dreamproit/uscode huggingface dataset:
12 U.S.C. § 5461 (BANKS AND BANKING)
§ 5461. Findings and purposes
(a) Findings
Congress finds the following:
(1) The proper functioning of the financial markets is dependent upon safe and efficient arrangements for the clearing and settlement of payment, securities, and other financial transactions.
(2) Financial market utilities that conduct or support multilateral payment, clearing, or settlement activities may reduce risks for their participants and the broader financial system, but such utilities may also concentrate and create new risks and thus must be well designed and operated in a safe and sound manner.
(3) Payment, clearing, and settlement activities conducted by financial institutions also present important risks to the participating financial institutions and to the financial system.
(4) Enhancements to the regulation and supervision of systemically important financial market utilities and the conduct of systemically important payment, clearing, and settlement activities by financial institutions are necessary—
(A) to provide consistency;
(B) to promote robust risk management and safety and soundness;
(C) to reduce systemic risks; and
(D) to support the stability of the broader financial system.
(b) Purpose
The purpose of this subchapter is to mitigate systemic risk in the financial system and promote financial stability by—
(1) authorizing the Board of Governors to promote uniform standards for the—
(A) management of risks by systemically important financial market utilities; and
(B) conduct of systemically important payment, clearing, and settlement activities by financial institutions;
(2) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important financial market utilities;
(3) strengthening the liquidity of systemically important financial market utilities; and
(4) providing the Board of Governors an enhanced role in the supervision of risk management standards for systemically important payment, clearing, and settlement activities by financial institutions.
(Pub. L. 111–203, title VIII, § 802, July 21, 2010, 124 Stat. 1802.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Pub. L. 111–203, title VIII, § 814, July 21, 2010, 124 Stat. 1822, provided that: “This title [enacting this subchapter] is effective as of the date of enactment of this Act [July 21, 2010].”
heading: Short Title
text: This subchapter known as the “Payment, Clearing, and Settlement Supervision Act of 2010”, see Short Title note set out under section 5301 of this title.
12 U.S.C. § 5471 (BANKS AND BANKING)
§ 5471. Consultation
(a) CFTC
The Commodity Futures Trading Commission shall consult with the Board of Governors—
(1) prior to exercising its authorities under sections 2(h)(2)(C), 2(h)(3)(A), 2(h)(3)(C), 2(h)(4)(A), and 2(h)(4)(B) of title 7, as amended by the Wall Street Transparency and Accountability Act of 2010;
(2) with respect to any rule or rule amendment of a derivatives clearing organization for which a stay of certification has been issued under section 745(b)(3) 1 of the Wall Street Transparency and Accountability Act of 2010; and
(3) prior to exercising its rulemaking authorities under section 728 of the Wall Street Transparency and Accountability Act of 2010 [7 U.S.C. 24a].
(b) SEC
The Commission shall consult with the Board of Governors—
(1) prior to exercising its authorities under sections 78c–3(a)(2)(C), 78c–3(a)(3)(A), 78c–3(a)(3)(C), 78c–3(a)(4)(A), and 78c–3(a)(4)(B) of title 15, as amended by the Wall Street Transparency and Accountability Act of 2010;
(2) with respect to any proposed rule change of a clearing agency for which an extension of the time for review has been designated under section 78s(b)(2) of title 15; and
(3) prior to exercising its rulemaking authorities under section 78m(n) of title 15, as added by section 763(i) of the Wall Street Transparency and Accountability Act of 2010.
(Pub. L. 111–203, title VIII, § 812, July 21, 2010, 124 Stat. 1821.)
heading: Editorial Notes
heading: References in Text
text: The Wall Street Transparency and Accountability Act of 2010, referred to in subsecs. (a) and (b), is title VII of Pub. L. 111–203, July 21, 2010, 124 Stat. 1641. Section 728 of the Act amended the act of Sept. 21, 1922, ch. 369, to add a new section 21 which is classified to section 24a of Title 7, Agriculture. For complete classification of this Act to the Code, see Short Title note set out under section 8301 of Title 15, Commerce and Trade, and Tables.
