Source: https://www.law.cornell.edu/uscode/text/12/5512?qt-us_code_tabs=1
Timestamp: 2016-02-11 23:53:02
Document Index: 185876053

Matched Legal Cases: ['§ 5512', '§\u202f5512', '§\u202f1022', '§\u202f3401', 'art 1002', 'art 1003', 'art 1005', 'art 1006', 'art 1009', 'art 1010', 'art 1011', 'art 1012', 'art 1013', 'art 1014', 'art 1015', 'art 1016', 'art 1022', 'art 1024', 'art 1026', 'art 1030', 'art 1074', 'art 1075', 'art 1081', 'art 1090', 'art 1091']

12 U.S. Code § 5512 - Rulemaking authority | US Law | LII / Legal Information Institute
§ 5512.
(2) Standards for rulemakingIn prescribing a rule under the Federal consumer financial laws—
The Bureau, by rule, may conditionally or unconditionally exempt any class of covered persons, service providers, or consumer financial products or services, from any provision of this title,[1] or from any rule issued under this title,[1] as the Bureau determines necessary or appropriate to carry out the purposes and objectives of this title,[1] taking into consideration the factors in subparagraph (B).
(B) FactorsIn issuing an exemption, as permitted under subparagraph (A), the Bureau shall, as appropriate, take into consideration—
the total assets of the class of covered persons;
the volume of transactions involving consumer financial products or services in which the class of covered persons engages; and
existing provisions of law which are applicable to the consumer financial product or service and the extent to which such provisions provide consumers with adequate protections.
(2) ConsiderationsIn allocating its resources to perform the monitoring required by this section, the Bureau may consider, among other factors—
likely risks and costs to consumers associated with buying or using a type of consumer financial product or service;
understanding by consumers of the risks of a type of consumer financial product or service;
the legal protections applicable to the offering or provision of a consumer financial product or service, including the extent to which the law is likely to adequately protect consumers;
rates of growth in the offering or provision of a consumer financial product or service;
the extent, if any, to which the risks of a consumer financial product or service may disproportionately affect traditionally underserved consumers; or
the types, number, and other pertinent characteristics of covered persons that offer or provide the consumer financial product or service.
(B) MethodologyIn order to gather information described in subparagraph (A), the Bureau may—
gather and compile information from a variety of sources, including examination reports concerning covered persons or service providers, consumer complaints, voluntary surveys and voluntary interviews of consumers, surveys and interviews with covered persons and service providers, and review of available databases; and
require covered persons and service providers participating in consumer financial services markets to file with the Bureau, under oath or otherwise, in such form and within such reasonable period of time as the Bureau may prescribe by rule or order, annual or special reports, or answers in writing to specific questions, furnishing information described in paragraph (4), as necessary for the Bureau to fulfill the monitoring, assessment, and reporting responsibilities imposed by Congress.
In collecting information from any person, publicly releasing information held by the Bureau, or requiring covered persons to publicly report information, the Bureau shall take steps to ensure that proprietary, personal, or confidential consumer information that is protected from public disclosure under section 552(b) or 552a of title 5or any other provision of law, is not made public under this title.1
(A) In generalThe Bureau may not obtain from a covered person or service provider any personally identifiable financial information about a consumer from the financial records of the covered person or service provider, except—
if the financial records are reasonably described in a request by the Bureau and the consumer provides written permission for the disclosure of such information by the covered person or service provider to the Bureau; or
as may be specifically permitted or required under other applicable provisions of law and in accordance with the Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.).
With respect to the application of any provision of the Right to Financial Privacy Act of 1978,[2] to a disclosure by a covered person or service provider subject to this subsection, the covered person or service provider shall be treated as if it were a “financial institution”, as defined in section 1101 of that Act (12 U.S.C. 3401).
The Bureau shall conduct an assessment of each significant rule or order adopted by the Bureau under Federal consumer financial law. The assessment shall address, among other relevant factors, the effectiveness of the rule or order in meeting the purposes and objectives of this title 1 and the specific goals stated by the Bureau. The assessment shall reflect available evidence and any data that the Bureau reasonably may collect.
(Pub. L. 111–203, title X, § 1022, July 21, 2010, 124 Stat. 1980.)
[1]  See References in Text note below.[2]  So in original. The comma probably should not appear.
The Right to Financial Privacy Act of 1978, referred to in subsec. (c)(9)(A)(ii), (B), is title XI of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3697, which is classified generally to chapter 35 (§ 3401 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 3401 of this title and Tables.
This is a list of parts within the Code of Federal Regulations for which this US Code section provides rulemaking authority.This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.12 CFR - Banks and Banking12 CFR Part 1002 - EQUAL CREDIT OPPORTUNITY ACT (REGULATION B)12 CFR Part 1003 - HOME MORTGAGE DISCLOSURE (REGULATION C)12 CFR Part 1005 - ELECTRONIC FUND TRANSFERS (REGULATION E)12 CFR Part 1006 - FAIR DEBT COLLECTION PRACTICES ACT (REGULATION F)12 CFR Part 1009 - DISCLOSURE REQUIREMENTS FOR DEPOSITORY INSTITUTIONS LACKING FEDERAL DEPOSIT INSURANCE (REGULATION I)12 CFR Part 1010 - LAND REGISTRATION (REGULATION J)12 CFR Part 1011 - PURCHASERS' REVOCATION RIGHTS, SALES PRACTICES AND STANDARDS (REGULATION K)12 CFR Part 1012 - SPECIAL RULES OF PRACTICE (REGULATION L)12 CFR Part 1013 - CONSUMER LEASING (REGULATION M)12 CFR Part 1014 - MORTGAGE ACTS AND PRACTICES—ADVERTISING (REGULATION N)12 CFR Part 1015 - MORTGAGE ASSISTANCE RELIEF SERVICES (REGULATION O)12 CFR Part 1016 - PRIVACY OF CONSUMER FINANCIAL INFORMATION (REGULATION P)12 CFR Part 1022 - FAIR CREDIT REPORTING (REGULATION V)12 CFR Part 1024 - REAL ESTATE SETTLEMENT PROCEDURES ACT (REGULATION X)12 CFR Part 1026 - TRUTH IN LENDING (REGULATION Z)12 CFR Part 1030 - TRUTH IN SAVINGS (REGULATION DD)12 CFR Part 1074 - PROCEDURE RELATING TO RULEMAKING12 CFR Part 1075 - CONSUMER FINANCIAL CIVIL PENALTY FUND RULE12 CFR Part 1081 - RULES OF PRACTICE FOR ADJUDICATION PROCEEDINGS12 CFR Part 1090 - DEFINING LARGER PARTICIPANTS OF CERTAIN CONSUMER FINANCIAL PRODUCT AND SERVICE MARKETS12 CFR Part 1091 - PROCEDURAL RULE TO ESTABLISH SUPERVISORY AUTHORITY OVER CERTAIN NONBANK COVERED PERSONS BASED ON RISK DETERMINATION