H. R. 4173—629 
between covered persons and consumers in connection with the 
offering or providing of consumer financial products or services. 
(b) FURTHER AUTHORITY.—The Bureau, by regulation, may pro-
hibit 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 providing for arbitration of any future dispute 
between the parties, if the Bureau finds that such a prohibition 
or imposition 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 subsection (a). 
(c) LIMITATION.—The authority described in subsection (b) may 
not be construed to prohibit or restrict a consumer from entering 
into a voluntary arbitration agreement 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 
(b) 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. EXCLUSION FOR AUTO DEALERS. 
(a) SALE, SERVICING, AND
LEASING
OF
MOTOR
VEHICLES 
EXCLUDED.—Except as permitted in subsection (b), the Bureau may 
not exercise any rulemaking, supervisory, enforcement or any other 
authority, including any authority to order assessments, over a 
motor vehicle dealer that is predominantly engaged in the sale 
and servicing of motor vehicles, the leasing and servicing of motor 
vehicles, or both. 
(b) CERTAIN FUNCTIONS EXCEPTED.—Subsection (a) shall not 
apply to any person, to the extent that such person— 
(1) provides consumers with any services related to residen-
tial or commercial mortgages or self-financing transactions 
involving real property; 
(2) operates a line of business— 
(A) that involves the extension of retail credit or retail 
leases involving motor vehicles; and 
(B) in which— 
(i) the extension of retail credit or retail leases 
are provided directly to consumers; and 
(ii) the contract governing such extension of retail 
credit or retail leases is not routinely assigned to an 
unaffiliated third party finance or leasing source; or 
(3) offers or provides a consumer financial product or 
service not involving or related to the sale, financing, leasing, 
rental, repair, refurbishment, maintenance, or other servicing 
of motor vehicles, motor vehicle parts, or any related or 
ancillary product or service. 
(c) PRESERVATION
OF AUTHORITIES
OF OTHER AGENCIES.— 
Except as provided in subsections (b) and (d), nothing in this 
title, including subtitle F, shall be construed as modifying, limiting, 
or superseding the operation of any provision of Federal law, or 
otherwise affecting the authority of the Board of Governors, the 
Federal Trade Commission, or any other Federal agency, with 
respect to a person described in subsection (a). 
(d) FEDERAL TRADE COMMISSION AUTHORITY.—Notwithstanding 
section 18 of the Federal Trade Commission Act, the Federal Trade
H. R. 4173—630 
Commission is authorized to prescribe rules under sections 5 and 
18(a)(1)(B) of the Federal Trade Commission Act. in accordance 
with section 553 of title 5, United States Code, with respect to 
a person described in subsection (a). 
(e) 
COORDINATION
WITH
OFFICE
OF
SERVICE
MEMBER 
AFFAIRS.—The Board of Governors and the Federal Trade Commis-
sion shall coordinate with the Office of Service Member Affairs, 
to ensure that— 
(1) service members and their families are educated and 
empowered to make better informed decisions regarding con-
sumer financial products and services offered by motor vehicle 
dealers, with a focus on motor vehicle dealers in the proximity 
of military installations; and 
(2) complaints by service members and their families con-
cerning such motor vehicle dealers are effectively monitored 
and responded to, and where appropriate, enforcement action 
is pursued by the authorized agencies. 
(f) DEFINITIONS.—For purposes of this section, the following 
definitions shall apply: 
(1) MOTOR VEHICLE.—The term ‘‘motor vehicle’’ means— 
(A) any self-propelled vehicle designed for transporting 
persons or property on a street, highway, or other road; 
(B) recreational boats and marine equipment; 
(C) motorcycles; 
(D) motor homes, recreational vehicle trailers, and 
slide-in campers, as those terms are defined in sections 
571.3 and 575.103 (d) of title 49, Code of Federal Regula-
tions, or any successor thereto; and 
(E) other vehicles that are titled and sold through 
dealers. 
(2) MOTOR
VEHICLE
DEALER.—The term ‘‘motor vehicle 
dealer’’ means any person or resident in the United States, 
or any territory of the United States, who— 
(A) is licensed by a State, a territory of the United 
States, or the District of Columbia to engage in the sale 
of motor vehicles; and 
(B) takes title to, holds an ownership in, or takes 
physical custody of motor vehicles. 
SEC. 1029A. EFFECTIVE DATE. 
This subtitle shall become effective on the designated transfer 
date, except that sections 1022, 1024, and 1025(e) shall become 
effective on the date of enactment of this Act. 
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 consumer financial product or service, or 
the offering of a consumer financial product or service. 
(b) RULEMAKING.—The Bureau may prescribe rules applicable 
to a covered person or service provider identifying as unlawful
H. R. 4173—631 
unfair, deceptive, or abusive acts or practices in connection with 
any transaction with a consumer for a consumer financial product 
or service, or the offering of a consumer financial product or service. 
Rules under this section may include requirements for the purpose 
of preventing such acts or practices. 
(c) UNFAIRNESS.— 
(1) IN GENERAL.—The Bureau shall have no authority under 
this section to declare an act or practice in connection with 
a transaction with a consumer for a consumer financial product 
or service, or the offering of a consumer financial product 
or service, to be unlawful on the grounds that such act or 
practice is unfair, unless the Bureau has a reasonable basis 
to conclude that— 
(A) the act or practice causes or is likely to cause 
substantial injury to consumers which is not reasonably 
avoidable by consumers; and 
(B) such substantial injury is not outweighed by 
countervailing benefits to consumers or to competition. 
(2) CONSIDERATION OF PUBLIC POLICIES.—In determining 
whether an act or practice is unfair, the Bureau may consider 
established public policies as evidence to be considered with 
all other evidence. Such public policy considerations may not 
serve as a primary basis for such determination. 
(d) ABUSIVE.—The Bureau shall have no authority under this 
section to declare an act or practice abusive in connection with 
the provision of a consumer financial product or service, unless 
the act or practice— 
(1) materially interferes with the ability of a consumer 
to understand a term or condition of a consumer financial 
product or service; or 
(2) takes unreasonable advantage of— 
(A) a lack of understanding on the part of the consumer 
of the material risks, costs, or conditions of the product 
or service; 
(B) the inability of the consumer to protect the interests 
of the consumer in selecting or using a consumer financial 
product or service; or 
(C) the reasonable reliance by the consumer on a cov-
ered person to act in the interests of the consumer. 
(e) CONSULTATION.—In prescribing rules under this section, 
the Bureau shall consult with the Federal banking agencies, or 
other Federal agencies, as appropriate, concerning the consistency 
of the proposed rule with prudential, market, or systemic objectives 
administered by such agencies. 
(f) CONSIDERATION OF SEASONAL INCOME.—The rules of the 
Bureau under this section shall provide, with respect to an extension 
of credit secured by residential real estate or a dwelling, if docu-
mented income of the borrower, including income from a small 
business, is a repayment source for an extension of credit secured 
by residential real estate or a dwelling, the creditor may consider 
the seasonality and irregularity of such income in the underwriting 
of and scheduling of payments for such credit. 
SEC. 1032. DISCLOSURES. 
(a) IN GENERAL.—The Bureau may prescribe rules to ensure 
that the features of any consumer financial product or service, 
both initially and over the term of the product or service, are
H. R. 4173—632 
fully, accurately, and effectively disclosed to consumers in a manner 
that permits consumers to understand the costs, benefits, and risks 
associated with the product or service, in light of the facts and 
circumstances. 
(b) MODEL DISCLOSURES.— 
(1) IN GENERAL.—Any final rule prescribed by the Bureau 
under this section requiring disclosures may include a model 
form that may be used at the option of the covered person 
for provision of the required disclosures. 
(2) FORMAT.—A model form issued pursuant to paragraph 
(1) shall contain a clear and conspicuous disclosure that, at 
a minimum— 
(A) uses plain language comprehensible to consumers; 
(B) contains a clear format and design, such as an 
easily readable type font; and 
(C) succinctly explains the information that must be 
communicated to the consumer. 
(3) CONSUMER TESTING.—Any model form issued pursuant 
to this subsection shall be validated through consumer testing. 
(c) BASIS FOR RULEMAKING.—In prescribing rules under this 
section, the Bureau shall consider available evidence about con-
sumer awareness, understanding of, and responses to disclosures 
or communications about the risks, costs, and benefits of consumer 
financial products or services. 
(d) SAFE HARBOR.—Any covered person that uses a model form 
included with a rule issued under this section shall be deemed 
to be in compliance with the disclosure requirements of this section 
with respect to such model form. 
(e) TRIAL DISCLOSURE PROGRAMS.— 
(1) IN GENERAL.—The Bureau may permit a covered person 
to conduct a trial program that is limited in time and scope, 
subject to specified standards and procedures, for the purpose 
of providing trial disclosures to consumers that are designed 
to improve upon any model form issued pursuant to subsection 
(b)(1), or any other model form issued to implement an enumer-
ated statute, as applicable. 
(2) SAFE HARBOR.—The standards and procedures issued 
by the Bureau shall be designed to encourage covered persons 
to conduct trial disclosure programs. For the purposes of admin-
istering this subsection, the Bureau may establish a limited 
period during which a covered person conducting a trial disclo-
sure program shall be deemed to be in compliance with, or 
may be exempted from, a requirement of a rule or an enumer-
ated consumer law. 
(3) PUBLIC DISCLOSURE.—The rules of the Bureau shall 
provide for public disclosure of trial disclosure programs, which 
public disclosure may be limited, to the extent necessary to 
encourage covered persons to conduct effective trials. 
(f) COMBINED MORTGAGE LOAN DISCLOSURE.—Not later than 
1 year after the designated transfer date, the Bureau shall propose 
for public comment rules and model disclosures that combine the 
disclosures required under the Truth in Lending Act and sections 
4 and 5 of the Real Estate Settlement Procedures Act of 1974, 
into a single, integrated disclosure for mortgage loan transactions 
covered by those laws, unless the Bureau determines that any 
proposal issued by the Board of Governors and the Secretary of 
Housing and Urban Development carries out the same purpose.
H. R. 4173—633 
SEC. 1033. CONSUMER RIGHTS TO ACCESS INFORMATION. 
(a) IN GENERAL.—Subject to rules prescribed by the Bureau, 
a covered person shall make available to a consumer, upon request, 
information in the control or possession of the covered person con-
cerning the consumer financial product or service that the consumer 
obtained from such covered person, including information relating 
to any transaction, series of transactions, or to the account including 
costs, charges and usage data. The information shall be made 
available in an electronic form usable by consumers. 
(b) EXCEPTIONS.—A covered person may not be required by 
this section to make available to the consumer— 
(1) any confidential commercial information, including an 
algorithm used to derive credit scores or other risk scores 
or predictors; 
(2) any information collected by the covered person for 
the purpose of preventing fraud or money laundering, or 
detecting, or making any report regarding other unlawful or 
potentially unlawful conduct; 
(3) any information required to be kept confidential by 
any other provision of law; or 
(4) any information that the covered person cannot retrieve 
in the ordinary course of its business with respect to that 
information. 
(c) NO DUTY TO MAINTAIN RECORDS.—Nothing in this section 
shall be construed to impose any duty on a covered person to 
maintain or keep any information about a consumer. 
(d) STANDARDIZED FORMATS FOR DATA.—The Bureau, by rule, 
shall prescribe standards applicable to covered persons to promote 
the development and use of standardized formats for information, 
including through the use of machine readable files, to be made 
available to consumers under this section. 
(e) CONSULTATION.—The Bureau shall, when prescribing any 
rule under this section, consult with the Federal banking agencies 
and the Federal Trade Commission to ensure, to the extent appro-
priate, that the rules— 
(1) impose substantively similar requirements on covered 
persons; 
(2) take into account conditions under which covered per-
sons do business both in the United States and in other coun-
tries; and 
(3) do not require or promote the use of any particular 
technology in order to develop systems for compliance. 
SEC. 1034. RESPONSE TO CONSUMER COMPLAINTS AND INQUIRIES. 
(a) TIMELY REGULATOR RESPONSE TO CONSUMERS.—The Bureau 
shall establish, in consultation with the appropriate Federal regu-
latory agencies, reasonable procedures to provide a timely response 
to consumers, in writing where appropriate, to complaints against, 
or inquiries concerning, a covered person, including— 
(1) steps that have been taken by the regulator in response 
to the complaint or inquiry of the consumer; 
(2) any responses received by the regulator from the covered 
person; and 
(3) any follow-up actions or planned follow-up actions by 
the regulator in response to the complaint or inquiry of the 
consumer.
H. R. 4173—634 
(b) TIMELY RESPONSE TO REGULATOR BY COVERED PERSON.— 
A covered person subject to supervision and primary enforcement 
by the Bureau pursuant to section 1025 shall provide a timely 
response, in writing where appropriate, to the Bureau, the pruden-
tial regulators, and any other agency having jurisdiction over such 
covered person concerning a consumer complaint or inquiry, 
including— 
(1) steps that have been taken by the covered person to 
respond to the complaint or inquiry of the consumer; 
(2) responses received by the covered person from the con-
sumer; and 
(3) follow-up actions or planned follow-up actions by the 
covered person to respond to the complaint or inquiry of the 
consumer. 
(c) PROVISION OF INFORMATION TO CONSUMERS.— 
(1) IN GENERAL.—A covered person subject to supervision 
and primary enforcement by the Bureau pursuant to section 
1025 shall, in a timely manner, comply with a consumer request 
for information in the control or possession of such covered 
person concerning the consumer financial product or service 
that the consumer obtained from such covered person, including 
supporting written documentation, concerning the account of 
the consumer. 
(2) EXCEPTIONS.—A covered person subject to supervision 
and primary enforcement by the Bureau pursuant to section 
1025, a prudential regulator, and any other agency having 
jurisdiction over a covered person subject to supervision and 
primary enforcement by the Bureau pursuant to section 1025 
may not be required by this section to make available to the 
consumer— 
(A) any confidential commercial information, including 
an algorithm used to derive credit scores or other risk 
scores or predictors; 
(B) any information collected by the covered person 
for the purpose of preventing fraud or money laundering, 
or detecting or making any report regarding other unlawful 
or potentially unlawful conduct; 
(C) any information required to be kept confidential 
by any other provision of law; or 
(D) 
any 
nonpublic 
or 
confidential 
information, 
including confidential supervisory information. 
(d) AGREEMENTS WITH OTHER AGENCIES.—The Bureau shall 
enter into a memorandum of understanding with any affected Fed-
eral regulatory agency regarding procedures by which any covered 
person, and the prudential regulators, and any other agency having 
jurisdiction over a covered person, including the Secretary of the 
Department of Housing and Urban Development and the Secretary 
of Education, shall comply with this section. 
SEC. 1035. PRIVATE EDUCATION LOAN OMBUDSMAN. 
(a) ESTABLISHMENT.—The Secretary, in consultation with the 
Director, shall designate a Private Education Loan Ombudsman 
(in this section referred to as the ‘‘Ombudsman’’) within the Bureau, 
to provide timely assistance to borrowers of private education loans. 
(b) PUBLIC INFORMATION.—The Secretary and the Director shall 
disseminate information about the availability and functions of 
the Ombudsman to borrowers and potential borrowers, as well
H. R. 4173—635 
as institutions of higher education, lenders, guaranty agencies, loan 
servicers, and other participants in private education student loan 
programs. 
