106 
consumer law, or any law for which authorities were 
transferred by subtitles F and H, shall have jurisdic-
tion to grant any appropriate legal or equitable relief 
with respect to a violation of this title, any enumer-
ated consumer law, and any law for which authori-
ties were transferred by subtitles F and H, including 
a violation of a regulation prescribed or order issued 
under this title, any enumerated consumer law and 
any law for which authorities were transferred by 
subtitles F and H. 
(2) RELIEF.—Such relief may include— 
(A) rescission or reformation of contracts; 
(B) refund of moneys or return of real 
property; 
(C) restitution; 
(D) compensation for unjust enrichment; 
(E) payment of damages; 
(F) public notification regarding the viola-
tion, including the costs of notification; 
(G) limits on the activities or functions of 
the person; and 
(H) civil money penalties, as set forth 
more fully in subsection (d). 
(3) NO EXEMPLARY OR PUNITIVE DAMAGES.— 
Nothing in this subsection shall be construed as au-
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thorizing the imposition of exemplary or punitive 
damages. 
(b) RECOVERY OF COSTS.—In any action brought by 
the Agency to enforce any provision of this title, any enu-
merated consumer law, any law for which authorities were 
transferred by subtitles F and H, or any regulation pre-
scribed or order issued by the Agency under this title or 
pursuant to any such authority, the Agency may recover 
its costs in connection with prosecuting such action if the 
Agency is the prevailing party in the action. 
(c) CIVIL MONEY PENALTY IN COURT AND ADMINIS-
TRATIVE ACTIONS.— 
(1) Any person that violates any provision of 
this title, any enumerated consumer law, or any reg-
ulation prescribed or order issued by the Agency 
under this title shall forfeit and pay a civil penalty 
pursuant to this subsection determined as follows: 
(A) FIRST TIER.—For any violation of a 
final order or condition imposed in writing by 
the Agency, a civil penalty shall not exceed 
$5,000 for each day during which such violation 
continues. 
(B) 
SECOND
TIER.—Notwithstanding 
paragraph (A), for any violation of a regulation 
prescribed under section 136 or for any person 
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that recklessly engages in a violation of this 
title, any enumerated consumer law, or any reg-
ulation prescribed or order issued by the Agen-
cy under this title, relating to the provision of 
an alternative consumer financial product or 
service, a civil penalty shall not exceed $25,000 
for each day during which such violation con-
tinues. 
(C) THIRD
TIER.—Notwithstanding sub-
paragraphs (A) and (B), for any person that 
knowingly violates this title, any enumerated 
consumer law, or any regulation prescribed or 
order issued by the Agency under this title, a 
civil penalty shall not exceed $1,000,000 for 
each day during which such violation continues. 
(2) MITIGATING FACTORS.—In determining the 
amount of any penalty assessed under paragraph 
(1), the Agency or the court shall take into account 
the appropriateness of the penalty with respect to— 
(A) the size of financial resources and good 
faith of the person charged; 
(B) the gravity of the violation; 
(C) the severity of the risks to or losses of 
the consumer, which may take into account the 
number of products or services sold or provided; 
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(D) the history of previous violations; and 
(E) such other matters as justice may re-
quire. 
(3) AUTHORITY
TO
MODIFY
OR
REMIT
PEN-
ALTY.—The Agency may compromise, modify, or 
remit any penalty which may be assessed or had al-
ready been assessed under paragraph (1). The 
amount of such penalty, when finally determined, 
shall be exclusive of any sums owed by the person 
to the United States in connection with the costs of 
the proceeding, and may be deducted from any sums 
owing by the United States to the person charged. 
(4) NOTICE AND HEARING.—No civil penalty 
may be assessed with respect to a violation of this 
title, any enumerated consumer law, or any regula-
tion prescribed or order issued by the Agency, un-
less— 
(A) the Agency gives notice and an oppor-
tunity for a hearing to the person accused of 
the violation; or 
(B) the appropriate court has ordered such 
assessment and entered judgment in favor of 
the Agency. 
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110 
SEC. 156. REFERRALS FOR CRIMINAL PROCEEDINGS. 
Whenever the Agency obtains evidence that any per-
son, either domestic or foreign, has engaged in conduct 
that may constitute a violation of Federal criminal law, 
the Agency shall have the power to transmit such evidence 
to the Attorney General, who may institute criminal pro-
ceedings under appropriate law. Nothing in this section 
affects any other authority of the Agency to disclose infor-
mation. 
SEC. 157. EMPLOYEE PROTECTION. 
(a) IN GENERAL.—No person shall terminate or in 
any other way discriminate against, or cause to be termi-
nated or discriminated against, any employee or any au-
thorized representative of employees by reason of the fact 
that such employee or representative has provided infor-
mation to the Agency, filed, instituted or caused to be filed 
or instituted any proceeding under this title, any enumer-
ated consumer law, or any law for which authorities were 
transferred by subtitles F and H, or has testified or is 
about to testify in any proceeding resulting from the ad-
ministration or enforcement of the provisions of this title. 
(b) AGENCY REVIEW OF TERMINATION.— 
(1) APPLICATION FOR REVIEW.—Any employee 
or representative of employees who believes that he 
has been terminated or otherwise discriminated 
against by any person in violation of subsection (a) 
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111 
may, within 45 days after such alleged violated oc-
curs, apply to the Agency for review of such termi-
nation or alleged discrimination. 
(2) COPY TO RESPONDENT.—A copy of the ap-
plication shall be sent to the person who is alleged 
to have terminated or otherwise discriminated 
against an employee, and such person shall be the 
respondent. 
(3) INVESTIGATION.—Upon receipt of such ap-
plication, the Agency shall cause such investigation 
to be made as the Agency deems appropriate. 
(4) HEARING.—Any investigation under this 
subsection shall provide an opportunity for a public 
hearing at the request of any party to such review 
to enable the parties to present information relating 
to such alleged violation. 
(5) NOTICE OF TIME AND PLACE FOR HEAR-
ING.—The parties shall be given written notice of 
the time and place of the hearing at least 5 days 
prior to the hearing. 
(6) PROCEDURE.—Any hearing under this sub-
section shall be of record and shall be subject to sec-
tion 554 of title 5, United States Code. 
(7) DETERMINATION.— 
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112 
(A) IN GENERAL.—Upon receiving the re-
port of such investigation, the Agency shall 
make findings of fact. 
(B) ISSUANCE OF DECISION.—If the Agen-
cy finds that there is sufficient evidence in the 
record to conclude that such a violation did 
occur, the Agency shall issue a decision, incor-
porating an order therein and the Agency’s 
findings, requiring the party committing such 
violation to take such affirmative action to 
abate the violation as the Agency deems appro-
priate, including reinstating or rehiring the em-
ployee or representative of employees to the 
former position with compensation. 
(C) DENIAL
OF
APPLICATION.—If the 
Agency finds insufficient evidence to support 
the allegations made in the application, the 
Agency shall deny the application. 
(8) JUDICIAL REVIEW.—An order issued by the 
Agency under this subsection (b) shall be subject to 
judicial review in the same manner as orders and de-
cisions are subject to judicial review under this title 
or any enumerated consumer law. 
(c) COSTS AND EXPENSES.—Whenever an order is 
issued under this section to abate such violation, at the 
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113 
request of the applicant a sum equal to the aggregate 
amount of all costs and expenses (including attorney’s 
fees) determined by the Agency to have been reasonably 
incurred by the applicant for, or in connection with, the 
application and prosecution of such proceedings shall be 
assessed against the person committing such violation. 
(d) EXCEPTION.—This section shall not apply to any 
employee who acting without discretion from the employer 
of such employee (or the employer’s agent) deliberately 
violates any requirement of this title or any enumerated 
consumer law. 
SEC. 158. EFFECTIVE DATE. 
This subtitle shall take effect on the designated 
transfer date. 
Subtitle F—Transfer of Functions 
and 
Personnel; 
Transitional 
Provisions 
SEC. 161. TRANSFER OF CERTAIN FUNCTIONS. 
(a) IN GENERAL.—Except as provided in subsection 
(b), consumer financial protection functions are trans-
ferred as follows: 
(1) BOARD OF GOVERNORS.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the 
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114 
Board of Governors are transferred to the 
Agency. 
(B) BOARD OF GOVERNORS’ AUTHORITY.— 
The Agency shall have all powers and duties 
that were vested in the Board of Governors, re-
lating to consumer financial protection func-
tions, on the day before the designated transfer 
date. 
(2) COMPTROLLER OF THE CURRENCY.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the 
Comptroller of the Currency are transferred to 
the Agency. 
(B) COMPTROLLER’S
AUTHORITY.—The 
Agency shall have all powers and duties that 
were vested in the Comptroller of the Currency, 
relating to consumer financial protection func-
tions, on the day before the designated transfer 
date. 
(3) DIRECTOR OF THE OFFICE OF THRIFT SU-
PERVISION.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the Di-
rector of the Office of Thrift Supervision are 
transferred to the Agency. 
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115 
(B) DIRECTOR’S AUTHORITY.—The Agen-
cy shall have all powers and duties that were 
vested in the Director of the Office of Thrift 
Supervision, relating to consumer financial pro-
tection functions, on the day before the des-
ignated transfer date. 
(4) FEDERAL DEPOSIT INSURANCE CORPORA-
TION.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the Fed-
eral Deposit Insurance Corporation are trans-
ferred to the Agency. 
(B) 
CORPORATION’S
AUTHORITY.—The 
Agency shall have all powers and duties that 
were vested in the Federal Deposit Insurance 
Corporation, relating to consumer financial pro-
tection functions, on the day before the des-
ignated transfer date. 
(5) FEDERAL TRADE COMMISSION.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the Fed-
eral Trade Commission are transferred to the 
Agency. 
(B) 
COMMISSION’S
AUTHORITY.—The 
Agency shall have all powers and duties that 
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116 
were vested in the Federal Trade Commission, 
relating to consumer financial protection func-
tions, on the day before the designated transfer 
date. 
(6) NATIONAL
CREDIT
UNION
ADMINISTRA-
TION.— 
(A) TRANSFER OF FUNCTIONS.—All con-
sumer financial protection functions of the Na-
tional Credit Union Administration are trans-
ferred to the Agency. 
(B) NATIONAL
CREDIT
UNION
ADMINIS-
TRATION’S AUTHORITY.—The Agency shall have 
all powers and duties that were vested in the 
National Credit Union Administration, relating 
to consumer financial protection functions, on 
the day before the designated transfer date. 
(b) TRANSFERS OF FUNCTIONS SUBJECT TO BACK-
STOP
ENFORCEMENT
AUTHORITY
REMAINING
WITH 
TRANSFEROR AGENCIES.—The transfers of functions in 
subsection (a) shall not affect the authority of the agencies 
identified in subsection (a) from initiating enforcement 
proceedings under the circumstances described in section 
122(e)(3). 
(c) TERMINATION OF AUTHORITY OF TRANSFEROR 
AGENCIES TO COLLECT FEES FOR CONSUMER FINAN-
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117 
CIAL PROTECTION PURPOSES.—Authorities of the agen-
cies identified in subsection (a) to assess and collect fees 
to cover the cost of conducting consumer financial protec-
tion functions shall terminate on the day before the des-
ignated transfer date. 
(d) CONSUMER FINANCIAL PROTECTION FUNCTIONS 
DEFINED.—For purposes of this subtitle, the term ‘‘con-
sumer financial protection functions’’ means research, 
rulemaking, issuance of orders or guidance, supervision, 
examination, and enforcement activities, powers, and du-
ties relating to the provision of consumer financial prod-
ucts or services, including the authority to assess and col-
lect fees for those purposes, except that such term shall 
not include any such function relating to an agency’s re-
sponsibilities under the Community Reinvestment Act of 
1977. 
(e) EFFECTIVE DATE.—Subsections (a) and (b) shall 
take effect on the designated transfer date. 
SEC. 162. DESIGNATED TRANSFER DATE. 
(a) IN GENERAL.—Not later than 60 days after the 
date of the enactment of this Act, the Secretary— 
(1) shall, in consultation with the Chairman of 
the Board of Governors, the Chairperson of the Fed-
eral Deposit Insurance Corporation, the Chairman 
of the Federal Trade Commission, the Chairman of 
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118 
the National Credit Union Administration Board, 
the Comptroller of the Currency, the Director of the 
Office of Thrift Supervision, and the Director of the 
Office of Management and Budget, designate a sin-
gle calendar date for the transfer of functions to the 
Agency under section 161; and 
(2) shall publish notice of that designation 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 Fed-
eral Deposit Insurance 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, 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 designa-
tion in the Federal Register. 
(c) PERMISSIBLE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), any date designated under this section 
shall be not earlier than 180 days nor later than 18 
months after the date of the enactment of this Act. 
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119 
(2) EXTENSION OF TIME.—The Secretary may 
designate a date that is later than 18 months after 
the date of the enactment of this Act if the Sec-
retary transmits to appropriate committees of Con-
gress— 
(A) a written determination that orderly 
implementation of this title is not feasible on 
the date that is 18 months after the date of the 
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 implemen-
tation of this title within the extended time pe-
riod. 
(3) EXTENSION LIMITED.—In no case shall any 
date designated under this section be later than 24 
months after the date of the enactment of this Act. 
SEC. 163. SAVINGS PROVISIONS. 
(a) BOARD OF GOVERNORS.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Section 161(a)(1) shall not 
affect the validity of any right, duty, or obligation of 
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120 
the United States, the Board of Governors (or any 
Federal reserve bank), or any other person that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the Board of Governors transferred to 
the Agency by this title; and 
(B) existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—This Act shall 
not abate any proceeding commenced by or against 
the Board of Governors (or any Federal reserve 
bank) before the designated transfer date with re-
spect to any consumer financial protection function 
of the Board of Governors (or any Federal reserve 
bank) transferred to the Agency by this title, except 
that the Agency 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 OBLIGA-
TIONS NOT AFFECTED.—Section 161(a)(4) shall not 
affect the validity of any right, duty, or obligation of 
the United States, the Federal Deposit Insurance 
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121 
Corporation, the Board of Directors of that Corpora-
tion, or any other person, that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the Federal Deposit Insurance Corpora-
tion transferred to the Agency by this title; and 
(B) existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—This Act shall 
not abate any proceeding commenced by or against 
the Federal Deposit Insurance Corporation (or the 
Board of Directors of that Corporation) before the 
designated transfer date with respect to any con-
sumer financial protection function of the Federal 
Deposit Insurance Corporation transferred to the 
Agency by this title, except that the Agency shall be 
substituted for the Federal Deposit Insurance Cor-
poration (or Board of Directors) as a party to any 
such proceeding as of the designated transfer date. 
(c) FEDERAL TRADE COMMISSION.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Section 161(a)(5) shall not 
affect the validity of any right, duty, or obligation of 
the United States, the Federal Trade Commission, 
or any other person, that— 
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122 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
tion of the Federal Trade Commission trans-
ferred to the Agency by this title; and 
(B) existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—This Act shall 
not abate any proceeding commenced by or against 
the Federal Trade Commission before the designated 
transfer date with respect to any consumer financial 
protection function of the Federal Trade Commis-
sion transferred to the Agency by this title, except 
that the Agency shall be substituted for the Federal 
Trade Commission as a party to any such pro-
ceeding as of the designated transfer date. 
(d) NATIONAL CREDIT UNION ADMINISTRATION.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Section 161(a)(6) shall not 
affect the validity of any right, duty, or obligation of 
the United States, the National Credit Union Ad-
ministration, the National Credit Union Administra-
tion Board, or any other person, that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
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123 
tion of the National Credit Union Administra-
tion transferred to the Agency by this title; and 
(B) existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—This Act shall 
not abate any proceeding commenced by or against 
the National Credit Union Administration (or the 
National Credit Union Administration Board) before 
the designated transfer date with respect to any con-
sumer financial protection function of the National 
Credit Union Administration transferred to the 
Agency by this title, except that the Agency shall be 
substituted for the National Credit Union Adminis-
tration (or National Credit Union Administration 
Board) as a party to any such proceeding as of the 
designated transfer date. 
