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Commission pursuant to this subsection, irrespective 
of whether that person is engaged in commerce or 
meets any other jurisdictional tests under the Federal 
Trade Commission Act. The Federal Trade Commis-
sion shall have such procedural, investigative, and en-
forcement powers (except as otherwise provided by 
subtitle B of the Consumer Financial Protection Act 
of 2010), including the power to issue procedural 
rules in enforcing compliance with the requirements 
imposed under this title and to require the filing of 
reports, 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 pro-
visions of this title shall be subject to the penalties 
and entitled to the privileges and immunities pro-
vided in the Federal Trade Commission Act as though 
the applicable terms and provisions of such Act are 
part of this title. 
‘‘(2) PENALTIES.— 
‘‘(A) KNOWING VIOLATIONS.—Except as oth-
erwise provided by subtitle B of the Consumer 
Financial Protection Act of 2010, in the event of 
a knowing violation, which constitutes a pattern 
or practice of violations of this title, the Federal
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Trade Commission may commence a civil action 
to recover a civil penalty in a district court of 
the United States against any person that vio-
lates this title. In such action, such person shall 
be liable for a civil penalty of not more than 
$2,500 per violation. 
‘‘(B) DETERMINING PENALTY AMOUNT.—In 
determining the amount of a civil penalty under 
subparagraph (A), the court shall take into ac-
count the degree of culpability, any history of 
such prior conduct, ability to pay, effect on abil-
ity to continue to do business, and such other 
matters as justice may require. 
‘‘(C) LIMITATION.—Notwithstanding para-
graph (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 violation, or ordered not to 
commit the violation, in an action or proceeding 
brought by or on behalf of the Federal Trade 
Commission, and has violated the injunction or 
order, and the court may not impose any civil 
penalty for any violation occurring before the 
date of the violation of the injunction or order.’’;
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(8) by striking subsection (b) and inserting the 
following: 
‘‘(b) ENFORCEMENT BY OTHER AGENCIES.— 
‘‘(1) IN GENERAL.—Except as otherwise provided 
by subtitle B of the Consumer Financial Protection 
Act of 2010, compliance with the requirements im-
posed under this title with respect to consumer report-
ing agencies, persons who use consumer reports from 
such agencies, persons who furnish information to 
such agencies, and users of information that are sub-
ject to section 615(d) shall be enforced under— 
‘‘(A) section 8 of the Federal Deposit Insur-
ance Act (12 U.S.C. 1818), in the case of— 
‘‘(i) any national bank, and any Fed-
eral branch or Federal agency of a foreign 
bank, by the Office of the Comptroller of the 
Currency; 
‘‘(ii) any member bank of the Federal 
Reserve System (other than a national 
bank), a branch or agency of a foreign bank 
(other than a Federal branch, Federal agen-
cy, or insured State branch of a foreign 
bank), a commercial lending company 
owned or controlled by a foreign bank, and 
any organization operating under section
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25 or 25A of the Federal Reserve Act, by the 
Board of Governors of the Federal Reserve 
System; and 
‘‘(iii) any bank insured by the Federal 
Deposit Insurance Corporation (other than 
a member of the Federal Reserve System) 
and any insured State branch of a foreign 
bank, by the Board of Directors of the Fed-
eral Deposit Insurance Corporation; 
‘‘(B) subtitle E of the Consumer Financial 
Protection Act of 2010, by the Bureau; 
‘‘(C) the Federal Credit Union Act (12 
U.S.C. 1751 et seq.), by the Administrator of the 
National Credit Union Administration with re-
spect to any Federal credit union; 
‘‘(D) 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; 
‘‘(E) the Federal Aviation Act of 1958 (49 
U.S.C. App. 1301 et seq.), by the Secretary of 
Transportation, with respect to any air carrier 
or foreign air carrier subject to that Act; 
‘‘(F) the Packers and Stockyards Act, 1921 
(7 U.S.C. 181 et seq.) (except as provided in sec-
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† HR 4173 PP
tion 406 of that Act), by the Secretary of Agri-
culture, with respect to any activities subject to 
that Act; 
‘‘(G) the Commodity Exchange Act, with re-
spect to a person subject to the jurisdiction of the 
Commodity Futures Trading Commission; and 
‘‘(H) the Federal securities laws, and any 
other laws that are subject to the jurisdiction of 
the Securities and Exchange Commission, with 
respect to a person that is subject to the jurisdic-
tion of the Securities and Exchange Commission. 
‘‘(2) INCORPORATED
DEFINITIONS.—The terms 
used in paragraph (1) that are not defined in this 
title or otherwise defined in section 3(s) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(s)) have the 
same meanings as in section 1(b) of the International 
Banking Act of 1978 (12 U.S.C. 3101).’’; 
(9) by striking subsection (e) and inserting the 
following: 
‘‘(e) REGULATORY AUTHORITY.—The Bureau shall 
prescribe such regulations as are necessary to carry out the 
purposes of this Act. The regulations prescribed by the Bu-
reau under this subsection shall apply to any person that 
is subject to this Act, notwithstanding the enforcement au-
thorities granted to other agencies under this section.’’; and
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(10) in section 623 (15 U.S.C. 1681s–2)— 
(A) in subsection (a)(7), by striking sub-
paragraph (D) and inserting the following: 
‘‘(D) MODEL DISCLOSURE.— 
‘‘(i) DUTY OF BUREAU.—The Bureau 
shall prescribe a brief model disclosure that 
a financial institution may use to comply 
with subparagraph (A), which shall not ex-
ceed 30 words. 
‘‘(ii) 
USE
OF
MODEL
NOT
RE-
QUIRED.—No provision of this paragraph 
may be construed to require a financial in-
stitution to use any such model form pre-
scribed by the Bureau. 
‘‘(iii) COMPLIANCE USING MODEL.—A 
financial institution shall be deemed to be 
in compliance with subparagraph (A) if the 
financial institution uses any model form 
prescribed by the Bureau under this sub-
paragraph, or the financial institution uses 
any such model form and rearranges its for-
mat.’’; and 
(B) by striking subsection (e) and inserting 
the following:
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‘‘(e) ACCURACY GUIDELINES AND REGULATIONS RE-
QUIRED.— 
‘‘(1) GUIDELINES.—The Bureau shall, with re-
spect to persons or entities that are subject to the en-
forcement authority of the Bureau under section 
621— 
‘‘(A) establish and maintain guidelines for 
use by each person that furnishes information to 
a consumer reporting agency regarding the accu-
racy and integrity of the information relating 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 consumer 
reporting agency to establish reasonable policies 
and procedures for implementing the guidelines 
established pursuant to subparagraph (A). 
‘‘(2) CRITERIA.—In developing the guidelines re-
quired by paragraph (1)(A), the Bureau 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;
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‘‘(B) review the methods (including techno-
logical means) used to furnish information relat-
ing to consumers to consumer reporting agencies; 
‘‘(C) determine whether persons that furnish 
information to consumer reporting agencies 
maintain and enforce policies to ensure the accu-
racy and integrity of information furnished to 
consumer reporting agencies; and 
‘‘(D) examine the policies and processes that 
persons that furnish information to consumer re-
porting agencies employ to conduct reinvestiga-
tions and correct inaccurate information relating 
to consumers that has been furnished to con-
sumer reporting agencies.’’. 
(b) FAIR AND ACCURATE CREDIT TRANSACTIONS ACT 
OF 2003.—Section 214(b)(1) of the Fair and Accurate Cred-
it Transactions Act of 2003 (15 U.S.C. 1681s–3 note) is 
amended by striking paragraph (1) and inserting the fol-
lowing: 
‘‘(1) IN GENERAL.—Regulations to carry out sec-
tion 624 of the Fair Credit Reporting Act (15 U.S.C. 
1681s–3), shall be prescribed, as described in para-
graph (2), by—
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‘‘(A) the Commodity Futures Trading Com-
mission, with respect to entities subject to its en-
forcement authorities; 
‘‘(B) the Securities and Exchange Commis-
sion, with respect to entities subject to its en-
forcement authorities; and 
‘‘(C) the Bureau, with respect to other enti-
ties subject to this Act.’’. 
SEC. 1089. AMENDMENTS TO THE FAIR DEBT COLLECTION 
PRACTICES ACT. 
The Fair Debt Collection Practices Act (15 U.S.C. 