(c) FUNCTIONS OF OMBUDSMAN.—The Ombudsman designated 
under this subsection shall— 
(1) in accordance with regulations of the Director, receive, 
review, and attempt to resolve informally complaints from bor-
rowers of loans described in subsection (a), including, as appro-
priate, attempts to resolve such complaints in collaboration 
with the Department of Education and with institutions of 
higher education, lenders, guaranty agencies, loan servicers, 
and other participants in private education loan programs; 
(2) not later than 90 days after the designated transfer 
date, establish a memorandum of understanding with the stu-
dent loan ombudsman established under section 141(f) of the 
Higher Education Act of 1965 (20 U.S.C. 1018(f)), to ensure 
coordination in providing assistance to and serving borrowers 
seeking to resolve complaints related to their private education 
or Federal student loans; 
(3) compile and analyze data on borrower complaints 
regarding private education loans; and 
(4) make appropriate recommendations to the Director, 
the Secretary, the Secretary of Education, the Committee on 
Banking, Housing, and Urban Affairs and the Committee on 
Health, Education, Labor, and Pensions of the Senate and 
the Committee on Financial Services and the Committee on 
Education and Labor of the House of Representatives. 
(d) ANNUAL REPORTS.— 
(1) IN GENERAL.—The Ombudsman shall prepare an annual 
report that describes the activities, and evaluates the effective-
ness of the Ombudsman during the preceding year. 
(2) SUBMISSION.—The report required by paragraph (1) 
shall be submitted on the same date annually to the Secretary, 
the Secretary of Education, the Committee on Banking, 
Housing, and Urban Affairs and the Committee on Health, 
Education, Labor, and Pensions of the Senate and the Com-
mittee on Financial Services and the Committee on Education 
and Labor of the House of Representatives. 
(e) DEFINITIONS.—For purposes of this section, the terms ‘‘pri-
vate education loan’’ and ‘‘institution of higher education’’ have 
the same meanings as in section 140 of the Truth in Lending 
Act (15 U.S.C. 1650). 
SEC. 1036. PROHIBITED ACTS. 
(a) IN GENERAL.—It shall be unlawful for— 
(1) any covered person or service provider— 
(A) to offer or provide to a consumer any financial 
product or service not in conformity with Federal consumer 
financial law, or otherwise commit any act or omission 
in violation of a Federal consumer financial law; or 
(B) to engage in any unfair, deceptive, or abusive act 
or practice; 
(2) any covered person or service provider to fail or refuse, 
as required by Federal consumer financial law, or any rule 
or order issued by the Bureau thereunder— 
(A) to permit access to or copying of records; 
(B) to establish or maintain records; or
H. R. 4173—636 
(C) to make reports or provide information to the 
Bureau; or 
(3) any person to knowingly or recklessly provide substan-
tial assistance to a covered person or service provider in viola-
tion of the provisions of section 1031, or any rule or order 
issued thereunder, and notwithstanding any provision of this 
title, the provider of such substantial assistance shall be 
deemed to be in violation of that section to the same extent 
as the person to whom such assistance is provided. 
(b) EXCEPTION.—No person shall be held to have violated sub-
section (a)(1) solely by virtue of providing or selling time or space 
to a covered person or service provider placing an advertisement. 
SEC. 1037. EFFECTIVE DATE. 
This subtitle shall take effect on the designated transfer date. 
Subtitle D—Preservation of State Law 
SEC. 1041. RELATION TO STATE LAW. 
(a) IN GENERAL.— 
(1) RULE OF CONSTRUCTION.—This title, other than sections 
1044 through 1048, may not be construed as annulling, altering, 
or affecting, or exempting any person subject to the provisions 
of this title from complying with, the statutes, regulations, 
orders, or interpretations in effect in any State, except to the 
extent that any such provision of law is inconsistent with 
the provisions of this title, and then only to the extent of 
the inconsistency. 
(2) GREATER PROTECTION UNDER STATE LAW.—For purposes 
of this subsection, a statute, regulation, order, or interpretation 
in effect in any State is not inconsistent with the provisions 
of this title if the protection that such statute, regulation, 
order, or interpretation affords to consumers is greater than 
the protection provided under this title. A determination 
regarding whether a statute, regulation, order, or interpretation 
in effect in any State is inconsistent with the provisions of 
this title may be made by the Bureau on its own motion 
or in response to a nonfrivolous petition initiated by any 
interested person. 
(b) RELATION
TO OTHER PROVISIONS
OF ENUMERATED CON-
SUMER LAWS THAT RELATE TO STATE LAW.—No provision of this 
title, except as provided in section 1083, shall be construed as 
modifying, limiting, or superseding 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
REGULATIONS
IN 
RESPONSE TO STATE ACTION.— 
(1) NOTICE
OF
PROPOSED
RULE
REQUIRED.—The Bureau 
shall issue a notice of proposed rulemaking whenever a majority 
of the States has enacted a resolution in support of the 
establishment or modification of a consumer protection regula-
tion by the Bureau. 
(2) BUREAU CONSIDERATIONS REQUIRED FOR ISSUANCE OF 
FINAL REGULATION.—Before prescribing a final regulation based 
upon a notice issued pursuant to paragraph (1), the Bureau 
shall take into account whether—
H. R. 4173—637 
(A) the proposed regulation would afford greater protec-
tion to consumers than any existing regulation; 
(B) the intended benefits of the proposed regulation 
for consumers would outweigh any increased costs or 
inconveniences for consumers, 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 institu-
tions. 
(3) EXPLANATION OF CONSIDERATIONS.—The Bureau— 
(A) shall include a discussion of the considerations 
required in paragraph (2) in the Federal Register notice 
of a final regulation prescribed pursuant to this subsection; 
and 
(B) whenever the Bureau determines not to prescribe 
a final regulation, shall publish an explanation of such 
determination in the Federal Register, and provide a copy 
of such explanation to each State that enacted a resolution 
in support of the proposed regulation, the Committee on 
Banking, Housing, and Urban Affairs of the Senate, and 
the Committee on Financial Services of the House of Rep-
resentatives. 
(4) RESERVATION OF AUTHORITY.—No provision of this sub-
section shall be construed as limiting or restricting the 
authority of the Bureau to enhance consumer protection stand-
ards established pursuant to this title in response to its own 
motion or in response to a request by any other interested 
person. 
(5) RULE
OF
CONSTRUCTION.—No provision of this sub-
section shall be construed as exempting the Bureau from com-
plying with subchapter II of chapter 5 of title 5, United States 
Code. 
(6) DEFINITION.—For purposes of this subsection, the term 
‘‘consumer protection regulation’’ means a regulation that the 
Bureau is authorized to prescribe under the Federal consumer 
financial laws. 
SEC. 1042. PRESERVATION OF ENFORCEMENT POWERS OF STATES. 
(a) IN GENERAL.— 
(1) ACTION BY STATE.—Except as provided in paragraph 
(2), the attorney general (or the equivalent thereof) of any 
State may bring a civil action in the name of such State 
in any district court of the United States in that State or 
in State court that is located in that State and that has jurisdic-
tion over the defendant, to enforce provisions of this title or 
regulations issued under this title, and to secure remedies 
under provisions of this title or remedies otherwise provided 
under other law. A State regulator may bring a civil action 
or other appropriate proceeding to enforce the provisions of 
this title or regulations issued under this title with respect 
to any entity that is State-chartered, incorporated, licensed, 
or otherwise authorized to do business under State law (except 
as provided in paragraph (2)), and to secure remedies under 
provisions of this title or remedies otherwise provided under 
other provisions of law with respect to such an entity.
H. R. 4173—638 
(2) ACTION BY STATE AGAINST NATIONAL BANK OR FEDERAL 
SAVINGS ASSOCIATION TO ENFORCE RULES.— 
(A) IN GENERAL.—Except as permitted under subpara-
graph (B), the attorney general (or equivalent thereof) of 
any State may not bring a civil action in the name of 
such State against a national bank or Federal savings 
association to enforce a provision of this title. 
(B) ENFORCEMENT OF RULES PERMITTED.—The attorney 
general (or the equivalent thereof) of any State may bring 
a civil action in the name of such State against a national 
bank or Federal savings association in any district court 
of the United States in the State or in State court that 
is located in that State and that has jurisdiction over 
the defendant to enforce a regulation prescribed by the 
Bureau under a provision of this title and to secure rem-
edies under provisions of this title or remedies otherwise 
provided under other law. 
(3) RULE OF CONSTRUCTION.—No provision of this title shall 
be construed as modifying, limiting, or superseding the oper-
ation of any provision of an enumerated consumer law that 
relates to the authority 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 regulatory proceeding 
against any covered person as authorized by subsection 
(a) to enforce any provision of this title, including any 
regulation prescribed by the Bureau under this title, a 
State attorney general or State regulator shall timely pro-
vide a copy of the complete complaint to be filed and 
written notice describing such action or proceeding to the 
Bureau and the prudential regulator, if any, or the designee 
thereof. 
(B) EMERGENCY ACTION.—If prior notice is not prac-
ticable, the State attorney general or State regulator shall 
provide a copy of the complete complaint and the notice 
to the Bureau and the prudential regulator, if any, imme-
diately upon instituting the action or proceeding. 
(C) CONTENTS OF NOTICE.—The notification required 
under this paragraph shall, at a minimum, 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 proceeding so as not to interfere 
with any action, including any rulemaking, undertaken 
by the Bureau, a prudential regulator, or another Fed-
eral agency. 
(2) BUREAU RESPONSE.—In any action described in para-
graph (1), the Bureau may— 
(A) intervene in the action as a party; 
(B) upon intervening— 
(i) remove the action to the appropriate United 
States district court, if the action was not originally 
brought there; and
H. R. 4173—639 
(ii) be heard on all matters arising in the action; 
and 
(C) appeal any order or judgment, to the same extent 
as any other party in the proceeding may. 
(c) REGULATIONS.—The Bureau shall prescribe regulations to 
implement the requirements of this section and, from time to time, 
provide guidance in order to further coordinate actions with the 
State attorneys general and other regulators. 
(d) PRESERVATION OF STATE AUTHORITY.— 
(1) STATE CLAIMS.—No provision of this section shall be 
construed as altering, limiting, or affecting the authority of 
a State attorney general or any other regulatory or enforcement 
agency or authority to bring an action or other regulatory 
proceeding arising solely under the law in effect in that State. 
(2) STATE SECURITIES REGULATORS.—No provision of this 
title shall be construed as altering, limiting, or affecting the 
authority of a State securities commission (or any agency or 
office performing like functions) under State law to adopt rules, 
initiate enforcement proceedings, or take any other action with 
respect to a person regulated by such commission or authority. 
(3) STATE INSURANCE REGULATORS.—No provision of this 
title shall be construed as altering, limiting, or affecting the 
authority of a State insurance 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. 1043. PRESERVATION OF EXISTING CONTRACTS. 
This title, and regulations, orders, guidance, and interpretations 
prescribed, issued, or established by the Bureau, shall not be con-
strued to alter or affect the applicability of any regulation, order, 
guidance, or interpretation 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 enactment of this Act, by national banks, Federal 
savings associations, or subsidiaries thereof that are regulated and 
supervised by the Comptroller of the Currency or the Director 
of the Office of Thrift Supervision, respectively. 
SEC. 1044. STATE LAW PREEMPTION STANDARDS FOR NATIONAL 
BANKS AND SUBSIDIARIES CLARIFIED. 
(a) IN GENERAL.—Chapter one of title LXII of the Revised 
Statutes of the United States (12 U.S.C. 21 et seq.) is amended 
by inserting after section 5136B the following new section: 
‘‘SEC. 5136C. STATE LAW PREEMPTION STANDARDS FOR NATIONAL 
BANKS AND SUBSIDIARIES CLARIFIED. 
‘‘(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 accordance 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
H. R. 4173—640 
directly and specifically regulates the manner, content, or terms 
and conditions of any financial transaction (as may be author-
ized for national banks to engage in), or any account related 
thereto, with respect to a consumer. 
‘‘(3) OTHER DEFINITIONS.—The terms ‘affiliate’, ‘subsidiary’, 
‘includes’, and ‘including’ have the same meanings as in section 
3 of the Federal Deposit Insurance Act. 
‘‘(b) PREEMPTION STANDARD.— 
‘‘(1) IN GENERAL.—State consumer financial laws are pre-
empted, only if— 
‘‘(A) application of a State consumer financial 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) in accordance with the legal standard for preemp-
tion in the decision of the Supreme Court of the United 
States in Barnett Bank of Marion County, N. A. v. Nelson, 
Florida Insurance Commissioner, et al., 517 U.S. 25 (1996), 
the State consumer financial law prevents or significantly 
interferes with the exercise by the national bank of its 
powers; and any preemption determination under this 
subparagraph may be made by a court, or by regulation 
or order of the Comptroller of the Currency on a case- 
by-case basis, in accordance with applicable law; or 
‘‘(C) the State consumer financial law is preempted 
by a provision of Federal law other than this title. 
‘‘(2) SAVINGS
CLAUSE.—This title and section 24 of the 
Federal Reserve Act (12 U.S.C. 371) do not preempt, annul, 
or affect the applicability of any State law to any subsidiary 
or affiliate of a national bank (other than a subsidiary or 
affiliate that is chartered as a national bank). 
‘‘(3) CASE-BY-CASE BASIS.— 
‘‘(A) DEFINITION.—As used in this section the term 
‘case-by-case basis’ refers to a determination pursuant to 
this section made by the Comptroller concerning the impact 
of a particular State consumer 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 a determination 
on a case-by-case basis that a State consumer financial 
law of another State has substantively equivalent terms 
as one that the Comptroller is preempting, the Comptroller 
shall first consult with the Bureau of Consumer Financial 
Protection and shall take the views of the Bureau into 
account when making the determination. 
‘‘(4) RULE OF CONSTRUCTION.—This title does not occupy 
the field in any area of State law. 
‘‘(5) STANDARDS OF REVIEW.— 
‘‘(A) PREEMPTION.—A court reviewing any determina-
tions made by the Comptroller regarding preemption of 
a State law by this title or section 24 of the Federal 
Reserve Act (12 U.S.C. 371) shall assess the validity of 
such determinations, depending upon the thoroughness evi-
dent in the consideration of the agency, the validity of 
the reasoning of the agency, the consistency with other 
valid determinations made by the agency, and other factors
H. R. 4173—641 
which the court finds persuasive and relevant to its deci-
sion. 
‘‘(B) SAVINGS CLAUSE.—Except as provided in subpara-
graph (A), nothing in this section shall affect the deference 
that a court may afford to the Comptroller in making 
determinations regarding the meaning or interpretation 
of title LXII of the Revised Statutes of the United States 
or other Federal laws. 
‘‘(6) COMPTROLLER DETERMINATION NOT DELEGABLE.—Any 
regulation, order, or determination made by the Comptroller 
of the Currency under paragraph (1)(B) shall be made by the 
Comptroller, and shall not be delegable to another officer or 
employee 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 national bank, the provision of the State 
consumer financial law, unless substantial evidence, made on the 
record of the proceeding, supports the specific finding regarding 
the preemption of such provision in accordance with the legal 
standard of the decision of the Supreme Court of the United States 
in Barnett Bank of Marion County, N.A. v. Nelson, Florida Insur-
ance Commissioner, et al., 517 U.S. 25 (1996). 
‘‘(d) PERIODIC REVIEW OF PREEMPTION DETERMINATIONS.— 
‘‘(1) IN GENERAL.—The Comptroller of the Currency shall 
periodically 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 deter-
mination, the agency shall publish a notice in the Federal 
Register announcing the decision to continue or rescind the 
determination or a proposal to amend the determination. Any 
such notice of a proposal to amend a determination and the 
subsequent resolution of such proposal shall comply 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), (b)). 