(e) COMPTROLLER OF THE CURRENCY.— 
(1) EXISTING RIGHTS, DUTIES, AND OBLIGA-
TIONS NOT AFFECTED.—Section 161(a)(2) shall not 
affect the validity of any right, duty, or obligation of 
the United States, the Comptroller of the Currency, 
the Office of the Comptroller of the Currency, or 
any other person, that— 
(A) arises under any provision of law relat-
ing to any consumer financial protection func-
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125 
pervision transferred to the Agency by this title; 
and 
(B) that existed on the day before the des-
ignated transfer date. 
(2) CONTINUATION OF SUITS.—This Act shall 
not abate any proceeding commenced by or against 
the Director of the Office of Thrift Supervision (or 
the Office of Thrift Supervision) with respect to any 
consumer financial protection function of the Direc-
tor of the Office of Thrift Supervision transferred to 
the Agency by this title before the designated trans-
fer date, except that the Agency shall be substituted 
for the Director (or the Office of Thrift Supervision) 
as a party to any such proceeding as of the des-
ignated transfer date. 
(g) CONTINUATION OF EXISTING ORDERS, REGULA-
TIONS, DETERMINATIONS, AGREEMENTS, AND RESOLU-
TIONS.—All orders, resolutions, determinations, agree-
ments, and regulations that have been issued, made, pre-
scribed, or allowed to become effective by the Board of 
Governors (or any Federal reserve bank), the Federal De-
posit Insurance Corporation, the Federal Trade Commis-
sion, the National Credit Union Administration, the Office 
of the Comptroller of the Currency, or the Office of Thrift 
Supervision, or by a court of competent jurisdiction, in 
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126 
the performance of consumer financial protection func-
tions that are transferred by this title and that are in ef-
fect on the day before the designated transfer date, shall 
continue in effect according to the terms of those orders, 
resolutions, determinations, agreements, and regulations, 
and shall be enforceable by or against the Agency until 
modified, terminated, set aside, or superseded in accord-
ance with applicable law by the Agency, by any court of 
competent jurisdiction, or by operation of law. 
(h) IDENTIFICATION
OF
REGULATIONS
CONTIN-
UED.—Not later than the designated transfer date, the 
Agency— 
(1) shall, after consultation with the Chairman 
of the Board of Governors, the Chairperson of the 
Federal Deposit Insurance Corporation, the Chair-
man of the Federal Trade Commission, the Chair-
man of the National Credit Union Administration 
Board, the Comptroller of the Currency, and the Di-
rector of the Office of Thrift Supervision, identify 
the regulations continued under subsection (g) that 
will be enforced by the Agency; and 
(2) shall publish a list of such regulations in 
the Federal Register. 
(i) STATUS OF REGULATIONS PROPOSED OR NOT 
YET EFFECTIVE.— 
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127 
(1) PROPOSED
REGULATIONS.—Any proposed 
regulation of the Board of Governors, the Federal 
Deposit Insurance Corporation, the Federal Trade 
Commission, the National Credit Union Administra-
tion, the Office of the Comptroller of the Currency, 
or the Office of Thrift Supervision, which that agen-
cy, in performing consumer financial protection 
functions transferred by this title, has proposed be-
fore the designated transfer date but has not pub-
lished as a final rule before that date, shall be 
deemed to be a proposed regulation of the Agency. 
(2) REGULATIONS NOT YET EFFECTIVE.—Any 
interim or final regulation of Board of Governors, 
the Federal Deposit Insurance Corporation, the Fed-
eral Trade Commission, the National Credit Union 
Administration, the Office of the Comptroller of the 
Currency, or the Office of Thrift Supervision, which 
that agency, in performing consumer financial pro-
tection functions transferred by this title, has pub-
lished before the designated transfer date but which 
has not become effective before that date, shall take 
effect as a regulation of the Agency according to its 
terms. 
SEC. 164. TRANSFER OF CERTAIN PERSONNEL. 
(a) IN GENERAL.— 
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128 
(1) CERTAIN FEDERAL RESERVE SYSTEM EM-
PLOYEES TRANSFERRED.— 
(A) IDENTIFYING EMPLOYEES FOR TRANS-
FER.—The Agency and the Board of Governors 
shall— 
(i) jointly determine the number of 
employees of the Board necessary to per-
form or support the consumer financial 
protection functions of the Board of Gov-
ernors that are transferred to the Agency 
by this title; and 
(ii) consistent with the number deter-
mined under clause (i), jointly identify em-
ployees of the Board of Governors for 
transfer to the Agency in a manner that 
the Agency and the Board of Governors, in 
their sole discretion, deem equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the Board of Gov-
ernors identified under subparagraph (A)(ii) 
shall be transferred to the Agency for employ-
ment. 
(C) FEDERAL
RESERVE
BANK
EMPLOY-
EES.—Employees of any Federal reserve bank 
who, on the day before the designated transfer 
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129 
date, are performing consumer financial protec-
tion functions on behalf of the Board of Gov-
ernors shall be treated as employees of the 
Board of Governors for purposes of subpara-
graphs (A) and (B). 
(2) 
CERTAIN
FDIC
EMPLOYEES
TRANS-
FERRED.— 
(A) IDENTIFYING EMPLOYEES FOR TRANS-
FER.—The Agency and the Board of Directors 
of the Federal Deposit Insurance Corporation 
shall— 
(i) jointly determine the number of 
employees of that Corporation necessary to 
perform or support the consumer financial 
protection functions of the Corporation 
that are transferred to the Agency by this 
title; and 
(ii) consistent with the number deter-
mined under clause (i), jointly identify em-
ployees of the Corporation for transfer to 
the Agency in a manner that the Agency 
and the Board of Directors of the Corpora-
tion, in their sole discretion, deem equi-
table. 
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130 
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the Corporation 
identified under subparagraph (A)(ii) shall be 
transferred to the Agency for employment. 
(3) 
CERTAIN
NCUA
EMPLOYEES
TRANS-
FERRED.— 
(A) IDENTIFYING EMPLOYEES FOR TRANS-
FER.—The Agency and the National Credit 
Union Administration Board shall— 
(i) jointly determine the number of 
employees of the National Credit Union 
Administration necessary to perform or 
support the consumer financial protection 
functions of the National Credit Union Ad-
ministration that are transferred to the 
Agency by this title; and 
(ii) consistent with the number deter-
mined under clause (i), jointly identify em-
ployees of the National Credit Union Ad-
ministration for transfer to the Agency in 
a manner that the Agency and the Na-
tional Credit Union Administration Board, 
in their sole discretion, deem equitable. 
(B) 
IDENTIFIED
EMPLOYEES
TRANS-
FERRED.—All employees of the National Credit 
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131 
Union Administration identified under subpara-
graph (A)(ii) shall be transferred to the Agency 
for employment. 
(4) APPOINTMENT AUTHORITY FOR EXCEPTED 
SERVICE AND SENIOR EXECUTIVE SERVICE TRANS-
FERRED.— 
(A) IN GENERAL.—In the case of employ-
ees occupying positions in the excepted service 
or the Senior Executive Service, any appoint-
ment authority established pursuant to law or 
regulations of the Office of Personnel Manage-
ment for filling such positions shall be trans-
ferred, subject to subparagraph (B). 
(B) DECLINING TRANSFERS ALLOWED.— 
An agency or entity may decline to make a 
transfer of authority under subparagraph (A) 
(and the employees appointed pursuant thereto) 
to the extent that such authority relates to posi-
tions excepted from the competitive service be-
cause of their confidential, policy-making, pol-
icy-determining, or policy-advocating character, 
and non-career positions in the Senior Execu-
tive Service (within the meaning of section 
3132(a)(7) of title 5, United States Code). 
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132 
(b) TIMING OF TRANSFERS AND POSITION ASSIGN-
MENTS.—Each employee to be transferred under this sec-
tion shall— 
(1) be transferred not later than 90 days after 
the designated transfer date; and 
(2) receive notice of his or her position assign-
ment not later than 120 days after the effective date 
of his or her transfer. 
(c) TRANSFER OF FUNCTION.— 
(1) IN GENERAL.—Notwithstanding any other 
provision of law, the transfer of employees shall be 
deemed a transfer of functions for the purpose of 
section 3503 of title 5, United States Code. 
(2) PRIORITY OF THIS TITLE.—If any provi-
sions of this title conflict with any protection pro-
vided to transferred employees under section 3503 of 
title 5, United States Code, the provisions of this 
title shall control. 
(d) EQUAL STATUS AND TENURE POSITIONS.— 
(1) EMPLOYEES
TRANSFERRED
FROM
FDIC, 
FTC, NCUA, OCC, AND OTS.—Each employee trans-
ferred from the Federal Deposit Insurance Corpora-
tion, the Federal Trade Commission, the National 
Credit Union Administration, the Office of the 
Comptroller of the Currency, or the Office of Thrift 
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133 
Supervision shall be placed in a position at the 
Agency with the same status and tenure as he or she 
held on the day before the designated transfer date. 
(2) EMPLOYEES
TRANSFERRED
FROM
THE 
FEDERAL RESERVE SYSTEM.— 
(A) 
COMPARABILITY.—Each 
employee 
transferred from the Board of Governors or 
from a Federal reserve bank shall be placed in 
a position with the same status and tenure as 
that of employees transferring to the Agency 
from the Office of the Comptroller of the Cur-
rency who perform similar functions and have 
similar periods of service. 
(B) SERVICE
PERIODS
CREDITED.—For 
purposes of this paragraph, periods of service 
with the Board of Governors or a Federal re-
serve bank shall be credited as periods of serv-
ice with a Federal agency. 
(e) ADDITIONAL
CERTIFICATION
REQUIREMENTS 
LIMITED.—Examiners transferred to the Agency shall not 
be subject to any additional certification requirements be-
fore being placed in a comparable examiner’s position at 
the Agency examining the same types of institutions as 
they examined before they were transferred. 
(f) PERSONNEL ACTIONS LIMITED.— 
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134 
(1) 1-YEAR PROTECTION.—Except as provided 
in paragraph (2), each transferred employee holding 
a permanent position on the day before the des-
ignated transfer date shall not, during the 1-year pe-
riod beginning on the designated transfer date, be 
involuntarily separated, or involuntarily reassigned 
outside his or her local locality pay area as defined 
by the Office of Personnel Management. 
(2) EXCEPTIONS.—Paragraph (1) shall not be 
construed as limiting the right of the Agency to— 
(A) separate an employee for cause or for 
unacceptable performance; 
(B) terminate an appointment to a position 
excepted from the competitive service because of 
its 
confidential 
policy-making, 
policy-deter-
mining, or policy-advocating character; or 
(C) reassign a supervisory employee out-
side his or her locality pay area as defined by 
the Office of Personnel Management when the 
Agency determines that the reassignment is 
necessary for the efficient operation of the 
Agency. 
(g) PAY.— 
(1) 1-YEAR PROTECTION.—Except as provided 
in paragraph (2), each transferred employee shall, 
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135 
during the 1-year period beginning on the des-
ignated transfer date, receive pay at a rate not less 
than the basic rate of pay (including any geographic 
differential) that the employee received during the 1- 
year period immediately before the transfer. 
(2) EXCEPTIONS.—Paragraph (1) shall not be 
construed as limiting the right of the Agency to re-
duce the rate of basic pay of a transferred em-
ployee— 
(A) for cause; 
(B) for unacceptable performance; or 
(C) with the employee’s consent. 
(3) PROTECTION
ONLY
WHILE
EMPLOYED.— 
Paragraph (1) applies to a transferred employee 
only while that employee remains employed by the 
Agency. 
(4) PAY
INCREASES
PERMITTED.—Paragraph 
(1) shall not be construed as limiting the authority 
of the Agency to increase a transferred employee’s 
pay. 
(h) REORGANIZATION.— 
(1) BETWEEN 1ST AND 3RD YEAR.— 
(A) IN
GENERAL.—If the Agency deter-
mines, during the period beginning 1 year after 
the designated transfer date and ending 3 years 
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136 
after the designated transfer date, that a reor-
ganization of the staff of the Agency is re-
quired— 
(i) 
that 
reorganization 
shall 
be 
deemed a ‘‘major reorganization’’ for pur-
poses of affording affected employees re-
tirement under section 8336(d)(2) or 
8414(b)(1)(B) of title 5, United States 
Code; 
(ii) before the reorganization occurs, 
all employees in the same locality pay area 
as defined by the Office of Personnel Man-
agement shall be placed in a uniform posi-
tion classification system; and 
(iii) any resulting reduction in force 
shall be governed by the provisions of 
chapter 35 of title 5, United States Code, 
except that the Agency shall— 
(I) establish competitive areas 
(as that term is defined in regulations 
issued by the Office of Personnel 
Management) to include at a min-
imum all employees in the same local-
ity pay area as defined by the Office 
of Personnel Management; 
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137 
(II) establish competitive levels 
(as that term is defined in regulations 
issued by the Office of Personnel 
Management) 
without 
regard 
to 
whether the particular employees have 
been appointed to positions in the 
competitive service or the excepted 
service; and 
(III) afford employees appointed 
to positions in the excepted service 
(other than to a position excepted 
from the competitive service because 
of its confidential policy-making, pol-
icy-determining, or policy-advocating 
character) the same assignment rights 
to positions within the Agency as em-
ployees appointed to positions in the 
competitive service. 
(B) SERVICE CREDIT FOR REDUCTIONS IN 
FORCE.—For purposes of this paragraph, peri-
ods of service with a Federal home loan bank, 
a joint office of the Federal home loan banks, 
the Board of Governors, a Federal reserve 
bank, the Federal Deposit Insurance Corpora-
tion, or the National Credit Union Administra-
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138 
tion shall be credited as periods of service with 
a Federal agency. 
(2) AFTER 3RD YEAR.— 
(A) IN
GENERAL.—If the Agency deter-
mines, at any time after the 3-year period be-
ginning on the designated transfer date, that a 
reorganization of the staff of the Agency is re-
quired, any resulting reduction in force shall be 
governed by the provisions of chapter 35 of title 
5, United States Code, except that the Agency 
shall establish competitive levels (as that term 
is defined in regulations issued by the Office of 
Personnel Management) without regard to 
types of appointment held by particular employ-
ees transferred under this section. 
(B) SERVICE CREDIT FOR REDUCTIONS IN 
FORCE.—For purposes of this paragraph, peri-
ods of service with a Federal home loan bank, 
a joint office of the Federal home loan banks, 
the Board of Governors, a Federal reserve 
bank, the Federal Deposit Insurance Corpora-
tion, or the National Credit Union Administra-
tion shall be credited as periods of service with 
a Federal agency. 
(i) BENEFITS.— 
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139 
(1) RETIREMENT BENEFITS FOR TRANSFERRED 
EMPLOYEES.— 
(A) IN GENERAL.— 
(i) CONTINUATION OF EXISTING RE-
TIREMENT PLAN.—Except as provided in 
subparagraph (B), each transferred em-
ployee shall remain enrolled in his or her 
existing retirement plan as long as he or 
she remains employed by the Agency. 
(ii) EMPLOYER’S
CONTRIBUTION.— 
The Agency shall pay any employer con-
tributions to the existing retirement plan 
of each transferred employee as required 
under that plan. 
(B) OPTION
FOR
EMPLOYEES
TRANS-
FERRED FROM FEDERAL RESERVE SYSTEM TO 
BE SUBJECT TO FEDERAL EMPLOYEE RETIRE-
MENT PROGRAM.— 
(i) ELECTION.—Any transferred em-
ployee who was enrolled in a Federal Re-
serve System retirement plan on the day 
before his or her transfer to the Agency 
may, during the period beginning 6 months 
after the designated transfer date and end-
ing 1 year after the designated transfer 
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140 
date, elect to be subject to the Federal em-
ployee retirement program. 
(ii) 
EFFECTIVE
DATE
OF
COV-
ERAGE.—For any employee making an 
election under clause (i), coverage by the 
Federal employee retirement program shall 
begin 1 year after the designated transfer 
date. 