Section 745(b)(3) of the Wall Street Transparency and Accountability Act of 2010, referred to in subsec. (a)(2), probably means section 5c(c)(3) of the Commodity Exchange Act, which is classified to section 7a–2(c)(3) of Title 7, Agriculture. Section 745(b) of the Wall Street Transparency and Accountability Act of 2010, which is section 745(b) of Pub. L. 111–203, added subsec. (c) of section 7a–2 of Title 7 and struck out former subsec. (c) of that section. Section 7a–2(c)(3) of Title 7 relates to stays of the certification for rules. Section 745(b) of Pub. L. 111–203 does not contain a par. (3).
12 U.S.C. § 5491 (BANKS AND BANKING)
§ 5491. Establishment of the Bureau of Consumer Financial Protection
(a) Bureau established
There is established in the Federal Reserve System, an independent bureau to be known as the “Bureau of Consumer Financial Protection”, which shall regulate the offering and provision of consumer financial products or services under the Federal consumer financial laws. The Bureau shall be considered an Executive agency, as defined in section 105 of title 5. Except as otherwise provided expressly by law, all Federal laws dealing with public or Federal contracts, property, works, officers, employees, budgets, or funds, including the provisions of chapters 5 and 7 of title 5, shall apply to the exercise of the powers of the Bureau.
(b) Director and Deputy Director
(1) In general
There is established the position of the Director, who shall serve as the head of the Bureau.
(2) Appointment
Subject to paragraph (3), the Director shall be appointed by the President, by and with the advice and consent of the Senate.
(3) Qualification
The President shall nominate the Director from among individuals who are citizens of the United States.
(4) Compensation
The Director shall be compensated at the rate prescribed for level II of the Executive Schedule under section 5313 of title 5.
(5) Deputy Director
There is established the position of Deputy Director, who shall—
(A) be appointed by the Director; and
(B) serve as acting Director in the absence or unavailability of the Director.
(c) Term
(1) In general
The Director shall serve for a term of 5 years.
(2) Expiration of term
An individual may serve as Director after the expiration of the term for which appointed, until a successor has been appointed and qualified.
(3) Removal for cause
The President may remove the Director for inefficiency, neglect of duty, or malfeasance in office.
(d) Service restriction
No Director or Deputy Director may hold any office, position, or employment in any Federal reserve bank, Federal home loan bank, covered person, or service provider during the period of service of such person as Director or Deputy Director.
(e) Offices
The principal office of the Bureau shall be in the District of Columbia. The Director may establish regional offices of the Bureau, including in cities in which the Federal reserve banks, or branches of such banks, are located, in order to carry out the responsibilities assigned to the Bureau under the Federal consumer financial laws.
(Pub. L. 111–203, title X, § 1011, July 21, 2010, 124 Stat. 1964.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Pub. L. 111–203, title X, § 1018, July 21, 2010, 124 Stat. 1979, provided that: “This subtitle [subtitle A (§§ 1011–1018), enacting this part and amending section 9702 of Title 20, Education] shall become effective on the date of enactment of this Act [July 21, 2010].”
12 U.S.C. § 5496a (BANKS AND BANKING)
§ 5496a. Annual audits
(a) Annual independent audit
The Bureau shall order an annual independent audit of the operations and budget of the Bureau.
(b) Annual GAO audit
The Comptroller General of the United States shall conduct an annual audit of the Bureau’s financial statements in accordance with generally accepted government accounting standards.
(Pub. L. 111–203, title X, § 1016A, as added Pub. L. 112–10, div. B, title V, § 1573(a), Apr. 15, 2011, 125 Stat. 138.)
heading: Statutory Notes and Related Subsidiaries
heading: Initial Audits
text: Pub. L. 112–10, div. B, title V, § 1573(c), Apr. 15, 2011, 125 Stat. 139, provided that the initial audits under this section were to be completed not later than the end of the 180-day period beginning on Apr. 15, 2011.
12 U.S.C. § 5496b (BANKS AND BANKING)
§ 5496b. GAO study of financial regulations
(a) Study
Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of—
(1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules;
(2) efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of section 5512(b)(2) of this title, information requests, and examinations; and
(3) other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate.