‘‘(2) REPORTS TO CONGRESS.—At the time of issuing a review 
conducted under paragraph (1), the Comptroller of the Currency 
shall submit a report regarding such review to the Committee 
on Financial Services of the House of Representatives and 
the Committee on Banking, Housing, and Urban Affairs of 
the Senate. The report submitted to the respective committees 
shall address whether the agency intends to continue, rescind, 
or propose to amend any determination that a provision of 
Federal law preempts a State consumer financial law, and 
the reasons therefor. 
‘‘(e) APPLICATION
OF STATE CONSUMER FINANCIAL LAW
TO 
SUBSIDIARIES AND AFFILIATES.—Notwithstanding any provision of 
this title or section 24 of Federal Reserve Act (12 U.S.C. 371), 
a State consumer financial law shall apply to a subsidiary or 
affiliate of a national bank (other than a subsidiary or affiliate 
that is chartered as a national bank) to the same extent that
H. R. 4173—642 
the State consumer financial law applies to any person, corporation, 
or other entity subject to such State law. 
‘‘(f) 
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, including with respect to the meaning of ‘interest’ under 
such provision. 
‘‘(g) TRANSPARENCY OF OCC PREEMPTION DETERMINATIONS.— 
The Comptroller of the Currency shall publish 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 practices covered by each determination and the 
requirements 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: 
‘‘Sec. 5136C. State law preemption standards for national banks and subsidiaries 
clarified.’’. 
SEC. 1045. CLARIFICATION OF LAW APPLICABLE TO NONDEPOSITORY 
INSTITUTION SUBSIDIARIES. 
Section 5136C of the Revised Statutes of the United States 
(as added by this subtitle) is amended by adding at the end the 
following: 
‘‘(h) CLARIFICATION
OF LAW APPLICABLE
TO NONDEPOSITORY 
INSTITUTION SUBSIDIARIES AND AFFILIATES OF NATIONAL BANKS.— 
‘‘(1) DEFINITIONS.—For purposes of this subsection, the 
terms ‘depository institution’, ‘subsidiary’, and ‘affiliate’ have 
the same meanings as in section 3 of the Federal Deposit 
Insurance Act. 
‘‘(2) RULE OF CONSTRUCTION.—No provision of this title 
or section 24 of the Federal Reserve Act (12 U.S.C. 371) shall 
be construed as preempting, annulling, or affecting the applica-
bility of State law to any subsidiary, affiliate, or agent of 
a national bank (other than a subsidiary, affiliate, or agent 
that is chartered as a national bank).’’. 
SEC. 1046. STATE LAW PREEMPTION STANDARDS FOR FEDERAL 
SAVINGS ASSOCIATIONS AND SUBSIDIARIES 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 FEDERAL SAVINGS 
ASSOCIATIONS CLARIFIED. 
‘‘(a) IN GENERAL.—Any determination by a court or by the 
Director or any successor officer or agency regarding the relation 
of State law to a provision of this Act or any regulation or order 
prescribed under this Act shall be made in accordance with the 
laws and legal standards applicable to national banks regarding 
the preemption of State law. 
‘‘(b) PRINCIPLES OF CONFLICT PREEMPTION APPLICABLE.—Not-
withstanding the authorities granted under sections 4 and 5, this 
Act does not occupy the field in any area of State law.’’.
H. R. 4173—643 
(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 and 
subsidiaries clarified.’’. 
SEC. 1047. VISITORIAL STANDARDS FOR NATIONAL BANKS AND 
SAVINGS ASSOCIATIONS. 
(a) NATIONAL BANKS.—Section 5136C of the Revised Statutes 
of the United States (as added by this subtitle) is amended by 
adding at the end the following: 
‘‘(i) VISITORIAL POWERS.— 
‘‘(1) IN GENERAL.—In accordance with the decision of the 
Supreme Court of the United States in Cuomo v. Clearing 
House Assn., L. L. C. (129 S. Ct. 2710 (2009)), no provision 
of this title which relates to visitorial powers or otherwise 
limits or restricts the visitorial authority to which any national 
bank is subject shall be construed as limiting or restricting 
the authority of any attorney general (or other chief law enforce-
ment officer) of any State to bring an action against a national 
bank in a court of appropriate jurisdiction to enforce an 
applicable law and to seek relief as authorized by such law. 
‘‘(j) ENFORCEMENT ACTIONS.—The ability of the Comptroller 
of the Currency to bring an enforcement action under this title 
or section 5 of the Federal Trade Commission Act does not preclude 
any private party from enforcing rights granted under Federal 
or State law in the courts.’’. 
(b) SAVINGS ASSOCIATIONS.—Section 6 of the Home Owners’ 
Loan Act (as added by this title) is amended by adding at the 
end the following: 
‘‘(c) VISITORIAL POWERS.—The provisions of sections 5136C(i) 
of the Revised Statutes of the United States shall apply to Federal 
savings associations, and any subsidiary thereof, to the same extent 
and in the same manner as if such savings associations, or subsidi-
aries thereof, were national banks or subsidiaries of national banks, 
respectively.’’ 
‘‘(d) ENFORCEMENT ACTIONS.—The ability of the Comptroller 
of the Currency to bring an enforcement action under this Act 
or section 5 of the Federal Trade Commission Act does not preclude 
any private party from enforcing rights granted under Federal 
or State law in the courts.’’. 
SEC. 1048. EFFECTIVE DATE. 
This subtitle shall become effective on the designated transfer 
date. 
Subtitle E—Enforcement Powers 
SEC. 1051. DEFINITIONS. 
For purposes of this subtitle, the following definitions shall 
apply: 
(1) BUREAU INVESTIGATION.—The term ‘‘Bureau investiga-
tion’’ means any inquiry conducted by a Bureau investigator 
for the purpose of ascertaining whether any person is or has
H. R. 4173—644 
been engaged in any conduct that is a violation, as defined 
in this section. 
(2) BUREAU
INVESTIGATOR.—The term ‘‘Bureau investi-
gator’’ means any attorney or investigator employed by the 
Bureau who is charged with the duty of enforcing or carrying 
into effect any Federal consumer financial law. 
(3) CUSTODIAN.—The term ‘‘custodian’’ means the custodian 
or any deputy custodian designated by the Bureau. 
(4) DOCUMENTARY
MATERIAL.—The term ‘‘documentary 
material’’ includes the original or any copy of any book, docu-
ment, record, report, memorandum, paper, communication, tab-
ulation, chart, logs, electronic files, or other data or data com-
pilations stored in any medium. 
(5) VIOLATION.—The term ‘‘violation’’ means any act or 
omission that, if proved, would constitute a violation of any 
provision of Federal consumer financial law. 
SEC. 1052. INVESTIGATIONS AND ADMINISTRATIVE DISCOVERY. 
(a) JOINT INVESTIGATIONS.— 
(1) IN
GENERAL.—The Bureau or, where appropriate, a 
Bureau investigator, may engage in joint investigations and 
requests for information, as authorized under this title. 
(2) FAIR
LENDING.—The authority under paragraph (1) 
includes matters relating to fair lending, and where appro-
priate, joint investigations with, and requests for information 
from, the Secretary of Housing and Urban Development, the 
Attorney General of the United States, or both. 
(b) SUBPOENAS.— 
(1) IN
GENERAL.—The Bureau or a Bureau investigator 
may issue subpoenas for the attendance and testimony of wit-
nesses and the production of relevant papers, books, documents, 
or other material in connection with hearings under this title. 
(2) FAILURE TO OBEY.—In the case of contumacy or refusal 
to obey a subpoena issued pursuant to this paragraph and 
served upon any person, the district court of the United States 
for any district in which such person is found, resides, or 
transacts business, upon application by the Bureau or a Bureau 
investigator and after notice to such person, may issue an 
order requiring such person to appear and give testimony or 
to appear and produce documents or other material. 
(3) CONTEMPT.—Any failure to obey an order of the court 
under this subsection may be punished by the court as a 
contempt thereof. 
(c) DEMANDS.— 
(1) IN
GENERAL.—Whenever the Bureau has reason to 
believe that any person may be in possession, custody, or control 
of any documentary material or tangible things, or may have 
any information, relevant to a violation, the Bureau may, before 
the institution of any proceedings under the Federal consumer 
financial law, 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 Bureau; 
(B) submit such tangible things; 
(C) file written reports or answers to questions;
H. R. 4173—645 
(D) give oral testimony concerning documentary mate-
rial, tangible things, or other information; or 
(E) furnish any combination of such material, answers, 
or testimony. 
(2) REQUIREMENTS.—Each civil investigative demand shall 
state the nature of the conduct constituting the alleged violation 
which is under investigation and the provision of law applicable 
to such violation. 
(3) PRODUCTION OF DOCUMENTS.—Each civil investigative 
demand for the production of documentary 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 assembled 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 investigative 
demand for the submission of tangible things shall— 
(A) describe each class of tangible things to be sub-
mitted under the demand with such definiteness and cer-
tainty 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 assembled and submitted; and 
(C) identify the custodian to whom such things shall 
be submitted. 
(5) DEMAND FOR WRITTEN REPORTS OR ANSWERS.—Each civil 
investigative demand for written reports or answers to ques-
tions shall— 
(A) propound with definiteness and certainty the 
reports to be produced or the questions 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 Bureau investigator who shall conduct 
the investigation and the custodian to whom the transcript 
of such investigation shall be submitted. 
(7) SERVICE.—Any civil investigative demand issued, and 
any enforcement petition filed, under this section may be 
served— 
(A) by any Bureau investigator at any place within 
the territorial jurisdiction of any court of the United States; 
and 
(B) upon any person who is not found within the terri-
torial jurisdiction of any court of the United States— 
(i) in such manner as the Federal Rules of Civil 
Procedure prescribe for service in a foreign nation; 
and
H. R. 4173—646 
(ii) to the extent that the courts of the United 
States have authority to assert jurisdiction over such 
person, consistent with due process, the United States 
District Court for the District of Columbia shall have 
the same jurisdiction to take any action respecting 
compliance with this section by such person that such 
district court would have if such person were personally 
within the jurisdiction of such district court. 
(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 mail, return receipt 
requested, duly addressed to such person at the principal 
office or place of business of such person. 
(9) PROOF OF SERVICE.— 
(A) IN GENERAL.—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) RETURN RECEIPTS.—In the case of service by reg-
istered 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
MATERIAL.—The 
production of documentary material in response to a civil inves-
tigative demand shall be made under a sworn certificate, in 
such form as the demand designates, by the person, if a natural 
person, to whom the demand is directed or, if not a natural 
person, by any person having knowledge of the facts and cir-
cumstances relating to such production, to the effect that all 
of the documentary material required by the demand and in 
the possession, custody, or control of the person to whom the 
demand is directed has been produced and made available 
to the custodian. 
(11) SUBMISSION OF TANGIBLE THINGS.—The submission of 
tangible things in response to a civil investigative demand 
shall be made under a sworn certificate, in such form as the 
demand designates, by the person 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 
production, to the effect that all of the tangible things required 
by the demand and in the possession, custody, or control of 
the person to whom the demand is directed have been submitted 
to the custodian. 
(12) SEPARATE ANSWERS.—Each reporting requirement or 
question in a civil investigative demand shall be answered 
separately and fully in writing under oath, unless it is objected
H. R. 4173—647 
to, in which event the reasons for the objection shall be stated 
in lieu of an answer, and it shall be submitted under a sworn 
certificate, in such form as the demand designates, by the 
person, if a natural person, to whom the demand is directed 
or, if not a natural person, by any person responsible for 
answering each reporting requirement or question, to the effect 
that all information 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) IN GENERAL.— 
(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 officer authorized to administer oaths and affirma-
tions by the laws of the United States or of the place 
at which the examination is held. The officer before 
whom oral testimony is to be taken shall put the 
witness on oath or affirmation and shall personally, 
or by any individual acting under the direction of and 
in the presence of the officer, record the testimony 
of the witness. 
(ii) TRANSCRIPTION.—The testimony shall be taken 
stenographically and transcribed. 
(iii) TRANSMISSION TO CUSTODIAN.—After the testi-
mony is fully transcribed, the officer investigator before 
whom the testimony is taken shall promptly transmit 
a copy of the transcript of the testimony to the custo-
dian. 
(B) PARTIES PRESENT.—Any Bureau investigator before 
whom oral testimony is to be taken shall exclude from 
the place where the testimony is to be taken all other 
persons, except the person giving the testimony, the 
attorney for that person, the officer before whom the testi-
mony is to be taken, an investigator or representative 
of an agency with which the Bureau 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 Bureau investi-
gator before whom the oral testimony of such person is 
to be taken and such person. 
(D) ATTORNEY REPRESENTATION.— 
(i) IN GENERAL.—Any person compelled to appear 
under a civil investigative demand for oral testimony 
pursuant to this section may be accompanied, rep-
resented, and advised by an attorney. 
(ii) AUTHORITY.—The attorney may advise a person 
described in clause (i), 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.—A person described in clause (i), 
or the attorney for that person, may object on the 
record to any question, in whole or in part, and such
H. R. 4173—648 
person shall briefly state for the record the reason 
for the objection. An objection may properly be made, 
received, and entered upon the record when it is 
claimed that such person 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 such 
person or attorney shall not otherwise interrupt the 
oral examination. 
(iv) REFUSAL TO ANSWER.—If a person described 
in clause (i) refuses to answer any question— 
(I) the Bureau may petition the district court 
of the United States pursuant to this section for 
an order compelling such person to answer such 
question; and 
(II) if the refusal is on grounds of the privilege 
against self-incrimination, the testimony of such 
person may be compelled in accordance with the 
provisions of section 6004 of title 18, United States 
Code. 
(E) TRANSCRIPTS.—For purposes of this subsection— 
(i) after the testimony of any witness is fully tran-
scribed, the Bureau investigator shall afford the wit-
ness (who may be accompanied by an attorney) a 
reasonable opportunity to examine the transcript; 
(ii) the transcript shall be read to or by the witness, 
unless such examination and reading are waived by 
the witness; 
(iii) any changes in form or substance which the 
witness desires to make shall be entered and identified 
upon the transcript by the Bureau investigator, with 
a statement of the reasons given by the witness for 
making such changes; 
(iv) 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; and 
(v) if the transcript is not signed by the witness 
during the 30-day period following the date on which 
the witness is first afforded a reasonable opportunity 
to examine the transcript, the Bureau investigator 
shall sign the transcript and state on the record the 
fact of the waiver, illness, absence of the witness, or 
the refusal to sign, together with any reasons given 
for the failure to sign. 
(F) CERTIFICATION
BY
INVESTIGATOR.—The Bureau 
investigator shall certify on the transcript that the witness 
was duly sworn by him or her and that the transcript 
is a true record of the testimony given by the witness, 
and the Bureau investigator shall promptly deliver the 
transcript or send it by registered or certified mail to 
the custodian. 
(G) COPY
OF
TRANSCRIPT.—The Bureau investigator 
shall furnish a copy of the transcript (upon payment of 
reasonable charges for the transcript) to the witness only, 
except that the Bureau may for good cause limit such
H. R. 4173—649 
witness to inspection of the official transcript of his testi-
mony. 
(H) WITNESS
FEES.—Any witness appearing 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 MATERIAL.— 
(1) IN
GENERAL.—Documentary materials and tangible 
things received as a result of a civil investigative demand 
shall be subject to requirements and procedures regarding con-
fidentiality, in accordance with rules established by the Bureau. 