(C) AGENCY PARTICIPATION IN FEDERAL 
RESERVE SYSTEM RETIREMENT PLAN.— 
(i) SEPARATE ACCOUNT IN FEDERAL 
RESERVE SYSTEM RETIREMENT PLAN ES-
TABLISHED.—A separate account in the 
Federal Reserve System retirement plan 
shall be established for Agency employees 
who do not make the election under sub-
paragraph (B). 
(ii) FUNDS ATTRIBUTABLE TO TRANS-
FERRED EMPLOYEES REMAINING IN FED-
ERAL
RESERVE
SYSTEM
RETIREMENT 
PLAN
TRANSFERRED.—The proportionate 
share of funds in the Federal Reserve Sys-
tem retirement plan, including the propor-
tionate share of any funding surplus in 
that plan, attributable to a transferred em-
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141 
ployee who does not make the election 
under subparagraph (B), shall be trans-
ferred to the account established under 
clause (i). 
(iii) EMPLOYER CONTRIBUTIONS DE-
POSITED.—The Agency shall deposit into 
the account established under clause (i) 
the employer contributions that the Agency 
makes on behalf of employees who do not 
make the election under subparagraph (B). 
(iv) ACCOUNT ADMINISTRATION.—The 
Agency shall administer the account estab-
lished under clause (i) as a participating 
employer in the Federal Reserve System 
retirement plan. 
(D) DEFINITIONS.—For purposes of this 
paragraph, the following definitions shall apply: 
(i) EXISTING
RETIREMENT
PLAN.— 
The term ‘‘existing retirement plan’’ 
means, with respect to any employee trans-
ferred under this section, the particular re-
tirement plan (including the Financial In-
stitutions Retirement Fund) and any asso-
ciated thrift savings plan of the agency or 
Federal reserve bank from which the em-
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142 
ployee was transferred, which the employee 
was enrolled in on the day before the des-
ignated transfer date. 
(ii) FEDERAL
EMPLOYEE
RETIRE-
MENT PLAN.—The term ‘‘Federal employee 
retirement program’’ means the retirement 
program for Federal employees established 
by chapters 83 and 84 of title 5, United 
States Code. 
(2) BENEFITS OTHER THAN RETIREMENT BEN-
EFITS FOR TRANSFERRED EMPLOYEES.— 
(A) DURING 1ST YEAR.— 
(i) EXISTING
PLANS
CONTINUE.— 
Each transferred employee may, for 1 year 
after the designated transfer date, retain 
membership in any other employee benefit 
program of the agency or bank from which 
the employee transferred, including a den-
tal, vision, long-term care, or life insurance 
program, to which the employee belonged 
on the day before the designated transfer 
date. 
(ii) EMPLOYER’S
CONTRIBUTION.— 
The Agency shall reimburse the agency or 
bank from which an employee was trans-
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143 
ferred for any cost incurred by that agency 
or bank in continuing to extend coverage 
in the benefit program to the employee as 
required under that program or negotiated 
agreements. 
(B) DENTAL, VISION, OR LIFE INSURANCE 
AFTER 1ST YEAR.—If, after the 1-year period 
beginning on the designated transfer date, the 
Agency decides not to continue participation in 
any dental, vision, or life insurance program of 
an agency or bank from which employees trans-
ferred, a transferred employee who is a member 
of such a program may, before the Agency’s de-
cision takes effect, elect to enroll, without re-
gard to any regularly scheduled open season, 
in— 
(i) the enhanced dental benefits estab-
lished by chapter 89A of title 5, United 
States Code; 
(ii) the enhanced vision benefits estab-
lished by chapter 89B of title 5, United 
States Code; and 
(iii) the Federal Employees Group 
Life Insurance Program established by 
chapter 87 of title 5, United States Code, 
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144 
without regard to any requirement of in-
surability. 
(C) LONG-TERM CARE INSURANCE AFTER 
1ST YEAR.—If, after the 1-year period begin-
ning on the designated transfer date, the Agen-
cy decides not to continue participation in any 
long-term care insurance program of an agency 
or bank from which employees transferred, a 
transferred employee who is a member of such 
a program may, before the Agency’s decision 
takes effect, elect to apply for coverage under 
the Federal Long Term Care Insurance Pro-
gram established by chapter 90 of title 5, 
United States Code, under the underwriting re-
quirements applicable to a new active workforce 
member (as defined in Part 875, title 5, Code 
of Federal Regulations). 
(D) EMPLOYEE’S CONTRIBUTION.—An in-
dividual enrolled in the Federal Employees 
Health Benefits program shall pay any em-
ployee contribution required by the plan. 
(E) ADDITIONAL FUNDING.—The Agency 
shall transfer to the Federal Employees Health 
Benefits Fund established under section 8909 
of title 5, United States Code, an amount deter-
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145 
mined by the Director of the Office of Per-
sonnel Management, after consultation with the 
Agency and the Office of Management and 
Budget, to be necessary to reimburse the Fund 
for the cost to the Fund of providing benefits 
under this subparagraph. 
(F) CREDIT
FOR
TIME
ENROLLED
IN 
OTHER
PLANS.—For employees transferred 
under this section, enrollment in a health bene-
fits plan administered by the Office of the 
Comptroller of the Currency, the Office of 
Thrift Supervision, the Federal Deposit Insur-
ance Corporation, the National Credit Union 
Administration, the Board of Governors, or a 
Federal reserve bank, immediately before enroll-
ment in a health benefits plan under chapter 89 
of title 5, United States Code, shall be consid-
ered as enrollment in a health benefits plan 
under that chapter for purposes of section 
8905(b)(1)(A) of title 5, United States Code. 
(E) SPECIAL PROVISIONS TO ENSURE CON-
TINUATION OF LIFE INSURANCE BENEFITS.— 
(i) IN GENERAL.—An annuitant (as 
defined in section 8901(3) of title 5, 
United States Code) who is enrolled in a 
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146 
life insurance plan administered by the 
Board of Governors of the Federal Reserve 
System, the Federal Deposit Insurance 
Corporation, the Federal Trade Commis-
sion, the National Credit Union Adminis-
tration, the Office of the Comptroller of 
the Currency, or the Office of Thrift Su-
pervision on the day before the designated 
transfer date shall be eligible for coverage 
by a life insurance plan under sections 
8706(b), 8714a, 8714b, and 8714c of title 
5, United States Code, or in a life insur-
ance plan established by the Agency, with-
out regard to any regularly scheduled open 
season and requirement of insurability. 
(ii) EMPLOYEE’S CONTRIBUTION.—An 
individual enrolled in a life insurance plan 
under this clause shall pay any employee 
contribution required by the plan. 
(iii) 
ADDITIONAL
FUNDING.—The 
Agency shall transfer to the Employees’ 
Life Insurance Fund established under sec-
tion 8714 of title 5, United States Code, 
an amount determined by the Director of 
the Office of Personnel Management, after 
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147 
consultation with the Agency and the Of-
fice of Management and Budget, to be nec-
essary to reimburse the Fund for the cost 
to the Fund of providing benefits under 
this subparagraph not otherwise paid for 
by the employee under clause (ii). 
(iv) CREDIT FOR TIME ENROLLED IN 
OTHER PLANS.—For employees transferred 
under this section, enrollment in a life in-
surance plan administered by the Board of 
Governors, the Federal Deposit Insurance 
Corporation, the Federal Trade Commis-
sion, the National Credit Union Adminis-
tration, the Office of the Comptroller of 
the Currency, the Office of Thrift Super-
vision, or a Federal reserve bank imme-
diately before enrollment in a life insur-
ance plan under chapter 87 of title 5, 
United States Code, shall be considered as 
enrollment in a life insurance plan under 
that chapter for purposes of section 
8706(b)(1)(A) of title 5, United States 
Code. 
(j) IMPLEMENTATION OF UNIFORM PAY AND CLASSI-
FICATION SYSTEM.—Not later than 2 years after the des-
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148 
ignated transfer date, the Agency shall implement a uni-
form pay and classification system for all transferred em-
ployees. 
(k) EQUITABLE TREATMENT.—In administering the 
provisions of this section, the Agency— 
(1) shall take no action that would unfairly dis-
advantage transferred employees relative to each 
other based on their prior employment by the Board 
of Governors, the Federal Deposit Insurance Cor-
poration, the Federal Trade Commission, the Na-
tional Credit Union Administration, the Office of the 
Comptroller of the Currency, the Office of Thrift 
Supervision, a Federal reserve bank, a Federal home 
loan bank, or a joint office of the Federal home loan 
banks; and 
(2) may take such action as is appropriate in 
individual cases so that employees transferred under 
this section receive equitable treatment, with respect 
to those employees’ status, tenure, pay, benefits 
(other than benefits under programs administered by 
the Office of Personnel Management), and accrued 
leave or vacation time, for prior periods of service 
with any Federal agency, including the Board of 
Governors of the Federal Reserve System, the Fed-
eral Deposit Insurance Corporation, the Federal 
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149 
Trade Commission, the National Credit Union Ad-
ministration, the Office of the Comptroller of the 
Currency, the Office of Thrift Supervision, a Federal 
reserve bank, a Federal home loan bank, or a joint 
office of the Federal home loan banks. 
(l) NO PRIVATE RIGHT OF ACTION.—This section 
shall not be construed as providing any transferred em-
ployee with any right of action to require the Agency or 
any officer or employee of the Agency to take any action 
under this section. 
(m) IMPLEMENTATION.—In implementing the provi-
sions of this section, the Agency shall work with the Office 
of Personnel Management and other entities with exper-
tise in matters related to employment to ensure a fair and 
orderly transition for affected employees. 
SEC. 165. INCIDENTAL TRANSFERS. 
(a) INCIDENTAL TRANSFERS AUTHORIZED.—The Di-
rector of the Office of Management and Budget, in con-
sultation with the Secretary, shall make such additional 
incidental transfers and dispositions of assets and liabil-
ities held, used, arising from, available, or to be made 
available, in connection with the functions transferred by 
this title, as the Director may determine necessary to ac-
complish the purposes of this title. 
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150 
(b) SUNSET.—The authority provided in this section 
shall terminate 5 years after the date of the enactment 
of this Act. 
SEC. 166. INTERIM AUTHORITY OF THE SECRETARY. 
(a) IN GENERAL.—The Secretary is authorized to 
perform the functions of the Agency under this subtitle 
until 3 of the appointed Board members are confirmed 
by the Senate in accordance with section 112. 
(b) INTERIM ADMINISTRATIVE SERVICES
BY
THE 
DEPARTMENT OF THE TREASURY.—The Department of 
the Treasury may provide administrative services nec-
essary to support the Agency before the designated trans-
fer date. 
(c) INTERIM FUNDING FOR THE DEPARTMENT OF 
THE TREASURY.—For the purposes of carrying out the 
authorities granted in this section, there are appropriated 
to the Department of the Treasury such sums as are nec-
essary. Notwithstanding any other provision of law, such 
amounts shall be subject to apportionment under section 
1517 of title 31, United States Code, and restrictions that 
generally apply to the use of appropriated funds in title 
31, United States Code, and other laws. 
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Subtitle G—Regulatory 
Improvements 
SEC. 171. COLLECTION OF DEPOSIT ACCOUNT DATA. 
(a) PURPOSE.—The purpose of this section is to pro-
mote awareness and understanding of the access of indi-
viduals and communities to financial services, and to iden-
tify business and community development needs and op-
portunities. 
(b) IN GENERAL.— 
(1) RECORDS
REQUIRED.—For each branch, 
automated teller machine at which deposits are ac-
cepted, and other deposit taking service facility with 
respect to any financial institution, the financial in-
stitution shall maintain records of the number and 
dollar amounts of deposit accounts of customers. 
(2) GEO-CODED ADDRESSES OF DEPOSITORS.— 
The customers’ addresses maintained pursuant to 
paragraph (1) shall be geo-coded so that data shall 
be collected regarding the census tracts of the resi-
dence or business location of the customers. 
(3) IDENTIFICATION OF DEPOSITOR TYPE.—In 
maintaining records on any deposit account under 
this section, the financial institution shall also 
record whether the deposit account is for a residen-
tial or commercial customer. 
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(4) PUBLIC AVAILABILITY.— 
(A) IN GENERAL.—The following informa-
tion shall be publicly available on an annual 
basis— 
(i) the address and census tracts of 
each branch, automated teller machine at 
which deposits are accepted, and other de-
posit taking service facility with respect to 
any financial institution; 
(ii) the type of deposit account includ-
ing whether the account was a checking or 
savings account; and 
(iii) data on the number and dollar 
amounts of the accounts, presented by cen-
sus tract location of the residential and 
commercial customers. 
(B) PROTECTION
OF
IDENTITY.—In the 
publicly available data, any personally identifi-
able data element shall be removed so as to pro-
tect the identities of the commercial and resi-
dential customers. 
(c) AVAILABILITY OF INFORMATION.— 
(1) SUBMISSION TO AGENCIES.—The data re-
quired to be compiled and maintained under this 
section by any financial institution shall be sub-
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153 
mitted annually to the Agency, or to a Federal bank-
ing agency, in accordance with rules prescribed by 
the Agency. 
(2) AVAILABILITY OF INFORMATION.—Informa-
tion compiled and maintained under this section 
shall be retained for not less than 3 years after the 
date of preparation and shall be made available to 
the public, upon request, in the form required under 
rules prescribed by the Agency. 
(d) AGENCY USE.—The Agency— 
(1) shall assess the distribution of residential 
and commercial accounts at such financial institu-
tion across income and minority level of census 
tracts; and 
(2) may use the data for any other purpose as 
permitted by law. 
(e) REGULATIONS AND GUIDANCE.— 
(1) IN GENERAL.—The Agency shall prescribe 
such regulations and issue guidance as may be nec-
essary to carry out, enforce, and compile data pursu-
ant to this section. 
(2) DATA
COMPILATION
REGULATIONS.—The 
Agency shall prescribe regulations regarding the pro-
vision of data compiled under this section to the 
Federal banking agencies to carry out the purposes 
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154 
of this section and shall issue guidance to financial 
institutions regarding measures to facilitate compli-
ance with the this section and the requirements of 
regulations prescribed under this section. 
(f) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
(1) AGENCY.—The term ‘‘Agency’’ means the 
Consumer Financial Protection Agency. 
(2) CREDIT UNION.—The term ‘‘credit union’’ 
means a Federal credit union or a State-chartered 
credit union (as such terms are defined in section 
101 of the Federal Credit Union Act). 
(3) DEPOSIT ACCOUNT.—The term ‘‘deposit ac-
count’’ includes any checking account, savings ac-
count, credit union share account, and other type of 
account as defined by the Agency. 
(4) FEDERAL
BANKING
AGENCY.—The term 
‘‘Federal banking agency’’ means the Board of Gov-
ernors of the Federal Reserve System, the head of 
the agency responsible for chartering and regulating 
national banks, the Director of the Office of Thrift 
Supervision, the Federal Deposit Insurance Corpora-
tion, and the National Credit Union Administration; 
and the term ‘‘Federal banking agencies’’ means all 
of those agencies. 
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155 
(5) FINANCIAL
INSTITUTION.—The term ‘‘fi-
nancial institution’’— 
(A) has the meaning given to the term ‘‘in-
sured depository institution’’ in section 3(c)(2) 
of the Federal Deposit Insurance Act; and 
(B) includes any credit union. 
(g) EFFECTIVE DATE.—This section shall take effect 
on the designated transfer date. 
SEC. 172. SMALL BUSINESS DATA COLLECTION. 
(a) IN GENERAL.—The Equal Credit Opportunity 
Act (15 U.S.C. 1691 et seq.) is amended by inserting after 
section 704A the following new section: 
‘‘§ 704B. Small business loan data collection 
‘‘(a) PURPOSE.—The purpose of this section is to fa-
cilitate enforcement of fair lending laws and enable com-
munities, governmental entities, and creditors to identify 
business and community development needs and opportu-
nities of women- and minority-owned small businesses. 