(b) Report
Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
(Pub. L. 111–203, title X, § 1016B, as added Pub. L. 112–10, div. B, title V, § 1573(a), Apr. 15, 2011, 125 Stat. 138.)
heading: Editorial Notes
heading: References in Text
text: The date of the enactment of this Act, referred to in subsec. (a), probably means the date of enactment of Pub. L. 112–10, which enacted this section and was approved Apr. 15, 2011.
12 U.S.C. § 5511 (BANKS AND BANKING)
§ 5511. Purpose, objectives, and functions
(a) Purpose
The Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.
(b) Objectives
The Bureau is authorized to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services—
(1) consumers are provided with timely and understandable information to make responsible decisions about financial transactions;
(2) consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination;
(3) outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;
(4) Federal consumer financial law is enforced consistently, without regard to the status of a person as a depository institution, in order to promote fair competition; and
(5) markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.
(c) Functions
The primary functions of the Bureau are—
(1) conducting financial education programs;
(2) collecting, investigating, and responding to consumer complaints;
(3) collecting, researching, monitoring, and publishing information relevant to the functioning of markets for consumer financial products and services to identify risks to consumers and the proper functioning of such markets;
(4) subject to sections 5514 through 5516 of this title, supervising covered persons for compliance with Federal consumer financial law, and taking appropriate enforcement action to address violations of Federal consumer financial law;
(5) issuing rules, orders, and guidance implementing Federal consumer financial law; and
(6) performing such support activities as may be necessary or useful to facilitate the other functions of the Bureau.
(Pub. L. 111–203, title X, § 1021, July 21, 2010, 124 Stat. 1979.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Pub. L. 111–203, title X, § 1029A, July 21, 2010, 124 Stat. 2005, provided that: “This subtitle [subtitle B (§§ 1021–1029A), enacting this part] shall become effective on the designated transfer date, except that sections 1022, 1024, and 1025(e) [12 U.S.C. 5512, 5514, and 5515(e)] shall become effective on the date of enactment of this Act [July 21, 2010].”
[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. § 5518 (BANKS AND BANKING)
§ 5518. Authority to restrict mandatory pre-dispute arbitration
(a) Study and report
The Bureau shall conduct a study of, and shall provide a report to Congress concerning, the use of agreements providing for arbitration of any future dispute between covered persons and consumers in connection with the offering or providing of consumer financial products or services.
(b) Further authority
The Bureau, by regulation, may prohibit or impose conditions or limitations on the use of an agreement between a covered person and a consumer for a consumer financial product or service providing for arbitration of any future dispute between the parties, if the Bureau finds that such a prohibition or imposition of conditions or limitations is in the public interest and for the protection of consumers. The findings in such rule shall be consistent with the study conducted under subsection (a).
(c) Limitation
The authority described in subsection (b) may not be construed to prohibit or restrict a consumer from entering into a voluntary arbitration agreement with a covered person after a dispute has arisen.
(d) Effective date
Notwithstanding any other provision of law, any regulation prescribed by the Bureau under subsection (b) shall apply, consistent with the terms of the regulation, to any agreement between a consumer and a covered person entered into after the end of the 180-day period beginning on the effective date of the regulation, as established by the Bureau.
(Pub. L. 111–203, title X, § 1028, July 21, 2010, 124 Stat. 2003.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective on the designated transfer date, see section 1029A of Pub. L. 111–203, set out as a note under section 5511 of this title.
12 U.S.C. § 5533 (BANKS AND BANKING)
§ 5533. Consumer rights to access information
(a) In general
Subject to rules prescribed by the Bureau, a covered person shall make available to a consumer, upon request, information in the control or possession of the covered person concerning the consumer financial product or service that the consumer obtained from such covered person, including information relating to any transaction, series of transactions, or to the account including costs, charges and usage data. The information shall be made available in an electronic form usable by consumers.
(b) Exceptions
A covered person may not be required by this section to make available to the consumer—
(1) any confidential commercial information, including an algorithm used to derive credit scores or other risk scores or predictors;
(2) any information collected by the covered person for the purpose of preventing fraud or money laundering, or detecting, or making any report regarding other unlawful or potentially unlawful conduct;
(3) any information required to be kept confidential by any other provision of law; or
(4) any information that the covered person cannot retrieve in the ordinary course of its business with respect to that information.