(2) DISCLOSURE TO CONGRESS.—No rule established by the 
Bureau regarding the confidentiality of materials submitted 
to, or otherwise obtained by, the Bureau shall be intended 
to prevent disclosure to either House of Congress or to an 
appropriate committee of the Congress, except that the Bureau 
is permitted to adopt rules allowing prior notice to any party 
that owns or otherwise provided the material to the Bureau 
and had 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 him 
under this section, or whenever satisfactory copying or repro-
duction of material requested pursuant to the demand cannot 
be accomplished and such person refuses to surrender such 
material, the Bureau, through such officers or attorneys as 
it 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 enforcement of 
this section. 
(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 district. 
(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 sub-
section (b), or at any time before the return date specified 
in the demand, whichever period is shorter, or within such 
period exceeding 20 days after service or in excess of such 
return date as may be prescribed in writing, subsequent to 
service, by any Bureau investigator named in the demand, 
such person may file with the Bureau a petition for an order 
by the Bureau modifying or setting aside the demand. 
(2) COMPLIANCE DURING PENDENCY.—The time permitted 
for compliance with the demand in whole or in part, as deter-
mined proper and ordered by the Bureau, shall not run during 
the pendency of a petition under paragraph (1) at the Bureau, 
except that such person shall comply with any portions of 
the demand not sought to be modified or set aside. 
(3) SPECIFIC
GROUNDS.—A petition under paragraph (1) 
shall specify each ground upon which the petitioner relies in 
seeking 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.
H. R. 4173—650 
(g) CUSTODIAL CONTROL.—At any time during which any custo-
dian is in custody or control of any documentary material, tangible 
things, reports, answers to questions, or transcripts of oral testi-
mony 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 custo-
dian is situated, and serve upon such custodian, a petition for 
an order of such court requiring the performance by such custodian 
of any duty imposed upon him by this section or rule promulgated 
by the Bureau. 
(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 out the provisions of this section. 
(2) APPEAL.—Any final order entered as described in para-
graph (1) shall be subject to appeal pursuant to section 1291 
of title 28, United States Code. 
SEC. 1053. HEARINGS AND ADJUDICATION PROCEEDINGS. 
(a) IN GENERAL.—The Bureau is authorized to conduct hearings 
and adjudication proceedings with respect to any person in the 
manner prescribed by chapter 5 of title 5, United States Code 
in order to ensure or enforce compliance with— 
(1) the provisions of this title, including any rules pre-
scribed by the Bureau under this title; and 
(2) any other Federal law that the Bureau is authorized 
to enforce, including an enumerated consumer law, and any 
regulations or order prescribed thereunder, unless such Federal 
law specifically limits the Bureau from conducting a hearing 
or adjudication proceeding and only to the extent of such limita-
tion. 
(b) SPECIAL RULES FOR CEASE-AND-DESIST PROCEEDINGS.— 
(1) ORDERS AUTHORIZED.— 
(A) IN
GENERAL.—If, in the opinion of the Bureau, 
any covered person or service provider is engaging or has 
engaged in an activity that violates a law, rule, or any 
condition imposed in writing on the person by the Bureau, 
the Bureau may, subject to sections 1024, 1025, and 1026, 
issue and serve upon the covered person or service provider 
a notice of charges in respect thereof. 
(B) CONTENT OF NOTICE.—The notice under subpara-
graph (A) shall contain a statement of the facts constituting 
the alleged violation or violations, and shall fix a time 
and place at which a hearing will be held to determine 
whether an order to cease and desist should issue against 
the covered person or service provider, such hearing to 
be held not earlier than 30 days nor later than 60 days 
after the date of service of such notice, unless an earlier 
or a later date is set by the Bureau, at the request of 
any party so served. 
(C) CONSENT.—Unless the party or parties served 
under subparagraph (B) appear at the hearing personally 
or by a duly authorized representative, such person shall 
be deemed to have consented to the issuance of the cease- 
and-desist order.
H. R. 4173—651 
(D) PROCEDURE.—In the event of consent under 
subparagraph (C), or if, upon the record, made at any 
such hearing, the Bureau finds that any violation specified 
in the notice of charges has been established, the Bureau 
may issue and serve upon the covered person or service 
provider an order to cease and desist from the violation 
or practice. Such order may, by provisions which may be 
mandatory or otherwise, require the covered person or 
service provider to cease and desist from the subject 
activity, and to take affirmative action to correct the condi-
tions resulting from any such violation. 
(2) EFFECTIVENESS
OF
ORDER.—A cease-and-desist order 
shall become effective at the expiration of 30 days after the 
date of service of an order under paragraph (1) upon the covered 
person or service provider concerned (except in the case of 
a cease-and-desist order issued upon consent, which shall 
become effective at the time specified therein), and shall remain 
effective and enforceable as provided therein, except to such 
extent as the order is stayed, modified, terminated, or set 
aside by action of the Bureau or a reviewing court. 
(3) DECISION AND APPEAL.—Any hearing provided for in 
this subsection shall be held in the Federal judicial district 
or in the territory in which the residence or principal office 
or place of business 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. After such hearing, and within 90 days after the Bureau 
has notified the parties that the case has been submitted to 
the Bureau for final decision, the Bureau shall render its deci-
sion (which shall include findings of fact upon which its decision 
is predicated) and shall issue and serve upon each party to 
the proceeding an order or orders consistent with the provisions 
of this section. Judicial review of any such order shall be 
exclusively as provided in this subsection. Unless a petition 
for review is timely filed in a court of appeals of the United 
States, as provided in paragraph (4), and thereafter until the 
record in the proceeding has been filed as provided in paragraph 
(4), the Bureau may at any time, upon such notice and in 
such manner as the Bureau shall determine proper, modify, 
terminate, or set aside any such order. Upon filing of the 
record as provided, the Bureau may modify, terminate, or set 
aside any such order with permission of the court. 
(4) APPEAL TO COURT OF APPEALS.—Any party to any pro-
ceeding under this subsection may obtain a review of any 
order served pursuant to this subsection (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 
Columbia Circuit, within 30 days after the date of service 
of such order, a written petition praying that the order of 
the Bureau be modified, terminated, or set aside. A copy of 
such petition shall be forthwith transmitted by the clerk of 
the court to the Bureau, and thereupon the Bureau shall file 
in the court the record in the proceeding, as provided in section 
2112 of title 28 of the United States Code. Upon the filing 
of such petition, such court shall have jurisdiction, which upon
H. R. 4173—652 
the filing of the record shall except as provided in the last 
sentence of paragraph (3) be exclusive, to affirm, modify, termi-
nate, or set aside, in whole or in part, the order of the Bureau. 
Review of such proceedings shall be had as provided in chapter 
7 of title 5 of the United States Code. The judgment and 
decree of the court shall be final, except that the same shall 
be subject to review by the Supreme Court of the United 
States, upon certiorari, as provided in section 1254 of title 
28 of the United States Code. 
(5) NO
STAY.—The commencement of proceedings for 
judicial review under paragraph (4) shall not, unless specifically 
ordered by the court, operate as a stay of any order issued 
by the Bureau. 
(c) SPECIAL RULES
FOR TEMPORARY CEASE-AND-DESIST PRO-
CEEDINGS.— 
(1) IN GENERAL.—Whenever the Bureau determines that 
the violation specified in the notice of charges served upon 
a person, including a service provider, pursuant to subsection 
(b), or the continuation thereof, is likely to cause the person 
to be insolvent or otherwise prejudice the interests of consumers 
before the completion of the proceedings conducted pursuant 
to subsection (b), the Bureau may issue a temporary order 
requiring the person to cease and desist from any such violation 
or practice and to take affirmative action to prevent or remedy 
such insolvency or other condition pending completion of such 
proceedings. Such order may include any requirement author-
ized under this subtitle. Such order shall become effective upon 
service upon the person and, unless set aside, limited, or sus-
pended by a court in proceedings authorized by paragraph 
(2), shall remain effective and enforceable pending the comple-
tion of the administrative proceedings pursuant to such notice 
and until such time as the Bureau shall dismiss 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.—Not later than 10 days after the covered per-
son or service provider concerned has been served with a tem-
porary cease-and-desist order, the person may apply to the 
United States district court for the judicial district in which 
the residence or principal office or place of business of the 
person is located, or the United States District Court for the 
District of Columbia, for an injunction setting aside, limiting, 
or suspending the enforcement, operation, or effectiveness of 
such order pending the completion of the administrative pro-
ceedings pursuant to the notice of charges served upon the 
person under subsection (b), and such court shall have jurisdic-
tion to issue such injunction. 
(3) INCOMPLETE OR INACCURATE RECORDS.— 
(A) TEMPORARY ORDER.—If a notice of charges served 
under subsection (b) specifies, on the basis of particular 
facts and circumstances, that the books and records of 
a covered person or service provider are so incomplete 
or inaccurate that the Bureau 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 Bureau 
may issue a temporary order requiring—
H. R. 4173—653 
(i) the cessation of any activity or practice which 
gave rise, whether in whole or in part, to the incom-
plete or inaccurate state of the books or records; or 
(ii) affirmative action to restore such books or 
records to a complete and accurate state, until the 
completion of the proceedings under subsection (b)(1). 
(B) EFFECTIVE PERIOD.—Any temporary order issued 
under subparagraph (A)— 
(i) shall become effective upon service; and 
(ii) unless set aside, limited, or suspended by a 
court in proceedings under paragraph (2), shall remain 
in effect and enforceable until the earlier of— 
(I) the completion of the proceeding initiated 
under subsection (b) in connection with the notice 
of charges; or 
(II) the date the Bureau determines, by exam-
ination or otherwise, that the books and records 
of the covered person or service provider are 
accurate and reflect the financial condition thereof. 
(d) SPECIAL RULES FOR ENFORCEMENT OF ORDERS.— 
(1) IN GENERAL.—The Bureau may in its discretion apply 
to the United States district court within the jurisdiction of 
which the principal office or place of business 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 jurisdiction and power to order and require compliance 
herewith. 
(2) EXCEPTION.—Except as otherwise provided in this sub-
section, no court shall have jurisdiction to affect by injunction 
or otherwise the issuance or enforcement of any notice or order 
or to review, modify, suspend, terminate, or set aside any 
such notice or order. 
(e) RULES.—The Bureau shall prescribe rules establishing such 
procedures as may be necessary to carry out this section. 
SEC. 1054. LITIGATION AUTHORITY. 
(a) IN GENERAL.—If any person violates a Federal consumer 
financial law, the Bureau may, subject to sections 1024, 1025, 
and 1026, commence a civil action against such person to impose 
a civil penalty or to seek all appropriate legal and equitable relief 
including a permanent or temporary injunction as permitted by 
law. 
(b) REPRESENTATION.—The Bureau may act in its own name 
and through its own attorneys in enforcing any provision of this 
title, rules thereunder, or any other law or regulation, or in any 
action, suit, or proceeding to which the Bureau is a party. 
(c) COMPROMISE OF ACTIONS.—The Bureau may compromise 
or settle any action if such compromise is approved by the court. 
(d) NOTICE TO THE ATTORNEY GENERAL.— 
(1) IN GENERAL.—When commencing a civil action under 
Federal consumer financial law, or any rule thereunder, the 
Bureau shall notify the Attorney General and, with respect 
to a civil action against an insured depository institution or 
insured credit union, the appropriate prudential regulator. 
(2) NOTICE AND COORDINATION.— 
(A) NOTICE OF OTHER ACTIONS.—In addition to any 
notice required under paragraph (1), the Bureau shall
H. R. 4173—654 
notify the Attorney General concerning any action, suit, 
or proceeding to which the Bureau is a party, except an 
action, suit, or proceeding that involves the offering or 
provision of consumer financial products or services. 
(B) COORDINATION.—In order to avoid conflicts and 
promote consistency regarding litigation of matters under 
Federal law, the Attorney General and the Bureau shall 
consult regarding the coordination of investigations and 
proceedings, including by negotiating an agreement for 
coordination by not later than 180 days after the designated 
transfer date. The agreement under this subparagraph 
shall include provisions to ensure that parallel investiga-
tions and proceedings involving the Federal consumer 
financial laws are conducted in a manner that avoids con-
flicts and does not impede the ability of the Attorney Gen-
eral to prosecute violations of Federal criminal laws. 
(C) RULE OF CONSTRUCTION.—Nothing in this para-
graph shall be construed to limit the authority of the 
Bureau under this title, including the authority to interpret 
Federal consumer financial law. 
(e) APPEARANCE BEFORE THE SUPREME COURT.—The Bureau 
may represent itself in its own name before the Supreme Court 
of the United States, provided that the Bureau makes a written 
request to the Attorney General within the 10-day period which 
begins on the date of entry of the judgment which would permit 
any party to file a petition for writ of certiorari, and the Attorney 
General concurs with such request or fails to take action within 
60 days of the request of the Bureau. 
(f) FORUM.—Any civil action brought under this title may be 
brought in a United States district court or in any court of com-
petent 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 any Federal consumer financial law. 
(g) TIME FOR BRINGING ACTION.— 
(1) IN GENERAL.—Except as otherwise permitted by law 
or equity, no action may be brought under this title more 
than 3 years after the date of discovery of the violation to 
which an action relates. 
(2) LIMITATIONS UNDER OTHER FEDERAL LAWS.— 
(A) IN GENERAL.—An action arising under this title 
does not include claims arising solely under enumerated 
consumer laws. 
(B) BUREAU AUTHORITY.—In any action arising solely 
under an enumerated consumer law, the Bureau may com-
mence, defend, or intervene in the action in accordance 
with the requirements of that provision of law, as 
applicable. 
(C) TRANSFERRED AUTHORITY.—In any action arising 
solely under laws for which authorities were transferred 
under subtitles F and H, the Bureau may commence, 
defend, or intervene in the action in accordance with the 
requirements of that provision of law, as applicable. 
SEC. 1055. RELIEF AVAILABLE. 
(a) ADMINISTRATIVE PROCEEDINGS OR COURT ACTIONS.—
H. R. 4173—655 
(1) JURISDICTION.—The court (or the Bureau, as the case 
may be) in an action or adjudication proceeding brought under 
Federal consumer financial law, shall have jurisdiction to grant 
any appropriate legal or equitable relief with respect to a viola-
tion of Federal consumer financial law, including a violation 
of a rule or order prescribed under a Federal consumer financial 
law. 
(2) RELIEF.—Relief under this section may include, without 
limitation— 
(A) rescission or reformation of contracts; 
(B) refund of moneys or return of real property; 
(C) restitution; 
(D) disgorgement or compensation for unjust enrich-
ment; 
(E) payment of damages or other monetary relief; 
(F) public notification regarding the violation, including 
the costs of notification; 
(G) limits on the activities or functions of the person; 
and 
(H) civil money penalties, as set forth more fully in 
subsection (c). 
(3) NO EXEMPLARY OR PUNITIVE DAMAGES.—Nothing in this 
subsection shall be construed as authorizing the imposition 
of exemplary or punitive damages. 
(b) RECOVERY OF COSTS.—In any action brought by the Bureau, 
a State attorney general, or any State regulator to enforce any 
Federal consumer financial law, the Bureau, the State attorney 
general, or the State regulator may recover its costs in connection 
with prosecuting such action if the Bureau, the State attorney 
general, or the State regulator is the prevailing party in the action. 