‘‘(b) IN GENERAL.—Subject to the requirements of 
this section, in the case of any application to a financial 
institution for credit for a small business, the financial in-
stitution shall— 
‘‘(1) inquire whether the business is a women- 
or minority-owned business, without regard to 
whether such application is received in person, by 
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mail, by telephone, by electronic mail or other form 
of electronic transmission, or by any other means 
and whether or not such application is in response 
to a solicitation by the financial institution; and 
‘‘(2) maintain a record of the responses to such 
inquiry separate from the application and accom-
panying information. 
‘‘(c) RIGHT TO REFUSE.—Any applicant for credit 
may refuse to provide any information requested pursuant 
to subsection (b) in connection with any application for 
credit. 
‘‘(d) NO ACCESS BY UNDERWRITERS.— 
‘‘(1) IN GENERAL.—Where feasible, no loan un-
derwriter or other officer or employee of a financial 
institution, or any affiliate of a financial institution, 
involved in making any determination concerning an 
application for credit shall have access to any infor-
mation provided by the applicant pursuant to a re-
quest under subsection (b) in connection with such 
application. 
‘‘(2) EXCEPTION.—If a financial institution de-
termines that loan underwriter or other officer or 
employee of a financial institution, or any affiliate of 
a financial institution, involved in making any deter-
mination concerning an application for credit should 
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have access to any information provided by the ap-
plicant pursuant to a request under subsection (b), 
the financial institution will provide notice to the ap-
plicant of the access of the underwriter to this infor-
mation, along with notice that the financial institu-
tion may not discriminate on this basis of this infor-
mation. 
‘‘(e) FORM AND MANNER OF INFORMATION.— 
‘‘(1) IN GENERAL.—Each financial institution 
shall compile and maintain, in accordance with regu-
lations of the Agency, a record of the information 
provided by any loan applicant pursuant to a request 
under subsection (b). 
‘‘(2) ITEMIZATION.—Information compiled and 
maintained under paragraph (1) shall also be 
itemized in order to clearly and conspicuously dis-
close the following: 
‘‘(A) The number of the application and 
the date the application was received. 
‘‘(B) The type and purpose of the loan or 
other credit being applied for. 
‘‘(C) The amount of the credit or credit 
limit applied for and the amount of the credit 
transaction or the credit limit approved for such 
applicant. 
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‘‘(D) The type of action taken with respect 
to such application and the date of such action. 
‘‘(E) The census tract in which is located 
the principal place of business of the small busi-
ness loan applicant. 
‘‘(F) The gross annual revenue of the busi-
ness in the last fiscal year of the small business 
loan applicant preceding the date of the appli-
cation. 
‘‘(G) The race and ethnicity of the prin-
cipal owners of the business. 
‘‘(H) Any additional data the Agency de-
termines would aid in fulfilling the purposes of 
this section. 
‘‘(3) INCLUSION OF PERSONALLY IDENTIFIABLE 
INFORMATION
PROHIBITED.—In 
compiling 
and 
maintaining any record of information under this 
section, a financial institution may not include in 
such record the name, specific address (other than 
the census tract required under paragraph (1)(E)), 
telephone number, electronic mail address, and any 
other personally identifiable information concerning 
any individual who is, or is connected with, the small 
business loan applicant. 
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‘‘(4) DISCRETION TO DELETE OR MODIFY PUB-
LICLY AVAILABLE DATA.—The Agency may, in the 
discretion of the Agency, delete or modify data col-
lected under this section which is or will be available 
to the public if the Agency determines that the dele-
tion or modification of the data would advance a 
compelling privacy interest. 
‘‘(f) AVAILABILITY OF INFORMATION.— 
‘‘(1) SUBMISSION TO AGENCY.—The data re-
quired to be compiled and maintained under this 
section by any financial institution shall be sub-
mitted annually to the Agency. 
‘‘(2) AVAILABILITY OF INFORMATION.— 
‘‘(A) IN GENERAL.—Information compiled 
and maintained under this section shall be re-
tained for not less than 3 years after the date 
of preparation and shall be made available to 
the public, upon request, in the form required 
under regulations prescribed by the Agency. 
‘‘(B) ANNUAL DISCLOSURE TO THE PUB-
LIC.—In addition to the availability by request 
under subparagraph (A) of data compiled and 
maintained under this section, the Agency shall 
annually provide such data to the public. 
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‘‘(C) PROCEDURES.—The procedures for 
disclosing data compiled and maintained under 
this section to the public shall be determined by 
the Agency by regulation. 
‘‘(3) COMPILATION OF AGGREGATE DATA.— 
‘‘(A) IN GENERAL.—The Agency may, in 
the discretion of the Agency, compile for the 
Agency’s own use compilations of aggregate 
data. 
‘‘(B) PUBLIC
AVAILABILITY
OF
AGGRE-
GATE DATA.—The Agency may, in the discre-
tion of the Agency, make public compilations of 
aggregate data in such manner as the Agency 
may determine to be appropriate. 
‘‘(g) DEFINITIONS.—For purposes of this section, the 
following definitions shall apply: 
‘‘(1) FINANCIAL INSTITUTION.—The term ‘fi-
nancial institution’ means any partnership, com-
pany, corporation, association (incorporated or unin-
corporated), trust, estate, cooperative organization, 
or other entity that engages in any financial activity. 
‘‘(2) MINORITY-OWNED
BUSINESS.—The term 
‘minority-owned business’ means a business— 
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‘‘(A) more than 50 percent of the owner-
ship or control of which is held by 1 or more 
minority individuals; and 
‘‘(B) more than 50 percent of the net prof-
it or loss of which accrues to 1 or more minor-
ity individuals. 
‘‘(3) WOMEN-OWNED
BUSINESS.—The term 
‘women-owned business’ means a business— 
‘‘(A) more than 50 percent of the owner-
ship or control of which is held by 1 or more 
women; and 
‘‘(B) more than 50 percent of the net prof-
it or loss of which accrues to 1 or more women. 
‘‘(4) MINORITY.—The term ‘minority’ has the 
meaning given to such term by section 1204(c)(3) of 
the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989. 
‘‘(5) SMALL BUSINESS LOAN.—The term ‘small 
business loan’ shall be defined by the Agency, which 
may take into account— 
‘‘(A) the gross revenues of the borrower; 
‘‘(B) the total number of employees of the 
borrower; 
‘‘(C) the industry in which the borrower 
has its primary operations; and 
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‘‘(D) the size of the loan. 
‘‘(h) AGENCY ACTION.— 
‘‘(1) IN GENERAL.—The Agency shall prescribe 
such regulations and issue such guidance as may be 
necessary to carry out, enforce, and compile data 
pursuant to this section. 
‘‘(2) EXCEPTIONS.—The Agency, by regulation 
or order, may adopt exceptions to any requirement 
of this section and may, conditionally or uncondi-
tionally, exempt any financial institution or class of 
institutions from the requirements of this section as 
the Agency determines to be necessary or appro-
priate to carry out the purposes and objectives of 
this section. 
‘‘(3) GUIDANCE.—The Agency shall issue guid-
ance designed to facilitate compliance with the re-
quirements of this section, including assisting finan-
cial institutions in working with applicants to deter-
mine whether the applicants are women- or minor-
ity-owned for the purposes of this section.’ ’’’. 
(b) TECHNICAL AND CONFORMING AMENDMENT.— 
Section 701(b) of the Equal Credit Opportunity Act (15 
U.S.C. 1691(b)) is amended— 
(1) by striking ‘‘or’’ after the semicolon at the 
end of paragraph (3); 
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(2) by striking the period at the end of para-
graph (4) and inserting ‘‘; or’’; and 
(3) by inserting after paragraph (4), the fol-
lowing new paragraph: 
‘‘(5) to make an inquiry under section 704B in 
accordance with the requirements of such section.’’. 
(c) CLERICAL AMENDMENT.—The table of sections 
for title VII of the Consumer Credit Protection Act is 
amended by inserting after the item relating to section 
704A the following new item: 
‘‘704B. Small business loan data collection.’’. 
(d) EFFECTIVE DATE.—This section shall take effect 
on the designated transfer date. 
Subtitle H—Conforming 
Amendments 
SEC. 181. AMENDMENTS TO THE INSPECTOR GENERAL ACT 
OF 1978. 
(a) ESTABLISHMENT.—Section 8G(a)(2) of the In-
spector General Act of 1978 (5 U.S.C. App. 3, 8G(a)(2)) 
is amended by inserting ‘‘the Consumer Financial Protec-
tion Agency,’’ before ‘‘the Consumer Product Safety Com-
mission,’’. 
(b) EFFECTIVE DATE.—This section shall take effect 
on the date of the enactment of this Act. 
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164 
SEC. 182. AMENDMENTS TO THE PRIVACY ACT OF 1974. 
(a) APPLICABILITY.—Section 552a of title 5, United 
States Code, is amended by adding at the end the fol-
lowing new subsection: 
‘‘(w) APPLICABILITY TO CONSUMER FINANCIAL PRO-
TECTION AGENCY.—Except as provided in the Consumer 
Financial Protection Agency Act of 2009, this section 
shall apply with respect to the Consumer Financial Protec-
tion Agency.’’. 
(b) EFFECTIVE DATE.—This section shall take effect 
on the date of the enactment of this Act. 
SEC. 183. AMENDMENTS TO THE ALTERNATIVE MORTGAGE 
TRANSACTION PARITY ACT OF 1982. 
(a) SECTION 803(1).—Section 803(1) of the Alter-
native Mortgage Transaction Parity Act of 1982 (12 
U.S.C. 3802(1)) is amended by striking paragraphs (B) 
and (C). 
(b) SECTION 804(a).—Section 804(a) of the Alter-
native Mortgage Transaction Parity Act of l982 (12 
U.S.C. 3803(a)) is amended— 
(1) in paragraphs (1), (2), and (3), by inserting 
‘‘on or before the designated transfer date, as deter-
mined in section 1062 of the Consumer Financial 
Protection Agency Act of 2009’’ after ‘‘transactions 
made’’ each place such term appears; 
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(2) in paragraph (2), by striking ‘‘and’’ at the 
end; 
(3) in paragraph (3), by striking the period at 
the end and inserting ‘‘; and’’; and 
(4) by adding at the end the following new 
paragraph: 
‘‘(4) with respect to transactions made after the 
designated transfer date, as determined in section 
1062 of the Consumer Financial Protection Agency 
Act of 2009, only in accordance with regulations 
governing alternative mortgage transactions as 
issued by the Consumer Financial Protection Agency 
for federally chartered housing creditors, in accord-
ance with the rulemaking authority granted to the 
Consumer Financial Protection Agency with regard 
to federally chartered housing creditors under laws 
other than this section.’’. 
(c) SECTION 804.—Section 804 of the Alternative 
Mortgage Transaction Parity Act of l982 (12 U.S.C. 
3803) is amended— 
(1) by striking subsection (c) and inserting the 
following new subsection: 
‘‘(c) EFFECT OF STATE LAW.— 
‘‘(1) IN
GENERAL.—An alternative mortgage 
transaction may be made by a housing creditor in 
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accordance with this section, notwithstanding any 
State Constitution, law, or regulation that prohibits 
an alternative mortgage transaction. 
‘‘(2) RULE OF CONSTRUCTION.—For purposes 
of this subsection, a State Constitution, law, or reg-
ulation that prohibits an alternative mortgage trans-
action does not include any State Constitution, law, 
or regulation that regulates mortgage transactions 
generally, including any restriction on prepayment 
penalties or late charges.’’; and 
(2) by adding at the end the following new sub-
section: 
‘‘(d) DUTIES OF CONSUMER FINANCIAL PROTECTION 
AGENCY.—The Consumer Financial Protection Agency 
shall— 
‘‘(1) review the regulations identified by the 
Comptroller of the Currency, the National Credit 
Union Administration, and the Director of the Office 
of Thrift Supervision (as those regulations exist on 
the designated transfer date, as determined in sec-
tion 1062 of the Consumer Financial Protection 
Agency Act of 2009) as applicable under paragraphs 
(1), (2), and (3) of subsection (a); 
‘‘(2) determine whether such regulations are 
fair and not deceptive and otherwise meet the objec-
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tives of title I of the Consumer Financial Protection 
Agency Act of 2009; and 
‘‘(3) prescribe regulations under subsection 
(a)(4) after the designated transfer date, as deter-
mined under such Act.’’. 
(d) EFFECTIVE DATE
AND SCOPE
OF APPLICA-
TION.— 
(1) EFFECTIVE DATE.—This section shall take 
effect on the designated transfer date. 
(2) SCOPE OF APPLICATION.—The amendments 
made by subsection (a) shall not affect any trans-
action covered by the Alternative Mortgage Trans-
action Parity Act of l982 which is entered into on 
or before the designated transfer date. 
SEC. 184. AMENDMENTS TO THE CONSUMER CREDIT PRO-
TECTION ACT. 
(a) TRUTH IN LENDING ACT.— 
(1) SECTION 103.—Section 103 of the Truth in 
Lending Act (15 U.S.C. 1602) is amended by strik-
ing subsection (b) and inserting the following new 
subsection: 
‘‘(b) AGENCY DEFINITIONS.— 
‘‘(1) BOARD.—The term ‘Board’ means the 
‘Board of Governors of the Federal Reserve System’. 
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‘‘(2) AGENCY.—The term ‘Agency’ means the 
Consumer Financial Protection Agency.’’. 
(2) UNIVERSAL
AMENDMENT
RELATING
TO 
BOARD OF GOVERNORS OF THE FEDERAL RESERVE 
SYSTEM.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), the Truth in Lending Act 
(15 U.S.C. 1601 et seq.) is amended by striking 
‘‘Board’’ each place such term appears, includ-
ing in chapters 4 and 5 relating to credit billing 
and consumer leases, and inserting ‘‘Agency’’. 
(B) EXCEPTIONS.—The amendment de-
scribed in subparagraph (A) shall not apply to 
sections 108(a) (as amended by paragraph (4)) 
and 140(d)) or any reference in either such sec-
tion to the term ‘‘Board’’. 
(3) SECTION 105.—Section 105(b) of the Truth 
in Lending Act (15 U.S.C. 1604(b)) is amended by 
striking the first sentence and inserting the fol-
lowing: ‘‘The Agency shall publish a single, inte-
grated disclosure for mortgage loan transactions, in-
cluding real estate settlement cost statements, which 
include the disclosure requirements of this title, in 
conjunction with the disclosure requirements of the 
Real Estate Settlement Procedures Act that, taken 
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together, may apply to transactions subject to both 
or either law. The purpose of such model disclosure 
shall be to facilitate compliance with the disclosure 
requirements of those titles, and to aid the borrower 
or lessee in understanding the transaction by uti-
lizing readily understandable language to simplify 
the technical nature of the disclosures.’’. 
(4) SECTION 108.—Section 108 of the Truth in 
Lending Act (15 U.S.C. 1607) is amended— 
(A) by striking subsection (a) and insert-
ing the following new subsection: 
‘‘(a) ENFORCING
AGENCIES.—Subject to section 
1022 of the Consumer Financial Protection Agency Act 
of 2009, compliance with the requirements imposed under 
this title shall be enforced as follows: 
‘‘(1) Under section 8 of the Federal Deposit In-
surance Act, in the case of— 
‘‘(A) national banks, and Federal branches 
and Federal agencies of foreign banks, by the 
head of the agency responsible for chartering 
and regulating national banks; 
‘‘(B) member banks of the Federal Reserve 
System (other than national banks), branches 
and agencies of foreign banks (other than Fed-
eral branches, Federal agencies, and insured 
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State branches of foreign banks), commercial 
lending companies owned or controlled by for-
eign banks, and organizations operating under 
section 25 or 25(a) of the Federal Reserve Act, 
by the Board; 
‘‘(C) depository institution insured by the 
Federal Deposit Insurance Corporation (other 
than members of the Federal Reserve System, 
Federal savings associations, and savings and 
loan holding companies) and insured State 
branches of foreign banks, by the Board of Di-
rectors of the Federal Deposit Insurance Cor-
poration; and 
‘‘(D) Federal savings associations and sav-
ings and loan holding companies, by the Direc-
tor of the Office of Thrift Supervision. 
