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notice of proposed rulemaking) regarding an invest-
ment product or service that is the same type of prod-
uct as, or that competes directly with, a consumer fi-
nancial product or service that is subject to the juris-
diction of the Bureau under this title or under any 
other law. In carrying out this paragraph, the agen-
cies shall negotiate an agreement to establish proce-
dures for such coordination, including procedures for 
providing advance notice to the Bureau when the 
Commission is initiating a rulemaking. 
(j) EXCLUSION FOR PERSONS REGULATED BY THE 
COMMODITY FUTURES TRADING COMMISSION.— 
(1) IN GENERAL.—No provision of this title shall 
be construed as altering, amending, or affecting the 
authority of the Commodity Futures Trading Com-
mission to adopt rules, initiate enforcement pro-
ceedings, or take any other action with respect to a 
person regulated by the Commodity Futures Trading 
Commission. The Bureau shall have no authority to 
exercise any power to enforce this title with respect to 
a person regulated by the Commodity Futures Trad-
ing Commission. 
(2) CONSULTATION
AND
COORDINATION.—Not-
withstanding paragraph (1), the Commodity Futures 
Trading Commission shall consult and coordinate
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with the Bureau with respect to any rule (including 
any advance notice of proposed rulemaking) regard-
ing a product or service that is the same type of prod-
uct as, or that competes directly with, a consumer fi-
nancial product or service that is subject to the juris-
diction of the Bureau under this title or under any 
other law. 
(k) EXCLUSION FOR PERSONS REGULATED BY THE 
FARM CREDIT ADMINISTRATION.— 
(1) IN GENERAL.—No provision of this title shall 
be construed as altering, amending, or affecting the 
authority of the Farm Credit Administration to adopt 
rules, initiate enforcement proceedings, or take any 
other action with respect to a person regulated by the 
Farm Credit Administration. The Bureau shall have 
no authority to exercise any power to enforce this title 
with respect to a person regulated by the Farm Credit 
Administration. 
(2) DEFINITION.—For purposes of this sub-
section, the term ‘‘person regulated by the Farm Cred-
it Administration’’ means any Farm Credit System 
institution that is chartered and subject to the provi-
sions of the Farm Credit Act of 1971 (12 U.S.C. 2001 
et seq.).
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(l) EXCLUSION FOR ACTIVITIES RELATING TO CHARI-
TABLE CONTRIBUTIONS.— 
(1) IN GENERAL.—The Director and the Bureau 
may not exercise any rulemaking, supervisory, en-
forcement, or other authority, including authority to 
order penalties, over any activities related to the so-
licitation or making of voluntary contributions to a 
tax-exempt organization as recognized by the Internal 
Revenue Service, by any agent, volunteer, or rep-
resentative of such organizations to the extent the or-
ganization, agent, volunteer, or representative thereof 
is soliciting or providing advice, information, edu-
cation, or instruction to any donor or potential donor 
relating to a contribution to the organization. 
(2) LIMITATION.—The exclusion in paragraph 
(1) does not apply to other activities not described in 
paragraph (1) that are the offering or provision of 
any consumer financial product or service, or are oth-
erwise subject to any enumerated consumer law or 
any law for which authorities are transferred under 
subtitle F or H. 
(m) INSURANCE.—The Bureau may not define as a fi-
nancial product or service, by regulation or otherwise, en-
gaging in the business of insurance.
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(n) LIMITED AUTHORITY OF THE BUREAU.—Notwith-
standing subsections (a) through (h) and (l), a person sub-
ject to or described in one or more of such subsections— 
(1) may be a service provider; and 
(2) may be subject to requests from, or require-
ments imposed by, the Bureau regarding information 
in order to carry out the responsibilities and func-
tions of the Bureau and in accordance with section 
1022, 1052, or 1053. 
(o) NO AUTHORITY TO IMPOSE USURY LIMIT.—No 
provision of this title shall be construed as conferring au-
thority on the Bureau to establish a usury limit applicable 
to an extension of credit offered or made by a covered person 
to a consumer, unless explicitly authorized by law. 
(p) ATTORNEY GENERAL.—No provision of this title, 
including section 1024(c)(1), shall affect the authorities of 
the Attorney General under otherwise applicable provisions 
of law. 
(q) SECRETARY OF THE TREASURY.—No provision of 
this title shall affect the authorities of the Secretary, includ-
ing with respect to prescribing rules, initiating enforcement 
proceedings, or taking other actions with respect to a person 
that performs income tax preparation activities for con-
sumers.
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(r) DEPOSIT INSURANCE AND SHARE INSURANCE.— 
Nothing in this title shall affect the authority of the Cor-
poration under the Federal Deposit Insurance Act or the 
National Credit Union Administration Board under the 
Federal Credit Union Act as to matters related to deposit 
insurance and share insurance, respectively. 
SEC. 1028. AUTHORITY TO RESTRICT MANDATORY PRE-DIS-
PUTE ARBITRATION. 
(a) STUDY AND REPORT.—The Bureau shall conduct 
a study of, and shall provide a report to Congress con-
cerning, the use of agreements providing for arbitration of 
any future dispute between covered persons and consumers 
in connection with the offering or providing of consumer 
financial products or services. 
(b) FURTHER AUTHORITY.—The Bureau, by regula-
tion, may prohibit or impose conditions or limitations on 
the use of an agreement between a covered person and a 
consumer for a consumer financial product or service pro-
viding for arbitration of any future dispute between the 
parties, if the Bureau finds that such a prohibition or im-
position of conditions or limitations is in the public interest 
and for the protection of consumers. The findings in such 
rule shall be consistent with the study conducted under sub-
section (a).
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(c) LIMITATION.—The authority described in sub-
section (b) may not be construed to prohibit or restrict a 
consumer from entering into a voluntary arbitration agree-
ment with a covered person after a dispute has arisen. 
(d) EFFECTIVE DATE.—Notwithstanding any other 
provision of law, any regulation prescribed by the Bureau 
under subsection (a) shall apply, consistent with the terms 
of the regulation, to any agreement between a consumer and 
a covered person entered into after the end of the 180-day 
period beginning on the effective date of the regulation, as 
established by the Bureau. 
SEC. 1029. EFFECTIVE DATE. 
This subtitle shall become effective on the designated 
transfer date. 
Subtitle C—Specific Bureau 
Authorities 
SEC. 1031. PROHIBITING UNFAIR, DECEPTIVE, OR ABUSIVE 
ACTS OR PRACTICES. 
(a) IN GENERAL.—The Bureau may take any action 
authorized under subtitle E to prevent a covered person or 
service provider from committing or engaging in an unfair, 
deceptive, or abusive act or practice under Federal law in 
connection with any transaction with a consumer for a con-
sumer financial product or service, or the offering of a con-
sumer financial product or service.