1692 et seq.) is amended— 
(1) by striking ‘‘Commission’’ each place that 
term appears and inserting ‘‘Bureau’’; 
(2) in section 803 (15 U.S.C. 1692a)— 
(A) by striking paragraph (1) and inserting 
the following: 
‘‘(1) The term ‘Bureau’ means the Bureau of 
Consumer Financial Protection.’’; 
(3) in section 814 (15 U.S.C. 1692l)— 
(A) by striking subsection (a) and inserting 
the following: 
‘‘(a) FEDERAL TRADE COMMISSION.—Except as other-
wise provided by subtitle B of the Consumer Financial Pro-
tection Act of 2010, compliance with this title shall be en-
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† HR 4173 PP
forced by the Federal Trade Commission, except to the ex-
tent that enforcement of the requirements imposed under 
this title is specifically committed to another Government 
agency under subsection (b). For purpose of the exercise by 
the Federal Trade Commission of its functions and powers 
under the Federal Trade Commission Act (15 U.S.C. 41 et 
seq.), a violation of this title shall be deemed an unfair or 
deceptive act or practice in violation of that Act. All of the 
functions and powers of the Federal Trade Commission 
under the Federal Trade Commission Act are available to 
the Federal Trade Commission to enforce compliance by 
any person with this title, irrespective of whether that per-
son is engaged in commerce or meets any other jurisdic-
tional tests under the Federal Trade Commission Act, in-
cluding the power to enforce the provisions of this title, in 
the same manner as if the violation had been a violation 
of a Federal Trade Commission trade regulation rule.’’; and 
(B) in subsection (b)— 
(i) by striking ‘‘Compliance’’ and in-
serting ‘‘Except as otherwise provided by 
subtitle B of the Consumer Financial Pro-
tection Act of 2010, compliance’’; and 
(ii) by striking paragraph (2) and in-
serting the following:
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‘‘(2) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau;’’; and 
(4) in subsection (d), by striking ‘‘Neither the 
Commission’’ and all that follows through the end of 
the subsection and inserting the following: ‘‘The Bu-
reau may prescribe rules with respect to the collection 
of debts by debt collectors, as defined in this Act.’’. 
SEC. 1090. AMENDMENTS TO THE FEDERAL DEPOSIT INSUR-
ANCE ACT. 
The Federal Deposit Insurance Act (12 U.S.C. 1811 
et seq.) is amended— 
(1) in section 8(t) (12 U.S.C. 1818(t)), by add-
ing at the end the following: 
‘‘(6) REFERRAL TO BUREAU OF CONSUMER FI-
NANCIAL PROTECTION.—Subject to subtitle B of the 
Consumer Financial Protection Act of 2010, each ap-
propriate Federal banking agency shall make a refer-
ral to the Bureau of Consumer Financial Protection 
when the Federal banking agency has a reasonable be-
lief that a violation of an enumerated consumer law, 
as defined in the Consumer Financial Protection Act 
of 2010, has been committed by any insured deposi-
tory institution or institution-affiliated party within 
the jurisdiction of that appropriate Federal banking 
agency.’’; and
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(2) in section 43 (12 U.S.C. 1831t)— 
(A) in subsection (c), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Bureau’’; 
(B) in subsection (d), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Bureau’’; 
(C) in subsection (e)— 
(i) in paragraph (2), by striking ‘‘Fed-
eral Trade Commission’’ and inserting 
‘‘Bureau’’; and 
(ii) by adding at the end the following 
new paragraph: 
‘‘(5) BUREAU.—The term ‘Bureau’ means the 
Bureau of Consumer Financial Protection.’’; and 
(D) in subsection (f)— 
(i) by striking paragraph (1) and in-
serting the following: 
‘‘(1) LIMITED ENFORCEMENT AUTHORITY.—Com-
pliance with the requirements of subsections (b), (c), 
and (e), and any regulation prescribed or order issued 
under such subsection, shall be enforced under the 
Consumer Financial Protection Act of 2010, by the 
Bureau, subject to subtitle B of the Consumer Finan-
cial Protection Act of 2010, and under the Federal 
Trade Commission Act (15 U.S.C. 41 et seq.) by the 
Federal Trade Commission.’’; and
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† HR 4173 PP
(ii) in paragraph (2), by striking sub-
paragraph (C) and inserting the following: 
‘‘(C) LIMITATION ON STATE ACTION WHILE 
FEDERAL ACTION PENDING.—If the Bureau or 
Federal Trade Commission has instituted an en-
forcement action for a violation of this section, 
no appropriate State supervisory agency may, 
during the pendency of such action, bring an ac-
tion under this section against any defendant 
named in the complaint of the Bureau or Fed-
eral Trade Commission for any violation of this 
section that is alleged in that complaint.’’. 
SEC. 1091. AMENDMENTS TO THE GRAMM-LEACH-BLILEY 
ACT. 
Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 
6801 et seq.) is amended— 
(1) 
in 
section 
504(a)(1) 
(15 
U.S.C. 
6804(a)(1))— 
(A) by striking ‘‘The Federal banking agen-
cies, the National Credit Union Administration, 
the Secretary of the Treasury,’’ and inserting 
‘‘The Bureau of Consumer Financial Protection 
and’’; and 
(B) by striking ‘‘, and the Federal Trade 
Commission’’;
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(2) in section 505(a) (15 U.S.C. 6805(a))— 
(A) by striking ‘‘This subtitle’’ and all that 
follows through ‘‘as follows:’’ and inserting ‘‘Ex-
cept as otherwise provided by subtitle B of the 
Consumer Financial Protection Act of 2010, this 
subtitle and the regulations prescribed there-
under shall be enforced by the Bureau of Con-
sumer Financial Protection, the Federal func-
tional regulators, the State insurance authorities, 
and the Federal Trade Commission with respect 
to financial institutions and other persons sub-
ject to their jurisdiction under applicable law, as 
follows:’’; 
(B) in paragraph (1)— 
(i) in subparagraph (B), by inserting 
‘‘and’’ after the semicolon; 
(ii) in subparagraph (C), by striking 
‘‘; and’’ and inserting a period; and 
(iii) by striking subparagraph (D); 
and 
(C) by adding at the end the following: 
‘‘(8) Under the Consumer Financial Protection 
Act of 2010, by the Bureau of Consumer Financial 
Protection, in the case of any financial institution 
and other covered person or service provider that is
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† HR 4173 PP
subject to the jurisdiction of the Bureau under that 
Act, but not with respect to the standards under sec-
tion 501.’’; and 
(3) in section 505(b)(1) (15 U.S.C. 6805(b)(1)), 
by inserting ‘‘, other than the Bureau of Consumer 
Financial Protection,’’ after ‘‘subsection (a)’’. 
SEC. 1092. AMENDMENTS TO THE HOME MORTGAGE DIS-
CLOSURE ACT. 
