dreamproit/uscode huggingface dataset:
12 U.S.C. § 5582 (BANKS AND BANKING)
§ 5582. Designated transfer date
(a) In general
Not later than 60 days after July 21, 2010, the Secretary shall—
(1) in consultation with the Chairman of the Board of Governors, the Chairperson of the Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, designate a single calendar date for the transfer of functions to the Bureau under section 5581 of this title; and
(2) publish notice of that designated date in the Federal Register.
(b) Changing designation
The Secretary—
(1) may, in consultation with the Chairman of the Board of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, change the date designated under subsection (a); and
(2) shall publish notice of any changed designated date in the Federal Register.
(c) Permissible dates
(1) In general
Except as provided in paragraph (2), any date designated under this section shall be not earlier than 180 days, nor later than 12 months, after July 21, 2010.
(2) Extension of time
The Secretary may designate a date that is later than 12 months after July 21, 2010, if the Secretary transmits to appropriate committees of Congress—
(A) a written determination that orderly implementation of this title 1 is not feasible before the date that is 12 months after July 21, 2010;
(B) an explanation of why an extension is necessary for the orderly implementation of this title; 1 and
(C) a description of the steps that will be taken to effect an orderly and timely implementation of this title 1 within the extended time period.
(3) Extension limited
In no case may any date designated under this section be later than 18 months after July 21, 2010.
(Pub. L. 111–203, title X, § 1062, July 21, 2010, 124 Stat. 2039.)
heading: Definition of Designated Transfer Date
text: Notice of Secretary of the Treasury, Sept. 20, 2010, 75 F.R. 57252, provided that the designated transfer date is July 21, 2011.
heading: References in Text
text: This title, referred to in subsec. (c)(2), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5585 (BANKS AND BANKING)
§ 5585. Incidental transfers
(a) Incidental transfers authorized
The Director of the Office of Management and Budget, in consultation with the Secretary, shall make such additional incidental transfers and dispositions of assets and liabilities held, used, arising from, available, or to be made available, in connection with the functions transferred by this title,1 as the Director may determine necessary to accomplish the purposes of this title.1
(b) Sunset
The authority provided in this section shall terminate 5 years after July 21, 2010.
(Pub. L. 111–203, title X, § 1065, July 21, 2010, 124 Stat. 2055.)
heading: References in Text
text: This title, referred to in subsec. (a), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5586 (BANKS AND BANKING)
§ 5586. Interim authority of the Secretary
(a) In general
The Secretary is authorized to perform the functions of the Bureau under this part until the Director of the Bureau is confirmed by the Senate in accordance with section 5491 of this title.
(b) Interim administrative services by the Department of the Treasury
The Department of the Treasury may provide administrative services necessary to support the Bureau before the designated transfer date.
(Pub. L. 111–203, title X, § 1066, July 21, 2010, 124 Stat. 2055.)
12 U.S.C. § 5587 (BANKS AND BANKING)
§ 5587. Transition oversight
(a) Purpose
The purpose of this section is to ensure that the Bureau—
(1) has an orderly and organized startup;
(2) attracts and retains a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
(b) Reporting requirement
(1) In general
The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
(2) Plans
The plans described in this paragraph are as follows:
(A) Training and workforce development plan
The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
(i) identification of skill and technical expertise needs and actions taken to meet those requirements;
(ii) steps taken to foster innovation and creativity;
(iii) leadership development and succession planning; and
(iv) effective use of technology by employees.
(B) Workplace flexibilities plan
The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
(i) telework;
(ii) flexible work schedules;
(iii) phased retirement;
(iv) reemployed annuitants;
(v) part-time work;
(vi) job sharing;
(vii) parental leave benefits and childcare assistance;
(viii) domestic partner benefits;
(ix) other workplace flexibilities; or
(x) any combination of the items described in clauses (i) through (ix).
(C) Recruitment and retention plan
The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
(i) the steps necessary to target highly qualified applicant pools with diverse backgrounds;
(ii) streamlined employment application processes;
(iii) the provision of timely notification of the status of employment applications to applicants; and
(iv) the collection of information to measure indicators of hiring effectiveness.
(c) Expiration
The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.