‘‘(2) Under subtitle E of the Consumer Finan-
cial Protection Agency Act of 2009, by the Agency 
in the case of a covered person under that Act. 
‘‘(3) Under the Federal Credit Union Act, by 
the head of the agency responsible for chartering 
and regulating Federal credit unions. 
‘‘(4) Under the Federal Aviation Act of 1958, 
by the Secretary of Transportation with respect to 
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171 
any air carrier or foreign air carrier subject to that 
Act. 
‘‘(5) Under the Packers and Stockyards Act, 
1921 (except as provided in section 406 of that Act), 
by the Secretary of Agriculture with respect to any 
activities subject to that Act. 
‘‘(6) Under the Farm Credit Act of 1971, by 
the Farm Credit Administration with respect to any 
Federal land bank, Federal land bank association, 
Federal intermediate credit bank, or production 
credit association.’’; and 
(B) by striking subsection (c) and insert-
ing the following new subsection: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY OF THE 
FEDERAL TRADE COMMISSION.—Except to the extent 
that enforcement of the requirements imposed under this 
title is specifically committed to some other Government 
agency under subsection (a) and subject to section 1022 
of the Consumer Financial Protection Agency Act of 2009, 
the Federal Trade Commission shall enforce such require-
ments. For the purpose of the exercise by the Federal 
Trade Commission of its functions and powers under the 
Federal Trade Commission Act, a violation of any require-
ment imposed under this title shall be deemed a violation 
of a requirement imposed under that Act. All of the func-
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172 
tions and powers of the Federal Trade Commission under 
the Federal Trade Commission Act are available to the 
Commission to enforce compliance by any person with the 
requirements under this title, irrespective of whether that 
person is engaged in commerce or meets any other juris-
dictional tests in the Federal Trade Commission Act.’’. 
(5) UNIVERSAL AMENDMENT RELATING TO THE 
FEDERAL TRADE COMMISSION.— 
(A) IN GENERAL.—Except as provided in 
subparagraph (B), the Truth in Lending Act 
(15 U.S.C. 1601 et seq.) is amended by striking 
‘‘Federal Trade Commission’’ each place such 
term appears and inserting ‘‘Agency’’. 
(B) EXCEPTIONS.—The amendment de-
scribed in subparagraph (A) shall not apply to 
sections 108(c) (as amended by paragraph (4)) 
and 129(m) (as amended by paragraph (7)) or 
any reference in either such section to the term 
‘‘Federal Trade Commission’’. 
(6) SECTION 127.—Subparagraph (C) of section 
127(b)(11) of the Truth in Lending Act (15 U.S.C. 
1637(b)(11)) is amended to read as follows: 
‘‘(C) Notwithstanding subparagraphs (A) 
and (B), in the case of a creditor with respect 
to which compliance with this title is enforced 
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173 
by the Agency, the following statement, in a 
prominent location on the front of the billing 
statement, disclosed clearly and conspicuously: 
‘Minimum Payment Warning: Making only the 
required minimum payment will increase the in-
terest you pay and the time it takes to repay 
your balance. For example, making only the 
typical 5 percent minimum monthly payment on 
a balance of $300 at an interest rate of 17 per-
cent would take 24 months to repay the balance 
in full. For an estimate of the time it would 
take to repay your balance, making only min-
imum monthly payments, call the Consumer Fi-
nancial Protection Agency at this toll-free num-
ber: lllllllll [the blank space to 
be filled in by the creditor].’ A creditor who is 
subject to this subparagraph shall not be sub-
ject to subparagraph (A) or (B).’’. 
(7) SECTION 129.—Section 129(m) of the Truth 
in Lending Act (15 U.S.C. 1639(m)) is amended to 
read as follows: 
‘‘(m) CIVIL PENALTIES IN FEDERAL TRADE COM-
MISSION ENFORCEMENT ACTIONS.—For purposes of en-
forcement by the Federal Trade Commission, any violation 
of a regulation issued by the Agency pursuant to sub-
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174 
section (l)(2) of this section shall be treated as a violation 
of a rule promulgated under section 18 of the Federal 
Trade Commission Act (15 U.S.C. 57a) regarding unfair 
or deceptive acts or practices.’’. 
(b) FAIR CREDIT REPORTING ACT.— 
(1) SECTION
603.—Section 603 of the Fair 
Credit Reporting Act (15 U.S.C. 1681a) is amend-
ed— 
(A) by redesignating subsections (w) and 
(x) as subsections (x) and (y), respectively; and 
(B) by inserting after subsection (v) the 
following new subsection: 
‘‘(w) AGENCY.—The term ‘Agency’ means the Con-
sumer Financial Protection Agency.’’. 
(2) UNIVERSAL
AMENDMENTS
RELATING
TO 
THE FEDERAL TRADE COMMISSION.—Other than in 
connection with the amendment made by paragraph 
(7)(A), the Fair Credit Reporting Act (15 U.S.C. 
1681a) is amended— 
(A) by striking ‘‘Federal Trade Commis-
sion’’ each place such term appears and insert-
ing ‘‘Agency’’; 
(B) by striking ‘‘Commission’’ each place 
such term appears (other than in connection 
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175 
with the term amended in subparagraph (A)) 
and inserting ‘‘Agency’’; and 
(C) by striking ‘‘Federal banking agencies, 
the National Credit Union Administration, and 
the Commission shall jointly’’ each place such 
term appears in sections 605(h)(2), 615(e)(1), 
623(a)(8)(A), 
623(e)(1), 
628(a)(1), 
and 
628(a)(3) and inserting ‘‘Agency shall’’. 
(3) SECTION
603.—Section 603(k)(2) of the 
Fair Credit Reporting Act (15 U.S.C. 1681a(k)(2)) 
is amended by striking ‘‘Board of Governors of the 
Federal Reserve System’’ and inserting ‘‘Agency’’. 
(4) SECTION
604.—Subsection 604(g) of the 
Fair Credit Reporting Act (15 U.S.C. 1681b(g)) is 
amended— 
(A) by striking subparagraph (C) of para-
graph (3) and inserting the following new sub-
sections: 
‘‘(C) as otherwise determined to be nec-
essary and appropriate, by regulation or order 
and subject to paragraph (6), by the Agency 
(with respect to any covered person subject to 
the jurisdiction of such agency under paragraph 
(2) of section 621(b)), or the applicable State 
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176 
insurance authority (with respect to any person 
engaged in providing insurance or annuities).’’; 
(B) by striking paragraph (5) and insert-
ing the following new paragraph: 
‘‘(5) REGULATIONS AND EFFECTIVE DATE FOR 
PARAGRAPH (2).— 
‘‘(A) 
REGULATIONS
REQUIRED.—The 
Agency may, after notice and opportunity for 
comment, prescribe regulations that permit 
transactions under paragraph (2) that are de-
termined to be necessary and appropriate to 
protect legitimate operational, transactional, 
risk, consumer, and other needs (and which 
shall include permitting actions necessary for 
administrative verification purposes), consistent 
with the intent of paragraph (2) to restrict the 
use of medical information for inappropriate 
purposes.’’; and 
(C) by striking paragraph (6). 
(5) SECTION 611.—Subsection 611(e)(2) of the 
Fair Credit Reporting Act (15 U.S.C.1681i(e)(2)) is 
amended to read as follows: 
‘‘(2) EXCLUSION.—Complaints received or ob-
tained by the Agency pursuant to its investigative 
authority under the Consumer Financial Protection 
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Agency Act of 2009 shall not be subject to para-
graph (1).’’. 
(6) SECTION 615.—Subparagraph 615(h)(6)(A) 
of the Fair Credit Reporting Act (15 U.S.C. 
1681m(h)(6)(A)) is amended to read as follows: 
‘‘(A) 
RULES
REQUIRED.—The 
Agency 
shall prescribe rules.’’. 
(7) SECTION
621.—Section 621 of the Fair 
Credit Reporting Act (15 U.S.C. 1681s) is amend-
ed— 
(A) by striking subsection (a) and insert-
ing the following new subsection: 
‘‘(a) ENFORCEMENT BY FEDERAL TRADE COMMIS-
SION.— 
‘‘(1) IN GENERAL.—Subject to section 1022 of 
the Consumer Financial Protection Agency Act of 
2009, compliance with the requirements imposed 
under this title shall be enforced under the Federal 
Trade Commission Act by the Federal Trade Com-
mission with respect to consumer reporting agencies 
and all other persons subject thereto, except to the 
extent that enforcement of the requirements imposed 
under this title is specifically committed to some 
other government agency under subsection (b) here-
of. For the purpose of the exercise by the Federal 
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178 
Trade Commission of its functions and powers under 
the Federal Trade Commission Act, a violation of 
any requirement or prohibition imposed under this 
title shall constitute an unfair or deceptive act or 
practice in commerce in violation of section 5(a) of 
the Federal Trade Commission Act and shall be sub-
ject to enforcement by the Federal Trade Commis-
sion under section 5(b) of such Act with respect to 
any consumer reporting agency or person subject to 
enforcement by the Federal Trade Commission pur-
suant to this subsection, irrespective of whether that 
person is engaged in commerce or meets any other 
jurisdictional tests in the Federal Trade Commission 
Act. The Federal Trade Commission shall have such 
procedural, investigative, and enforcement powers 
(subject to section 1022 of the Consumer Financial 
Protection Agency Act of 2009), including the power 
to issue procedural rules in enforcing compliance 
with the requirements imposed under this title and 
to require the filing of reports, the production of 
documents, and the appearance of witnesses as 
though the applicable terms and conditions of the 
Federal Trade Commission Act were part of this 
title. Any person violating any of the provisions of 
this title shall be subject to the penalties and enti-
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179 
tled to the privileges and immunities provided in the 
Federal Trade Commission Act as though the appli-
cable terms and provisions thereof were part of this 
title. 
‘‘(2) CIVIL MONEY PENALTIES.— 
‘‘(A) IN
GENERAL.—Subject to section 
1022 of the Consumer Financial Protection 
Agency Act of 2009, in the event of a knowing 
violation, which constitutes a pattern or prac-
tice of violations of this title, the Commission 
may commence a civil action to recover a civil 
penalty in a district court of the United States 
against any person that violates this title. In 
such action, such person shall be liable for a 
civil penalty of not more than $2,500 per viola-
tion. 
‘‘(B) 
FACTORS
IN
DETERMINING 
AMOUNT.—In determining the amount of a civil 
penalty under subparagraph (A), the court shall 
take into account the degree of culpability, any 
history of prior such conduct, ability to pay, ef-
fect on ability to continue to do business, and 
such other matters as justice may require. 
‘‘(3) EXCEPTION.—Notwithstanding paragraph 
(2), a court may not impose any civil penalty on a 
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180 
person for a violation of section 623(a)(1) unless the 
person has been enjoined from committing the viola-
tion, or ordered not to commit the violation, in an 
action or proceeding brought by or on behalf of the 
Federal Trade Commission, and has violated the in-
junction or order, and the court may not impose any 
civil penalty for any violation occurring before the 
date of the violation of the injunction or order.’’; 
(B) by striking subsection (b) and insert-
ing the following new subsection: 
‘‘(b) ENFORCEMENT BY OTHER AGENCIES.—Subject 
to section 1022 of the Consumer Financial Protection 
Agency Act of 2009, compliance with the requirements im-
posed under this title with respect to consumer reporting 
agencies, persons who use consumer reports from such 
agencies, persons who furnish information to such agen-
cies, and users of information that are subject to sub-
section (d) of section 615 shall be enforced as follows: 
‘‘(1) Under section 8 of the Federal Deposit In-
surance Act, in the case of— 
‘‘(A) national banks, and Federal branches 
and Federal agencies of foreign banks, by the 
head of the agency responsible for chartering 
and regulating national banks; 
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‘‘(B) member banks of the Federal Reserve 
System (other than national banks), branches 
and agencies of foreign banks (other than Fed-
eral branches, Federal agencies, and insured 
State branches of foreign banks), commercial 
lending companies owned or controlled by for-
eign banks, and organizations operating under 
section 25 or 25A of the Federal Reserve Act, 
by the Board of Governors of the Federal Re-
serve System; 
‘‘(C) banks insured by the Federal Deposit 
Insurance Corporation (other than members of 
the Federal Reserve System, Federal savings 
associations, and savings and loan holding com-
panies) and insured State branches of foreign 
banks, by the Board of Directors of the Federal 
Deposit Insurance Corporation; and 
‘‘(D) Federal savings associations and sav-
ings and loan holding companies, by the Direc-
tor of the Office of Thrift Supervision. 
‘‘(2) Under subtitle E of the Consumer Finan-
cial Protection Agency Act of 2009, by the Agency 
in the case of a covered person under that Act. 
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182 
‘‘(3) Under the Federal Credit Union Act, by 
the National Credit Union Administration Board 
with respect to any Federal credit union. 
‘‘(4) Under subtitle IV of title 49, United 
States Code, by the Secretary of Transportation, 
with respect to all carriers subject to the jurisdiction 
of the Surface Transportation Board. 
‘‘(5) Under the Federal Aviation Act of 1958, 
by the Secretary of Transportation with respect to 
any air carrier or foreign air carrier subject to that 
Act. 
‘‘(6) Under the Packers and Stockyards Act, 
1921 (except as provided in section 406 of that Act), 
by the Secretary of Agriculture with respect to any 
activities subject to that Act. 
Any term used in paragraph (1) that is not defined in 
this title or otherwise defined in section 3(s) of the Federal 
Deposit Insurance Act shall have the meaning given to 
such term in section 1(b) of the International Banking Act 
of 1978.’’; 
(C) by striking subsection (e) and inserting 
the following new subsection: 
‘‘(e) REGULATORY AUTHORITY.—The Agency shall 
prescribe such regulations as necessary to carry out the 
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183 
purposes of this Act with respect to a covered person de-
scribed in subsection (b)’’; and 
(D) in the heading of subsection (g) by 
striking ‘‘FTC’’. 
(8) SECTION
623.—Section 623 of the Fair 
Credit Reporting Act (15 U.S.C. 1681s–2) is 
amended— 
(A) by amending subparagraph (a)(7)(D) 
to read as follows: 
‘‘(D) MODEL DISCLOSURE.— 
‘‘(i) DUTY
OF
AGENCY
TO
PRE-
PARE.—The Agency shall prescribe a brief 
model disclosure a financial institution 
may use to comply with subparagraph (A), 
which shall not exceed 30 words. 
‘‘(ii) 
USE
OF
MODEL
NOT
RE-
QUIRED.—No provision of this paragraph 
shall be construed as requiring a financial 
institution to use any such model form pre-
scribed by the Agency. 
‘‘(iii) COMPLIANCE USING MODEL.—A 
financial institution shall be deemed to be 
in compliance with subparagraph (A) if the 
financial institution uses any such model 
form prescribed by the Agency, or the fi-
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184 
nancial institution uses any such model 
form and rearranges its format.’’. 
(B) by amending subsection (e) to read as 
follows: 
‘‘(e) ACCURACY GUIDELINES AND REGULATIONS RE-
QUIRED.— 
‘‘(1) GUIDELINES.—The Agency shall, with re-
spect to the entities that are subject to its enforce-
ment authority under section 621— 
‘‘(A) establish and maintain guidelines for 
use by each person that furnishes information 
to a consumer reporting agency regarding the 
accuracy and integrity of the information relat-
ing to consumers that such entities furnish to 
consumer reporting agencies, and update such 
guidelines as often as necessary; and 
‘‘(B) prescribe regulations requiring each 
person that furnishes information to a con-
sumer reporting agency to establish reasonable 
policies and procedures or implementing the 
guidelines established pursuant to subpara-
graph (A). 
‘‘(2) CRITERIA.—In developing the guidelines 
required by paragraph (1)(A), the Agency shall— 
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185 
‘‘(A) identify patterns, practices, and spe-
cific forms of activity that can compromise the 
accuracy and integrity of information furnished 
to consumer reporting agencies; 
‘‘(B) review the methods (including techno-
logical means) used to furnish information re-
lating to consumers to consumer reporting 
agencies; 
‘‘(C) determine whether persons that fur-
nish information to consumer reporting agen-
cies maintain and enforce policies to ensure the 
accuracy and integrity of information furnished 
to consumer reporting agencies; and 
‘‘(D) examine the policies and processes 
that persons that furnish information to con-
sumer reporting agencies employ to conduct re-
investigations and correct inaccurate informa-
tion relating to consumers that has been fur-
nished to consumer reporting agencies.’’ 
