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Title X – Bureau of Consumer Financial 1955 7 Protection TABLE OF CONTENTS Stat. Page No. PDF Page No. TITLE X – BUREAU OF CONSUMER FINANCIAL 1955 7 PROTECTION Sec. 1001. Short title 1955 7 Sec. 1002. Definitions 1955 7 Subtitle A – Bureau of Consumer Financial Protection 1964 16 Sec. 1011. Establishment of the Bureau of Consumer 1964 16 Financial Protection Sec. 1012. Executive and Administrative powers 1965 17 Sec. 1013. Administration 1966 18 Sec. 1014. Consumer Advisory Board 1974 26 Sec. 1015. Coordination 1974 26 Sec. 1016. Appearances before and reports to Congress 1974 26 Sec. 1017. Funding; penalties and fines 1975 27 Sec. 1018. Effective date 1979 31 Subtitle B – General Powers of the Bureau 1979 31 Sec. 1021. Purpose, objectives, and functions 1979 31 Sec. 1022. Rulemaking authority 1980 32 Sec. 1023. Review of Bureau regulations 1985 37 Sec. 1024. Supervision of nondepository covered 1987 39 persons Sec. 1025. Supervision of very large banks, savings 1990 42 associations, and credit unions Sec. 1026. Other banks, savings associations, and credit 1993 45 unions 1 Stat. Page No. PDF Page No. Sec. 1027. Limitations on authorities of the Bureau; 1995 47 preservation of authorities Sec. 1028. Authority to restrict mandatory pre-dispute 2003 55 arbitration Sec. 1029. Exclusion for auto dealers 2004 56 Sec. 1029A Effective date 2005 57 Subtitle C – Specific Bureau Authorities 2005 57 Sec. 1031. Prohibiting unfair, deceptive, or abusive acts 2005 57 or practices Sec. 1032. Disclosures 2006 58 Sec. 1033. Consumer rights to access information 2008 60 Sec. 1034. Response to consumer complaints and 2008 60 inquiries Sec. 1035. Private education loan ombudsman 2009 61 Sec. 1036. Prohibited acts 2010 62 Sec. 1037. Effective date 2011 63 Subtitle D – Preservation of State Law 2011 63 Sec. 1041. Relation to State law 2011 63 Sec. 1042. Preservation of enforcement powers of States 2012 64 Sec. 1043. Preservation of existing contracts 2014 66 Sec. 1044. State law preemption standards for national 2014 66 banks and subsidiaries clarified Sec. 1045. Clarification of law applicable to 2017 69 nondepository institution subsidiaries Sec. 1046. State law preemption standards for Federal 2017 69 savings associations and subsidiaries clarified Sec. 1047. Visitorial standards for national banks and 2018 70 savings associations 2 Stat. Page No. PDF Page No. Sec. 1048. Effective date 2018 70 Sec. 1051. Definitions 2018 70 Subtitle E – Enforcement Powers 2018 70 Sec. 1052. Investigations and administrative discovery 2019 71 Sec. 1053. Hearings and adjudication proceedings 2025 77 Sec. 1054. Litigation authority 2028 80 Sec. 1055. Relief available 2029 81 Sec. 1056. Referrals for criminal proceedings 2031 83 Sec. 1057. Employee protection 2031 83 Sec. 1058. Effective date 2035 87 Subtitle F – Transfer of Functions and Personnel; 2035 87 Transitional Provisions Sec. 1061. Transfer of consumer financial protection 2035 87 functions Sec. 1062. Designated transfer date 2039 91 Sec. 1063. Savings provisions 2040 92 Sec. 1064. Transfer of certain personnel 2043 95 Sec. 1065. Incidental transfers 2055 107 Sec. 1066. Interim authority of the Secretary 2055 107 Sec. 1067. Transition oversight 2055 107 Subtitle G – Regulatory Improvements 2056 108 Sec. 1071. Small business data collection 2056 108 Sec. 1072. Assistance for economically vulnerable 2059 111 individuals and families Sec. 1073. Remittance transfers 2060 112 3 Stat. Page No. PDF Page No. Sec. 1074. Department of the Treasury study on ending 2067 119 the conservatorship of Fannie Mae, Freddie Mac, and reforming the housing finance system Sec. 1075. Reasonable fees and rules for payment card 2068 120 transactions Sec. 1076. Reverse mortgage study and regulations 2075 127 Sec. 1077. Report on private education loans and private 2075 127 educational lenders Sec. 1078. Study and report on credit scores 2076 128 Sec. 1079. Review, report, and program with respect to 2077 129 exchange facilitators Sec. 1079A. Financial fraud provisions 2077 129 Subtitle H – Conforming Amendments 2080 132 Sec. 1081. Amendments to the Inspector General Act 2080 132 Sec. 1082. Amendments to the Privacy Act of 1974 2080 132 Sec. 1083. Amendments to the Alternative Mortgage 2080 132 Transaction Parity Act of 1982 Sec. 1084. Amendments to the Electronic Fund Transfer 2081 133 Act Sec. 1085. Amendments to the Equal Credit 2083 135 Opportunity Act Sec. 1086. Amendments to the Expedited Funds 2085 137 Availability Act Sec. 1087. Amendments to the Fair Credit Billing Act 2086 138 Sec. 1088. Amendments to the Fair Credit Reporting 2086 138 Act and the Fair and Accurate Credit Transactions Act of 2003 Sec. 1089. Amendments to the Fair Debt Collection 2092 144 Practices Act 4 Stat. Page No. PDF