**(a) Purpose** The purpose of this section is to ensure that the Bureau—
(1) has an orderly and organized startup;
(2) attracts and retains a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
**(b) Reporting requirement**
(1) **In general** — The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
(2) **Plans** — The plans described in this paragraph are as follows:
(A) *Training and workforce development plan* — The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
(i) identification of skill and technical expertise needs and actions taken to meet those requirements;
(ii) steps taken to foster innovation and creativity;
(iii) leadership development and succession planning; and
(iv) effective use of technology by employees.
(B) *Workplace flexibilities plan* — The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
(i) telework;
(ii) flexible work schedules;
(iii) phased retirement;
(iv) reemployed annuitants;
(v) part-time work;
(vi) job sharing;
(vii) parental leave benefits and childcare assistance;
(viii) domestic partner benefits;
(ix) other workplace flexibilities; or
(x) any combination of the items described in clauses (i) through (ix).
(C) *Recruitment and retention plan* — The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
(i) the steps necessary to target highly qualified applicant pools
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Stable record: federal_law:legal_authorities:record_usc_aa70f37384f6fe4be165529a Source file: Laws/federal/codes/united-states-code/title-12/section-5481-transition-oversight--42cb991a46.md Pages: Not recorded – Not recorded Passage SHA-256: 423175bf25d92747b4d435f69097e9ef66a58d57b0d06e088b42b01136898f28 Retained source evidence SHA-256: cd3d6eadde2fbf26cdc69cefca5cb7919d97e98125f7824c499c10740914388c
Source location: Title 12, Chapter 53, § 5481; chapter-053-wall-street-reform-and-consumer-protection.md
Stored source content
**(a) Purpose** The purpose of this section is to ensure that the Bureau—
(1) has an orderly and organized startup;
(2) attracts and retains a qualified workforce; and
(3) establishes comprehensive employee training and benefits programs.
**(b) Reporting requirement**
(1) **In general** — The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).
(2) **Plans** — The plans described in this paragraph are as follows:
(A) *Training and workforce development plan* — The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—
(i) identification of skill and technical expertise needs and actions taken to meet those requirements;
(ii) steps taken to foster innovation and creativity;
(iii) leadership development and succession planning; and
(iv) effective use of technology by employees.
(B) *Workplace flexibilities plan* — The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—
(i) telework;
(ii) flexible work schedules;
(iii) phased retirement;
(iv) reemployed annuitants;
(v) part-time work;
(vi) job sharing;
(vii) parental leave benefits and childcare assistance;
(viii) domestic partner benefits;
(ix) other workplace flexibilities; or
(x) any combination of the items described in clauses (i) through (ix).
(C) *Recruitment and retention plan* — The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—
(i) the steps necessary to target highly qualified applicant pools with diverse backgrounds;
(ii) streamlined employment application processes;
(iii) the provision of timely notification of the status of employment applications to applicants; and
(iv) the collection of information to measure indicators of hiring effectiveness.
**(c) Expiration** The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.
**(d) Rule of construction** Nothing in this section may be construed to affect—
(1) a collective bargaining agreement, as that term is defined in [section 7103(a)(8) of title 5](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title5-section7103/a/8&num=0&edition=prelim), that is in effect on July 21, 2010; or
(2) the rights of employees under chapter 71 of title 5.
**(e) Participation in examinations** In order to prepare the Bureau to conduct examinations under [section 5515 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515&num=0&edition=prelim) upon the designated transfer date, the Bureau and the applicable prudential regulator may agree to include, on a sampling basis, examiners on examinations of the compliance with Federal consumer financial law of institutions described in [section 5515(a) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5515/a&num=0&edition=prelim) conducted by the prudential regulators prior to the designated transfer date.
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Federal law — U.S. Code and appendices · legal_authorities
§ 5481. Definitions
Except as otherwise provided in this title,1 for
purposes of this title,1 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 insurance’’ 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 insurance or the re-
insuring of risks conducted by persons who act
as, or are, officers, directors, agents, or em-
ployees of insurers or who are other persons
authorized to act on behalf of such persons.
(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 serv-
ice that is described in one or more categories
under—
(A) paragraph (15) and is offered or pro-
vided 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 subpara-
graph (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