(c) EQUAL CREDIT OPPORTUNITY ACT.— 
(1) SECTION 701.—Section 701 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691) is amend-
ed by striking ‘‘Board’’ each place such term ap-
pears and inserting ‘‘Agency’’. 
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hsrobinson on PROD1PC76 with BILLS
186 
(2) SECTION 702.—Section 702(c) of the Equal 
Credit Opportunity Act (15 U.S.C. 1691a) is 
amended to read as follows: 
‘‘(c) The term ‘Agency’ means the Consumer Finan-
cial Protection Agency.’’. 
(3) SECTION 703.—Section 703 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691b) is 
amended— 
(A) by striking subsection (b); 
(B) by redesignating paragraphs (1), (2), 
(3), (4), and (5) of subsection (a) as sub-
sections (a), (b), (c), (d), and (e), respectively; 
(C) in subsection (c) (as so redesig-
nated)— 
(i) by striking ‘‘paragraph (2)’’ and 
inserting ‘‘subsection (b)’’; and 
(ii) by striking ‘‘such paragraph’’ and 
inserting ‘‘such subsection;’’ 
(D) in subsection (d) (as so redesig-
nated)— 
(i) by striking ‘‘subsection’’ and in-
serting ‘‘section’ ’’ 
(ii) by striking ‘‘Act’’ and inserting 
‘‘title’’; and 
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187 
(iii) by striking ‘‘this paragraph’’ and 
inserting ‘‘this subsection’’; and 
(E) by striking ‘‘Board’’ each place such 
term appears in such section and inserting 
‘‘Agency’’. 
(4) SECTION 704.—Section 704 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691c) is amend-
ed— 
(A) in subsection (a)— 
(i) in the matter preceding paragraph 
(1), by striking ‘‘Compliance’’ and insert-
ing ‘‘Subject to section 1022 of the Con-
sumer Financial Protection Agency Act of 
2009, compliance’’; 
(ii) in paragraph (1)(A), by striking 
‘‘Office of the Comptroller of the Cur-
rency’’ and inserting ‘‘head of the agency 
responsible for chartering and regulating 
national banks’’; 
(iii) in paragraph (1)(B), by striking 
‘‘and’’ after the semicolon; 
(iv) in paragraph (1)(C), by inserting 
‘‘and’’ after the semicolon; 
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188 
(v) by inserting after subparagraph 
(C) of paragraph (1) the following new 
subparagraph: 
‘‘(D) savings associations and savings and 
loan holding companies by the Director of the 
Office of Thrift Supervision;’’; and 
(vi) by amending paragraph (2) to 
read as follows: 
‘‘(2) Subtitle E of the Consumer Financial Pro-
tection Agency Act of 2009, by the Agency in case 
of a covered person under that Act.’’; 
(B) by striking subsection (c) and insert-
ing the following new subsection: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY OF FED-
ERAL TRADE COMMISSION.—Except to the extent that en-
forcement of the requirements imposed under this title is 
specifically committed to some other Government agency 
under subsection (a) and subject to section 1022 of the 
Consumer Financial Protection Agency Act of 2009, the 
Federal Trade Commission shall enforce such require-
ments. For the purpose of the exercise by the Federal 
Trade Commission of its functions and powers under the 
Federal Trade Commission Act, a violation of any require-
ment imposed under this title shall be deemed a violation 
of a requirement imposed under that Act. All of the func-
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189 
tions and powers of the Federal Trade Commission under 
the Federal Trade Commission Act are available to the 
Commission to enforce compliance by any person with the 
requirements imposed under this title, irrespective of 
whether that person is engaged in commerce or meets any 
other jurisdictional tests in the Federal Trade Commission 
Act, including the power to enforce any rule prescribed 
by the Agency under this title in the same manner as if 
the violation had been a violation of a Federal Trade Com-
mission trade regulation rule.’’; and 
(C) in subsection (d), by striking ‘‘Board’’ 
and inserting ‘‘Agency’’. 
(5) SECTION 704a.—Section 704A(a)(1) of the 
Equal Credit Opportunity Act (15 U.S.C. 1691c– 
1(a)(1)) is amended in by striking ‘‘Board’’ and in-
serting ‘‘Agency’’. 
(6) SECTION 705.—Section 705 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691d) is 
amended— 
(A) in subsection (f), by striking ‘‘Board’’ 
each place such term appears and inserting 
‘‘Agency’’; and 
(B) in subsection (g), by striking ‘‘Board’’ 
and inserting ‘‘Agency’’. 
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190 
(7) SECTION 706.—Section 706(e) of the Equal 
Credit Opportunity Act (15 U.S.C. 1691e(e)) is 
amended— 
(A) by striking ‘‘Board’’ each place such 
term appears and inserting ‘‘Agency’’; and 
(B) by striking ‘‘Federal Reserve System’’ 
and inserting ‘‘Consumer Financial Protection 
Agency’’. 
(8) SECTION 707.—Section 707 of the Equal 
Credit Opportunity Act (15 U.S.C. 1691f) is amend-
ed by striking ‘‘Board’’ each place such term ap-
pears and inserting ‘‘Agency’’. 
(d) FAIR DEBT COLLECTION PRACTICES ACT.— 
(1) SECTION
803.—Section 803 of the Fair 
Debt Collection Practices Act (15 U.S.C. 1692a) is 
amended— 
(A) by redesignating paragraphs (1), (2), 
(3), (4), (5), (6), (7), and (8) as paragraphs 
(2), (3), (4), (5), (6), (7), (8), and (9), respec-
tively; and 
(B) by inserting before paragraph (2) (as 
so redesignated) the following new paragraph: 
‘‘(1) The term ‘Agency’ means the Consumer 
Financial Protection Agency.’’. 
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191 
(2) SECTION 813.—Section 813(e) of the Fair 
Debt Collection Practices Act (15 U.S.C. 1692k(e)) 
is amended by striking ‘‘Commission’’ and inserting 
‘‘Agency’’. 
(3) SECTION
814.—Section 814 of the Fair 
Debt Collection Practices Act (15 U.S.C. 1692l) is 
amended— 
(A) by striking subsection (a) and insert-
ing the following new subsection: 
‘‘(a) FEDERAL TRADE COMMISSION.—Subject to sec-
tion 1022 of the Consumer Financial Protection Agency 
Act of 2009, compliance with this title shall be enforced 
by the Commission, except to the extent that enforcement 
of the requirements imposed under this title is specifically 
committed to another agency under subsection (b). For 
purpose of the exercise by the Commission of its functions 
and powers under the Federal Trade Commission Act, a 
violation of this title shall be deemed an unfair or decep-
tive act or practice in violation of that Act. All of the func-
tions and powers of the Commission under the Federal 
Trade Commission Act are available to the Commission 
to enforce compliance by any person with this title, irre-
spective of whether that person is engaged in commerce 
or meets any other jurisdictional tests in the Federal 
Trade Commission Act, including the power to enforce the 
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hsrobinson on PROD1PC76 with BILLS
192 
provisions of this title in the same manner as if the viola-
tion had been a violation of a Federal Trade Commission 
trade regulation rule.’’; 
(B) in subsection (b)— 
(i) in the matter preceding paragraph 
(1), by striking ‘‘Compliance’’ and insert-
ing ‘‘Subject to section 1022 of the Con-
sumer Financial Protection Agency Act of 
2009, compliance’’. 
(ii) in paragraph (1)(A), by striking 
‘‘Office of the Comptroller of the Cur-
rency;’’ and inserting ‘‘head of the agency 
responsible for chartering and regulating 
national banks’’; 
(iii) in paragraph (1)(B), by striking 
‘‘and’’ after the semicolon; 
(iv) in paragraph (1)(C), by inserting 
‘‘and’’ after the semicolon; 
(v) by inserting after subparagraph 
(C) of paragraph (1) the following new 
subparagraph: 
‘‘(D) savings associations and savings and 
loan holding companies by the Director of the 
Office of Thrift Supervision;’’; and 
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193 
(vi) by striking paragraph (2) and in-
serting the following new paragraph: 
‘‘(2) subtitle E of the Consumer Financial Pro-
tection Agency Act of 2009 by the Agency in the 
case of a covered person under the Act’’; and 
(C) in subsection (d), by striking ‘‘Com-
mission’’ and inserting ‘‘Agency’’. 
(4) SECTION
815.—Section 815 (15 U.S.C. 
1692m) is amended by striking ‘‘Commission’’ each 
place such term appears and inserting ‘‘Agency’’. 
(5) SECTION
817.—Section 817 (15 U.S.C. 
1692o) is amended by striking ‘‘Commission’’ each 
place such term appears and inserting ‘‘Agency’’. 
(e) ELECTRONIC FUND TRANSFER ACT.— 
(1) SECTION
903.—Section 903 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693a) is 
amended— 
(A) by striking paragraph (3) and insert-
ing the following new paragraph: 
‘‘(3) the term ‘Agency’ means the Consumer Fi-
nancial Protection Agency;’’; and 
(B) in paragraph (6), by striking ‘‘Board’’ 
and inserting ‘‘Agency’’. 
(2) SECTION
904.—Section 904 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693b) is 
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194 
amended by striking ‘‘Board’’ each place such term 
appears and inserting ‘‘Agency’’. 
(3) SECTION
905.—Section 905 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693c) is 
amended by striking ‘‘Board’’ each place such term 
appears and inserting ‘‘Agency’’. 
(4) SECTION 906.—Section 906(b) of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693d(b)) is 
amended by striking ‘‘Board’’ and inserting ‘‘Agen-
cy’’. 
(5) SECTION 907.—Section 907(b) of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693e(b)) is 
amended by striking ‘‘Board’’ and inserting ‘‘Agen-
cy’’. 
(6) SECTION
908.—Section 908(f)(7) of the 
Electronic 
Fund 
Transfer 
Act 
(15 
U.S.C. 
1693f(f)(7)) is amended by striking ‘‘Board’’ and in-
serting ‘‘Agency’’. 
(7) SECTION 910.—Section 910(a)(1)(E) of the 
Electronic 
Fund 
Transfer 
Act 
(15 
U.S.C. 
1693h(a)(1)(E)) is amended by striking ‘‘Board’’ 
and inserting ‘‘Agency’’. 
(8) SECTION
911.—Section 911(b)(3) of the 
Electronic 
Fund 
Transfer 
Act 
(15 
U.S.C. 
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195 
1693i(b)(3) is amended by striking ‘‘Board’’ and in-
serting ‘‘Agency’’. 
(9) SECTION 915.—Section 915(d) of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693m(d)) is 
amended— 
(A) by striking ‘‘Board’’ each place such 
term appears and inserting ‘‘Agency’’; and 
(B) by striking ‘‘Federal Reserve System’’ 
and inserting ‘‘Consumer Financial Protection 
Agency’’. 
(10) SECTION 917.—Section 917 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693o) is 
amended— 
(A) in subsection (a)— 
(i) by striking ‘‘Compliance’’ and in-
serting ‘‘Subject to section 1022 of the 
Consumer Financial Protection Agency Act 
of 2009, compliance’’; 
(ii) in paragraph (1)(A), by striking 
‘‘Office of the Comptroller of the Cur-
rency’’ and inserting ‘‘head of the agency 
responsible for chartering and regulating 
national banks’’; and 
(iii) by striking paragraph (2) and in-
serting: 
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196 
‘‘(2) subtitle E of the Consumer Financial Pro-
tection Agency Act of 2009, by the Agency in the 
case of a covered person under that Act.’’; and 
(B) by striking subsection (c) and insert-
ing the following new subsection: 
‘‘(c) OVERALL ENFORCEMENT AUTHORITY OF THE 
FEDERAL TRADE COMMISSION.—Except to the extent 
that enforcement of the requirements imposed under this 
title is specifically committed to some other Government 
agency under subsection (a) and subject to section 1022 
of the Consumer Financial Protection Agency Act of 2009, 
the Federal Trade Commission shall enforce such require-
ments. For the purpose of the exercise by the Federal 
Trade Commission of its functions and powers under the 
Federal Trade Commission Act, a violation of any require-
ment imposed under this title shall be deemed a violation 
of a requirement imposed under that Act. All of the func-
tions and powers of the Federal Trade Commission under 
the Federal Trade Commission Act are available to the 
Commission to enforce compliance by any person subject 
to the jurisdiction of the Commission with the require-
ments imposed under this title, irrespective of whether 
that person is engaged in commerce or meets any other 
jurisdictional tests in the Federal Trade Commission 
Act.’’. 
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197 
(11) SECTION 918.—Section 918 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693p) is 
amended by striking ‘‘Board’’ each place such term 
appears and inserting ‘‘Agency’’. 
(12) SECTION 919.—Section 919 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693q) is 
amended by striking ‘‘Board’’ each place such term 
appears and inserting ‘‘Agency’’. 
(13) SECTION 920.—Section 920 of the Elec-
tronic Fund Transfer Act (15 U.S.C. 1693r) is 
amended by striking ‘‘Board’’ each place such term 
appears and inserting ‘‘Agency’’. 
(f) AMENDMENTS TO HOEPA RELATING TO THE 
TRUTH IN LENDING ACT.—Section 158 of the Home 
Ownership and Equity Protection Act of 1994 (15 U.S.C. 
1601 nt.) (relating to hearings on home equity lending) 
is amended— 
(1) in subsection (a), by striking ‘‘Board of 
Governors of the Federal Reserve System, in con-
sultation with the Consumer Advisory Council of the 
Board,’’ and inserting ‘‘Consumer Financial Protec-
tion Agency, in consultation with the Advisory 
Board to the Agency’’; and 
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hsrobinson on PROD1PC76 with BILLS
198 
(2) in subsection (b), by striking ‘‘Board of 
Governors of the Federal Reserve System’’ and in-
serting ‘‘Consumer Financial Protection Agency’’. 
(g) AMENDMENT
TO
THE FAIR
AND ACCURATE 
CREDIT TRANSACTIONS ACT OF 2003 RELATING TO THE 
FAIR CREDIT REPORTING ACT.—Section 214(b)(1) of the 
Fair and Accurate Credit Transactions Act of 2003 (15 
U.S.C. 1681s–3 nt.) is amended by striking ‘‘The Federal 
banking agencies, the National Credit Union Administra-
tion, and the Commission, with respect to the entities that 
are subject to their respective enforcement authority under 
section 621 of the Fair Credit Reporting Act and’’ and 
inserting ‘‘The Consumer Financial Protection Agency, 
with respect to a person subject to the enforcement au-
thority of the Agency, and’’. 
SEC. 185. AMENDMENTS TO THE EXPEDITED FUNDS AVAIL-
ABILITY ACT. 
(a) SECTION 605.—Section 605(f)(1) of the Expe-
dited Funds Availability Act (12 U.S.C. 4004(f)(1)) is 
amended by inserting ‘‘, in consultation with the Director 
of the Consumer Financial Protection Agency,’’after 
‘‘Board’’. 
(b) SECTION 609.—Section 609(a) of the Expedited 
Funds Availability Act (12 U.S.C. 4008(a)) is amended 
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hsrobinson on PROD1PC76 with BILLS
199 
by inserting ‘‘, in consultation with the Director of the 
Consumer Financial Protection Agency,’’after ‘‘Board’’. 
SEC. 186. AMENDMENTS TO THE FEDERAL DEPOSIT INSUR-
ANCE ACT. 
(a) SECTION 8.—Section 8(t) the Federal Deposit In-
surance Act (12 U.S.C. 1818(t)) is amended by adding 
at the end the following new paragraph: 
‘‘(6) REFERRAL TO CONSUMER FINANCIAL PRO-
TECTION
COMMISSION.—Each appropriate Federal 
banking agency shall make a referral to the Con-
sumer Financial Protection Agency when the Fed-
eral banking agency has a reasonable belief that a 
violation of an enumerated consumer law, as defined 
in section 1022(e)(2) of the Consumer Financial 
Protection Agency Act of 2009, by any insured de-
pository institution or institution-affiliated party 
within the jurisdiction of that appropriate Federal 
banking agency.’’. 
