§ 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 Na-
tional 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 De-
velopment, 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 Commis-
sion, 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 De-
partment 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 des-
ignated 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 ear-
lier 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 commit-
tees of Congress—
(A) a written determination that orderly
im
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Page 1994
TITLE 12—BANKS AND BANKING
§ 5582
1 See Definition of Designated Transfer Date note below.
2 See References in Text note below.
Protection Act of 2010, which enacted this subchapter
and enacted, amended, and repealed numerous other
sections and notes in the Code. For complete classifica-
tion of title X to the Code, see Short Title note set out
under section 5301 of this title and Tables.
The Federal Trade Commission Act, referred to in
subsec. (b)(5)(B)(ii), (C), (E)(i), is act Sept. 26, 1914, ch.
311, 38 Stat. 717, which is classified generally to sub-
chapter I (§ 41 et seq.) of chapter 2 of Title 15, Com-
merce and Trade. For complete classification of this
Act to the Code, see section 58 of Title 15 and Tables.
The Real Estate Settlement Procedures Act of 1974,
referred to in subsec. (b)(7), is Pub. L. 93–533, Dec. 22,
1974, 88 Stat. 1724, which is classified principally to
chapter 27 (§ 2601 et seq.) of this title. For complete
classification of this Act to the Code, see Short Title
note set out under section 2601 of this title and Tables.
The Secure and Fair Enforcement for Mortgage Li-
censing Act of 2008, referred to in subsec. (b)(7), is title
V of div. A of Pub. L. 110–289, July 30, 2008, 122 Stat.
2810, also known as the S.A.F.E. Mortgage Licensing
Act of 2008, which is classified generally to chapter 51
(§ 5101 et seq.) of this title. For complete classification
of this Act to the Code, see Short Title note set out
under section 5101 of this title and Tables.
The Interstate Land Sales Full Disclosure Act, re-
ferred to in subsec. (b)(7), is title XIV of Pub. L. 90–448,
Aug. 1, 1968, 82 Stat. 590, which is classified generally to
chapter 42 (§ 1701 et seq.) of Title 15, Commerce and
Trade. For complete classification of this title to the
Code, see Short Title note set out under section 1701 of
Title 15 and Tables.
The Federal Credit Union Act, referred to in subsec.
(c)(2)(C)(i), is act June 26, 1934, ch. 750, 48 Stat. 1216,
which is classified principally to chapter 14 (§ 1751 et
seq.) of this title. For complete classification of this
Act to the Code, see section 1751 of this title and Ta-
bles.
The Bank Service Company Act, referred to in sub-
sec. (c)(2)(C)(iii), is Pub. L. 87–856, Oct. 23, 1962, 76 Stat.
1132, which is classified generally to chapter 18 (§ 1861 et
seq.) of this title. For complete classification of this
Act to the Code, see section 1861 of this title and Ta-
bles.
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Part effective 1 day after July 21, 2010, except as oth-
erwise provided, see section 4 of Pub. L. 111–203, set out
as a note under section 5301 of this title.
§ 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 Na-
tional 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 De-
velopment, 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 Commis-
sion, 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 De-
partment 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 des-
ignated 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 ear-
lier 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 commit-
tees 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 imple-
mentation 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.
(Pub. L. 111–203, title X, § 1062, July 21, 2010, 124
Stat. 2039.)
Editorial Notes
REFERENCES IN TEXT
This title, referred to in subsec. (c)(2), is title X of
Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as
the Consumer Financial Protection Act of 2010, which
enacted this subchapter and enacted, amended, and re-
pealed 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.
§ 5583. Savings provisions
(a) Board of Governors
(1) Existing rights, duties, and obligations not
affected
Section 5581(b)(1) of this title does not affect
the validity of any right, duty, or obligation of
Cross-references
Connections may be documented source relationships, shared citations or nearby passages. Each explains its basis; a connection alone does not establish applicability to your situation.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Administrative proceedings or court actions**
(1) **Jurisdiction** — The court (or the Bureau, as the case may be) in an action or adjudication proceeding brought under Federal consumer financial law, shall have jurisdiction to grant any appropriate legal or equitable relief with respect to a violation of Federal consumer financial law, including a violation of a rule or order prescribed under a Federal consumer financial law.
(2) **Relief** — Relief under this section may include, without limitation—
(A) rescission or reformation of contracts;
(B) refund of moneys or return of real property;
(C) restitution;
(D) disgorgement or compensation for unjust enrichment;
(E) payment of damages or other monetary relief;
(F) public notification regarding the violation, including the costs of notification;
(G) limits on the activities or functions of the person; and
(H) civil money penalties, as set forth more fully in subsection (c).
(3) **No exemplary or punitive damages** — Nothing in this subsection shall be construed as authorizing the imposition of exemplary or punitive damages.
**(b) Recovery of costs** In any action brought by the Bureau, a State attorney general, or any State regulator to enforce any Federal consumer financial law, the Bureau, the State attorney general, or the State regulator may recover its costs in connection with prosecuting such action if the Bureau, the State attorney general, or the State regulator is the prevailing party in the action.
**(c) Civil money penalty in court and administrative actions**
(1) **In general** — Any person that violates, through any act or omission, any provision of Federal consumer financial law shall forfeit and pay a civil penalty pursuant to this subsection.
(2) **Penalty amounts**