(c) CIVIL MONEY PENALTY
IN COURT
AND ADMINISTRATIVE 
ACTIONS.— 
(1) IN GENERAL.—Any person that violates, through any 
act or omission, any provision of Federal consumer financial 
law shall forfeit and pay a civil penalty pursuant to this sub-
section. 
(2) PENALTY AMOUNTS.— 
(A) FIRST TIER.—For any violation of a law, rule, or 
final order or condition imposed in writing by the Bureau, 
a civil penalty may not exceed $5,000 for each day during 
which such violation or failure to pay continues. 
(B) SECOND TIER.—Notwithstanding paragraph (A), for 
any person that recklessly engages in a violation of a 
Federal consumer financial law, a civil penalty may not 
exceed $25,000 for each day during which such violation 
continues. 
(C) THIRD TIER.—Notwithstanding subparagraphs (A) 
and (B), for any person that knowingly violates a Federal 
consumer financial law, a civil penalty may not exceed 
$1,000,000 for each day during which such violation con-
tinues. 
(3) MITIGATING FACTORS.—In determining the amount of 
any penalty assessed under paragraph (2), the Bureau 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;
H. R. 4173—656 
(B) the gravity of the violation or failure to pay; 
(C) the severity of the risks to or losses of the con-
sumer, 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 require. 
(4) AUTHORITY TO MODIFY OR REMIT PENALTY.—The Bureau 
may compromise, modify, or remit any penalty which may 
be assessed or had already been assessed under paragraph 
(2). 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. 
(5) NOTICE AND HEARING.—No civil penalty may be assessed 
under this subsection with respect to a violation of any Federal 
consumer financial law, unless— 
(A) the Bureau gives notice and an opportunity 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 Bureau. 
SEC. 1056. REFERRALS FOR CRIMINAL PROCEEDINGS. 
If the Bureau obtains evidence that any person, domestic or 
foreign, has engaged in conduct that may constitute a violation 
of Federal criminal law, the Bureau shall transmit such evidence 
to the Attorney General of the United States, who may institute 
criminal proceedings under appropriate law. Nothing in this section 
affects any other authority of the Bureau to disclose information. 
SEC. 1057. EMPLOYEE PROTECTION. 
(a) IN GENERAL.—No covered person or service provider shall 
terminate or in any other way discriminate against, or cause to 
be terminated or discriminated against, any covered employee or 
any authorized representative of covered employees by reason of 
the fact that such employee or representative, whether at the initia-
tive of the employee or in the ordinary course of the duties of 
the employee (or any person acting pursuant to a request of the 
employee), has— 
(1) provided, caused to be provided, or is about to provide 
or cause to be provided, information to the employer, the 
Bureau, or any other State, local, or Federal, government 
authority or law enforcement agency relating to any violation 
of, or any act or omission that the employee reasonably believes 
to be a violation of, any provision of this title or any other 
provision of law that is subject to the jurisdiction of the Bureau, 
or any rule, order, standard, or prohibition prescribed by the 
Bureau; 
(2) testified or will testify in any proceeding resulting from 
the administration or enforcement of any provision of this title 
or any other provision of law that is subject to the jurisdiction 
of the Bureau, or any rule, order, standard, or prohibition 
prescribed by the Bureau; 
(3) filed, instituted, or caused to be filed or instituted 
any proceeding under any Federal consumer financial law; or 
(4) 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,
H. R. 4173—657 
rule, order, standard, or prohibition, subject to the jurisdiction 
of, or enforceable by, the Bureau. 
(b) DEFINITION OF COVERED EMPLOYEE.—For the purposes of 
this section, the term ‘‘covered employee’’ means any individual 
performing tasks related to the offering or provision of a consumer 
financial product or service. 
(c) PROCEDURES AND TIMETABLES.— 
(1) COMPLAINT.— 
(A) IN GENERAL.—A person who believes that he or 
she has been discharged or otherwise discriminated against 
by any person in violation of subsection (a) may, not later 
than 180 days after the date on which such alleged violation 
occurs, file (or have any person file on his or her behalf) 
a complaint with the Secretary of Labor alleging such 
discharge or discrimination and identifying the person 
responsible for such act. 
(B) ACTIONS OF SECRETARY OF LABOR.—Upon receipt 
of such a complaint, the Secretary of Labor shall notify, 
in writing, the person named in the complaint who is 
alleged to have committed the violation, of— 
(i) the filing of the complaint; 
(ii) the allegations contained in the complaint; 
(iii) the substance of evidence supporting the com-
plaint; and 
(iv) opportunities that will be afforded to such 
person under paragraph (2). 
(2) INVESTIGATION BY SECRETARY OF LABOR.— 
(A) IN GENERAL.—Not later than 60 days after the 
date of receipt of a complaint filed under paragraph (1), 
and after affording the complainant and the person named 
in the complaint who is alleged to have committed the 
violation that is the basis for the complaint an opportunity 
to submit to the Secretary of Labor a written response 
to the complaint and an opportunity to meet with a rep-
resentative of the Secretary of Labor to present statements 
from witnesses, the Secretary of Labor shall— 
(i) initiate an investigation and determine whether 
there is reasonable cause to believe that the complaint 
has merit; and 
(ii) notify the complainant and the person alleged 
to have committed the violation of subsection (a), in 
writing, of such determination. 
(B) NOTICE
OF
RELIEF
AVAILABLE.—If the Secretary 
of Labor concludes that there is reasonable cause to believe 
that a violation of subsection (a) has occurred, the Secretary 
of Labor shall, together with the notice under subparagraph 
(A)(ii), issue a preliminary order providing the relief pre-
scribed by paragraph (4)(B). 
(C) REQUEST FOR HEARING.—Not later than 30 days 
after the date of receipt of notification of a determination 
of the Secretary of Labor under this paragraph, either 
the person alleged to have committed the violation or the 
complainant may file objections to the findings or prelimi-
nary 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 preliminary order. 
Any such hearing shall be conducted expeditiously, and
H. R. 4173—658 
if a hearing is not requested in such 30-day period, the 
preliminary order shall be deemed a final order that is 
not subject to judicial review. 
(3) GROUNDS FOR DETERMINATION OF COMPLAINTS.— 
(A) IN GENERAL.—The Secretary of Labor shall dismiss 
a complaint filed under this subsection, and shall not con-
duct an investigation otherwise required under paragraph 
(2), unless the complainant makes a prima facie showing 
that any behavior described in paragraphs (1) through 
(4) of subsection (a) was a contributing factor in the 
unfavorable personnel action alleged in the complaint. 
(B) REBUTTAL EVIDENCE.—Notwithstanding a finding 
by the Secretary of Labor that the complainant has made 
the showing required under subparagraph (A), no investiga-
tion otherwise required under paragraph (2) shall be con-
ducted, if the employer demonstrates, by clear and con-
vincing evidence, that the employer would have taken the 
same unfavorable personnel action in the absence of that 
behavior. 
(C) EVIDENTIARY STANDARDS.—The Secretary of Labor 
may determine that a violation of subsection (a) has 
occurred only if the complainant demonstrates that any 
behavior described in paragraphs (1) through (4) of sub-
section (a) was a contributing factor in the unfavorable 
personnel action alleged in the complaint. Relief may not 
be ordered under subparagraph (A) if the employer dem-
onstrates by clear and convincing evidence that the 
employer would have taken the same unfavorable personnel 
action in the absence of that behavior. 
(4) ISSUANCE OF FINAL ORDERS; REVIEW PROCEDURES.— 
(A) TIMING.—Not later than 120 days after the date 
of conclusion of any hearing under paragraph (2), the Sec-
retary of Labor shall issue a final order providing the 
relief prescribed by this paragraph or denying the com-
plaint. At any time before issuance of a final order, a 
proceeding under this subsection may be terminated on 
the basis of a settlement agreement entered into by the 
Secretary of Labor, the complainant, and the person alleged 
to have committed the violation. 
(B) PENALTIES.— 
(i) ORDER OF SECRETARY OF LABOR.—If, in response 
to a complaint filed under paragraph (1), the Secretary 
of Labor determines that a violation of subsection (a) 
has occurred, the Secretary of Labor 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 
(including back pay) and restore the terms, condi-
tions, and privileges associated with his or her 
employment; and 
(III) to provide compensatory damages to the 
complainant. 
(ii) PENALTY.—If an order is issued under clause 
(i), the Secretary of Labor, at the request of the 
complainant, shall assess against the person against
H. R. 4173—659 
whom the order is issued, a sum equal to the aggregate 
amount of all costs and expenses (including attorney 
fees and expert witness fees) reasonably incurred, as 
determined by the Secretary of Labor, by the complain-
ant for, or in connection with, the bringing of the 
complaint upon which the order was issued. 
(C) PENALTY FOR FRIVOLOUS CLAIMS.—If the Secretary 
of Labor finds that a complaint under paragraph (1) is 
frivolous or has been brought in bad faith, the Secretary 
of Labor may award to the prevailing employer a reason-
able attorney fee, not exceeding $1,000, to be paid by 
the complainant. 
(D) DE NOVO REVIEW.— 
(i) FAILURE
OF
THE
SECRETARY
TO
ACT.—If the 
Secretary of Labor has not issued a final order within 
210 days after the date of filing of a complaint under 
this subsection, or within 90 days after the date of 
receipt of a written determination, the complainant 
may bring an action at law or equity for de novo 
review in the appropriate district court of the United 
States having jurisdiction, which shall have jurisdiction 
over such an action without regard to the amount 
in controversy, and which action shall, at the request 
of either party to such action, be tried by the court 
with a jury. 
(ii) PROCEDURES.—A proceeding under clause (i) 
shall be governed by the same legal burdens of proof 
specified in paragraph (3). The court shall have juris-
diction to grant all relief necessary to make the 
employee 
whole, 
including 
injunctive 
relief 
and 
compensatory damages, including— 
(I) reinstatement with the same seniority 
status that the employee would have had, but 
for the discharge or discrimination; 
(II) the amount of back pay, with interest; 
and 
(III) compensation for any special damages 
sustained as a result of the discharge or discrimi-
nation, including litigation costs, expert witness 
fees, and reasonable attorney fees. 
(E) OTHER APPEALS.—Unless the complainant brings 
an action under subparagraph (D), any person adversely 
affected or aggrieved by a final order issued under subpara-
graph (A) may file a petition for 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 violation, not later than 60 
days after the date of the issuance of the final order of 
the Secretary of Labor under subparagraph (A). Review 
shall conform to chapter 7 of title 5, United States Code. 
The commencement of proceedings under this subpara-
graph shall not, unless ordered by the court, operate as 
a stay of the order. An order of the Secretary of Labor 
with respect to which review could have been obtained 
under this subparagraph shall not be subject to judicial 
review in any criminal or other civil proceeding.
H. R. 4173—660 
(5) FAILURE TO COMPLY WITH ORDER.— 
(A) ACTIONS BY THE SECRETARY.—If any person has 
failed to comply with a final order issued under paragraph 
(4), the Secretary of Labor may file a civil action in the 
United States district court for the district in which the 
violation was found to have occurred, or in the United 
States district court for the District of Columbia, to enforce 
such order. In actions brought under this paragraph, the 
district courts shall have jurisdiction to grant all appro-
priate relief including injunctive relief and compensatory 
damages. 
(B) CIVIL ACTIONS TO COMPEL COMPLIANCE.—A person 
on whose behalf an order was issued under paragraph 
(4) may commence a civil action against the person to 
whom such order was issued to require compliance 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. 
(C) AWARD
OF
COSTS
AUTHORIZED.—The court, in 
issuing any final order under this paragraph, may award 
costs of litigation (including reasonable attorney and expert 
witness fees) to any party, whenever the court determines 
such award is appropriate. 
(D) MANDAMUS
PROCEEDINGS.—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) UNENFORCEABILITY OF CERTAIN AGREEMENTS.— 
(1) NO WAIVER OF RIGHTS AND REMEDIES.—Except as pro-
vided under paragraph (3), and notwithstanding any other 
provision of law, 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) NO PREDISPUTE ARBITRATION AGREEMENTS.—Except as 
provided under paragraph (3), and notwithstanding any other 
provision of law, no predispute arbitration agreement shall 
be valid or enforceable to the extent that it requires arbitration 
of a dispute arising under this section. 
(3) EXCEPTION.—Notwithstanding paragraphs (1) and (2), 
an arbitration provision in a collective bargaining agreement 
shall be enforceable as to disputes arising under subsection 
(a)(4), unless the Bureau determines, by rule, that such provi-
sion is inconsistent with the purposes of this title. 
SEC. 1058. EFFECTIVE DATE. 
This subtitle shall become effective on the designated transfer 
date. 
Subtitle F—Transfer of Functions and 
Personnel; Transitional Provisions 
SEC. 1061. TRANSFER OF CONSUMER FINANCIAL PROTECTION FUNC-
TIONS. 
(a) DEFINED TERMS.—For purposes of this subtitle—
H. R. 4173—661 
(1) the term ‘‘consumer financial protection functions’’ 
means— 
(A) all authority to prescribe rules or issue orders 
or guidelines pursuant to any Federal consumer financial 
law, including performing appropriate functions to promul-
gate and review such rules, orders, and guidelines; and 
(B) the examination authority described in subsection 
(c)(1), with respect to a person described in subsection 
1025(a); and 
(2) the terms ‘‘transferor agency’’ and ‘‘transferor agencies’’ 
mean, respectively— 
(A) the Board of Governors (and any Federal reserve 
bank, as the context requires), the Federal Deposit Insur-
ance Corporation, the Federal Trade Commission, the 
National Credit Union Administration, the Office of the 
Comptroller of the Currency, the Office of Thrift Super-
vision, and the Department of Housing and Urban Develop-
ment, and the heads of those agencies; and 
(B) the agencies listed in subparagraph (A), collectively. 
(b) IN GENERAL.—Except as provided in subsection (c), con-
sumer financial protection functions are transferred as follows: 
(1) BOARD OF GOVERNORS.— 
(A) TRANSFER OF FUNCTIONS.—All consumer financial 
protection functions of the Board of Governors are trans-
ferred to the Bureau. 
(B) BOARD
OF
GOVERNORS
AUTHORITY.—The Bureau 
shall have all powers and duties that were vested in the 
Board of Governors, relating to consumer financial protec-
tion functions, on the day before the designated transfer 
date. 
(2) COMPTROLLER OF THE CURRENCY.— 
(A) TRANSFER OF FUNCTIONS.—All consumer financial 
protection functions of the Comptroller of the Currency 
are transferred to the Bureau. 
(B) COMPTROLLER AUTHORITY.—The Bureau shall have 
all powers and duties that were vested in the Comptroller 
of the Currency, relating to consumer financial protection 
functions, on the day before the designated transfer date. 
(3) DIRECTOR
OF
THE
OFFICE
OF
THRIFT
SUPERVISION.— 
(A) TRANSFER OF FUNCTIONS.—All consumer financial 
protection functions of the Director of the Office of Thrift 
Supervision are transferred to the Bureau. 
(B) DIRECTOR AUTHORITY.—The Bureau shall have all 
powers and duties that were vested in the Director of 
the Office of Thrift Supervision, relating to consumer finan-
cial protection functions, on the day before the designated 
transfer date. 
(4) FEDERAL DEPOSIT INSURANCE CORPORATION.— 
(A) TRANSFER OF FUNCTIONS.—All consumer financial 
protection functions of the Federal Deposit Insurance Cor-
poration are transferred to the Bureau. 
(B) CORPORATION AUTHORITY.—The Bureau shall have 
all powers and duties that were vested in the Federal 
Deposit Insurance Corporation, relating to consumer finan-
cial protection functions, on the day before the designated 
transfer date. 