The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 
2801 et seq.) is amended— 
(1) except as otherwise specifically provided in 
this section, by striking ‘‘Board’’ each place that term 
appears and inserting ‘‘Bureau’’; 
(2) in section 303 (12 U.S.C. 2802)— 
(A) 
by 
redesignating 
paragraphs 
(1) 
through (6) as paragraphs (2) through (7), re-
spectively; and 
(B) by inserting before paragraph (2) the 
following: 
‘‘(1) the term ‘Bureau’ means the Bureau of 
Consumer Financial Protection;’’; 
(3) in section 304 (12 U.S.C. 2803)— 
(A) in subsection (b)— 
(i) in paragraph (4), by inserting 
‘‘age,’’ before ‘‘and gender’’;
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† HR 4173 PP
(ii) in paragraph (3), by striking 
‘‘and’’ at the end; 
(iii) in paragraph (4), by striking the 
period at the end and inserting a semicolon; 
and 
(iv) by adding at the end the following: 
‘‘(5) the number and dollar amount of mortgage 
loans grouped according to measurements of— 
‘‘(A) the total points and fees payable at 
origination in connection with the mortgage as 
determined by the Bureau, taking into account 
15 U.S.C. 1602(aa)(4); 
‘‘(B) the difference between the annual per-
centage rate associated with the loan and a 
benchmark rate or rates for all loans; 
‘‘(C) the term in months of any prepayment 
penalty or other fee or charge payable on repay-
ment of some portion of principal or the entire 
principal in advance of scheduled payments; and 
‘‘(D) such other information as the Bureau 
may require; and 
‘‘(6) the number and dollar amount of mortgage 
loans and completed applications grouped according 
to measurements of—
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† HR 4173 PP
‘‘(A) the value of the real property pledged 
or proposed to be pledged as collateral; 
‘‘(B) the actual or proposed term in months 
of any introductory period after which the rate 
of interest may change; 
‘‘(C) the presence of contractual terms or 
proposed contractual terms that would allow the 
mortgagor or applicant to make payments other 
than fully amortizing payments during any por-
tion of the loan term; 
‘‘(D) the actual or proposed term in months 
of the mortgage loan; 
‘‘(E) the channel through which application 
was made, including retail, broker, and other 
relevant categories; 
‘‘(F) as the Bureau may determine to be 
appropriate, a unique identifier that identifies 
the loan originator as set forth in section 1503 
of the S.A.F.E. Mortgage Licensing Act of 2008; 
‘‘(G) as the Bureau may determine to be 
appropriate, a universal loan identifier; 
‘‘(H) as the Bureau may determine to be 
appropriate, the parcel number that corresponds 
to the real property pledged or proposed to be 
pledged as collateral;
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‘‘(I) the credit score of mortgage applicants 
and mortgagors, in such form as the Bureau 
may prescribe, except that the Bureau shall mod-
ify or require modification of credit score data 
that is or will be available to the public to pro-
tect the compelling privacy interest of the mort-
gage applicant or mortgagors; and 
‘‘(J) such other information as the Bureau 
may require.’’; 
(B) in subsection (i), by striking ‘‘sub-
section (b)(4)’’ and inserting ‘‘subsections (b)(4), 
(b)(5), and (b)(6)’’; 
(C) in subsection (j)— 
(i) in paragraph (1), by striking ‘‘(as’’ 
and inserting ‘‘(containing loan-level and 
application-level information relating to 
disclosures required under subsections (a) 
and (b) and as otherwise’’; 
(ii) by striking paragraph (3) and in-
serting the following: 
‘‘(3) CHANGE OF FORM NOT REQUIRED.—A de-
pository institution meets the disclosure requirement 
of paragraph (1) if the institution provides the infor-
mation required under such paragraph in such for-
mats as the Bureau may require’’; and
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† HR 4173 PP
(iii) in paragraph (2)(A), by striking 
‘‘in the format in which such information is 
maintained by the institution’’ and insert-
ing ‘‘in such formats as the Bureau may re-
quire’’; 
(D) in subsection (m), by striking para-
graph (2) and inserting the following: 
‘‘(2) FORM
OF
INFORMATION.—In complying 
with paragraph (1), a depository institution shall 
provide the person requesting the information with a 
copy of the information requested in such formats as 
the Bureau may require’’; 
(E) by striking subsection (h) and inserting 
the following: 
‘‘(h) SUBMISSION TO AGENCIES.— 
‘‘(1) IN GENERAL.—The data required to be dis-
closed under subsection (b) shall be submitted to the 
Bureau or to the appropriate agency for the institu-
tion reporting under this title, in accordance with 
rules prescribed by the Bureau. Notwithstanding the 
requirement of subsection (a)(2)(A) for disclosure by 
census tract, the Bureau, in cooperation with other 
appropriate regulators described in paragraph (2), 
shall develop regulations that—
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† HR 4173 PP
‘‘(A) prescribe the format for such disclo-
sures, the method for submission of the data to 
the appropriate regulatory agency, and the pro-
cedures for disclosing the information to the pub-
lic; 
‘‘(B) require the collection of data required 
to be disclosed under subsection (b) with respect 
to loans sold by each institution reporting under 
this title; 
‘‘(C) require disclosure of the class of the 
purchaser of such loans; and 
‘‘(D) permit any reporting institution to 
submit in writing to the Bureau or to the appro-
priate agency such additional data or expla-
nations as it deems relevant to the decision to 
originate or purchase mortgage loans. 
‘‘(2) OTHER APPROPRIATE AGENCIES.—The ap-
propriate regulators described in this paragraph 
are— 
‘‘(A) the Office of the Comptroller of the 
Currency (hereafter referred to in this Act as 
‘Comptroller’) for national banks and Federal 
branches, Federal agencies of foreign banks, and 
savings associations;
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† HR 4173 PP
‘‘(B) the Federal Deposit Insurance Cor-
poration for banks insured by the Federal De-
posit Insurance Corporation (other than mem-
bers of the Federal Reserve System), mutual sav-
ings banks, insured State branches of foreign 
banks, and any other depository institution de-
scribed in section 303(2)(A) which is not other-
wise referred to in this paragraph; 
‘‘(C) the National Credit Union Adminis-
tration Board for credit unions; and 
‘‘(D) the Secretary of Housing and Urban 
Development for other lending institutions not 
regulated by the agencies referred to in subpara-
graphs (A) through (C).’’; and 
(F) by adding at the end the following: 
‘‘(n) TIMING OF CERTAIN DISCLOSURES.—The data 
required to be disclosed under subsection (b) shall be sub-
mitted to the Bureau or to the appropriate agency for any 
institution reporting under this title, in accordance with 
regulations prescribed by the Bureau. Institutions shall not 
be required to report new data under paragraph (5) or (6) 
of subsection (b) before the first January 1 that occurs after 
the end of the 9-month period beginning on the date on 
which regulations are issued by the Bureau in final form 
with respect to such disclosures.’’;
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† HR 4173 PP
(4) in section 305 (12 U.S.C. 2804)— 
(A) by striking subsection (b) and inserting 
the following: 
‘‘(b) POWERS OF CERTAIN OTHER AGENCIES.— 
‘‘(1) IN GENERAL.—Except as otherwise provided 
by subtitle B of the Consumer Financial Protection 
Act of 2010, compliance with the requirements of this 
title shall be enforced— 
‘‘(A) under section 8 of the Federal Deposit 
Insurance Act, in the case of— 
‘‘(i) any national bank, and any Fed-
eral branch or Federal agency of a foreign 
bank, by the Office of the Comptroller of the 
Currency; 
‘‘(ii) any member bank of the Federal 
Reserve System (other than a national 
bank), branch or agency of a foreign bank 
(other than a Federal branch, Federal agen-
cy, and insured State branch of a foreign 
bank), commercial lending company owned 
or controlled by a foreign bank, and any or-
ganization operating under section 25 or 
25(a) of the Federal Reserve Act, by the 
Board; and
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† HR 4173 PP
‘‘(iii) any bank insured by the Federal 
Deposit Insurance Corporation (other than 
a member of the Federal Reserve System), 
any mutual savings bank as, defined in sec-
tion 3(f) of the Federal Deposit Insurance 
Act (12 U.S.C. 1813(f)), any insured State 
branch of a foreign bank, and any other de-
pository institution not referred to in this 
paragraph or subparagraph (B) or (C), by 
the Federal Deposit Insurance Corporation; 
‘‘(B) under subtitle E of the Consumer Fi-
nancial Protection Act of 2010, by the Bureau; 
‘‘(C) under the Federal Credit Union Act, 
by the Administrator of the National Credit 
Union Administration with respect to any in-
sured credit union; and 
‘‘(D) with respect to other lending institu-
tions, by the Secretary of Housing and Urban 
Development. 
‘‘(2) INCORPORATED
DEFINITIONS.—The terms 
used in paragraph (1) that are not defined in this 
title or otherwise defined in section 3(s) of the Federal 
Deposit Insurance Act (12 U.S.C. 1813(s)) shall have 
the same meanings as in section 1(b) of the Inter-
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† HR 4173 PP
national Banking Act of 1978 (12 U.S.C. 3101).’’; 
and 
(B) by adding at the end the following: 
‘‘(d) OVERALL ENFORCEMENT AUTHORITY
OF
THE 
BUREAU OF CONSUMER FINANCIAL PROTECTION.—Subject 
to subtitle B of the Consumer Financial Protection Act of 
2010, enforcement of the requirements imposed under this 
title is committed to each of the agencies under subsection 
(b). The Bureau may exercise its authorities under the Con-
sumer Financial Protection Act of 2010 to exercise prin-
cipal authority to examine and enforce compliance by any 
person with the requirements of this title.’’; 
(5) in section 306 (12 U.S.C. 2805(b)), by strik-
ing subsection (b) and inserting the following: 
‘‘(b) EXEMPTION AUTHORITY.—The Bureau may, by 
regulation, exempt from the requirements of this title any 
State-chartered depository institution within any State or 
subdivision thereof, if the agency determines that, under the 
law of such State or subdivision, that institution is subject 
to requirements that are substantially similar to those im-
posed under this title, and that such law contains adequate 
provisions for enforcement. Notwithstanding any other pro-
vision of this subsection, compliance with the requirements 
imposed under this subsection shall be enforced by the Office 
of the Comptroller of the Currency under section 8 of the
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† HR 4173 PP
Federal Deposit Insurance Act, in the case of national 
banks and savings associations, the deposits of which are 
insured by the Federal Deposit Insurance Corporation.’’; 
and 
(6) by striking section 307 (12 U.S.C. 2806) and 
inserting the following: 
‘‘SEC. 307. COMPLIANCE IMPROVEMENT METHODS. 