(d) Rule of construction
Nothing in this section may be construed to affect—
(1) a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or
(2) the rights of employees under chapter 71 of title 5.
(e) Participation in examinations
In order to prepare the Bureau to conduct examinations under section 5515 of this title upon the designated transfer date, the Bureau and the applicable prudential regulator may agree to include, on a sampling basis, examiners on examinations of the compliance with Federal consumer financial law of institutions described in section 5515(a) of this title conducted by the prudential regulators prior to the designated transfer date.
(Pub. L. 111–203, title X, § 1067, July 21, 2010, 124 Stat. 2055.)
12 U.S.C. § 5603 (BANKS AND BANKING)
§ 5603. Review, report, and program with respect to exchange facilitators
(a) Review
The Director shall review all Federal laws and regulations relating to the protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes.
(b) Report
Not later than 1 year after the designated transfer date, the Director shall submit to Congress a report describing—
(1) recommendations for legislation to ensure the appropriate protection of consumers who use exchange facilitators for transactions primarily for personal, family, or household purposes;
(2) recommendations for updating the regulations of Federal departments and agencies to ensure the appropriate protection of such consumers; and
(3) recommendations for regulations to ensure the appropriate protection of such consumers.
(c) Program
Not later than 2 years after the date of the submission of the report under subsection (b), the Bureau shall, consistent with part B, propose regulations or otherwise establish a program to protect consumers who use exchange facilitators.
(d) Exchange facilitator defined
In this section, the term “exchange facilitator” means a person that—
(1) facilitates, for a fee, an exchange of like kind property by entering into an agreement with a taxpayer by which the exchange facilitator acquires from the taxpayer the contractual rights to sell the taxpayer’s relinquished property and transfers a replacement property to the taxpayer as a qualified intermediary (within the meaning of Treasury Regulations section 1.1031(k)–1(g)(4)) or enters into an agreement with the taxpayer to take title to a property as an exchange accommodation titleholder (within the meaning of Revenue Procedure 2000–37) or enters into an agreement with a taxpayer to act as a qualified trustee or qualified escrow holder (within the meaning of Treasury Regulations section 1.1031(k)–1(g)(3));
(2) maintains an office for the purpose of soliciting business to perform the services described in paragraph (1); or
(3) advertises any of the services described in paragraph (1) or solicits clients in printed publications, direct mail, television or radio advertisements, telephone calls, facsimile transmissions, or other electronic communications directed to the general public for purposes of providing any such services.
(Pub. L. 111–203, title X, § 1079, July 21, 2010, 124 Stat. 2077.)
12 U.S.C. § 5611 (BANKS AND BANKING)
§ 5611. Liquidity event determination
(a) Determination and written recommendation
(1) Determination request
The Secretary may request the Corporation and the Board of Governors to determine whether a liquidity event exists that warrants use of the guarantee program authorized under section 5612 of this title.
(2) Requirements of determination
Any determination pursuant to paragraph (1) shall—
(A) be written; and
(B) contain an evaluation of the evidence that—
(i) a liquidity event exists;
(ii) failure to take action would have serious adverse effects on financial stability or economic conditions in the United States; and
(iii) actions authorized under section 5612 of this title are needed to avoid or mitigate potential adverse effects on the United States financial system or economic conditions.
(b) Procedures
Notwithstanding any other provision of Federal or State law, upon the determination of both the Corporation (upon a vote of not fewer than ⅔ of the members of the Corporation then serving) and the Board of Governors (upon a vote of not fewer than ⅔ of the members of the Board of Governors then serving) under subsection (a) that a liquidity event exists that warrants use of the guarantee program authorized under section 5612 of this title, and with the written consent of the Secretary—
(1) the Corporation shall take action in accordance with section 5612(a) of this title; and
(2) the Secretary (in consultation with the President) shall take action in accordance with section 5612(c) of this title.
(c) Documentation and review
(1) Documentation
The Secretary shall—
(A) maintain the written documentation of each determination of the Corporation and the Board of Governors under this section; and
(B) provide the documentation for review under paragraph (2).
(2) GAO review
The Comptroller General of the United States shall review and report to Congress on any determination of the Corporation and the Board of Governors under subsection (a), including—
(A) the basis for the determination; and
(B) the likely effect of the actions taken.