(5) FEDERAL TRADE COMMISSION.—
H. R. 4173—662 
(A) TRANSFER
OF
FUNCTIONS.—The authority of the 
Federal Trade Commission under an enumerated consumer 
law to prescribe rules, issue guidelines, or conduct a study 
or issue a report mandated under such law shall be trans-
ferred to the Bureau on the designated transfer date. 
Nothing in this title shall be construed to require a manda-
tory transfer of any employee of the Federal Trade Commis-
sion. 
(B) BUREAU AUTHORITY.— 
(i) IN GENERAL.—The Bureau shall have all powers 
and duties under the enumerated consumer laws to 
prescribe rules, issue guidelines, or to conduct studies 
or issue reports mandated by such laws, that were 
vested in the Federal Trade Commission on the day 
before the designated transfer date. 
(ii) FEDERAL TRADE COMMISSION ACT.—Subject to 
subtitle B, the Bureau may enforce a rule prescribed 
under the Federal Trade Commission Act by the Fed-
eral Trade Commission with respect to an unfair or 
deceptive act or practice to the extent that such rule 
applies to a covered person or service provider with 
respect to the offering or provision of a consumer finan-
cial product or service as if it were a rule prescribed 
under section 1031 of this title. 
(C) AUTHORITY OF THE FEDERAL TRADE COMMISSION.— 
(i) IN GENERAL.—No provision of this title shall 
be construed as modifying, limiting, or otherwise 
affecting the authority of the Federal Trade Commis-
sion (including its authority with respect to affiliates 
described in section 1025(a)(1)) under the Federal 
Trade Commission Act or any other law, other than 
the authority under an enumerated consumer law to 
prescribe rules, issue official guidelines, or conduct 
a study or issue a report mandated under such law. 
(ii) COMMISSION
AUTHORITY
RELATING
TO
RULES 
PRESCRIBED BY THE BUREAU.—Subject to subtitle B, 
the Federal Trade Commission shall have authority 
to enforce under the Federal Trade Commission Act 
(15 U.S.C. 41 et seq.) a rule prescribed by the Bureau 
under this title with respect to a covered person subject 
to the jurisdiction of the Federal Trade Commission 
under that Act, and a violation of such a rule by 
such a person shall be treated as a violation of a 
rule issued under section 18 of that Act (15 U.S.C. 
57a) with respect to unfair or deceptive acts or prac-
tices. 
(D) COORDINATION.—To avoid duplication of or conflict 
between rules prescribed by the Bureau under section 1031 
of this title and the Federal Trade Commission under sec-
tion 18(a)(1)(B) of the Federal Trade Commission Act that 
apply to a covered person or service provider with respect 
to the offering or provision of consumer financial products 
or services, the agencies shall negotiate an agreement with 
respect to rulemaking by each agency, including consulta-
tion with the other agency prior to proposing a rule and 
during the comment period.
H. R. 4173—663 
(E) DEFERENCE.—No provision of this title shall be 
construed as altering, limiting, expanding, or otherwise 
affecting the deference that a court affords to the— 
(i) Federal Trade Commission in making deter-
minations regarding the meaning or interpretation of 
any provision of the Federal Trade Commission Act, 
or of any other Federal law for which the Commission 
has authority to prescribe rules; or 
(ii) Bureau in making determinations regarding 
the meaning or interpretation of any provision of a 
Federal consumer financial law (other than any law 
described in clause (i)). 
(6) NATIONAL CREDIT UNION ADMINISTRATION.— 
(A) TRANSFER OF FUNCTIONS.—All consumer financial 
protection functions of the National Credit Union Adminis-
tration are transferred to the Bureau. 
(B) 
NATIONAL
CREDIT
UNION
ADMINISTRATION 
AUTHORITY.—The Bureau shall have all powers and duties 
that were vested in the National Credit Union Administra-
tion, relating to consumer financial protection functions, 
on the day before the designated transfer date. 
(7) DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.— 
(A) TRANSFER OF FUNCTIONS.—All consumer protection 
functions of the Secretary of the Department of Housing 
and Urban Development relating to the Real Estate Settle-
ment Procedures Act of 1974 (12 U.S.C. 2601 et seq.), 
the Secure and Fair Enforcement for Mortgage Licensing 
Act of 2008 (12 U.S.C. 5102 et seq.), and the Interstate 
Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) 
are transferred to the Bureau. 
(B) AUTHORITY OF THE DEPARTMENT OF HOUSING AND 
URBAN DEVELOPMENT.—The Bureau shall have all powers 
and duties that were vested in the Secretary of the Depart-
ment of Housing and Urban Development relating to the 
Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 
2601 et seq.), the Secure and Fair Enforcement for Mort-
gage Licensing Act of 2008 (12 U.S.C. 5101 et seq.), and 
the Interstate Land Sales Full Disclosure Act (15 U.S.C. 
1701 et seq.), on the day before the designated transfer 
date. 
(c) AUTHORITIES OF THE PRUDENTIAL REGULATORS.— 
(1) EXAMINATION.—A transferor agency that is a prudential 
regulator shall have— 
(A) authority to require reports from and conduct 
examinations for compliance with Federal consumer finan-
cial laws with respect to a person described in section 
1025(a), that is incidental to the backup and enforcement 
procedures provided to the regulator under section 1025(c); 
and 
(B) exclusive authority (relative to the Bureau) to 
require reports from and conduct examinations for compli-
ance with Federal consumer financial laws with respect 
to a person described in section 1026(a), except as provided 
to the Bureau under subsections (b) and (c) of section 
1026. 
(2) ENFORCEMENT.—
H. R. 4173—664 
(A) LIMITATION.—The authority of a transferor agency 
that is a prudential regulator to enforce compliance with 
Federal consumer financial laws with respect to a person 
described in section 1025(a), shall be limited to the backup 
and enforcement procedures in described in section 1025(c). 
(B) EXCLUSIVE AUTHORITY.—A transferor agency that 
is a prudential regulator shall have exclusive authority 
(relative to the Bureau) to enforce compliance with Federal 
consumer financial laws with respect to a person described 
in section 1026(a), except as provided to the Bureau under 
subsections (b) and (c) of section 1026. 
(C) STATUTORY ENFORCEMENT.—For purposes of car-
rying out the authorities under, and subject to the limita-
tions of, subtitle B, each prudential regulator may enforce 
compliance with the requirements imposed under this title, 
and any rule or order prescribed by the Bureau under 
this title, under— 
(i) the Federal Credit Union Act (12 U.S.C. 1751 
et seq.), by the National Credit Union Administration 
Board with respect to any covered person or service 
provider that is an insured credit union, or service 
provider thereto, or any affiliate of an insured credit 
union, who is subject to the jurisdiction of the Board 
under that Act; and 
(ii) section 8 of the Federal Deposit Insurance Act 
(12 U.S.C. 1818), by the appropriate Federal banking 
agency, as defined in section 3(q) of the Federal Deposit 
Insurance Act (12 U.S.C. 1813(q)), with respect to a 
covered person or service provider that is a person 
described in section 3(q) of that Act and who is subject 
to the jurisdiction of that agency, as set forth in sec-
tions 3(q) and 8 of the Federal Deposit Insurance Act; 
or 
(iii) the Bank Service Company Act (12 U.S.C. 
1861 et seq.). 
(d) EFFECTIVE DATE.—Subsections (b) and (c) shall become effec-
tive on the designated transfer date. 
SEC. 1062. DESIGNATED TRANSFER DATE. 
(a) IN GENERAL.—Not later than 60 days after the date of 
enactment of this Act, the Secretary shall— 
(1) in consultation with the Chairman of the Board of 
Governors, the Chairperson of the Corporation, the Chairman 
of the Federal Trade Commission, the Chairman of the National 
Credit Union Administration Board, the Comptroller of the 
Currency, the Director of the Office of Thrift Supervision, the 
Secretary of the Department of Housing and Urban Develop-
ment, and the Director of the Office of Management and Budget, 
designate a single calendar date for the transfer of functions 
to the Bureau under section 1061; and 
(2) publish notice of that designated date in the Federal 
Register. 
(b) CHANGING DESIGNATION.—The Secretary— 
(1) may, in consultation with the Chairman of the Board 
of Governors, the Chairperson of the Federal Deposit Insurance 
Corporation, the Chairman of the Federal Trade Commission, 
the Chairman of the National Credit Union Administration
H. R. 4173—665 
Board, the Comptroller of the Currency, the Director of the 
Office of Thrift Supervision, the Secretary of the Department 
of Housing and Urban Development, and the Director of the 
Office of Management and Budget, change the date designated 
under subsection (a); and 
(2) shall publish notice of any changed designated date 
in the Federal Register. 
(c) PERMISSIBLE DATES.— 
(1) IN GENERAL.—Except as provided in paragraph (2), any 
date designated under this section shall be not earlier than 
180 days, nor later than 12 months, after the date of enactment 
of this Act. 
(2) EXTENSION OF TIME.—The Secretary may designate a 
date that is later than 12 months after the date of enactment 
of this Act if the Secretary transmits to appropriate committees 
of Congress— 
(A) a written determination that orderly implementa-
tion of this title is not feasible before the date that is 
12 months after the date of enactment of this Act; 
(B) an explanation of why an extension is necessary 
for the orderly implementation of this title; and 
(C) a description of the steps that will be taken to 
effect an orderly and timely implementation of this title 
within the extended time period. 
(3) EXTENSION LIMITED.—In no case may any date des-
ignated under this section be later than 18 months after the 
date of enactment of this Act. 
SEC. 1063. SAVINGS PROVISIONS. 
(a) BOARD OF GOVERNORS.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Section 1061(b)(1) does not affect the validity of 
any right, duty, or obligation 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 relating to any 
consumer financial protection function of the Board of Gov-
ernors transferred to the Bureau by this title; and 
(B) existed on the day before the designated transfer 
date. 
(2) CONTINUATION OF SUITS.—No provision of this Act shall 
abate any proceeding commenced by or against the Board of 
Governors (or any Federal reserve bank) before the designated 
transfer date with respect to any consumer financial protection 
function of the Board of Governors (or any Federal reserve 
bank) transferred to the Bureau by this title, except that the 
Bureau, subject to sections 1024, 1025, and 1026, 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.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Section 1061(b)(4) does not affect the validity of 
any right, duty, or obligation of the United States, the Federal 
Deposit Insurance Corporation, the Board of Directors of that 
Corporation, or any other person, that—
H. R. 4173—666 
(A) arises under any provision of law relating to any 
consumer financial protection function of the Federal 
Deposit Insurance Corporation transferred to the Bureau 
by this title; and 
(B) existed on the day before the designated transfer 
date. 
(2) CONTINUATION OF SUITS.—No provision of this Act shall 
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 consumer financial protection function of the 
Federal Deposit Insurance Corporation transferred to the 
Bureau by this title, except that the Bureau, subject to sections 
1024, 1025, and 1026, 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. 
(c) FEDERAL TRADE COMMISSION.—Section 1061(b)(5) does 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 con-
sumer financial protection function of the Federal Trade 
Commission transferred to the Bureau by this title; and 
(2) existed on the day before the designated transfer date. 
(d) NATIONAL CREDIT UNION ADMINISTRATION.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Section 1061(b)(6) does not affect the validity of 
any right, duty, or obligation of the United States, the National 
Credit Union Administration, the National Credit Union 
Administration Board, or any other person, that— 
(A) arises under any provision of law relating to any 
consumer financial protection function of the National 
Credit Union Administration transferred to the Bureau 
by this title; and 
(B) existed on the day before the designated transfer 
date. 
(2) CONTINUATION OF SUITS.—No provision of this Act shall 
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 consumer financial protection function of the 
National Credit Union Administration transferred to the 
Bureau by this title, except that the Bureau, subject to sections 
1024, 1025, and 1026, shall be substituted for the National 
Credit Union Administration (or National Credit Union 
Administration Board) as a party to any such proceeding as 
of the designated transfer date. 
(e) OFFICE OF THE COMPTROLLER OF THE CURRENCY.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Section 1061(b)(2) does not affect the validity of 
any right, duty, or obligation of the United States, the Comp-
troller of the Currency, the Office of the Comptroller of the 
Currency, or any other person, that— 
(A) arises under any provision of law relating to any 
consumer financial protection function of the Comptroller 
of the Currency transferred to the Bureau by this title; 
and
H. R. 4173—667 
(B) existed on the day before the designated transfer 
date. 
(2) CONTINUATION OF SUITS.—No provision of this Act shall 
abate any proceeding commenced by or against the Comptroller 
of the Currency (or the Office of the Comptroller of the Cur-
rency) with respect to any consumer financial protection func-
tion of the Comptroller of the Currency transferred to the 
Bureau by this title before the designated transfer date, except 
that the Bureau, subject to sections 1024, 1025, and 1026, 
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) OFFICE OF THRIFT SUPERVISION.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Section 1061(b)(3) does not affect the validity of 
any right, duty, or obligation 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 relating to any 
consumer financial protection function of the Director of 
the Office of Thrift Supervision transferred to the Bureau 
by this title; and 
(B) that existed on the day before the designated 
transfer date. 
(2) CONTINUATION OF SUITS.—No provision of this Act shall 
abate any proceeding commenced by or against the Director 
of the Office of Thrift Supervision (or the Office of Thrift Super-
vision) with respect to any consumer financial protection func-
tion of the Director of the Office of Thrift Supervision trans-
ferred to the Bureau by this title before the designated transfer 
date, except that the Bureau, subject to sections 1024, 1025, 
and 1026, shall be substituted for the Director (or the Office 
of Thrift Supervision) as a party to any such proceeding as 
of the designated transfer date. 
(g) DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.— 
(1) EXISTING
RIGHTS, 
DUTIES, 
AND
OBLIGATIONS
NOT 
AFFECTED.—Section 1061(b)(7) shall not affect the validity of 
any right, duty, or obligation of the United States, the Secretary 
of the Department of Housing and Urban Development (or 
the Department of Housing and Urban Development), or any 
other person, that— 
(A) arises under any provision of law relating to any 
function of the Secretary of the Department of Housing 
and Urban Development with respect to the Real Estate 
Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.), 
the Secure and Fair Enforcement for Mortgage Licensing 
Act of 2008 (12 U.S.C. 5102 et seq.), or the Interstate 
Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq) 
transferred to the Bureau by this title; and 
(B) existed on the day before the designated transfer 
date. 
(2) CONTINUATION
OF
SUITS.—This title shall not abate 
any proceeding commenced by or against the Secretary of the 
Department of Housing and Urban Development (or the Depart-
ment of Housing and Urban Development) with respect to 
any consumer financial protection function of the Secretary
H. R. 4173—668 
of the Department of Housing and Urban Development trans-
ferred to the Bureau by this title before the designated transfer 
date, except that the Bureau, subject to sections 1024, 1025, 
and 1026, shall be substituted for the Secretary of the Depart-
ment of Housing and Urban Development (or the Department 
of Housing and Urban Development) as a party to any such 
proceeding as of the designated transfer date. 
(h) CONTINUATION OF EXISTING ORDERS, RULINGS, DETERMINA-
TIONS, AGREEMENTS, AND RESOLUTIONS.— 
(1) IN GENERAL.—Except as provided in paragraph (2) and 
under subsection (i), all orders, resolutions, determinations, 
agreements, and rulings that have been issued, made, pre-
scribed, or allowed to become effective by any transferor agency 
or by a court of competent jurisdiction, 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, and shall 
continue to be enforceable by the appropriate transferor agency, 
according to the terms of those orders, resolutions, determina-
tions, agreements, and rulings, and shall not be enforceable 
by or against the Bureau. 
