dreamproit/uscode huggingface dataset:
12 U.S.C. § 5553 (BANKS AND BANKING)
§ 5553. Preservation of existing contracts
This title,1 and regulations, orders, guidance, and interpretations prescribed, issued, or established by the Bureau, shall not be construed to alter or affect the applicability of any regulation, order, guidance, or interpretation prescribed, issued, and established by the Comptroller of the Currency or the Director of the Office of Thrift Supervision regarding the applicability of State law under Federal banking law to any contract entered into on or before July 21, 2010, by national banks, Federal savings associations, or subsidiaries thereof that are regulated and supervised by the Comptroller of the Currency or the Director of the Office of Thrift Supervision, respectively.
(Pub. L. 111–203, title X, § 1043, July 21, 2010, 124 Stat. 2014.)
heading: Editorial Notes
heading: References in Text
text: This title, referred to in text, 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1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code.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.
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective on the designated transfer date, see section 1048 of Pub. L. 111–203, set out as a note under section 5551 of this title.
12 U.S.C. § 5561 (BANKS AND BANKING)
§ 5561. Definitions
For purposes of this part, the following definitions shall apply:
(1) Bureau investigation
The term “Bureau investigation” means any inquiry conducted by a Bureau investigator for the purpose of ascertaining whether any person is or has been engaged in any conduct that is a violation, as defined in this section.
(2) Bureau investigator
The term “Bureau investigator” means any attorney or investigator employed by the Bureau who is charged with the duty of enforcing or carrying into effect any Federal consumer financial law.
(3) Custodian
The term “custodian” means the custodian or any deputy custodian designated by the Bureau.
(4) Documentary material
The term “documentary material” includes the original or any copy of any book, document, record, report, memorandum, paper, communication, tabulation, chart, logs, electronic files, or other data or data compilations stored in any medium.
(5) Violation
The term “violation” means any act or omission that, if proved, would constitute a violation of any provision of Federal consumer financial law.
(Pub. L. 111–203, title X, § 1051, July 21, 2010, 124 Stat. 2018.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Pub. L. 111–203, title X, § 1058, July 21, 2010, 124 Stat. 2035, provided that: “This subtitle [subtitle E (§§ 1051–1058), enacting this part] shall become effective on the designated transfer date.”
[The term “designated transfer date” is defined in section 5481(9) of this title as the date established under section 5582 of this title.]
12 U.S.C. § 5566 (BANKS AND BANKING)
§ 5566. Referrals for criminal proceedings
If the Bureau obtains evidence that any person, domestic or foreign, has engaged in conduct that may constitute a violation of Federal criminal law, the Bureau shall transmit such evidence to the Attorney General of the United States, who may institute criminal proceedings under appropriate law. Nothing in this section affects any other authority of the Bureau to disclose information.
(Pub. L. 111–203, title X, § 1056, July 21, 2010, 124 Stat. 2031.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective on the designated transfer date, see section 1058 of Pub. L. 111–203, set out as a note under section 5561 of this title.
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 1 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 2 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; 2 and
(C) a description of the steps that will be taken to effect an orderly and timely implementation of this title 2 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: Editorial Notes
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.
heading: Statutory Notes and Related Subsidiaries
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.
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: Editorial Notes
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. § 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: Statutory Notes and Related Subsidiaries
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: Editorial Notes
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: Editorial Notes
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: Editorial Notes
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: Statutory Notes and Related Subsidiaries
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: Editorial Notes
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: Editorial Notes
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. § 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: Editorial Notes
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: Editorial Notes
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. § 5627 (BANKS AND BANKING)
§ 5627. Regulations
(a) In general
The Secretary is authorized to promulgate regulations to implement and administer the grant programs and undertakings authorized by this subchapter.
(b) Regulatory authority
Regulations prescribed under this section may contain such classifications, differentiations, or other provisions, and may provide for such adjustments and exceptions for any class of grant programs, undertakings, or eligible entities, as, in the judgment of the Secretary, are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of this subchapter, or to facilitate compliance with this subchapter.
(Pub. L. 111–203, title XII, § 1209, July 21, 2010, 124 Stat. 2132.)
heading: Editorial Notes
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. § 5628 (BANKS AND BANKING)
§ 5628. Evaluation and reports to Congress
For each fiscal year in which a program or project is carried out under this subchapter, the Secretary shall submit a report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives containing a description of the activities funded, amounts distributed, and measurable results, as appropriate and available.
(Pub. L. 111–203, title XII, § 1210, July 21, 2010, 124 Stat. 2133.)
heading: Editorial Notes
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.
15 U.S.C. § 1011 (COMMERCE AND TRADE)
§ 1011. Declaration of policy
Congress hereby declares that the continued regulation and taxation by the several States of the business of insurance is in the public interest, and that silence on the part of the Congress shall not be construed to impose any barrier to the regulation or taxation of such business by the several States.
(Mar. 9, 1945, ch. 20, § 1, 59 Stat. 33.)
heading: Short Title of 2021 Amendment
text: Pub. L. 116–327, § 1, Jan. 13, 2021, 134 Stat. 5097, provided that: “This Act [amending section 1013 of this title and enacting provisions set out as a note under section 1013 of this title] may be cited as the ‘Competitive Health Insurance Reform Act of 2020’.”
heading: Short Title
text: Act Mar. 9, 1945, ch. 20, 59 Stat. 33, which is classified to this chapter, is popularly known as the “McCarran-Ferguson Act”.
heading: Separability
text: Act Mar. 9, 1945, ch. 20, § 6, 59 Stat. 34, provided: “If any provision of this Act [this chapter], or the application of such provision to any person or circumstances, shall be held invalid, the remainder of the Act, and the application of such provision to persons or circumstances other than those as to which it is held invalid, shall not be affected.”