(d) Report to Congress
On the earlier of the date of a submission made to Congress under section 5612(c) of this title, or within 30 days of the date of a determination under subsection (a), the Secretary shall provide written notice of the determination of the Corporation and the Board of Governors to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, including a description of the basis for the determination.
(Pub. L. 111–203, title XI, § 1104, July 21, 2010, 124 Stat. 2120.)
heading: Effective Date
text: Subchapter effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
12 U.S.C. § 5613 (BANKS AND BANKING)
§ 5613. Additional related matters
(a) Suspension of parallel Federal Deposit Insurance Act authority
Effective upon July 21, 2010, the Corporation may not exercise its authority under section 1823(c)(4)(G)(i) of this title to establish any widely available debt guarantee program for which section 5612 of this title would provide authority.
(b) Omitted
(c) Effect of default on an FDIC guarantee
If an insured depository institution or depository institution holding company (as those terms are defined in section 1813 of this title) participating in a program under section 5612 of this title, or any participant in a debt guarantee program established pursuant to section 1823(c)(4)(G)(i) of this title defaults on any obligation guaranteed by the Corporation after July 21, 2010, the Corporation shall—
(1) appoint itself as receiver for the insured depository institution that defaults; and
(2) with respect to any other participating company that is not an insured depository institution that defaults—
(A) require—
(i) consideration of whether a determination shall be made, as provided in section 5383 of this title to resolve the company under section 5382 of this title; and
(ii) the company to file a petition for bankruptcy under section 301 of title 11 if the Corporation is not appointed receiver pursuant to section 5382 of this title within 30 days of the date of default; or
(B) file a petition for involuntary bankruptcy on behalf of the company under section 303 of title 11.
(Pub. L. 111–203, title XI, § 1106, July 21, 2010, 124 Stat. 2125.)
heading: Codification
text: Section is comprised of section 1106 of Pub. L. 111–203. Subsec. (b) of section 1106 of Pub. L. 111–203 amended section 1823 of this title.
12 U.S.C. § 5614 (BANKS AND BANKING)
§ 5614. Exercise of Federal Reserve authority
(1) No decisions by Federal reserve bank presidents
No provision of subchapter I relating to the authority of the Board of Governors shall be construed as conferring any decision-making authority on presidents of Federal reserve banks.
(2) Voting decisions by Board
The Board of Governors shall not delegate the authority to make any voting decision that the Board of Governors is authorized or required to make under subchapter I of this chapter in contravention of section 248(k) of this title.
(Pub. L. 111–203, title XI, § 1108(d), July 21, 2010, 124 Stat. 2127.)
heading: References in Text
text: Subchapter I, referred to in text, was in the original “title I”, meaning title I of Pub. L. 111–203, July 21, 2010, 124 Stat. 1391, known as the Financial Stability Act of 2010, which is classified principally to subchapter I (§ 5311 et seq.) of this chapter. For complete classification of title I to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5621 (BANKS AND BANKING)
§ 5621. Purpose
The purpose of this subchapter is to encourage initiatives for financial products and services that are appropriate and accessible for millions of Americans who are not fully incorporated into the financial mainstream.
(Pub. L. 111–203, title XII, § 1202, July 21, 2010, 124 Stat. 2129.)
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables.
heading: Effective Date
text: Subchapter effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.
heading: Short Title
text: This subchapter known as the “Improving Access to Mainstream Financial Institutions Act of 2010”, see Short Title note set out under section 5301 of this title.
12 U.S.C. § 5622 (BANKS AND BANKING)
§ 5622. Definitions
In this subchapter, the following definitions shall apply:
(1) Account
The term “account” means an agreement between an individual and an eligible entity under which the individual obtains from or through the entity 1 or more banking products and services, and includes a deposit account, a savings account (including a money market savings account), an account for a closed-end loan, and other products or services, as the Secretary deems appropriate.
(2) Community development financial institution
The term “community development financial institution” has the same meaning as in section 4702(5) of this title.
(3) Eligible entity
The term “eligible entity” means—
(A) an organization described in section 501(c)(3) of title 26, and exempt from tax under section 501(a) of such title;
(B) a federally insured depository institution;
(C) a community development financial institution;
(D) a State, local, or tribal government entity; or
(E) a partnership or other joint venture comprised of 1 or more of the entities described in subparagraphs (A) through (D), in accordance with regulations prescribed by the Secretary under this subchapter.
