The Bureau is authorized to exercise its authorities under Federal consumer financial law to administer, enforce, and otherwise implement the provisions of Federal consumer financial law.
The Director may prescribe rules and issue orders and guidance, as may be necessary or appropriate to enable the Bureau to administer and carry out the purposes and objectives of the Federal consumer financial laws, and to prevent evasions thereof.
In 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).
In issuing an exemption, as permitted under subparagraph (A), the Bureau shall, as appropriate, take into consideration-
Notwithstanding any other provisions of Federal law and except as provided in section 5581(b)(5) of this title, to the extent that a provision of Federal consumer financial law authorizes the Bureau and another Federal agency to issue regulations under that provision of law for purposes of assuring compliance with Federal consumer financial law and any regulations thereunder, the Bureau shall have the exclusive authority to prescribe rules subject to those provisions of law.
Notwithstanding any power granted to any Federal agency or to the Council under this title,1 and subject to section 5581(b)(5)(E) of this title, the deference that a court affords to the Bureau with respect to a determination by the Bureau regarding the meaning or interpretation of any provision of a Federal consumer financial law shall be applied as if the Bureau were the only agency authorized to apply, enforce, interpret, or administer the provisions of such Federal consumer financial law.
In order to support its rulemaking and other functions, the Bureau shall monitor for risks to consumers in the offering or provision of consumer financial products or services, including developments in markets for such products or services.
In allocating its resources to perform the monitoring required by this section, the Bureau may consider, among other factors-
The Bureau shall publish not fewer than 1 report of significant findings of its monitoring required by this subsection in each calendar year, beginning with the first calendar year that begins at least 1 year after the designated transfer date.
The Bureau may make public such information obtained by the Bureau under this section as is in the public interest, through aggregated reports or other appropriate formats designed to protect confidential information in accordance with paragraphs (4), (6), (8), and (9).
In conducting any monitoring or assessment required by this section, the Bureau shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of covered persons and service providers.
In order to gather information described in subparagraph (A), the Bureau may-
The Bureau may not use its authorities under this paragraph to obtain records from covered persons and service providers participating in consumer financial services markets for purposes of gathering or analyzing the personally identifiable financial information of consumers.
In order to assess whether a nondepository is a covered person, as defined in section 5481 of this title, the Bureau may require such nondepository 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.
The Bureau shall prescribe rules regarding the confidential treatment of information obtained from persons in connection with the exercise of its authorities under Federal consumer financial law.
Upon providing reasonable assurances of confidentiality, the Bureau shall have access to any report of examination or financial condition made by a prudential regulator or other Federal agency having jurisdiction over a covered person or service provider, and to all revisions made to any such report.
In addition to the reports described in clause (i), a prudential regulator or other Federal agency having jurisdiction over a covered person or service provider may, in its discretion, furnish to the Bureau any other report or other confidential supervisory information concerning any insured depository institution, credit union, or other entity examined by such agency under authority of any provision of Federal law.
Upon providing reasonable assurances of confidentiality, a prudential regulator, a State regulator, or any other Federal agency having jurisdiction over a covered person or service provider shall have access to any report of examination made by the Bureau with respect to such person, and to all revisions made to any such report.
In addition to the reports described in clause (i), the Bureau may, in its discretion, furnish to a prudential regulator or other agency having jurisdiction over a covered person or service provider any other report or other confidential supervisory information concerning such person examined by the Bureau under the authority of any other provision of Federal law.
The Bureau may prescribe rules regarding registration requirements applicable to a covered person, other than an insured depository institution, insured credit union, or related person.
Subject to rules prescribed by the Bureau, the Bureau may publicly disclose registration information to facilitate the ability of consumers to identify covered persons that are registered with the Bureau.
In developing and implementing registration requirements under this paragraph, the Bureau shall consult with State agencies regarding requirements or systems (including coordinated or combined systems for registration), where appropriate.
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 5 or any other provision of law, is not made public under this title.1
The 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-
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.
The Bureau shall publish a report of its assessment under this subsection not later than 5 years after the effective date of the subject rule or order.
Before publishing a report of its assessment, the Bureau shall invite public comment on recommendations for modifying, expanding, or eliminating the newly adopted significant rule or order.