Page No. Sec. 1090. Amendments to the Federal Deposit 2093 145 Insurance Act Sec. 1091. Amendment to Federal Financial Institutions 2094 146 Examination Council Act of 1978 Sec. 1092. Amendments to the Federal Trade 2094 146 Commission Act Sec. 1093. Amendments to the Gramm-Leach-Bliley 2095 147 Act Sec. 1094. Amendments to the Home Mortgage 2097 149 Disclosure Act of 1975 Sec. 1095. Amendments to the Homeowners Protection 2101 153 Act of 1998 Sec. 1096. Amendments to the Home Ownership and 2102 154 Equity Protection Act of 1994 Sec. 1097 Amendments to the Omnibus Appropriations 2102 154 Act, 2009 Sec. 1098. Amendments to the Real Estate Settlement 2103 155 Procedures Act of 1974 Sec. 1098A. Amendments to the Interstate Land Sales 2105 157 Full Disclosure Act Sec. 1099. Amendments to the Right to Financial 2105 157 Privacy Act of 1978 Sec. 1100 Amendments to the Secure and Fair 2105 157 Enforcement for Mortgage Licensing Act of 2008 Sec. 1100A. Amendments to the Truth in Lending Act 2107 159 Sec. 1100B. Amendments to the Truth in Savings Act 2109 161 Sec. 1100C Amendments to the Telemarketing and 2110 162 Consumer Fraud and Abuse Prevention Act Sec. 1100D. Amendments to the Paperwork Reduction 2111 163 Act 5 Stat. Page No. PDF Page No. Sec. 1100E. Adjustments for inflation in the Truth in 2111 163 Lending Act Sec. 1100F. Use of consumer reports 2112 164 Sec. 1100G. Small business fairness and regulatory 2112 164 transparency Sec. 1100H. Effective date 2113 165 6 PUBLIC LAW 111–203—JULY 21, 2010 124 STAT. 1955 TITLE X—BUREAU OF CONSUMER Consumer Financial FINANCIAL PROTECTION Protection Act of 2010. SEC. 1001. SHORT TITLE. 12 USC 5301 note. This title may be cited as the ‘‘Consumer Financial Protection Act of 2010’’. SEC. 1002. DEFINITIONS. 12 USC 5481. Except as otherwise provided in this title, for purposes of this title, the following definitions shall apply: (1) AFFILIATE.—The term ‘‘affiliate’’ means any person that controls, is controlled by, or is under common control with another person. (2) BUREAU.—The term ‘‘Bureau’’ means the Bureau of Consumer Financial Protection. (3) BUSINESS OF INSURANCE.—The term ‘‘business of insur- ance’’ means the writing of insurance or the reinsuring of risks by an insurer, including all acts necessary to such writing or reinsuring and the activities relating to the writing of insur- ance or the reinsuring of risks conducted by persons who act as, or are, officers, directors, agents, or employees of insurers or who are other persons authorized to act on behalf of such persons. 7 VerDate Nov 24 2008 03:41 Aug 28, 2010 Jkt 089139 PO 00203 Frm 00581 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 GPO1 PsN: PUBL203 anorris on DSK5R6SHH1PROD with PUBLIC LAWS 124 STAT. 1956 PUBLIC LAW 111–203—JULY 21, 2010 (4) CONSUMER.—The term ‘‘consumer’’ means an individual or an agent, trustee, or representative acting on behalf of an individual. (5) CONSUMER FINANCIAL PRODUCT OR SERVICE.—The term ‘‘consumer financial product or service’’ means any financial product or service that is described in one or more categories under— (A) paragraph (15) and is offered or provided for use by consumers primarily for personal, family, or household purposes; or (B) clause (i), (iii), (ix), or (x) of paragraph (15)(A), and is delivered, offered, or provided in connection with a consumer financial product or service referred to in subparagraph (A). (6) COVERED PERSON.—The term ‘‘covered person’’ means— (A) any person that engages in offering or providing a consumer financial product or service; and (B) any affiliate of a person described in subparagraph (A) if such affiliate acts as a service provider to such person. (7) CREDIT.—The term ‘‘credit’’ means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase. (8) DEPOSIT-TAKING ACTIVITY.—The term ‘‘deposit-taking activity’’ means— (A) the acceptance of deposits, maintenance of deposit accounts, or the provision of services related to the accept- ance of deposits or the maintenance of deposit accounts; (B) the acceptance of funds, the provision of other services related to the acceptance of funds, or the mainte- nance of member share accounts by a credit union; or (C) the receipt of funds or the equivalent thereof, as the Bureau may determine by rule or order, received or held by a covered person (or an agent for a covered person) for the purpose of facilitating a payment or transferring funds or value of funds between a consumer and a third party. (9) DESIGNATED TRANSFER DATE.—The term ‘‘designated transfer date’’ means the date established under section 1062. (10) DIRECTOR.—The term ‘‘Director’’ means the Director of the Bureau. (11) ELECTRONIC CONDUIT SERVICES.—The term ‘‘electronic conduit services’’— (A) means the provision,
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