(2) EXCEPTION
FOR
ORDERS
APPLICABLE
TO
PERSONS 
DESCRIBED IN SECTION 1025(a).—All orders, resolutions, deter-
minations, agreements, and rulings that have been issued, 
made, prescribed, or allowed to become effective by any trans-
feror agency or by a court of competent jurisdiction, 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 with respect to any 
person described in section 1025(a), shall continue in effect, 
according to the terms of those orders, resolutions, determina-
tions, agreements, and rulings, and shall be enforceable by 
or against the Bureau or transferor agency. 
(i) IDENTIFICATION OF RULES AND ORDERS CONTINUED.—Not 
later than the designated transfer date, the Bureau— 
(1) shall, after consultation with the head of each transferor 
agency, identify the rules and orders that will be enforced 
by the Bureau; and 
(2) shall publish a list of such rules and orders in the 
Federal Register. 
(j) STATUS OF RULES PROPOSED OR NOT YET EFFECTIVE.— 
(1) PROPOSED RULES.—Any proposed rule of a transferor 
agency which that agency, in performing consumer financial 
protection functions transferred by this title, has proposed 
before the designated transfer date, but has not been published 
as a final rule before that date, shall be deemed to be a 
proposed rule of the Bureau. 
(2) RULES NOT YET EFFECTIVE.—Any interim or final rule 
of a transferor agency which that agency, in performing con-
sumer financial protection functions transferred by this title, 
has published before the designated transfer date, but which 
has not become effective before that date, shall become effective 
as a rule of the Bureau according to its terms. 
SEC. 1064. TRANSFER OF CERTAIN PERSONNEL. 
(a) IN GENERAL.—
H. R. 4173—669 
(1) CERTAIN FEDERAL RESERVE SYSTEM EMPLOYEES TRANS-
FERRED.— 
(A) IDENTIFYING
EMPLOYEES
FOR
TRANSFER.—The 
Bureau and the Board of Governors shall— 
(i) jointly determine the number of employees of 
the Board of Governors necessary to perform or support 
the consumer financial protection functions of the 
Board of Governors that are transferred to the Bureau 
by this title; and 
(ii) consistent with the number determined under 
clause (i), jointly identify employees of the Board of 
Governors for transfer to the Bureau, in a manner 
that the Bureau and the Board of Governors, in their 
sole discretion, determine equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANSFERRED.—All 
employees of the Board of Governors identified under 
subparagraph (A)(ii) shall be transferred to the Bureau 
for employment. 
(C) FEDERAL RESERVE BANK EMPLOYEES.—Employees 
of any Federal reserve bank who are performing consumer 
financial protection functions on behalf of the Board of 
Governors shall be treated as employees of the Board of 
Governors for purposes of subparagraphs (A) and (B). 
(2) CERTAIN FDIC EMPLOYEES TRANSFERRED.— 
(A) IDENTIFYING
EMPLOYEES
FOR
TRANSFER.—The 
Bureau 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 Corpora-
tion that are transferred to the Bureau by this title; 
and 
(ii) consistent with the number determined under 
clause (i), jointly identify employees of the Corporation 
for transfer to the Bureau, in a manner that the 
Bureau and the Board of Directors of the Corporation, 
in their sole discretion, determine equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANSFERRED.—All 
employees of the Corporation identified under subpara-
graph (A)(ii) shall be transferred to the Bureau for employ-
ment. 
(3) CERTAIN NCUA EMPLOYEES TRANSFERRED.— 
(A) IDENTIFYING
EMPLOYEES
FOR
TRANSFER.—The 
Bureau 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 Administration 
that are transferred to the Bureau by this title; and 
(ii) consistent with the number determined under 
clause (i), jointly identify employees of the National 
Credit Union Administration for transfer to the 
Bureau, in a manner that the Bureau and the National 
Credit Union Administration Board, in their sole 
discretion, determine equitable.
H. R. 4173—670 
(B) 
IDENTIFIED
EMPLOYEES
TRANSFERRED.—All 
employees of the National Credit Union Administration 
identified under subparagraph (A)(ii) shall be transferred 
to the Bureau for employment. 
(4) CERTAIN OFFICE OF THE COMPTROLLER OF THE CURRENCY 
EMPLOYEES TRANSFERRED.— 
(A) IDENTIFYING
EMPLOYEES
FOR
TRANSFER.—The 
Bureau and the Comptroller of the Currency shall— 
(i) jointly determine the number of employees of 
the Office of the Comptroller of the Currency necessary 
to perform or support the consumer financial protection 
functions of the Office of the Comptroller of the Cur-
rency that are transferred to the Bureau by this title; 
and 
(ii) consistent with the number determined under 
clause (i), jointly identify employees of the Office of 
the Comptroller of the Currency for transfer to the 
Bureau, in a manner that the Bureau and the Office 
of the Comptroller of the Currency, in their sole discre-
tion, determine equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANSFERRED.—All 
employees of the Office of the Comptroller of the Currency 
identified under subparagraph (A)(ii) shall be transferred 
to the Bureau for employment. 
(5) CERTAIN
OFFICE
OF
THRIFT
SUPERVISION
EMPLOYEES 
TRANSFERRED.— 
(A) IDENTIFYING
EMPLOYEES
FOR
TRANSFER.—The 
Bureau and the Director of the Office of Thrift Supervision 
shall— 
(i) jointly determine the number of employees of 
the Office of Thrift Supervision necessary to perform 
or support the consumer financial protection functions 
of the Office of Thrift Supervision that are transferred 
to the Bureau by this title; and 
(ii) consistent with the number determined under 
clause (i), jointly identify employees of the Office of 
Thrift Supervision for transfer to the Bureau, in a 
manner that the Bureau and the Office of Thrift Super-
vision, in their sole discretion, determine equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANSFERRED.—All 
employees of the Office of Thrift Supervision identified 
under subparagraph (A)(ii) shall be transferred to the 
Bureau for employment. 
(6) CERTAIN EMPLOYEES OF DEPARTMENT OF HOUSING AND 
URBAN DEVELOPMENT TRANSFERRED.— 
(A) IDENTIFYING
EMPLOYEES
FOR
TRANSFER.—The 
Bureau and the Secretary of the Department of Housing 
and Urban Development shall— 
(i) jointly determine the number of employees of 
the Department of Housing and Urban Development 
necessary to perform or support the consumer protec-
tion functions of the Department that are transferred 
to the Bureau by this title; and 
(ii) consistent with the number determined under 
clause (i), jointly identify employees of the Department 
of Housing and Urban Development for transfer to 
the Bureau in a manner that the Bureau and the
H. R. 4173—676 
(ii) EFFECTIVE
DATE
OF
COVERAGE.—An election 
of coverage by the Federal Employee Retirement Pro-
gram under this subparagraph shall begin on the day 
following the end of the 18-month period beginning 
on the designated transfer date, and benefit accruals 
under the existing retirement plan of the Federal 
Reserve System transferred employee shall end on the 
last day of the 18-month period beginning on the des-
ignated transfer date. 
(C) BUREAU
PARTICIPATION
IN
FEDERAL
RESERVE 
SYSTEM RETIREMENT PLAN.— 
(i) BENEFITS PROVIDED.—Federal Reserve System 
employees transferred pursuant to this subtitle shall 
continue to be eligible to participate in the Federal 
Reserve System Retirement Plan and Federal Reserve 
System Thrift Plan through any period of continuous 
employment with the Bureau, unless the employee 
makes an election under subparagraph (A)(vi) or (B). 
The retirement benefits, formulas, and features offered 
to the Federal Reserve System transferred employees 
shall be the same as those offered to employees of 
the Board of Governors who participate in the Federal 
Reserve System Retirement Plan and the Federal 
Reserve System Thrift Plan, as amended from time 
to time. 
(ii) LIMITATION.—The Bureau shall not have 
responsibility or authority— 
(I) to amend an existing retirement plan 
(including the Federal Reserve System Retirement 
Plan or Federal Reserve System Thrift Plan); 
(II) for administering an existing retirement 
plan (including the Federal Reserve System Retire-
ment Plan or Federal Reserve System Thrift Plan); 
or 
(III) for ensuring the plans comply with 
applicable laws, fiduciary rules, and related 
responsibilities. 
(iii) TAX QUALIFIED STATUS.—Notwithstanding any 
other provision of law, providing benefits to Federal 
Reserve System employees transferred to the Bureau 
pursuant to this subtitle, and to employees who elect 
coverage pursuant to subparagraph (A)(iii) or under 
section 1013(a)(2)(B), shall not cause any existing 
retirement plan (including the Federal Reserve System 
Retirement Plan and the Federal Reserve System 
Thrift Plan) to lose its tax-qualified status under sec-
tions 401(a) and 501(a) of the Internal Revenue Code 
of 1986. 
(iv) BUREAU CONTRIBUTION.—The Bureau shall pay 
any employer contributions to the existing retirement 
plan (including the Federal Reserve System Retirement 
Plan and the Federal Reserve System Thrift Plan) 
for each Federal Reserve System transferred employee 
participating in those plans, as required under the 
plan, after the designated transfer date. 
(v) CONTROLLED GROUP STATUS.—The Bureau is 
the same employer as the Federal Reserve System
H. R. 4173—704 
to the public and the financial markets resulting from 
the offenses; 
(iii) ensure reasonable consistency with other rel-
evant directives and guidelines and Federal statutes; 
(iv) make any necessary conforming changes to 
guidelines; and 
(v) ensure that the guidelines adequately meet 
the purposes of sentencing, as set forth in section 
3553(a)(2) of title 18, United States Code. 
(b) EXTENSION OF STATUTE OF LIMITATIONS FOR SECURITIES 
FRAUD VIOLATIONS.— 
(1) IN GENERAL.—Chapter 213 of title 18, United States 
Code, is amended by adding at the end the following: 
‘‘§ 3301. Securities fraud offenses 
‘‘(a) DEFINITION.—In this section, the term ‘securities fraud 
offense’ means a violation of, or a conspiracy or an attempt to 
violate— 
‘‘(1) section 1348; 
‘‘(2) section 32(a) of the Securities Exchange Act of 1934 
(15 U.S.C. 78ff(a)); 
‘‘(3) section 24 of the Securities Act of 1933 (15 U.S.C. 
77x); 
‘‘(4) section 217 of the Investment Advisers Act of 1940 
(15 U.S.C. 80b–17); 
‘‘(5) section 49 of the Investment Company Act of 1940 
(15 U.S.C. 80a–48); or 
‘‘(6) section 325 of the Trust Indenture Act of 1939 (15 
U.S.C. 77yyy). 
‘‘(b) LIMITATION.—No person shall be prosecuted, tried, or pun-
ished for a securities fraud offense, unless the indictment is found 
or the information is instituted within 6 years after the commission 
of the offense.’’. 
(2) TECHNICAL AND CONFORMING AMENDMENT.—The table 
of sections for chapter 213 of title 18, United States Code, 
is amended by adding at the end the following: 
‘‘3301. Securities fraud offenses.’’. 
(c) AMENDMENTS
TO
THE FALSE CLAIMS ACT RELATING
TO 
LIMITATIONS ON ACTIONS.—Section 3730(h) of title 31, United States 
Code, is amended— 
(1) in paragraph (1), by striking ‘‘or agent on behalf of 
the employee, contractor, or agent or associated others in fur-
therance of other efforts to stop 1 or more violations of this 
subchapter’’ and inserting ‘‘agent or associated others in fur-
therance of an action under this section or other efforts to 
stop 1 or more violations of this subchapter’’; and 
(2) by adding at the end the following: 
‘‘(3) LIMITATION ON BRINGING CIVIL ACTION.—A civil action 
under this subsection may not be brought more than 3 years 
after the date when the retaliation occurred.’’.
H. R. 4173—705 
Subtitle H—Conforming Amendments 
SEC. 1081. AMENDMENTS TO THE INSPECTOR GENERAL ACT. 
Effective on the date of enactment of this Act, the Inspector 
General Act of 1978 (5 U.S.C. App. 3) is amended— 
(1) in section 8G(a)(2), by inserting ‘‘and the Bureau of 
Consumer Financial Protection’’ after ‘‘Board of Governors of 
the Federal Reserve System’’; 
(2) in section 8G(c), by adding at the end the following: 
‘‘For purposes of implementing this section, the Chairman of 
the Board of Governors of the Federal Reserve System shall 
appoint the Inspector General of the Board of Governors of 
the Federal Reserve System and the Bureau of Consumer 
Financial Protection. The Inspector General of the Board of 
Governors of the Federal Reserve System and the Bureau of 
Consumer Financial Protection shall have all of the authorities 
and responsibilities provided by this Act with respect to the 
Bureau of Consumer Financial Protection, as if the Bureau 
were part of the Board of Governors of the Federal Reserve 
System.’’; and 
(3) in section 8G(g)(3), by inserting ‘‘and the Bureau of 
Consumer Financial Protection’’ after ‘‘Board of Governors of 
the Federal Reserve System’’ the first place that term appears. 
SEC. 1082. AMENDMENTS TO THE PRIVACY ACT OF 1974. 
Effective on the date of enactment of this Act, section 552a 
of title 5, United States Code, is amended by adding at the end 
the following: 
‘‘(w) APPLICABILITY
TO
BUREAU
OF
CONSUMER
FINANCIAL 
PROTECTION.—Except as provided in the Consumer Financial 
Protection Act of 2010, this section shall apply with respect to 
the Bureau of Consumer Financial Protection.’’. 
SEC. 1083. AMENDMENTS TO THE ALTERNATIVE MORTGAGE TRANS-
ACTION PARITY ACT OF 1982. 
(a) IN GENERAL.—The Alternative Mortgage Transaction Parity 
Act of 1982 (12 U.S.C. 3801 et seq.) is amended— 
(1) in section 803 (12 U.S.C. 3802(1)), by striking ‘‘1974’’ 
and all that follows through ‘‘described and defined’’ and 
inserting the following: ‘‘1974), in which the interest rate or 
finance charge may be adjusted or renegotiated, described and 
defined’’; and 
(2) in section 804 (12 U.S.C. 3803)— 
(A) in subsection (a)— 
(i) in each of paragraphs (1), (2), and (3), by 
inserting after ‘‘transactions made’’ each place that 
term appears ‘‘on or before the designated transfer 
date, as determined under section 1062 of the Con-
sumer Financial Protection Act of 2010,’’; 
(ii) in paragraph (2), by striking ‘‘and’’ at the end; 
(iii) in paragraph (3), by striking the period at 
the end and inserting ‘‘; and’’; and 
(iv) by adding at the end the following new para-
graph: 
‘‘(4) with respect to transactions made after the designated 
transfer date, only in accordance with regulations governing 
alternative mortgage transactions, as issued by the Bureau
H. R. 4173—711 
(2) in subsection (f), by striking ‘‘Board.’’ each place that 
term appears and inserting the following: ‘‘Board, jointly with 
the Director of the Bureau of Consumer Financial Protection.’’. 
(c) AMENDMENTS TO SECTION 605.—Section 605 of the Expedited 
Funds Availability Act (12 U.S.C. 4004) is amended— 
(1) by inserting after ‘‘Board’’ each place that term appears, 
other than in the heading for section 605(f)(1), the following: 
‘‘, jointly with the Director of the Bureau of Consumer Financial 
Protection,’’; and 
(2) in subsection (f)(1), in the paragraph heading, by 
inserting ‘‘AND BUREAU’’ after ‘‘BOARD’’. 