1 See References in Text note below.
2 So in original. The comma probably should not appear.
12 U.S.C. § 5512
EDITORIAL NOTES
REFERENCES IN TEXTThis title, where footnoted in subsecs. (b)(3)(A), (4)(B), (c)(8), and (d)(1), is title X of Pub. L. 111-203, 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.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.
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATESection effective July 21, 2010, see section 1029A of Pub. L. 111-203 set out as a note under section 5511 of this title.
DESIGNATION OF RURAL AREA Pub. L. 114-94, div. G, title LXXXIX, §890029002,, 129 Stat. 1799, provided that:"(a) APPLICATION.-Not later than 90 days after the date of the enactment of this Act [Dec. 4, 2015], the Bureau of Consumer Financial Protection shall establish an application process under which a person who lives or does business in a State may, with respect to an area identified by the person in such State that has not been designated by the Bureau as a rural area for purposes of a Federal consumer financial law (as defined under section 1002 of the Consumer Financial Protection Act of 2010 [ 12 U.S.C. 5481 ]), apply for such area to be so designated."(b) EVALUATION CRITERIA.-When evaluating an application submitted under subsection (a), the Bureau shall take into consideration the following factors: "(1) Criteria used by the Director of the Bureau of the Census for classifying geographical areas as rural or urban."(2) Criteria used by the Director of the Office of Management and Budget to designate counties as metropolitan or micropolitan or neither. "(3) Criteria used by the Secretary of Agriculture to determine property eligibility for rural development programs."(4) The Department of Agriculture rural-urban commuting area codes. "(5) A written opinion provided by the State's bank supervisor, as defined under section 3(r) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(r) )."(6) Population density."(c) RULE OF CONSTRUCTION.-If, at any time prior to the submission of an application under subsection (a), the area subject to review has been designated as nonrural by any Federal agency described under subsection (b) using any of the criteria described under subsection (b), the Bureau shall not be required to consider such designation in its evaluation."(d) PUBLIC COMMENT PERIOD.-"(1) IN GENERAL.-Not later than 60 days after receiving an application submitted under subsection (a), the Bureau shall-"(A) publish such application in the Federal Register; and"(B) make such application available for public comment for not fewer than 90 days."(2) LIMITATION ON ADDITIONAL APPLICATIONS.-Nothing in this section shall be construed to require the Bureau, during the public comment period with respect to an application submitted under subsection (a), to accept an additional application with respect to the area that is the subject of the initial application."(e) DECISION ON DESIGNATION.-Not later than 90 days after the end of the public comment period under subsection (d)(1) for an application, the Bureau shall- "(1) grant or deny such application, in whole or in part; and"(2) publish such grant or denial in the Federal Register, along with an explanation of what factors the Bureau relied on in making such determination."(f) SUBSEQUENT APPLICATIONS.-A decision by the Bureau under subsection (e) to deny an application for an area to be designated as a rural area shall not preclude the Bureau from accepting a subsequent application submitted under subsection (a) for such area to be so designated, so long as such subsequent application is made after the end of the 90-day period beginning on the date that the Bureau denies the application under subsection (e)."(g) SUNSET.-This section shall cease to have any force or effect after the end of the 2-year period beginning on the date of the enactment of this Act."
- Bureau
- The term "Bureau" means the Bureau of Consumer Financial Protection.
- Director
- The term "Director" means the Director of the Bureau.
- Federal consumer financial law
- The term "Federal consumer financial law" means the provisions of this title,1 the enumerated consumer laws, the laws for which authorities are transferred under subtitles F and H, and any rule or order prescribed by the Bureau under this title,1 an enumerated consumer law, or pursuant to the authorities transferred under subtitles F and H. The term does not include the Federal Trade Commission Act [ 15 U.S.C. 41 et seq.].
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- 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).
- consumer
- The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
- 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.
- 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.
- designated transfer date
- The term "designated transfer date" means the date established under section 5582 of this title.
- person
- The term "person" means an individual, partnership, company, corporation, association (incorporated or unincorporated), trust, estate, cooperative organization, or other entity.
- prudential regulator
- The term "prudential regulator" means-(A) in the case of an insured depository institution or depository institution holding company (as defined in section 1813 of this title), or subsidiary of such institution or company, the appropriate Federal banking agency, as that term is defined in section 1813 of this title; and(B) in the case of an insured credit union, the National Credit Union Administration.