12 U.S.C. § 5582

Current through P.L. 118-107 (published on www.congress.gov on 11/21/2024)

Section 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.

¹ See Definition of Designated Transfer Date note below.

² See References in Text note below.

12 U.S.C. § 5582

Pub. L. 111-203, title X, §10621062,, 124 Stat. 2039.

EDITORIAL NOTES

REFERENCES IN TEXTThis title, referred to in subsec. (c)(2), 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.

STATUTORY NOTES AND RELATED SUBSIDIARIES

DEFINITION OF DESIGNATED TRANSFER DATE Notice of Secretary of the Treasury, Sept. 20, 2010, 75 F.R. 57252, provided that the designated transfer date is July 21, 2011.

Bureau: The term "Bureau" means the Bureau of Consumer Financial Protection.
Director: The term "Director" means the Director of the Bureau.
consumer: The term "consumer" means an individual or an agent, trustee, or representative acting on behalf of an individual.
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.