(b) SECTION 43.—Section 43 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831t) is amended— 
(1) in subsection (c), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Agency’’; 
(2) in subsection (d), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Agency’’; 
(3) in subsection (e)— 
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hsrobinson on PROD1PC76 with BILLS
200 
(A) in paragraph (1), by striking ‘‘Federal 
Trade Commission’’ and inserting ‘‘Agency’’; 
and 
(B) by adding at the end the following new 
paragraph: 
‘‘(5) AGENCY.—The term ‘Agency’ means the 
Consumer Financial Protection Agency.’’. 
(e) SECTION 43(f).—Section 43(f) of the Federal De-
posit Insurance Act (12 U.S.C. 1831t(f)) is amended— 
(1) by striking paragraph (1) and inserting the 
following new paragraph: 
‘‘(1) LIMITED
ENFORCEMENT
AUTHORITY.— 
Compliance with the requirements of subsections (b), 
(c) and (e), and any regulation prescribed or order 
issued under such subsection, shall be enforced 
under the Consumer Financial Protection Agency 
Act of 2009 by the Agency.’’; and 
(2) in paragraph (2), by striking subparagraph 
(C) and inserting the following new subparagraph: 
‘‘(C) 
LIMITATION
ON
STATE
ACTION 
WHILE
FEDERAL
ACTION
PENDING.—If the 
Agency has instituted an enforcement action for 
a violation of this section, no appropriate State 
supervisory may, during the pendency of such 
action, bring an action under this section 
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hsrobinson on PROD1PC76 with BILLS
202 
(B) by inserting after paragraph (7) the 
following new paragraph: 
‘‘(8) Under the Consumer Financial Protection 
Agency Act of 2009, by the Consumer Financial 
Protection Agency in the case of financial institu-
tions and other covered persons subject to the juris-
diction of the Agency under that Act, but not with 
respect to the standards under section 501.’’. 
(2) Section 505(b)(1) of the Gramm-Leach-Bli-
ley Act (15 U.S.C. 6805(b)(1)) is amended by in-
serting ‘‘, other than the Consumer Financial Pro-
tection Agency,’’ after ‘‘described in subsection (a)’’. 
SEC. 188. AMENDMENTS TO THE HOME MORTGAGE DISCLO-
SURE ACT OF 1975. 
(a) SECTION 303.—Section 303 of the Home Mort-
gage Disclosure Act of 1975 (12 U.S.C. 2802) is amend-
ed— 
(1) by redesignating paragraphs (1), (2), (3), 
(4), (5), and (6) as paragraphs (2), (3), (4), (5), 
(6), and (7), respectively; and 
(2) by inserting before paragraph (2) (as so re-
designated) the following new paragraph: 
‘‘(1) The term ‘Agency’ means the Consumer 
Financial Protection Agency.’’. 
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203 
(b) UNIVERSAL AMENDMENT RELATING TO AGEN-
CY.—Except as provided in subsections (c), (d), (e), and 
(f), the Home Mortgage Disclosure Act of 1975 (12 
U.S.C. 2801–11) is amended by striking ‘‘Board’’ each 
place such term appears and inserting ‘‘Agency’’. 
(c) SECTION 304.—Section 304 of the Home Mort-
gage Disclosure Act of 1975 (12 U.S.C. 2803(h)) is 
amended— 
(1) in subsection (b)— 
(A) by striking ‘‘and’’ after the semicolon 
at the end of paragraph (3); 
(B) by striking ‘‘and gender’’ in paragraph 
(4), and inserting ‘‘age, and gender’’; 
(C) by striking the period at the end of 
paragraph (4) and inserting a semicolon; and 
(D) by inserting after paragraph (4) the 
following new paragraphs: 
‘‘(5) the number and dollar amount of mort-
gage loans grouped according to the following meas-
urements: 
‘‘(A) the total points and fees payable at 
origination in connection with the mortgage as 
determined by the Agency, taking into account 
15 U.S.C. 1602(aa)(4); 
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204 
‘‘(B) the difference between the annual 
percentage rate associated with the loan and a 
benchmark rate or rates for all loans; 
‘‘(C) the term in months of any prepay-
ment penalty or other fee or charge payable on 
repayment of some portion of principal or the 
entire principal in advance of scheduled pay-
ments; and 
‘‘(D) such other information as the Agency 
may require; and 
‘‘(6) the number and dollar amount of mort-
gage loans and completed applications grouped ac-
cording to the following measurements: 
‘‘(A) the value of the real property pledged 
or proposed to be pledged as collateral; 
‘‘(B) the actual or proposed term in 
months of any introductory period after which 
the rate of interest may change; 
‘‘(C) the presence of contractual terms or 
proposed contractual terms that would allow the 
mortgagor or applicant to make payments other 
than fully-amortizing payments during any por-
tion of the loan term; 
‘‘(D) the actual or proposed term in 
months of the mortgage loan; 
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205 
‘‘(E) the channel through which applica-
tion was made, including retail, broker, and 
other relevant categories; 
‘‘(F) as the Agency may determine to be 
appropriate, a unique identifier that identifies 
the loan originator as set forth in Section 1503 
of the Secure and Fair Enforcement for Mort-
gage Licensing Act of 2008; 
‘‘(G) as the Agency may determine to be 
appropriate, a universal loan identifier that cor-
responds to the real property pledged or pro-
posed to be pledged as collateral; 
‘‘(H) as the Agency may determine to be 
appropriate, the parcel number that cor-
responds to the real property pledged or pro-
posed to be pledged as collateral; 
‘‘(I) the credit score of mortgage appli-
cants and mortgagors in such form as the 
Agency may proscribe; and 
‘‘(J) such other information as the Agency 
may require.’’; 
(2) by striking subsection (h) and inserting the 
following new subsection: 
‘‘(h) SUBMISSION TO AGENCIES.—The data required 
to be disclosed under subsection (b) shall be submitted to 
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hsrobinson on PROD1PC76 with BILLS
206 
the Agency and to the appropriate agency for each institu-
tion reporting under this title. Notwithstanding the re-
quirement of section 304(a)(2)(A) for disclosure by census 
tract, the Agency, in cooperation with other appropriate 
regulators, including— 
‘‘(1) the head of the agency responsible for 
chartering and regulating national banks for na-
tional banks and Federal branches, Federal agencies 
of foreign banks, and savings associations; 
‘‘(2) the Federal Deposit Insurance Corporation 
for depository institutions insured by the Federal 
Deposit Insurance Corporation (other than members 
of the Federal Reserve System, Federal savings as-
sociations, and savings and loan holding companies) 
and insured State branches of foreign banks; 
‘‘(3) the Director of the Office of Thrift Super-
vision for Federal savings associations and savings 
and loan holding companies; 
‘‘(4) the National Credit Union Administration 
Board for credit unions; and 
‘‘(5) the Secretary of Housing and Urban De-
velopment for other lending institutions not regu-
lated by the agencies referred to in paragraphs (1) 
through (4), shall develop regulations prescribing the 
format for such disclosures, the method for submis-
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207 
sion of the data to the appropriate regulatory agen-
cy, and the procedures for disclosing the information 
to the public. These regulations shall also require 
the collection of data required to be disclosed under 
subsection (b) with respect to loans sold by each in-
stitution reporting under this title, and, in addition, 
shall require disclosure of the class of the purchaser 
of such loans. Any reporting institution may submit 
in writing to the Agency or to the appropriate agen-
cy such additional data or explanations as it deems 
relevant to the decision to originate or purchase 
mortgage loans.’’; 
(3) in subsection (i), by striking ‘‘subsection 
(b)(4)’’ and inserting ‘‘paragraphs (4), (5), and (6) 
of subsections (b)’’; 
(4) in subsection (j)— 
(A) by striking ‘‘(as’’ where such term ap-
pears in paragraph (1) and inserting ‘‘(con-
taining loan-level and application-level informa-
tion relating to disclosures required under sub-
sections (a) and (b) and as otherwise’’; 
(B) by striking ‘‘in the format in which 
such information is maintained by the institu-
tion’’ where such term appears in paragraph 
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208 
(2)(A), and inserting ‘‘in such formats as the 
Agency may require’’; 
(C) by inserting ‘‘credit score or similar 
measurement,’’ after ‘‘number,’’ where such 
term appears in paragraph (2)(B)(i); and 
(D) by striking paragraph (3) and insert-
ing the following new paragraph: 
‘‘(3) CHANGE OF FORM NOT REQUIRED.—A de-
pository institution meets the disclosure requirement 
of paragraph (1) if the institution provides the infor-
mation required under such paragraph in such for-
mats as the Agency may require.’’; and 
(5) by striking paragraph (2) of subsection (m) 
and inserting the following new paragraph: 
‘‘(2) FORM
OF
INFORMATION.—In complying 
with paragraph (1), a depository institution shall 
provide the person requesting the information with 
a copy of the information requested in such formats 
as the Agency may require.’’. 
(d) SECTION 305.—Section 305 of the Home Mort-
gage Disclosure Act of 1975 (12 U.S.C. 2804) is amend-
ed— 
(1) by striking subsection (b) and inserting the 
following new subsection: 
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hsrobinson on PROD1PC76 with BILLS
211 
(2) by inserting at the end of section 305 the 
following new subsection: 
‘‘(d) OVERALL ENFORCEMENT AUTHORITY OF THE 
CONSUMER FINANCIAL PROTECTION AGENCY.—Subject 
to section 1022 of the Consumer Financial Protection 
Agency Act of 2009, enforcement of the requirements im-
posed under this title is committed to each of the agencies 
under subsection (b). The Agency may exercise its authori-
ties under the Consumer Financial Protection Agency Act 
of 2009 to exercise principal authority to examine and en-
force compliance by any person with the requirements 
under this title.’’. 
(e) SECTION 306.—Subsection 306(b) of the Home 
Mortgage Disclosure Act of 1975 (12 U.S.C. 2805(b)) is 
amended to read as follows: 
‘‘(b) The Agency may, by regulation, exempt from the 
requirements of this title any State chartered depository 
institution within any State or subdivision of any state if 
the Agency determines that, under the law of such State 
or subdivision, that institution is subject to requirements 
substantially similar to those imposed under this title, and 
that such law contains adequate provisions for enforce-
ment. Notwithstanding any other provision of this sub-
section, compliance with the requirements imposed under 
this subsection shall be enforced by the head of the agency 
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212 
responsible for chartering and regulating national banks 
under section 8 of the Federal Deposit Insurance Act in 
the case of national banks and savings association the de-
posits of which are insured by the Federal Deposit Insur-
ance Corporation.’’. 
(f) SECTION 307.—Section 307 of the Home Mort-
gage Disclosure Act of 1975 (12 U.S.C. 2806) is amended 
to read as follows: 
‘‘SEC. 307. RESEARCH AND IMPROVED METHODS. 
‘‘(a) ENHANCED COMPLIANCE IN ECONOMICAL MAN-
NER.— 
‘‘(1) IN GENERAL.—The Director of the Con-
sumer Financial Protection Agency, with the assist-
ance of the Secretary, the Director of the Bureau of 
the Census, the Board of Governors of the Federal 
Reserve System, the Federal Deposit Insurance Cor-
poration, and such other persons as the Consumer 
Financial Protection Agency deems appropriate, 
shall develop or assist in the improvement of, meth-
ods of matching addresses and census tracts to fa-
cilitate compliance by depository institutions in as 
economical a manner as possible with the require-
ments of this title. 
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hsrobinson on PROD1PC76 with BILLS
213 
‘‘(2) AUTHORIZATION
OF
APPROPRIATION.— 
There is authorized to be appropriated such sums as 
may be necessary to carry out this subsection. 
‘‘(3) AUTHORITY OF AGENCY.—The Director of 
the Consumer Financial Protection Agency is au-
thorized to utilize, contract with, act through, or 
compensate any person or agency in order to carry 
out this subsection. 
‘‘(b) RECOMMENDATIONS TO THE CONGRESS.—The 
Director of the Consumer Financial Protection Agency 
shall recommend to the Committee on Financial Services 
of the House of Representatives and the Committee on 
Banking, Housing, and Urban Affairs of the Senate such 
additional legislation as the Director of the Consumer Fi-
nancial Protection Agency deems appropriate to carry out 
the purpose of this title.’’. 
SEC. 189. AMENDMENTS TO DIVISION D OF THE OMNIBUS 
APPROPRIATIONS ACT, 2009. 
(a) Section 626(a) of title VI of division D of the 
Omnibus Appropriations Act, 2009 (15 U.S.C. 1638 nt.) 
(as amended by the Credit Card Accountability Responsi-
bility and Disclosure Act of 2009) is amended— 
(1) by striking by paragraph (1) and inserting 
the following new paragraph: 
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214 
‘‘(1) The Consumer Financial Protection Agen-
cy shall have authority to prescribe rules with re-
spect to mortgage loans in accordance with section 
553 of title 5, United States Code. Such rulemaking 
shall relate to unfair or deceptive acts or practices 
regarding mortgage loans, which may include unfair 
or deceptive acts or practices involving loan modi-
fication and foreclosure rescue services. Any viola-
tion of a rule prescribed under this subsection shall 
be treated as a violation of a rule prohibiting unfair, 
deceptive, or abusive acts or practices under the 
Consumer Financial Protection Agency Act of 
2009.’’; 
(2) by striking paragraph (2); 
(3) by striking paragraph (3); and 
(4) by striking paragraph (4) and inserting the 
following new paragraph: 
‘‘(2) The Consumer Financial Protection Agen-
cy shall enforce the rules issued under paragraph (1) 
in the same manner, by the same means, and with 
the same jurisdiction, powers, and duties as though 
all applicable terms and provisions of the Consumer 
Financial Protection Agency Act of 2009 were incor-
porated into and made part of this section.’’. 
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hsrobinson on PROD1PC76 with BILLS
215 
(b) Section 626(b) of title VI of division D of the 
Omnibus Appropriations Act, 2009 (15 U.S.C. 1638 nt.) 
is amended— 
(1) by striking ‘‘Federal Trade Commission’’ 
and inserting ‘‘Consumer Financial Protection Agen-
cy’’; 
(2) by striking ‘‘the Commission’’ and inserting 
‘‘the Consumer Financial Protection Agency’’; and 
(3) by striking ‘‘primary Federal regulatory’’ 
and inserting ‘‘Consumer Financial Protection Agen-
cy’’. 
SEC. 190. AMENDMENTS TO THE REAL ESTATE SETTLE-
MENT PROCEDURES ACT OF 1974. 
(a) SECTION 3.—Section 3 of the Real Estate Settle-
ment Procedures Act of 1974 (12 U.S.C. 2602) is amend-
ed by adding at the end the following new paragraph— 
‘‘(9) the term ‘Agency’ means the Consumer Fi-
nancial Protection Agency.’’. 
(b) SECTION 4.—Section 4 of the Real Estate Settle-
ment Procedures Act of 1974 (12 U.S.C. 2603) is amend-
ed— 
(1) in subsection (a), by striking the first sen-
tence and inserting the following: ‘‘The Agency shall 
publish a single, integrated disclosure for mortgage 
loan transactions, including real estate settlement 
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cost statements, which include the disclosure re-
quirements of this title, in conjunction with the dis-
closure requirements of the Truth in Lending Act 
(15 U.S.C. 1601 note et seq.) that, taken together, 
may apply to transactions subject to both or either 
law. The purpose of such model disclosure shall be 
to facilitate compliance with the disclosure require-
ments of those titles, and to aid the borrower or les-
see in understanding the transaction by utilizing 
readily understandable language to simplify the tech-
nical nature of the disclosures.’’; 
(2) by striking ‘‘Secretary’’ each place it ap-
pears and inserting ‘‘Agency’’; and 
(3) by striking ‘‘form’’ each place it appears 
and inserting ‘‘forms’’. 