(d) AMENDMENTS TO SECTION 609.—Section 609 of the Expe-
dited Funds Availability Act (12 U.S.C. 4008) is amended: 
(1) in subsection (a), by inserting after ‘‘Board’’ the following 
‘‘, jointly with the Director of the Bureau of Consumer Financial 
Protection,’’; and 
(2) by striking subsection (e) and inserting the following: 
‘‘(e) CONSULTATIONS.—In prescribing regulations under sub-
sections (a) and (b), the Board and the Director of the Bureau 
of Consumer Financial Protection, in the case of subsection (a), 
and the Board, in the case of subsection (b), shall consult with 
the Comptroller of the Currency, the Board of Directors of the 
Federal Deposit Insurance Corporation, and the National Credit 
Union Administration Board.’’. 
(e) EXPEDITED FUNDS AVAILABILITY IMPROVEMENTS.—Section 
603 of the Expedited Funds Availability Act (12 U.S.C. 4002) is 
amended— 
(1) in subsection (a)(2)(D), by striking ‘‘$100’’ and inserting 
‘‘$200’’; and 
(2) in subsection (b)(3)(C), in the subparagraph heading, 
by striking ‘‘$100’’ and inserting ‘‘$200’’; and 
(3) in subsection (c)(1)(B)(iii), in the clause heading, by 
striking ‘‘$100’’ and inserting ‘‘$200’’. 
(f) REGULAR ADJUSTMENTS FOR INFLATION.—Section 607 of the 
Expedited Funds Availability Act (12 U.S.C. 4006) is amended 
by adding at the end the following: 
‘‘(f) ADJUSTMENTS TO DOLLAR AMOUNTS FOR INFLATION.—The 
dollar amounts under this title shall be adjusted every 5 years 
after December 31, 2011, 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 $25.’’. 
SEC. 1087. AMENDMENTS TO THE FAIR CREDIT BILLING ACT. 
The Fair Credit Billing Act (15 U.S.C. 1666–1666j) is amended 
by striking ‘‘Board’’ each place that term appears, other than in 
section 105(i) (as added by this subtitle) and inserting ‘‘Bureau’’. 
SEC. 1088. AMENDMENTS TO THE FAIR CREDIT REPORTING ACT AND 
THE FAIR AND ACCURATE CREDIT TRANSACTIONS ACT 
OF 2003. 
(a) FAIR CREDIT REPORTING ACT.—The Fair Credit Reporting 
Act (15 U.S.C. 1681 et seq.) is amended— 
(1) in section 603 (15 U.S.C. 1681a)— 
(A) by redesignating subsections (w) and (x) as sub-
sections (x) and (y), respectively; and 
(B) by inserting after subsection (v) the following:
H. R. 4173—712 
‘‘(w) The term ‘Bureau’ means the Bureau of Consumer Finan-
cial Protection.’’; and 
(2) except as otherwise specifically provided in this sub-
section— 
(A) by striking ‘‘Federal Trade Commission’’ each place 
that term appears and inserting ‘‘Bureau’’; 
(B) by striking ‘‘FTC’’ each place that term appears 
and inserting ‘‘Bureau’’; 
(C) by striking ‘‘the Commission’’ each place that term 
appears, other than sections 615(e) (15 U.S.C. 1681m(e)) 
and 628(a)(1) (15 U.S.C. 1681w(a)(1)), and inserting ‘‘the 
Bureau’’; and 
(D) by striking ‘‘The Federal banking agencies, the 
National Credit Union Administration, and the Commission 
shall jointly’’ each place that term appears, other than 
section 615(e)(1) (15 U.S.C. 1681m(e)) and section 628(a)(1) 
(15 U.S.C. 1681w(a)(1)), and inserting ‘‘The Bureau shall’’; 
(3) in section 603(k)(2) (15 U.S.C. 1681a(k)(2)), by striking 
‘‘Board of Governors of the Federal Reserve System’’ and 
inserting ‘‘Bureau’’; 
(4) in section 604(g) (15 U.S.C. 1681b(g))— 
(A) in paragraph (3), by striking subparagraph (C) 
and inserting the following: 
‘‘(C) as otherwise determined to be necessary and 
appropriate, by regulation or order, by the Bureau or the 
applicable State insurance authority (with respect to any 
person engaged in providing insurance or annuities).’’; and 
(B) by striking paragraph (5) and inserting the fol-
lowing: 
‘‘(5) REGULATIONS
AND
EFFECTIVE
DATE
FOR
PARAGRAPH 
(2).— 
‘‘(A) REGULATIONS REQUIRED.—The Bureau may, after 
notice and opportunity for comment, prescribe 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), con-
sistent with the intent of paragraph (2) to restrict the 
use of medical information for inappropriate purposes.’’; 
(5) in section 605(h)(2)(A) (15 U.S.C. 1681c(h)(2)(A)), by 
striking ‘‘with respect to the entities that are subject to their 
respective enforcement authority under section 621’’ and 
inserting ‘‘, in consultation with the Federal banking agencies, 
the National Credit Union Administration, and the Federal 
Trade Commission,’’. 
(6) in section 611(e)(2) (15 U.S.C. 1681i(e)), by striking 
paragraph (2) and inserting the following: 
‘‘(2) EXCLUSION.—Complaints received or obtained by the 
Bureau pursuant to its investigative authority under the Con-
sumer Financial Protection Act of 2010 shall not be subject 
to paragraph (1).’’; 
(7) in section 615(d)(2)(B) (15 U.S.C. 1681m(d)(2)(B)), by 
striking ‘‘the Federal banking agencies’’ and inserting ‘‘the Fed-
eral Trade Commission, the Federal banking agencies,’’; 
(8) in section 615(e)(1) (15 U.S.C. 1681m(e)(1)), by striking 
‘‘and the Commission’’ and inserting ‘‘the Federal Trade
H. R. 4173—718 
under the Federal Trade Commission Act are available to the Fed-
eral Trade Commission to enforce compliance by any person with 
this title, irrespective of whether that person is engaged in com-
merce or meets any other jurisdictional tests under the Federal 
Trade Commission Act, including 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 inserting ‘‘Subject 
to subtitle B of the Consumer Financial Protection 
Act of 2010, compliance’’; 
(ii) by striking paragraphs (1) and (2) and inserting 
the following: 
‘‘(1) section 8 of the Federal Deposit Insurance Act, by 
the appropriate Federal banking agency, as defined in section 
3(q) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)), 
with respect to— 
‘‘(A) national banks, Federal savings associations, and 
Federal branches and Federal agencies of foreign banks; 
‘‘(B) member banks of the Federal Reserve System 
(other than national banks), branches and agencies of for-
eign banks (other than Federal branches, Federal agencies, 
and insured State branches of foreign banks), commercial 
lending companies owned or controlled by foreign banks, 
and organizations operating under section 25 or 25A of 
the Federal Reserve Act; and 
‘‘(C) banks and State savings associations insured by 
the Federal Deposit Insurance Corporation (other than 
members of the Federal Reserve System), and insured State 
branches of foreign banks;’’; 
(iii) by redesignating paragraphs (3) through (6), 
as paragraphs (2) through (5), respectively; 
(iv) in paragraph (4) (as so redesignated), by 
striking ‘‘and’’ at the end; 
(v) in paragraph (5) (as so redesignated), by 
striking the period at the end and inserting ‘‘; and’’; 
and 
(vi) by inserting before the undesignated matter 
at the end the following: 
‘‘(6) subtitle E of the Consumer Financial Protection Act 
of 2010, by the Bureau, with respect to any person subject 
to this title.’’. 
(4) in subsection (d), by striking ‘‘Neither the Commission’’ 
and all that follows through the end of the subsection and 
inserting the following: ‘‘Except as provided in section 1029(a) 
of the Consumer Financial Protection Act of 2010, the Bureau 
may prescribe rules with respect to the collection of debts 
by debt collectors, as defined in this title.’’. 
SEC. 1090. AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE 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 adding at the 
end the following:
H. R. 4173—719 
‘‘(6) REFERRAL TO BUREAU OF CONSUMER FINANCIAL PROTEC-
TION.—Subject to subtitle B of the Consumer Financial Protec-
tion Act of 2010, each appropriate Federal banking agency 
shall make a referral to the Bureau of Consumer Financial 
Protection when the Federal banking agency has a reasonable 
belief that a violation of an enumerated consumer law, as 
defined in the Consumer Financial Protection Act of 2010, 
has been committed by any insured depository institution or 
institution-affiliated party within the jurisdiction of that appro-
priate Federal banking agency.’’; and 
(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 ‘‘Federal Trade 
Commission’’ and inserting ‘‘Bureau’’; and 
(ii) by adding at the end the following new para-
graph: 
‘‘(5) BUREAU.—The term ‘Bureau’ means the Bureau of 
Consumer Financial Protection.’’; and 
(D) in subsection (f)— 
(i) by striking paragraph (1) and inserting the 
following: 
‘‘(1) LIMITED ENFORCEMENT AUTHORITY.—Compliance with 
the requirements of subsections (b), (c), and (e), and any regula-
tion 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 
Financial Protection Act of 2010, and under the Federal Trade 
Commission Act (15 U.S.C. 41 et seq.) by the Federal Trade 
Commission.’’; and 
(ii) in paragraph (2), by striking subparagraph (C) 
and inserting the following: 
‘‘(C) LIMITATION
ON
STATE
ACTION
WHILE
FEDERAL 
ACTION PENDING.—If the Bureau or Federal Trade Commis-
sion has instituted an enforcement action for a violation 
of this section, no appropriate State supervisory agency 
may, during the pendency of such action, bring an action 
under this section against any defendant named in the 
complaint of the Bureau or Federal Trade Commission 
for any violation of this section that is alleged in that 
complaint.’’. 
SEC. 1091. AMENDMENT TO FEDERAL FINANCIAL INSTITUTIONS EXAM-
INATION COUNCIL ACT OF 1978. 
Section 1004(a)(4) of the Federal Financial Institutions Exam-
ination Council Act of 1978 (12 U.S.C. 3303(a)(4)) is amended by 
striking ‘‘Director, Office of Thrift Supervision’’ and inserting 
‘‘Director of the Consumer Financial Protection Bureau’’. 
SEC. 1092. AMENDMENTS TO THE FEDERAL TRADE COMMISSION ACT. 
Section 18(f) of the Federal Trade Commission Act (15 U.S.C. 
57a(f)) is amended— 
(1) by striking the subsection heading and inserting the 
following:
H. R. 4173—720 
‘‘(f) DEFINITIONS OF BANKS, SAVINGS AND LOAN INSTITUTIONS, 
AND FEDERAL CREDIT UNIONS.—’’. 
(2) by striking paragraph (1) and inserting the following: 
‘‘(1) [Repealed.]’’; 
(3) by striking paragraphs (5) through (7); 
(4) in paragraph (2)— 
(A) by striking ‘‘(2) ENFORCEMENT’’ and all that follows 
through ‘‘in the case of’’ and inserting the following: 
‘‘(2) DEFINITION.—For purposes of this Act, the term ‘bank’ 
means’’; 
(B) in subparagraph (A), by striking ‘‘, by the division’’ 
and all that follows through ‘‘Currency’’; 
(C) in subparagraph (B)— 
(i) by striking ‘‘, by the division’’ and all that 
follows through ‘‘System’’; and 
(ii) by striking ‘‘25(a)’’ and inserting ‘‘25A’’; and 
(D) in subparagraph (C)— 
(i) by striking ‘‘(other’’ and inserting ‘‘(other than’’; 
and 
(ii) by striking ‘‘, by the division’’ and all that 
follows through ‘‘Corporation’’; 
(5) in paragraph (3), by striking ‘‘Compliance’’ and all that 
follows through ‘‘as defined in’’ and inserting the following: 
‘‘For purposes of this Act, the term ‘‘savings and loan institu-
tion’’ has the same meaning as in’’; and 
(6) in paragraph (4), by striking ‘‘Compliance’’ and all that 
follows through ‘‘credit unions under’’ and inserting the fol-
lowing: ‘‘For purposes of this Act, the term ‘‘Federal credit 
union’’ has the same meaning as in’’. 
SEC. 1093. 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 501(b) (15 U.S.C. 6801(b)), by inserting ‘‘, 
other than the Bureau of Consumer Financial Protection,’’ after 
‘‘505(a)’’; 
(2) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), by inserting 
‘‘the 
Bureau 
of 
Consumer 
Financial 
Protection’’ 
after 
‘‘(including’’; 
(3) in section 504(a) (15 U.S.C. 6804(a))— 
(A) by striking paragraphs (1) and (2) and inserting 
the following: 
‘‘(1) RULEMAKING.— 
‘‘(A) IN GENERAL.—Except as provided in subparagraph 
(C), the Bureau of Consumer Financial Protection and the 
Securities and Exchange Commission shall have authority 
to prescribe such regulations as may be necessary to carry 
out the purposes of this subtitle with respect to financial 
institutions and other persons subject to their respective 
jurisdiction under section 505 (and notwithstanding sub-
title B of the Consumer Financial Protection Act of 2010), 
except that the Bureau of Consumer Financial Protection 
shall not have authority to prescribe regulations with 
respect to the standards under section 501. 
‘‘(B) 
CFTC.—The 
Commodity 
Futures 
Trading 
Commission shall have authority to prescribe such regula-
tions as may be necessary to carry out the purposes of
H. R. 4173—730 
SEC. 1098A. AMENDMENTS TO THE INTERSTATE LAND SALES FULL 
DISCLOSURE ACT. 
The Interstate Land Sales Full Disclosure Act (15 U.S.C. 1701 
et seq.) is amended— 
(1) by striking ‘‘Secretary’’ each place that term appears 
and inserting ‘‘Director’’; 
(2) by striking ‘‘Department of Housing and Urban Develop-
ment’’ each place that term appears and inserting ‘‘Bureau 
of Consumer Financial Protection’’; 
(3) by striking ‘‘Department’’ each place that term appears 
and inserting ‘‘Bureau’’; 
(4) in section 1402 (15 U.S.C. 1701)— 
(A) by striking paragraph (1) and inserting the fol-
lowing: 
‘‘(1) ‘Director’ means the Director of the Bureau of Con-
sumer Financial Protection;’’; 
(B) in paragraph (10), by striking ‘‘and’’ at the end; 
(C) in paragraph (11), by striking the period at the 
end and inserting ‘‘; and’’; and 
(D) by adding at the end the following: 
‘‘(12) ‘Bureau’ means the Bureau of Consumer Financial 
Protection.’’; and 
(5) in section 1416(a) (15 U.S.C. 1715(a)), by striking ‘‘Sec-
retary of Housing and Urban Development’’ and inserting 
‘‘Director of the Bureau of Consumer Financial Protection’’. 
SEC. 1099. AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY 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 
(B) in paragraph (7), by striking subparagraph (B), 
and inserting the following: 
‘‘(B) the Bureau of Consumer Financial Protection;’’; 
(2) in section 1112(e) (12 U.S.C. 3412(e)), by striking ‘‘and 
the Commodity Futures Trading Commission 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 FINANCIAL 
PROTECTION.—Nothing in this title shall apply to the examination 
by or disclosure to the Bureau of Consumer Financial Protection 
of financial records or information in the exercise of its authority 
with respect to a financial institution.’’. 
SEC. 1100. AMENDMENTS TO THE SECURE AND FAIR ENFORCEMENT 
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—