‘‘(a) IN GENERAL.— 
‘‘(1) CONSULTATION REQUIRED.—The Director of 
the Bureau of Consumer Financial Protection, with 
the assistance of the Secretary, the Director of the Bu-
reau of the Census, the Board of Governors of the Fed-
eral Reserve System, the Federal Deposit Insurance 
Corporation, and such other persons as the Bureau 
deems appropriate, shall develop or assist in the im-
provement of, methods of matching addresses and cen-
sus tracts to facilitate compliance by depository insti-
tutions in as economical a manner as possible with 
the requirements of this title. 
‘‘(2) AUTHORIZATION
OF
APPROPRIATIONS.— 
There are authorized to be appropriated, such sums as 
may be necessary to carry out this subsection. 
‘‘(3) CONTRACTING AUTHORITY.—The Director of 
the Bureau of Consumer Financial Protection is au-
thorized to utilize, contract with, act through, or com-
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† HR 4173 PP
pensate any person or agency in order to carry out 
this subsection. 
‘‘(b) RECOMMENDATIONS TO CONGRESS.—The Direc-
tor of the Bureau of Consumer Financial Protection shall 
recommend to the Committee on Banking, Housing, and 
Urban Affairs of the Senate and the Committee on Finan-
cial Services of the House of Representatives, such addi-
tional legislation as the Director of the Bureau of Consumer 
Financial Protection deems appropriate to carry out the 
purpose of this title.’’. 
SEC. 1093. AMENDMENTS TO THE HOMEOWNERS PROTEC-
TION ACT OF 1998. 
Section 10 of the Homeowners Protection Act of 1998 
(12 U.S.C. 4909) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘Compliance’’ and inserting 
‘‘Except as otherwise provided by subtitle B of 
the Consumer Financial Protection Act of 2010, 
compliance’’; 
(B) in paragraph (2), by striking ‘‘and’’ at 
the end; 
(C) in paragraph (3), by striking the period 
at the end and inserting ‘‘; and’’; and 
(D) by adding at the end the following:
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‘‘(4) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau of Consumer Fi-
nancial Protection.’’; and 
(2) in subsection (b)(2), by inserting before the 
period at the end the following: ‘‘, subject to subtitle 
B of the Consumer Financial Protection Act of 2010’’. 
SEC. 1094. AMENDMENTS TO THE HOME OWNERSHIP AND 
EQUITY PROTECTION ACT OF 1994. 
The Home Ownership and Equity Protection Act of 
1994 (15 U.S.C. 1601 note) is amended— 
(1) in section 158(a), by striking ‘‘Consumer Ad-
visory Council of the Board’’ and inserting ‘‘Advisory 
Board to the Bureau’’; and 
(2) by striking ‘‘Board’’ each place that term ap-
pears and inserting ‘‘Bureau’’. 
SEC. 1095. AMENDMENTS TO THE OMNIBUS APPROPRIA-
TIONS ACT, 2009. 
Section 626 of the Omnibus Appropriations Act, 2009 
(15 U.S.C. 1638 note) is amended— 
(1) by striking subsection (a) and inserting the 
following: 
‘‘(a)(1) The Bureau of Consumer Financial Protection 
shall have authority to prescribe rules with respect to mort-
gage loans in accordance with section 553 of title 5, United 
States Code. Such rulemaking shall relate to unfair or de-
1531 
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ceptive acts or practices regarding mortgage loans, which 
may include unfair or deceptive acts or practices involving 
loan modification and foreclosure rescue services. Any viola-
tion of a rule prescribed under this paragraph shall be 
treated as a violation of a rule prohibiting unfair, decep-
tive, or abusive acts or practices under the Consumer Fi-
nancial Protection Act of 2010 and a violation of a rule 
under section 18 of the Federal Trade Commission Act (15 
U.S.C. 57a) regarding unfair or deceptive acts or practices. 
‘‘(2) The Bureau of Consumer Financial Protection 
shall enforce the rules issued under paragraph (1) in the 
same manner, by the same means, and with the same juris-
diction, powers, and duties, as though all applicable terms 
and provisions of the Consumer Financial Protection Act 
of 2010 were incorporated into and made part of this sub-
section.’’; and 
(2) in subsection (b)— 
(A) by striking paragraph (1) and inserting 
the following: 
‘‘(1) Except as provided in paragraph (6), in 
any case in which the attorney general of a State has 
reason to believe that an interest of the residents of 
the State has been or is threatened or adversely af-
fected by the engagement of any person subject to a 
rule prescribed under subsection (a) in practices that
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violate such rule, the State, as parens patriae, may 
bring a civil action on behalf of its residents in an 
appropriate district court of the United States or 
other court of competent jurisdiction— 
‘‘(A) to enjoin that practice; 
‘‘(B) to enforce compliance with the rule; 
‘‘(C) to obtain damages, restitution, or other 
compensation on behalf of the residents of the 
State; or 
‘‘(D) to obtain penalties and relief provided 
under the Consumer Financial Protection Act of 
2010, the Federal Trade Commission Act, and 
such other relief as the court deems appro-
priate.’’; 
(B) in paragraphs (2) and (3), by striking 
‘‘the primary Federal regulator’’ each time the 
term appears and inserting ‘‘the Bureau of Con-
sumer Financial Protection or the Commission, 
as appropriate’’; 
(C) in paragraph (3), by inserting ‘‘and 
subject to subtitle B of the Consumer Financial 
Protection Act of 2010,’’ after ‘‘paragraph (2),’’; 
and 
(D) in paragraph (6), by striking ‘‘the pri-
mary Federal regulator’’ each place that term
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appears and inserting ‘‘the Bureau of Consumer 
Financial Protection or the Commission’’. 
SEC. 1096. AMENDMENTS TO THE REAL ESTATE SETTLE-
MENT PROCEDURES ACT. 
The Real Estate Settlement Procedures Act of 1974 (12 
U.S.C. 2601 et seq.) is amended— 
(1) in section 3 (12 U.S.C. 2602)— 
(A) in paragraph (7), by striking ‘‘and’’ at 
the end; 
(B) in paragraph (8), by striking the period 
at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following: 
‘‘(9) the term ‘Bureau’ means the Bureau of 
Consumer Financial Protection.’’; 
(2) in section 4 (12 U.S.C. 2603)— 
(A) in subsection (a), by striking the first 
sentence and inserting the following: ‘‘The Bu-
reau shall publish a single, integrated disclosure 
for mortgage loan transactions (including real 
estate settlement cost statements) which includes 
the disclosure requirements of this title, in con-
junction with the disclosure requirements of the 
Truth in Lending Act that, taken together, may 
apply to a transaction that is subject to both or 
either provisions of law. The purpose of such
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(B) by striking ‘‘, by regulations that shall 
take effect not later than April 20, 1991,’’; 
(5) in section 7(b) (12 U.S.C. 2606(b)) by strik-
ing ‘‘Secretary’’ and inserting ‘‘Bureau’’; 
(6) in section 8(d) (12 U.S.C. 2607(d))— 
(A) in the subsection heading, by inserting 
‘‘BUREAU AND’’ before ‘‘SECRETARY’’; and 
(B) by striking paragraph (4), and insert-
ing the following: 
‘‘(4) The Bureau, the Secretary, or the attorney 
general or the insurance commissioner of any State 
may bring an action to enjoin violations of this sec-
tion. Except, to the extent that a person is subject to 
the jurisdiction of the Bureau, the Secretary, or the 
attorney general or the insurance commissioner of 
any State, the Bureau shall have primary authority 
to enforce or administer this section, subject to sub-
title B of the Consumer Financial Protection Act of 
2010.’’. 