(4) Federally insured depository institution
The term “federally insured depository institution” means any insured depository institution (as that term is defined in section 1813 of this title) and any insured credit union (as that term is defined in section 1752 of this title).
(Pub. L. 111–203, title XII, § 1203, July 21, 2010, 124 Stat. 2129.)
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5623 (BANKS AND BANKING)
§ 5623. Expanded access to mainstream financial institutions
(a) In general
The Secretary is authorized to establish a multiyear program of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings to promote initiatives designed—
(1) to enable low- and moderate-income individuals to establish one or more accounts in a federally insured depository institution that are appropriate to meet the financial needs of such individuals; and
(2) to improve access to the provision of accounts, on reasonable terms, for low- and moderate-income individuals.
(b) Program eligibility and activities
(1) In general
The Secretary shall restrict participation in any program established under subsection (a) to an eligible entity. Subject to regulations prescribed by the Secretary under this subchapter, 1 or more eligible entities may participate in 1 or several programs established under subsection (a).
(2) Account activities
Subject to regulations prescribed by the Secretary, an eligible entity may, in participating in a program established under subsection (a), offer or provide to low- and moderate-income individuals products and services relating to accounts, including—
(A) small-dollar value loans; and
(B) financial education and counseling relating to conducting transactions in and managing accounts.
(Pub. L. 111–203, title XII, § 1204, July 21, 2010, 124 Stat. 2130.)
heading: References in Text
text: This subchapter, referred to in subsec. (b)(1), was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5624 (BANKS AND BANKING)
§ 5624. Low-cost alternatives to small dollar loans
(a) Grants authorized
The Secretary is authorized to establish multiyear demonstration programs by means of grants, cooperative agreements, financial agency agreements, and similar contracts or undertakings, with eligible entities to provide low-cost, small loans to consumers that will provide alternatives to more costly small dollar loans.
(b) Terms and conditions
(1) In general
Loans under this section shall be made on terms and conditions, and pursuant to lending practices, that are reasonable for consumers.
(2) Financial literacy and education opportunities
(A) In general
Each eligible entity awarded a grant under this section shall promote and take appropriate steps to ensure the provision of financial literacy and education opportunities, such as relevant counseling services, educational courses, or wealth building programs, to each consumer provided with a loan pursuant to this section.
(B) Authority to expand access
As part of the grants, agreements, and undertakings established under this section, the Secretary may implement reasonable measures or programs designed to expand access to financial literacy and education opportunities, including relevant counseling services, educational courses, or wealth building programs to be provided to individuals who obtain loans from eligible entities under this section.
(Pub. L. 111–203, title XII, § 1205, July 21, 2010, 124 Stat. 2130.)
12 U.S.C. § 5625 (BANKS AND BANKING)
§ 5625. Procedural provisions
An eligible entity desiring to participate in a program or obtain a grant under this subchapter shall submit an application to the Secretary, in such form and containing such information as the Secretary may require.
(Pub. L. 111–203, title XII, § 1207, July 21, 2010, 124 Stat. 2132.)
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables.
12 U.S.C. § 5626 (BANKS AND BANKING)
§ 5626. Authorization of appropriations
(a) Authorization to the Secretary
There are authorized to be appropriated to the Secretary, such sums as are necessary to both administer and fund the programs and projects authorized by this subchapter, to remain available until expended.
(b) Authorization to the Fund
There is authorized to be appropriated to the Fund for each fiscal year beginning in fiscal year 2010, an amount equal to the amount of the administrative costs of the Fund for the operation of the grant program established under this subchapter.
(Pub. L. 111–203, title XII, § 1208, July 21, 2010, 124 Stat. 2132.)
heading: References in Text
text: This subchapter, referred to in text, was in the original “this title”, meaning title XII of Pub. L. 111–203, July 21, 2010, 124 Stat. 2129, known as the Improving Access to Mainstream Financial Institutions Act of 2010, which is classified principally to this subchapter. For complete classification of title XII to the Code, see Short Title note set out under section 5301 of this title and Tables.