
Financial Protection Agency.’’. 
(2) SECTION 813.—Section 813(e) of the Fair 
Debt Collection Practices Act (15 U.S.C. 1692k(e)) 
is amended by striking ‘‘Commission’’ and inserting 
‘‘Agency’’. 
(3) SECTION
814.—Section 814 of the Fair 
Debt Collection Practices Act (15 U.S.C. 1692l) is 
amended— 
(A) by striking subsection (a) and insert-
ing the following new subsection: 
‘‘(a) FEDERAL TRADE COMMISSION.—Subject to sec-
tion 4202 of the Consumer Financial Protection Agency 
Act of 2009, compliance with this title shall be enforced 
by the Commission, except to the extent that enforcement 
of the requirements imposed under this title is specifically 
committed to another agency (other than the Consumer 
Financial Protection Agency) under subsection (b). For 
purpose of the exercise by the Commission of its functions 
and powers under the Federal Trade Commission Act, a 
violation of this title shall be deemed an unfair or decep-
tive act or practice in violation of that Act. All of the func-
tions and powers of the Commission under the Federal 
Trade Commission Act are available to the Commission 
to enforce compliance by any person with this title, irre-
1149 
spective of whether that person is engaged in commerce 
or meets any other jurisdictional tests in the Federal 
Trade Commission Act, including the power to enforce the 
provisions of this title in the same manner as if the viola-
tion had been a violation of a Federal Trade Commission 
trade regulation rule.’’; 
(B) in subsection (b)— 
(i) in the matter preceding paragraph 
(1), by striking ‘‘Compliance’’ and insert-
ing ‘‘ENFORCEMENT
BY OTHER AGEN-
CY.—Subject to section 4202 of the Con-
sumer Financial Protection Agency Act of 
2009, compliance’’; 
(ii) in paragraph (1)(A), by striking 
‘‘Office of the Comptroller of the Cur-
rency;’’ and inserting ‘‘head of the agency 
responsible for chartering and regulating 
national banks;’’; 
(iii) in paragraph (1)(B), by striking 
‘‘and’’ after the semicolon; 
(iv) in paragraph (1)(C), by inserting 
‘‘and’’ after the semicolon; 
(v) by inserting after subparagraph 
(C) of paragraph (1) the following new 
subparagraph:
1150 
‘‘(D) savings associations and savings and 
loan holding companies by the Director of the 
Office of Thrift Supervision;’’; and 
(vi) by striking paragraph (2) and in-
serting the following new paragraph: 
‘‘(2) subtitle E of the Consumer Financial Pro-
tection Agency Act of 2009, by the Agency;’’; and 
(C) by striking subsection (d) and insert-
ing the following new subsection: 
‘‘(d) REGULATIONS.—The Agency may prescribe reg-
ulations with respect to the collection of debts by any debt 
collector.’’. 
(4) SECTION
815.—Section 815 (15 U.S.C. 
1692m) is amended— 
(A) in the section heading, by striking 
‘‘Commission’’ and inserting ‘‘Agency’’; 
and 
(B) by striking ‘‘Commission’’ each place 
such term appears and inserting ‘‘Agency’’. 
(5) SECTION
817.—Section 817 (15 U.S.C. 
1692o) is amended by striking ‘‘Commission’’ each 
place such term appears and inserting ‘‘Agency’’. 
(e) ELECTRONIC FUND TRANSFER ACT.—
1151 
(1) SECTION
903.—Section 903 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693a) is 
amended— 
(A) by striking paragraph (3) and insert-
ing the following new paragraph: 
‘‘(3) the term ‘Agency’ means the Consumer Fi-
nancial Protection Agency;’’; and 
(B) in paragraph (6), by striking ‘‘Board’’ 
and inserting ‘‘Agency’’. 
(2) SECTION
904.—Section 904 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693b) is 
amended by striking ‘‘Board’’ each place such term 
appears and inserting ‘‘Agency’’. 
(3) SECTION
905.—Section 905 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693c) is 
amended by striking ‘‘Board’’ each place such term 
appears and inserting ‘‘Agency’’. 
(4) SECTION 906.—Section 906(b) of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693d(b)) is 
amended by striking ‘‘Board’’ and inserting ‘‘Agen-
cy’’. 
(5) SECTION 907.—Section 907(b) of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693e(b)) is 
amended by striking ‘‘Board’’ and inserting ‘‘Agen-
cy’’.