(7) in section 10(c) (12 U.S.C. 2609(c) and (d)), 
by striking ‘‘Secretary’’ and inserting ‘‘Bureau’’; 
(8) in section 16 (12 U.S.C. 2614), by inserting 
‘‘the Bureau,’’ before ‘‘the Secretary’’;
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(9) in section 18 (12 U.S.C. 2616), by striking 
‘‘Secretary’’ each place that term appears and insert-
ing ‘‘Bureau’’; and 
(10) in section 19 (12 U.S.C. 2617)— 
(A) in the section heading by striking 
‘‘SECRETARY’’ and inserting ‘‘BUREAU’’; 
(B) by striking ‘‘Secretary’’ each place that 
term appears and inserting ‘‘Bureau’’; 
(C) in subsection (b), by inserting ‘‘the Bu-
reau’’ before ‘‘the Secretary’’; and 
(D) in subsection (c), by inserting ‘‘or the 
Bureau’’ after ‘‘the Secretary’’ each time that 
term appears. 
SEC. 1097. AMENDMENTS TO THE RIGHT TO FINANCIAL PRI-
VACY ACT OF 1978. 
The Right to Financial Privacy Act of 1978 (12 U.S.C. 
3401 et seq.) is amended— 
(1) in section 1101— 
(A) in paragraph (6)— 
(i) in subparagraph (A), by inserting 
‘‘and’’ after the semicolon; 
(ii) in subparagraph (B), by striking 
‘‘and’’ at the end; and 
(iii) by striking subparagraph (C); 
and
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(B) in paragraph (7), by striking subpara-
graph (E), and inserting the following: 
‘‘(E) the Bureau of Consumer Financial 
Protection;’’; 
(2) in section 1112(e) (12 U.S.C. 3412(e)), by 
striking ‘‘and the Commodity Futures Trading Com-
mission is permitted’’ and inserting ‘‘the Commodity 
Futures Trading Commission, and the Bureau of 
Consumer Financial Protection is permitted’’; and 
(3) in section 1113 (12 U.S.C. 3413), by adding 
at the end the following new subsection: 
‘‘(r) DISCLOSURE TO THE BUREAU OF CONSUMER FI-
NANCIAL PROTECTION.—Nothing in this title shall apply 
to the examination by or disclosure to the Bureau of Con-
sumer Financial Protection of financial records or informa-
tion in the exercise of its authority with respect to a finan-
cial institution.’’. 
SEC. 1098. AMENDMENTS TO THE SECURE AND FAIR EN-
FORCEMENT FOR MORTGAGE LICENSING ACT 
OF 2008. 
The S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5101 et seq.) is amended— 
(1) by striking ‘‘a Federal banking agency’’ each 
place that term appears, other than in paragraphs (7)
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and (11) of section 1503 and section 1507(a)(1), and 
inserting ‘‘the Bureau’’; 
(2) by striking ‘‘Federal banking agencies’’ each 
place that term appears and inserting ‘‘Bureau’’; and 
(3) by striking ‘‘Secretary’’ each place that term 
appears and inserting ‘‘Director’’; 
(4) in section 1503 (12 U.S.C. 5102)— 
(A) 
by 
redesignating 
paragraphs 
(2) 
through (12) as (3) through (13), respectively; 
(B) by striking paragraph (1) and inserting 
the following: 
‘‘(1) BUREAU.—The term ‘Bureau’ means the 
Bureau of Consumer Financial Protection. 
‘‘(2) FEDERAL
BANKING
AGENCY.—The term 
‘Federal banking agency’ means the Board of Gov-
ernors of the Federal Reserve System, the Office of the 
Comptroller of the Currency, the National Credit 
Union Administration, and the Federal Deposit In-
surance Corporation.’’; and 
(C) by striking paragraph (10), as so des-
ignated by this section, and inserting the fol-
lowing: 
‘‘(10) DIRECTOR.—The term ‘Director’ means 
the Director of the Bureau of Consumer Financial 
Protection.’’; and
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(5) in section 1507 (12 U.S.C. 5106)— 
(A) in subsection (a)— 
(i) by striking paragraph (1) and in-
serting the following: 
‘‘(1) IN
GENERAL.—The Bureau shall develop 
and maintain a system for registering employees of a 
depository institution, employees of a subsidiary that 
is owned and controlled by a depository institution 
and regulated by a Federal banking agency, or em-
ployees of an institution regulated by the Farm Cred-
it Administration, as registered loan originators with 
the Nationwide Mortgage Licensing System and Reg-
istry. The system shall be implemented before the end 
of the 1-year period beginning on the date of enact-
ment of the Consumer Financial Protection Act of 
2010.’’; and 
(ii) in paragraph (2)— 
(I) by striking ‘‘appropriate Fed-
eral banking agency and the Farm 
Credit Administration’’ and inserting 
‘‘Bureau’’; and 
(II) by striking ‘‘employees’s iden-
tity’’ and inserting ‘‘identity of the 
employee’’; and
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(B) in subsection (b), by striking ‘‘through 
the Financial Institutions Examination Council, 
and the Farm Credit Administration’’, and in-
serting ‘‘and the Bureau of Consumer Financial 
Protection’’; 
(6) in section 1508 (12 U.S.C. 5107)— 
(A) by striking the section heading and in-
serting the following: ‘‘SEC. 1508. BUREAU OF 
CONSUMER
FINANCIAL
PROTECTION 
BACKUP AUTHORITY TO ESTABLISH LOAN 
ORIGINATOR LICENSING SYSTEM.’’; and 
(B) by adding at the end the following: 
‘‘(f) REGULATION AUTHORITY.— 
‘‘(1) IN GENERAL.—The Bureau is authorized to 
promulgate regulations setting minimum net worth or 
surety bond requirements for residential mortgage 
loan originators and minimum requirements for re-
covery funds paid into by loan originators. 
‘‘(2) CONSIDERATIONS.—In issuing regulations 
under paragraph (1), the Bureau shall take into ac-
count the need to provide originators adequate incen-
tives to originate affordable and sustainable mortgage 
loans, as well as the need to ensure a competitive 
origination market that maximizes consumer access to 
affordable and sustainable mortgage loans.’’;
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(7) by striking section 1510 (12 U.S.C. 5109) 
and inserting the following: 
‘‘SEC. 1510. FEES. 
‘‘The Bureau, the Farm Credit Administration, and 
the Nationwide Mortgage Licensing System and Registry 
may charge reasonable fees to cover the costs of maintaining 
and providing access to information from the Nationwide 
Mortgage Licensing System and Registry, to the extent that 
such fees are not charged to consumers for access to such 
system and registry.’’; 
(8) by striking section 1513 (12 U.S.C. 5112) 
and inserting the following: 
‘‘SEC. 1513. LIABILITY PROVISIONS. 
‘‘The Bureau, any State official or agency, or any or-
ganization serving as the administrator of the Nationwide 
Mortgage Licensing System and Registry or a system estab-
lished by the Director under section 1509, or any officer 
or employee of any such entity, shall not be subject to any 
civil action or proceeding for monetary damages by reason 
of the good faith action or omission of any officer or em-
ployee of any such entity, while acting within the scope of 
office or employment, relating to the collection, furnishing, 
or dissemination of information concerning persons who are 
loan originators or are applying for licensing or registra-
tion as loan originators.’’; and
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(9) in section 1514 (12 U.S.C. 5113) in the sec-
tion heading, by striking ‘‘UNDER HUD BACKUP 
LICENSING SYSTEM’’ and inserting ‘‘BY THE BU-
REAU’’. 
SEC. 1099. AMENDMENTS TO THE TRUTH IN LENDING ACT. 