(c) SECTION 5.—Section 5 of the Real Estate Settle-
ment Procedures Act of 1974 (12 U.S.C. 2604) is amend-
ed— 
(1) by striking ‘‘Secretary’’ each place such 
term appears, and inserting ‘‘Agency’’; and 
(2) by striking the first sentence of subsection 
(a), and inserting ‘‘The Agency shall prepare and 
distribute booklets jointly complying with the re-
quirements of the Truth in Lending Act (15 U.S.C. 
1601 note et seq.) and the provisions of this title, 
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in order to help persons borrowing money to finance 
the purchase of residential real estate better to un-
derstand the nature and costs of real estate settle-
ment services.’’. 
(d) SECTION 6.—Section 6 of the Real Estate Settle-
ment Procedures Act of 1974 (12 U.S.C. 2605) is amend-
ed by striking ‘‘Secretary’’ and inserting ‘‘Agency’’; and 
by striking ‘‘by regulations that shall take effect not later 
than April 20, 1991,’’. 
(e) SECTION 7.—Section 7 of the Real Estate Settle-
ment Procedures Act of 1974 (12 U.S.C. 2606) is amend-
ed by striking ‘‘Secretary’’ and inserting ‘‘Agency’’. 
(f) SECTION 8.—Section 8(d)(4) of the Real Estate 
Settlement 
Procedures 
Act 
of 
1974 
(12 
U.S.C. 
2607(d)(4)) is amended— 
(1) by striking ‘‘The Secretary,’’ and inserting 
‘‘The Agency, the Secretary,’’; and 
(2) by adding at the end the following new sen-
tence: ‘‘However, to the extent that a Federal law 
authorizes the Agency and other Federal and State 
agencies to enforce or administer the law, the Agen-
cy shall have primary authority to enforce or admin-
ister that Federal law in accordance with section 
1022 of the Consumer Financial Protection Agency 
Act of 2009.’’. 
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218 
(g) SECTION 10.—Section 10(d) of the Real Estate 
Settlement Procedures Act of 1974 (12 U.S.C. 2609(d)) 
is amended by striking ‘‘Secretary’’ and inserting ‘‘Agen-
cy’’. 
(h) SECTION 16.—Section 16 of the Real Estate Set-
tlement Procedures Act of 1974 (12 U.S.C. 2614) is 
amended by inserting ‘‘the Agency,’’ before ‘‘the Sec-
retary’’. 
(i) SECTION 18.—Section 18 of the Real Estate Set-
tlement Procedures Act of 1974 (12 U.S.C. 2616) is 
amended by striking ‘‘Secretary’’ and inserting ‘‘Agency’’. 
(j) SECTION 19.—Section 19 of the Real Estate Set-
tlement Procedures Act of 1974 (12 U.S.C. 2617) is 
amended by striking ‘‘Secretary’’ each place where it ap-
pears and inserting ‘‘Agency’’. 
SEC. 191. AMENDMENTS TO THE RIGHT TO FINANCIAL PRI-
VACY ACT OF 1978. 
(a) AMENDMENTS TO SECTION 1101.—Section 1101 
of the Right to Financial Privacy Act of 1978 (12 U.S.C. 
3401) is amended— 
(1) by striking paragraph (1) and inserting the 
following new paragraph: 
‘‘(1) ‘financial institution’ means any bank, sav-
ings association, card issuer as defined in section 
103(n) of the Truth in Lending Act, credit union, or 
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219 
consumer finance institution located in any State or 
territory of the United States, the District of Colum-
bia, Puerto Rico, Guam, American Samoa, or the 
Virgin Islands;’’; and 
(2) in paragraph (7)— 
(A) by redesignating subparagraphs (F), 
(G), (H), and (I) as subparagraphs (G), (H), 
(I), and (J), respectively; and 
(B) by inserting after subparagraph (E) 
the following new subparagraph: 
‘‘(F) the Consumer Financial Protection 
Agency;’’. 
(b) AMENDMENTS
TO
SECTION
1112.—Section 
1112(e) of the Right to Financial Privacy Act (12 U.S.C. 
3412) is amended by striking ‘‘and the Commodity Fu-
tures Trading Commission is permitted’’ and inserting 
‘‘the Commodity Futures Trading Commission, and the 
Consumer Financial Protection Agency is permitted’’. 
(c) AMENDMENTS TO SECTION 1113.—Section 1113 
of the Right to Financial Privacy Act (12 U.S.C. 3413) 
is amended by adding at the end the following new sub-
section— 
‘‘(r) DISCLOSURE TO THE CONSUMER FINANCIAL 
PROTECTION AGENCY.—Nothing in this chapter shall 
apply to the examination by or disclosure to the Consumer 
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Financial Protection Agency of financial records or infor-
mation in the exercise of its authority with respect to a 
financial institution.’’. 
SEC. 192. AMENDMENTS TO THE SECURE AND FAIR EN-
FORCEMENT FOR MORTGAGE LICENSING ACT 
OF 2008. 
(a) SECTION 1503.—Section 1503 of the Secure and 
Fair Enforcement for Mortgage Licensing Act of 2008 (12 
U.S.C. 5102) is amended— 
(1) by striking paragraph (1) and inserting the 
following new paragraph: 
‘‘(1) AGENCY.—The term ‘Agency’ means the 
Consumer Financial Protection Agency.’’; and 
(2) by striking paragraph (9) and inserting the 
following new paragraph: 
‘‘(9) DIRECTOR.—The term ‘Director’ means 
the Director of the Consumer Financial Protection 
Agency.’’. 
(b) UNIVERSAL AMENDMENTS RELATING TO AGEN-
CY.—The Secure and Fair Enforcement for Mortgage Li-
censing Act of 2008 (12 U.S.C. 5101 et seq.) is amend-
ed— 
(1) by striking ‘‘a Federal banking agency’’ 
each place such term appears and inserting ‘‘the 
Agency’’; 
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221 
(2) by striking ‘‘Federal banking agencies’’ 
each place such term appears and inserting ‘‘Agen-
cy’’; and 
(3) by striking ‘‘Secretary’’ each place such 
term appears and inserting ‘‘Director’’. 
(c) SECTION 1507.—Section 1507 of the Secure and 
Fair Enforcement for Mortgage Licensing Act of 2008 (12 
U.S.C. 5106) is amended— 
(1) in subsection (a)— 
(A) by striking paragraph (1) and insert-
ing the following new paragraph: 
‘‘(1) IN GENERAL.—The Agency shall develop 
and maintain a system for registering employees of 
a subsidiary that is owned and controlled by a de-
pository institution, and regulated by the Agency as 
a registered loan originator with the Nationwide 
Mortgage Licensing System and Registry. The sys-
tem shall be implemented before the end of a the 1- 
year period beginning July 30, 2009.’’; and 
(B) by striking ‘‘appropriate Federal bank-
ing agency and the Farm Credit Administra-
tion’’ where such term appears in paragraph 
(2) and inserting ‘‘Agency’’; 
(2) in subsection (b), by striking ‘‘Federal 
banking agencies, through the Financial Institutions 
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Examination Council and the Farm Credit Adminis-
tration’’, and inserting ‘‘Agency’’; and 
(3) in subsection (c), by striking ‘‘Federal 
banking agencies’’, and inserting ‘‘Agency’’. 
(d) SECTION 1508.— 
(1) IN GENERAL.—Section 1508 of the Secure 
and Fair Enforcement for Mortgage Licensing Act 
of 2008 (12 U.S.C. 5107) is amended by adding at 
the end the following new subsection— 
‘‘(f) REGULATIONS.— 
‘‘(1) IN GENERAL.—The Agency may prescribe 
regulations setting minimum net worth or surety 
bond requirements for residential mortgage loan 
originators and minimum requirements for recovery 
funds paid into by loan originators. 
‘‘(2) FACTORS
TAKEN
INTO
ACCOUNT.—Such 
regulations shall take into account the need to pro-
vide originators adequate incentives to originate af-
fordable and sustainable mortgage loans as well as 
the need to ensure a competitive origination market 
that maximizes consumers’ access to affordable and 
sustainable mortgage loans.’’. 
(2) CLERICAL AMENDMENT.—The heading for 
section 1508 of the Secure and Fair Enforcement 
for Mortgage Licensing Act of 2008 is amended by 
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223 
striking ‘‘SECRETARY OF HOUSING AND URBAN 
DEVELOPMENT’’ and inserting ‘‘CONSUMER FI-
NANCIAL PROTECTION AGENCY’’. 
(e) SECTION 1510.—Section 1510 of the Secure and 
Fair Enforcement for Mortgage Licensing Act of 2008 (12 
U.S.C. 5109) is amended to read as follows: 
‘‘SEC. 1510. FEES. 
‘‘The Agency, the Farm Credit Administration, and 
the Nationwide Mortgage Licensing System and Registry 
may charge reasonable fees to cover the costs of maintain-
ing and providing access to information from the Nation-
wide Mortgage Licensing System and Registry, to the ex-
tent that such fees are not charged to consumers for ac-
cess to such system and registry.’’. 
(f) SECTION 1513.—Section 1513 of the Secure and 
Fair Enforcement for Mortgage Licensing Act of 2008 (12 
U.S.C. 5112) is amended to read as follows: 
‘‘SEC. 1513. LIABILITY PROVISIONS. 
‘‘The Agency, any State official or agency, or any or-
ganization serving as the administrator of the Nationwide 
Mortgage Licensing System and Registry or a system es-
tablished by the Director under section 5108 of this title, 
or any officer or employee of any such entity, shall not 
by subject to any civil action or proceeding for monetary 
damages by reason of the good faith action or omission 
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of any officer or employee of any such entity, while acting 
within the scope of office or employment, relating to the 
collection, furnishing, or dissemination of information con-
cerning persons who are loan originators or are applying 
for licensing or registration as loan originators.’’. 
(g) SECTION 1514.—The heading for section 1514 
of the Secure and Fair Enforcement for Mortgage Licens-
ing Act of 2008 (12 U.S.C. 5113) is amended by striking 
‘‘UNDER HUD BACKUP LICENSING SYSTEM’’ and in-
serting ‘‘BY THE AGENCY’’. 
SEC. 193. AMENDMENTS TO THE TRUTH IN SAVINGS ACT. 
(a) SECTION 263.—Section 263 of the Truth in Sav-
ings Act (12 U.S.C. 4302) is amended in subsection (b) 
by striking ‘‘Board’’ each place such term appears and 
inserting ‘‘Agency’’. 
(b) SECTION 265.—Section 265 of the Truth in Sav-
ings Act (12 U.S.C. 4304) is amended by striking 
‘‘Board’’ each place such term appears and inserting 
‘‘Agency’’. 
(c) SECTION 266.—Section 266(e) of the Truth in 
Savings Act is amended (12 U.S.C. 4305) by striking 
‘‘Board’’ and inserting ‘‘Agency’’. 
(d) SECTION 269.—Section 269 of the Truth in Sav-
ings Act (12 U.S.C. 4308) is amended by striking 
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‘‘Board’’ each place such term appears and inserting 
‘‘Agency’’. 
(e) SECTION 270.—Section 270 of the Truth in Sav-
ings Act (12 U.S.C. 4309) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘Compliance’’ and insert-
ing ‘‘Subject to section 1022 of the Consumer 
Financial Protection Agency Act of 2009, com-
pliance’’; 
(B) by striking subparagraph (A) of para-
graph (1) and inserting the following new sub-
paragraph: 
‘‘(A) by the head of the agency responsible 
for chartering and regulating national banks for 
national banks, and Federal branches and Fed-
eral agencies of foreign banks;’’; and 
(C) by adding at the end, the following 
new paragraph: 
‘‘(3) subtitle E of the Consumer Financial Pro-
tection Agency Act of 2009, by the Agency in the 
case of a covered person under that Act.’’; and 
(2) in subsection (c), by striking ‘‘Board’’ and 
inserting ‘‘Agency’’. 
(f) SECTION 272.—Section 272 of the Truth in Sav-
ings Act (12 U.S.C. 4311) is amended— 
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(1) in subsection (a), by striking ‘‘Board’’ and 
inserting ‘‘Agency’’; and 
(2) in subsection (b), by striking ‘‘regulation 
prescribed by the Board’’ each place it appears and 
inserting ‘‘regulation prescribed by the Agency’’. 
(g) SECTION 273.—Section 273 of the Truth in Sav-
ings Act (12 U.S.C. 4312) is amended in the last sentence 
by striking ‘‘Board’’ and inserting ‘‘Agency’’. 
(h) SECTION 274.—Section 274 of the Truth in Sav-
ings Act (12 U.S.C. 4313) is amended— 
(1) in paragraph (2) by striking ‘‘Board’’ and 
inserting ‘‘Agency’’; and 
(2) by striking paragraph (4) and inserting the 
following new paragraph: 
‘‘(4) AGENCY.—The term ‘Agency’ means the 
Consumer Financial Protection Agency.’’. 
SEC. 194. EFFECTIVE DATE. 
The amendments made by sections 183 through 193 
shall take effect on the designated transfer date. 
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TITLE 
J—IMPROVEMENTS 
TO 
THE FEDERAL TRADE COM-
MISSION ACT 
SEC. 201. AMENDMENTS TO THE FEDERAL TRADE COMMIS-
SION ACT. 
(a) Section 5(a) of the Federal Trade Commission 
Act (15 U.S.C. 45(a)) is amended by adding at the end 
the following new paragraph: 
‘‘(5) In any investigation or proceeding in which 
it appears to the Commission that an unfair or de-
ceptive act or practice is being committed in connec-
tion with the marketing, sale, provision or delivery 
of a consumer financial product or service, the Com-
mission shall consult and coordinate with the Con-
sumer Financial Protection Agency, as the agencies 
deem to be appropriate.’’. 
(b) Section 5(m)(1)(A) of the Federal Trade Com-
mission Act (15 U.S.C. 45(m)(1)(A)) is amended— 
(1) by inserting ‘‘this Act or’’ after ‘‘violates’’ 
the first place it appears; 
(2) by inserting a comma after ‘‘chapter’’ and 
after ‘‘section)’’; and 
(3) by inserting ‘‘a violation of this Act or is’’ 
before ‘‘prohibited’’. 
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(c) Section 5 of the Federal Trade Commission Act 
(15 U.S.C. 45) is amended by adding at the end thereof 
the following new subsection: 
‘‘(o) UNLAWFUL ASSISTANCE.—It is unlawful for any 
person, knowingly or recklessly, to provide substantial as-
sistance to another in violating any provision of this Act 
or of any other Act enforceable by the Commission that 
relates to unfair or deceptive acts or practices. Any such 
violation shall constitute an unfair or deceptive act or 
practice described in section 5(a)(1) of this Act.’’. 
(d) Section 18 of the Federal Trade Commission Act 
(15 U.S.C. 57a) is amended— 
(1) in subsection (a)(1)(B), by adding after 
‘‘pursuant to this section’’ the following: ‘‘or with re-
gard to the marketing, sale, provision or delivery to 
an individual, for personal, family or household pur-
poses, of a consumer financial product or service 
that is subject to the jurisdiction of the Consumer 
Financial Protection Agency under the Consumer 
Financial Protection Agency Act of 2009’’; 
(2) by amending subsection (b) to read as fol-
lows: 
‘‘(b) PROCEDURE APPLICABLE.—When prescribing a 
rule under subsection (a)(1)(B) of this section, the Com-
mission shall proceed in accordance with section 553 of 
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Title 5 (without regard to any reference in such section 
to sections 556 and 557 of such title).’’; 
(3) by striking subsections (c), (d)(1), (d)(2), 
(f), (i), and (j), and redesignating subsections (e), 
(g) and (h) as (d), (e) and (f); 
(4) by redesignating paragraph (d)(3) as sub-
section (c); and 
(5) in subsection (e)— 
(A) in paragraph (1)(B), by striking ‘‘the 
transcript required by subsection (c)(5) of this 
section,’’; 
(B) in paragraph (2), by striking every-
thing following ‘‘error)’’; and 
(C) in paragraph (5), by striking subpara-
graph (C). 
Æ 
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