(c) No duty to maintain records
Nothing in this section shall be construed to impose any duty on a covered person to maintain or keep any information about a consumer.
(d) Standardized formats for data
The Bureau, by rule, shall prescribe standards applicable to covered persons to promote the development and use of standardized formats for information, including through the use of machine readable files, to be made available to consumers under this section.
(e) Consultation
The Bureau shall, when prescribing any rule under this section, consult with the Federal banking agencies and the Federal Trade Commission to ensure, to the extent appropriate, that the rules—
(1) impose substantively similar requirements on covered persons;
(2) take into account conditions under which covered persons do business both in the United States and in other countries; and
(3) do not require or promote the use of any particular technology in order to develop systems for compliance.
(Pub. L. 111–203, title X, § 1033, July 21, 2010, 124 Stat. 2008.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title.
12 U.S.C. § 5535 (BANKS AND BANKING)
§ 5535. Private Education Loan Ombudsman
(a) Establishment
The Secretary, in consultation with the Director, shall designate a Private Education Loan Ombudsman (in this section referred to as the “Ombudsman”) within the Bureau, to provide timely assistance to borrowers of private education loans.
(b) Public information
The Secretary and the Director shall disseminate information about the availability and functions of the Ombudsman to borrowers and potential borrowers, as well as institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education student loan programs.
(c) Functions of Ombudsman
The Ombudsman designated under this subsection shall—
(1) in accordance with regulations of the Director, receive, review, and attempt to resolve informally complaints from borrowers of loans described in subsection (a), including, as appropriate, attempts to resolve such complaints in collaboration with the Department of Education and with institutions of higher education, lenders, guaranty agencies, loan servicers, and other participants in private education loan programs;
(2) not later than 90 days after the designated transfer date, establish a memorandum of understanding with the student loan ombudsman established under section 1018(f) of title 20, to ensure coordination in providing assistance to and serving borrowers seeking to resolve complaints related to their private education or Federal student loans;
(3) compile and analyze data on borrower complaints regarding private education loans; and
(4) make appropriate recommendations to the Director, the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban Affairs and the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Financial Services and the Committee on Education and Labor of the House of Representatives.
(d) Annual reports
(1) In general
The Ombudsman shall prepare an annual report that describes the activities, and evaluates the effectiveness of the Ombudsman during the preceding year.
(2) Submission
The report required by paragraph (1) shall be submitted on the same date annually to the Secretary, the Secretary of Education, the Committee on Banking, Housing, and Urban Affairs and the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Financial Services and the Committee on Education and Labor of the House of Representatives.
(e) Definitions
For purposes of this section, the terms “private education loan” and “institution of higher education” have the same meanings as in section 1650 of title 15.
(Pub. L. 111–203, title X, § 1035, July 21, 2010, 124 Stat. 2009.)
heading: Statutory Notes and Related Subsidiaries
heading: Effective Date
text: Section effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title.
12 U.S.C. § 5536 (BANKS AND BANKING)
§ 5536. Prohibited acts
(a) In general
It shall be unlawful for—
(1) any covered person or service provider—
(A) to offer or provide to a consumer any financial product or service not in conformity with Federal consumer financial law, or otherwise commit any act or omission in violation of a Federal consumer financial law; or
(B) to engage in any unfair, deceptive, or abusive act or practice;
(2) any covered person or service provider to fail or refuse, as required by Federal consumer financial law, or any rule or order issued by the Bureau thereunder—
(A) to permit access to or copying of records;
(B) to establish or maintain records; or
(C) to make reports or provide information to the Bureau; or
(3) any person to knowingly or recklessly provide substantial assistance to a covered person or service provider in violation of the provisions of section 5531 of this title, or any rule or order issued thereunder, and notwithstanding any provision of this title,1 the provider of such substantial assistance shall be deemed to be in violation of that section to the same extent as the person to whom such assistance is provided.
(b) Exception
No person shall be held to have violated subsection (a)(1) solely by virtue of providing or selling time or space to a covered person or service provider placing an advertisement.
(Pub. L. 111–203, title X, § 1036, July 21, 2010, 124 Stat. 2010.)
heading: Editorial Notes
heading: References in Text
text: This title, where footnoted in subsec. (a)(3), 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 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title.