The Truth in Lending Act (15 U.S.C. 1601 et seq.) 
is amended— 
(1) in section 103 (5 U.S.C. 1602)— 
(A) by redesignating subsections (b) through 
(bb) as subsections (c) through (cc), respectively; 
and 
(B) by inserting after subsection (a) the fol-
lowing: 
‘‘(b) BUREAU.—The term ‘Bureau’ means the Bureau 
of Consumer Financial Protection.’’; 
(2) by striking ‘‘Board’’ each place that term ap-
pears, other than in section 140(d) and section 
108(a), as amended by this section, and inserting 
‘‘Bureau’’; 
(3) by striking ‘‘Federal Trade Commission’’ 
each place that term appears, other than in section 
108(c) and section 129(m), as amended by this Act, 
and other than in the context of a reference to the 
Federal Trade Commission Act, and inserting ‘‘Bu-
reau’’;
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(4) in section 105(a) (15 U.S.C. 1604(a)), in the 
second sentence— 
(A) by striking ‘‘Except in the case of a 
mortgage referred to in section 103(aa), these 
regulations may contain such’’ and inserting 
‘‘Except with respect to the provisions of section 
129 that apply to a mortgage referred to in sec-
tion 103(aa), such regulations may contain such 
additional requirements,’’; and 
(B) by inserting ‘‘all or’’ after ‘‘exceptions 
for’’; 
(5) in section 105(b) (15 U.S.C. 1604(b)), by 
striking the first sentence and inserting the following: 
‘‘The Bureau shall publish a single, integrated disclo-
sure for mortgage loan transactions (including real 
estate settlement cost statements) which includes the 
disclosure requirements of this title in conjunction 
with the disclosure requirements of the Real Estate 
Settlement Procedures Act of 1974 that, taken to-
gether, may apply to a transaction that is subject to 
both or either provisions of law. The purpose of such 
model disclosure shall be to facilitate compliance with 
the disclosure requirements of this title and the Real 
Estate Settlement Procedures Act of 1974, and to aid 
the borrower or lessee in understanding the trans-
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action by utilizing readily understandable language 
to simplify the technical nature of the disclosures.’’; 
(6) in section 105(f)(1) (15 U.S.C. 1604(f)(1)), 
by inserting ‘‘all or’’ after ‘‘from all or part of this 
title’’; 
(7) in section 108 (15 U.S.C. 1607)— 
(A) by striking subsection (a) and inserting 
the following: 
‘‘(a) ENFORCING AGENCIES.—Except as otherwise pro-
vided in subtitle B of the Consumer Financial Protection 
Act of 2010, compliance with the requirements imposed 
under this title shall be enforced under— 
‘‘(1) section 8 of the Federal Deposit Insurance 
Act, in the case of— 
‘‘(A) any national bank, and Federal 
branch or Federal agency of a foreign bank, by 
the Office of the Comptroller of the Currency; 
‘‘(B) any member bank of the Federal Re-
serve System (other than a national bank), any 
branch or agency of a foreign bank (other than 
a Federal branch, Federal agency, or insured 
State branch of a foreign bank), any commercial 
lending company owned or controlled by a for-
eign bank, and organizations operating under
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section 25 or 25(a) of the Federal Reserve Act, 
by the Board; and 
‘‘(C) any bank insured by the Federal De-
posit Insurance Corporation (other than a mem-
ber of the Federal Reserve System) and an in-
sured State branch of a foreign bank, by the 
Board of Directors of the Federal Deposit Insur-
ance Corporation; 
‘‘(2) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau; 
‘‘(3) the Federal Credit Union Act, by the Direc-
tor of the National Credit Union Administration, 
with respect to any Federal credit union; 
‘‘(4) 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; 
‘‘(5) the Packers and Stockyards Act, 1921 (ex-
cept as provided in section 406 of that Act), by the 
Secretary of Agriculture, with respect to any activi-
ties subject to that Act; and 
‘‘(6) the Farm Credit Act of 1971, by the Farm 
Credit Administration with respect to any Federal 
land bank, Federal land bank association, Federal in-
termediate credit bank, or production credit associa-
tion.’’; and
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(B) by striking subsection (c) and inserting 
the following: 
‘‘(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 
under subsection (a), and subject to subtitle B of the Con-
sumer Financial Protection Act of 2010, the Federal Trade 
Commission shall enforce such requirements. For the pur-
pose of the exercise by the Federal Trade Commission of 
its functions and powers under the Federal Trade Commis-
sion Act, a violation of any requirement imposed under this 
title shall be deemed a violation of a requirement imposed 
under that Act. All of the functions and powers of the Fed-
eral Trade Commission under the Federal Trade Commis-
sion Act are available to the Federal Trade Commission to 
enforce compliance by any person with the requirements 
under this title, irrespective of whether that person is en-
gaged in commerce or meets any other jurisdictional tests 
under the Federal Trade Commission Act.’’; 
(8) in section 129 (15 U.S.C. 1639), by striking 
subsection (m) and inserting the following: 
‘‘(m) CIVIL PENALTIES IN FEDERAL TRADE COMMIS-
SION ENFORCEMENT ACTIONS.—For purposes of enforce-
ment by the Federal Trade Commission, any violation of
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(C) in paragraph (2), by striking the period 
at the end and inserting ‘‘; and’’; and 
(D) by adding at the end the following: 
‘‘(3) subtitle E of the Consumer Financial Pro-
tection Act of 2010, by the Bureau.’’; 
(3) in section 272(b) (12 U.S.C. 4311(b)), by 
striking ‘‘regulation prescribed by the Board’’ each 
place that term appears and inserting ‘‘regulation 
prescribed by the Bureau’’; and 
(4) in section 274 (12 U.S.C. 4313), by striking 
paragraph (4) and inserting the following: 
‘‘(4) BUREAU.—The term ‘Bureau’ means the 
Bureau of Consumer Financial Protection.’’. 
SEC. 1101. AMENDMENTS TO THE TELEMARKETING AND 
CONSUMER FRAUD AND ABUSE PREVENTION 
ACT. 
(a) AMENDMENTS TO SECTION 3.—Section 3 of the 
Telemarketing and Consumer Fraud and Abuse Prevention 
Act (15 U.S.C. 6102) is amended by striking subsections 
(b) and (c) and inserting the following: 
‘‘(b) RULEMAKING
AUTHORITY.—The Commission 
shall have authority to prescribe rules under subsection (a), 
in accordance with section 553 of title 5, United States 
Code. In prescribing a rule under this section that relates 
to the provision of a consumer financial product or service
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that is subject to the Consumer Financial Protection Act 
of 2010, including any enumerated consumer law there-
under, the Commission shall consult with the Bureau of 
Consumer Financial Protection regarding the consistency 
of a proposed rule with standards, purposes, or objectives 
administered by the Bureau of Consumer Financial Protec-
tion. 
‘‘(c) VIOLATIONS.—Any violation of any rule pre-
scribed under subsection (a)— 
‘‘(1) shall be treated as a violation of a rule 
under section 18 of the Federal Trade Commission 
Act regarding unfair or deceptive acts or practices; 
and 
‘‘(2) that is committed by a person subject to the 
Consumer Financial Protection Act of 2010 shall be 
treated as a violation of a rule under section 1031 of 
that Act regarding unfair, deceptive, or abusive acts 
or practices.’’. 
(b) AMENDMENTS TO SECTION 4.—Section 4(d) of the 
Telemarketing and Consumer Fraud and Abuse Prevention 
Act (15 U.S.C. 6103(d)) is amended by inserting after 
‘‘Commission’’ each place that term appears the following: 
‘‘or the Bureau of Consumer Financial Protection’’. 
(c) AMENDMENTS TO SECTION 5.—Section 5(c) of the 
Telemarketing and Consumer Fraud and Abuse Prevention
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Act (15 U.S.C. 6104(c)) is amended by inserting after 
‘‘Commission’’ each place that term appears the following: 
‘‘or the Bureau of Consumer Financial Protection’’. 
(d) AMENDMENT TO SECTION 6.—Section 6 of the Tele-
marketing and Consumer Fraud and Abuse Prevention Act 
(15 U.S.C. 6105) is amended by adding at the end the fol-
lowing: 
‘‘(d) ENFORCEMENT BY BUREAU OF CONSUMER FI-
NANCIAL PROTECTION.—Except as otherwise provided in 
sections 3(d), 3(e), 4, and 5, and subject to subtitle B of 
the Consumer Financial Protection Act of 2010, this Act 
shall be enforced by the Bureau of Consumer Financial Pro-
tection under subtitle E of the Consumer Financial Protec-
tion Act of 2010.’’. 
SEC. 1102. AMENDMENTS TO THE PAPERWORK REDUCTION 
ACT. 
(a) DESIGNATION AS AN INDEPENDENT AGENCY.—Sec-
tion 2(5) of the Paperwork Reduction Act (44 U.S.C. 
3502(5)) is amended by inserting ‘‘the Bureau of Consumer 
Financial Protection, the Office of Financial Research,’’ 
after ‘‘the Securities and Exchange Commission,’’. 
(b) COMPARABLE TREATMENT.—Section 3513 of title 
44, United States Code, is amended by adding at the end 
the following:
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‘‘(c) 
COMPARABLE
TREATMENT.—Notwithstanding 
any other provision of law, the Director shall treat or re-
view a rule or order prescribed or proposed by the Director 
of the Bureau of Consumer Financial Protection on the 
same terms and conditions as apply to any rule or order 
prescribed or proposed by the Board of Governors of the 
Federal Reserve System.’’. 
SEC. 1103. ADJUSTMENTS FOR INFLATION IN THE TRUTH 
IN LENDING ACT. 
(a) CAPS.— 
(1) CREDIT TRANSACTIONS.—Section 104(3) of 
the Truth in Lending Act (15 U.S.C. 1603(3)) is 
amended by striking ‘‘$25,000’’ and inserting 
‘‘$50,000’’. 
(2) CONSUMER LEASES.—Section 181(1) of the 
Truth in Lending Act (15 U.S.C. 1667(1)) is amend-
ed by striking ‘‘$25,000’’ and inserting ‘‘$50,000’’. 
(b) ADJUSTMENTS FOR INFLATION.—On and after De-
cember 31, 2011, the Bureau may adjust annually the dol-
lar amounts described in sections 104(3) and 181(1) of the 
Truth in Lending Act (as amended by this section), by the 
annual percentage increase in the Consumer Price Index 
for Urban Wage Earners and Clerical Workers, as published 
by the Bureau of Labor Statistics, rounded to the nearest 
multiple of $100, or $1,000, as applicable.
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SEC. 1104. SMALL BUSINESS FAIRNESS AND REGULATORY 
TRANSPARENCY. 
(a) PANEL REQUIREMENT.—Section 609(d) of title 5, 
United States Code, is amended by striking ‘‘means the’’ 
and all that follows and inserting the following: ‘‘means— 
‘‘(1) the Environmental Protection Agency; 
‘‘(2) the Consumer Financial Protection Bureau 
of the Federal Reserve System; and 
‘‘(3) the Occupational Safety and Health Ad-
ministration of the Department of Labor.’’. 
(b) INITIAL REGULATORY FLEXIBILITY ANALYSIS.— 
Section 603 of title 5, United States Code, is amended by 
adding at the end the following: 
‘‘(d)(1) For a covered agency, as defined in section 
609(d)(2), each initial regulatory flexibility analysis shall 
include a description of— 
‘‘(A) any projected increase in the cost of credit 
for small entities; 
‘‘(B) any significant alternatives to the proposed 
rule which accomplish the stated objectives of applica-
ble statutes and which minimize any increase in the 
cost of credit for small entities; and 
‘‘(C) advice and recommendations of representa-
tives of small entities relating to issues described in 
subparagraphs (A) and (B) and subsection (b).
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‘‘(2) A covered agency, as defined in section 609(d)(2), 
shall, for purposes of complying with paragraph (1)(C)— 
‘‘(A) identify representatives of small entities in 
consultation with the Chief Counsel for Advocacy of 
the Small Business Administration; and 
‘‘(B) collect advice and recommendations from 
the representatives identified under subparagraph (A) 
relating to issues described in subparagraphs (A) and 
(B) of paragraph (1) and subsection (b).’’. 
(c) FINAL REGULATORY FLEXIBILITY ANALYSIS.—Sec-
tion 604(a) of title 5, United States Code, is amended— 
(1) in paragraph (4), by striking ‘‘and’’ at the 
end; 
(2) in paragraph (5), by striking the period at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(6) for a covered agency, as defined in section 
609(d)(2), a description of the steps the agency has 
taken to minimize any additional cost of credit for 
small entities.’’. 
SEC. 1105. EFFECTIVE DATE. 
Except as otherwise provided in this subtitle and the 
amendments made by this subtitle, this subtitle and the 
amendments made by this subtitle, other than sections 1081
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and 1082, shall become effective on the designated transfer 
date. 
TITLE XI—FEDERAL RESERVE 
SYSTEM PROVISIONS 
SEC. 1151. FEDERAL RESERVE ACT AMENDMENTS ON EMER-
GENCY LENDING AUTHORITY. 
(a) FEDERAL RESERVE ACT.—The third undesignated 
paragraph of section 13 of the Federal Reserve Act (12 
U.S.C. 343) (relating to emergency lending authority) is 
amended— 
(1) by inserting ‘‘(3)(A)’’ before ‘‘In unusual’’; 
(2) by striking ‘‘individual, partnership, or cor-
poration’’ the first place that term appears and in-
serting the following: ‘‘participant in any program or 
facility with broad-based eligibility’’; 
(3) by striking ‘‘exchange for an individual or a 
partnership or corporation’’ and inserting ‘‘ex-
change,’’; 
(4) by striking ‘‘such individual, partnership, or 
corporation’’ and inserting the following: ‘‘such par-
ticipant in any program or facility with broad-based 
eligibility’’; 
(5) by striking ‘‘for individuals, partnerships, 
corporations’’ and inserting ‘‘for any participant in 
any program or facility with broad-based eligibility’’;
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(6) by striking ‘‘may prescribe.’’ and inserting 
the following: ‘‘may prescribe. 
‘‘(B)(i) As soon as is practicable after the 
date of enactment of this subparagraph, the 
Board shall establish, by regulation, in consulta-
tion with the Secretary of the Treasury, the poli-
cies and procedures governing emergency lending 
under this paragraph. Such policies and proce-
dures shall be designed to ensure that any emer-
gency lending program or facility is for the pur-
pose of providing liquidity to the financial sys-
tem, and not to aid a failing financial company, 
and that the collateral for emergency loans is 
sufficient to protect taxpayers from and that any 
such program is terminated in a timely and or-
derly fashion losses. The policies and procedures 
established by the Board shall require that a 
Federal reserve bank assign, consistent with 
sound risk management practices and to ensure 
protection for the taxpayer, a lendable value to 
all collateral for a loan executed by a Federal re-
serve bank under this paragraph in determining 
whether the loan is secured satisfactorily for pur-
poses of this paragraph.
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‘‘(ii) The Board shall establish procedures to 
prohibit borrowing from programs and facilities 
by borrowers that are insolvent. Such procedures 
may include a certification from the chief execu-
tive officer (or other authorized officer) of the 
borrower, at the time the borrower initially bor-
rows under the program or facility (with a duty 
by the borrower to update the certification if the 
information in the certification materially 
changes), that the borrower is not insolvent. A 
borrower shall be considered insolvent for pur-
poses of this subparagraph, if the borrower is in 
bankruptcy, resolution under title II of the Re-
storing American Financial Stability Act of 
2010, or any other Federal or State insolvency 
proceeding. 
‘‘(iii) A program or facility that is struc-
tured to remove assets from the balance sheet of 
a single and specific company, or that is estab-
lished for the purpose of assisting a single and 
specific company avoid bankruptcy, resolution 
under title II of the Restoring American Finan-
cial Stability Act of 2010, or any other Federal 
or State insolvency proceeding, shall not be con-
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sidered a program or facility with broad-based 
eligibility. 
‘‘(iv) The Board may not establish any pro-
gram or facility under this paragraph without 
the prior approval of the Secretary of the Treas-
ury. 
‘‘(C) The Board shall provide to the Com-
mittee on Banking, Housing, and Urban Affairs 
of the Senate and the Committee on Financial 
Services of the House of Representatives— 
‘‘(i) not later than 7 days after pro-
viding any loan or other financial assist-
ance under this paragraph, a report that 
includes— 
‘‘(I) the justification for the exer-
cise of authority to provide such assist-
ance; 
‘‘(II) the identity of the recipients 
of such assistance; 
‘‘(III) the date and amount of the 
assistance, and form in which the as-
sistance was provided; and 
‘‘(IV) the material terms of the as-
sistance, including— 
‘‘(aa) duration;
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‘‘(bb) collateral pledged and 
the value thereof; 
‘‘(cc) all interest, fees, and 
other revenue or items of value to 
be received in exchange for the as-
sistance; 
‘‘(dd) any requirements im-
posed on the recipient with respect 
to employee compensation, dis-
tribution of dividends, or any 
other corporate decision in ex-
change for the assistance; and 
‘‘(ee) the expected costs to the 
taxpayers of such assistance; and 
‘‘(ii) once every 30 days, with respect 
to any outstanding loan or other financial 
assistance under this paragraph, written 
updates on— 
‘‘(I) the value of collateral; 
‘‘(II) the amount of interest, fees, 
and other revenue or items of value re-
ceived in exchange for the assistance; 
and 
‘‘(III) the expected or final cost to 
the taxpayers of such assistance.
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‘‘(D) The information submitted to Congress 
under subparagraph (C) related to— 
‘‘(i) the identity of the participants in 
an emergency lending program or facility 
commenced under this paragraph; 
‘‘(ii) the amounts borrowed by each 
participant in any such program or facil-
ity; 
‘‘(iii) identifying details concerning 
the assets or collateral held by, under, or in 
connection with such a program or facility, 
shall be kept confidential, upon the written re-
quest of the Chairman of the Board, in which 
case such information shall be made available 
only to the Chairpersons and Ranking Members 
of the Committees described in subparagraph 
(C). 
‘‘(E) If an entity to which a Federal reserve 
bank has provided a loan under this paragraph 
becomes a covered financial company, as defined 
in section 203 of the Restoring American Finan-
cial Stability Act of 2010, at any time while 
such loan is outstanding, and the Federal reserve 
bank incurs a realized net loss on the loan, then 
the Federal reserve bank shall have a claim equal
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to the amount of the net realized loss against the 
covered entity, with the same priority as an obli-
gation to the Secretary of the Treasury under 
sections 210(n) and 210(o) of the Restoring 
American Financial Stability Act of 2010.’’. 
(b) CONFORMING AMENDMENT.—Section 507(a)(2) of 
title 11, United States Code, is amended by inserting 
‘‘claims of any Federal reserve bank related to loans made 
through programs or facilities authorized under the third 
undesignated paragraph of the Federal Reserve Act (12 
U.S.C. 343),’’ after ‘‘this title,’’. 
SEC. 1152. REVIEWS OF SPECIAL FEDERAL RESERVE CREDIT 
FACILITIES. 
(a) REVIEWS.—Section 714 of title 31, United States 
Code, is amended by adding at the end the following: 
‘‘(f) REVIEWS OF CREDIT FACILITIES OF THE FED-
ERAL RESERVE SYSTEM.— 
‘‘(1) DEFINITION.—In this subsection, the term 
‘credit facility’ means a program or facility, includ-
ing any special purpose vehicle or other entity estab-
lished by or on behalf of the Board of Governors of 
the Federal Reserve System or a Federal reserve bank, 
authorized by the Board of Governors under the third 
undesignated paragraph of section 13 of the Federal
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Reserve Act (12 U.S.C. 343), that is not subject to 
audit under subsection (e), including— 
‘‘(A) the Asset-Backed Commercial Paper 
Money Market Mutual Fund Liquidity Facility; 
‘‘(B) the Term Asset-Backed Securities 
Loan Facility; 
‘‘(C) the Primary Dealer Credit Facility; 
‘‘(D) the Commercial Paper Funding Facil-
ity; and 
‘‘(E) the Term Securities Lending Facility. 
‘‘(2) AUTHORITY FOR REVIEWS AND EXAMINA-
TIONS.—Subject to paragraph (3), and notwith-
standing any limitation in subsection (b) on the au-
diting and oversight of certain functions of the Board 
of Governors of the Federal Reserve System or any 
Federal reserve bank, the Comptroller General of the 
United States may conduct reviews, including onsite 
examinations, of the Board of Governors, a Federal 
reserve bank, or a credit facility, if the Comptroller 
General determines that such reviews are appropriate, 
solely for the purposes of assessing, with respect to a 
credit facility— 
‘‘(A) the operational integrity, accounting, 
financial reporting, and internal controls of the 
credit facility;
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‘‘(B) the effectiveness of the collateral poli-
cies established for the facility in mitigating risk 
to the relevant Federal reserve bank and tax-
payers; 
‘‘(C) whether the credit facility inappropri-
ately favors one or more specific participants 
over other institutions eligible to utilize the facil-
ity; and 
‘‘(D) the policies governing the use, selec-
tion, or payment of third-party contractors by or 
for any credit facility. 
‘‘(3) REPORTS AND DELAYED DISCLOSURE.— 
‘‘(A) REPORTS
REQUIRED.—A report on 
each review conducted under paragraph (2) shall 
be submitted by the Comptroller General to the 
Congress before the end of the 90-day period be-
ginning on the date on which such review is 
completed. 
‘‘(B) CONTENTS.—The report under sub-
paragraph (A) shall include a detailed descrip-
tion of the findings and conclusions of the Comp-
troller General with respect to the matters de-
scribed in paragraph (2) that were reviewed and 
are the subject of the report, together with such 
recommendations for legislative or administra-
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tive action relating to such matters as the Comp-
troller General may determine to be appropriate. 
‘‘(C) DELAYED RELEASE OF CERTAIN IN-
FORMATION.— 
‘‘(i) IN
GENERAL.—The Comptroller 
General shall not disclose to any person or 
entity, including to Congress, the names or 
identifying details of specific participants 
in any credit facility, the amounts borrowed 
by specific participants in any credit facil-
ity, or identifying details regarding assets 
or collateral held by, under, or in connec-
tion with any credit facility, and any re-
port provided under subparagraph (A) shall 
be redacted to ensure that such names and 
details are not disclosed. 
‘‘(ii) DELAYED
RELEASE.—The non-
disclosure obligation under clause (i) shall 
expire with respect to any participant on 
the date on which the Board of Governors, 
directly or through a Federal reserve bank, 
publicly discloses the identity of the subject 
participant or the identifying details of the 
subject assets or collateral.
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‘‘(iii) GENERAL RELEASE.—The Comp-
troller General shall release a nonredacted 
version of any report on a credit facility 1 
year after the effective date of the termi-
nation by the Board of Governors of the au-
thorization for the credit facility. For pur-
poses of this clause, a credit facility shall be 
deemed to have terminated 24 months after 
the date on which the credit facility ceases 
to make extensions of credit and loans, un-
less the credit facility is otherwise termi-
nated by the Board of Governors. 
‘‘(iv) EXCEPTIONS.—The nondisclosure 
obligation under clause (i) shall not apply 
to the credit facilities Maiden Lane, Maiden 
Lane II, and Maiden Lane III.’’. 
(b) ACCESS TO RECORDS.—Section 714(d) of title 31, 
United States Code, is amended— 
(1) in paragraph (2), by inserting ‘‘or any per-
son or entity described in paragraph (3)(A)’’ after 
‘‘used by an agency’’; 
(2) in paragraph (3), by inserting ‘‘or (f)’’ after 
‘‘subsection (e)’’ each place that term appears; and 
(3) in paragraph (3)(B), by adding at the end 
the following: ‘‘The Comptroller General may make
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and retain copies of books, accounts, and other records 
provided under subparagraph (A) as the Comptroller 
General deems appropriate. The Comptroller General 
shall provide to any person or entity described in sub-
paragraph (A) a current list of officers and employees 
to whom, with proper identification, records and 
property may be made available, and who may make 
notes or copies necessary to carry out a review or ex-
amination under this subsection.’’. 
SEC. 1153. PUBLIC ACCESS TO INFORMATION. 
Section 2B of the Federal Reserve Act (12 U.S.C. 225b) 
is amended by adding at the end the following: 
‘‘(c) PUBLIC ACCESS TO INFORMATION.—The Board 
shall place on its home Internet website, a link entitled 
‘Audit’, which shall link to a webpage that shall serve as 
a repository of information made available to the public 
for a reasonable period of time, not less than 6 months fol-
lowing the date of release of the relevant information, in-
cluding— 
‘‘(1) the reports prepared by the Comptroller 
General under section 714 of title 31, United States 
Code; 
‘‘(2) the annual financial statements prepared 
by an independent auditor for the Board in accord-
ance with section 11B;
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the Corporation for purposes of carrying out a 
program established pursuant to this section, in-
cluding the payment of reasonable costs of ad-
ministering the program, and the obligations 
issued shall be repaid in full with interest 
through fees and charges paid by participants in 
accordance with paragraphs (1) and (4), as ap-
plicable; and 
(B) may not borrow funds from the Deposit 
Insurance Fund established pursuant to section 
11(a)(4) of the Federal Deposit Insurance Act. 
(4) BACKUP SPECIAL ASSESSMENTS.—To the ex-
tent that the funds collected pursuant to paragraph 
(1) are insufficient to cover any losses or expenses, in-
cluding amounts borrowed pursuant to paragraph 
(3), arising from a program established pursuant to 
this section, the Corporation shall impose a special 
assessment solely on participants in the program, in 
amounts necessary to address such insufficiency, and 
which shall be available to the Corporation to cover 
such losses or expenses. 
(5) AUTHORITY OF THE SECRETARY.—The Sec-
retary may purchase any obligations issued under 
paragraph (3)(A). For such purpose, the Secretary 
may use the proceeds of the sale of any securities