§ 5511. Purpose, objectives, and functions
(a) Purpose
The Bureau shall seek to implement and,
where applicable, enforce Federal consumer fi-
nancial law consistently for the purpose of en-
suring that all consumers have access to mar-
kets for consumer financial products and serv-
ices and that markets for consumer financial
products and services are fair, transparent, and
competitive.
(b) Objectives
The Bureau is authorized to exercise its au-
thorities under Federal consumer financial law
for the purposes of ensuring that, with respect
to consumer financial products and services—
(1) consumers are provided with timely and
understandable information to make respon-
sible decisions about financial transactions;
(2) consumers are protected from unfair, de-
ceptive, or abusive acts and practices and from
discrimination;
(3) outdated, unnecessary, or unduly burden-
some regulations are regularly identified and
addressed in order to reduce unwarranted reg-
ulatory burdens;
(4) Federal consumer financial law is en-
forced consistently, without regard to the sta-
tus of a person as a depository institution, in
order to promote fair competition; and
(5) markets for consumer financial products
and services operate transparently and effi-
ciently to facilitate access and innovation.
(c) Functions
The primary functions of the Bureau are—
(1) conducting financial education programs;
(2) collecting, investigating, and responding
to consumer complaints;
(3) collecting, researching, monitoring, and
publishing information relevant to the func-
tioning of markets for consumer financial
products and services to identify risks to con-
sumers and the proper functioning of such
markets;
(4) subject to sections 5514 through 5516 of
this title, supervising cover
File SHA-256: aa2c634921b35e9a679f463c08d6a3fbb7b685ca1d677c6ddba45ec45a9cd9ec. The original may include catalog metadata, neighboring provisions, or embedded records outside this collection's scope. This page displays the selected federal record. Historical editions and unverified snapshots are not a statement of current law.
Authority boundary: historical or unconfirmed source not current law verified.
Stable record: federal_law:legal_authorities:uscode2024_d0ae5fe31ef3c7abed0bb1e0 Source file: Laws/federal/codes/united-states-code-2024/title-12/section-5511-purpose-objectives-and-functions--1b748666ff.md Pages: Not recorded – Not recorded Passage SHA-256: c334b9b994cd8b8320b7523bc5b63655c18b2cb77d334b63a6115a561992e390 Retained source evidence SHA-256: aa2c634921b35e9a679f463c08d6a3fbb7b685ca1d677c6ddba45ec45a9cd9ec
Page 1955
TITLE 12—BANKS AND BANKING
§ 5512
tion], or the amendments made by this subtitle, shall
be construed to require the Bureau of Consumer Finan-
cial Protection to collect or make publicly available
additional information under the Consumer Financial
Protection Act of 2010 (12 U.S.C. 5481 et seq.), beyond in-
formation that was collected or made publicly avail-
able under that Act, as of the day before the date of en-
actment of this Act [Dec. 23, 2022].’’
§ 5499. Open data publication
All public data assets published by the Bureau
shall be—
(1) made available as an open Government
data asset (as defined in section 3502 of title
44);
(2) freely available for download;
(3) rendered in a human-readable format;
and
(4) accessible via application programming
interface where appropriate.
(Pub. L. 111–203, title X, § 1019, as added Pub. L.
117–263, div. E, title LVIII, § 5851(a)(2), Dec. 23,
2022, 136 Stat. 3433.)
Statutory Notes and Related Subsidiaries
RULE OF CONSTRUCTION REGARDING NO NEW
DISCLOSURE REQUIREMENTS
Enactment of section not to be construed to require
certain additional information to be collected or dis-
closed, see section 5853 of Pub. L. 117–263, set out as a
note under section 5498 of this title.
PART B—GENERAL POWERS OF THE BUREAU
§ 5511. Purpose, objectives, and functions
(a) Purpose
The Bureau shall seek to implement and,
where applicable, enforce Federal consumer fi-
nancial law consistently for the purpose of en-
suring that all consumers have access to mar-
kets for consumer financial products and serv-
ices and that markets for consumer financial
products and services are fair, transparent, and
competitive.
(b) Objectives
The Bureau is authorized to exercise its au-
thorities under Federal consumer financial law
for the purposes of ensuring that, with respect
to consumer financial products and services—
(1) consumers are provided with timely and
understandable information to make respon-
sible decisions about financial transactions;
(2) consumers are protected from unfair, de-
ceptive, or abusive acts and practices and from
discrimination;
(3) outdated, unnecessary, or unduly burden-
some regulations are regularly identified and
addressed in order to reduce unwarranted reg-
ulatory burdens;
(4) Federal consumer financial law is en-
forced consistently, without regard to the sta-
tus of a person as a depository institution, in
order to promote fair competition; and
(5) markets for consumer financial products
and services operate transparently and effi-
ciently to facilitate access and innovation.
(c) Functions
The primary functions of the Bureau are—
(1) conducting financial education programs;
(2) collecting, investigating, and responding
to consumer complaints;
(3) collecting, researching, monitoring, and
publishing information relevant to the func-
tioning of markets for consumer financial
products and services to identify risks to con-
sumers and the proper functioning of such
markets;
(4) subject to sections 5514 through 5516 of
this title, supervising covered persons for com-
pliance with Federal consumer financial law,
and taking appropriate enforcement action to
address violations of Federal consumer finan-
cial law;
(5) issuing rules, orders, and guidance imple-
menting Federal consumer financial law; and
(6) performing such support activities as
may be necessary or useful to facilitate the
other functions of the Bureau.
(Pub. L. 111–203, title X, § 1021, July 21, 2010, 124
Stat. 1979.)
Statutory Notes and Related Subsidiaries
EFFECTIVE DATE
Pub. L. 111–203, title X, § 1029A, July 21, 2010, 124 Stat.
2005,
provided
that:
‘‘This
subtitle
[subtitle
B
(§§ 1021–1029A), enacting this part] shall become effec-
tive on the designated transfer date, except that sec-
tions 1022, 1024, and 1025(e) [12 U.S.C. 5512, 5514, and
5515(e)] shall become effective on the date of enactment
of this Act [July 21, 2010].’’
[The term ‘‘designated transfer date’’ is defined in
section 5481(9) of this title as the date established under
section 5582 of this title.]
§ 5512. Rulemaking authority
(a) In general
The Bureau is authorized to exercise its au-
thorities under Federal consumer financial law
to administer, enforce, and otherwise implement
the provisions of Federal consumer financial
law.
(b) Rulemaking, orders, and guidance
(1) General authority
The Director may prescribe rules and issue
orders and guidance, as may be necessary or
appropriate to enable the Bureau to admin-
ister and carry out the purposes and objectives
of the Federal consumer financial laws, and to
prevent evasions thereof.
(2) Standards for rulemaking
In prescribing a rule under the Federal con-
sumer financial laws—
(A) the Bureau shall consider—
(i) the potential benefits and costs to
consumers and covered persons, including
the potential reduction of access by con-
sumers to consumer financial products or
services resulting from such rule; and
(ii) the impact of proposed rules on cov-
ered persons, as described in section 5516 of
this title, and the impact on consumers in
rural areas;
(B) the Bureau shall consult with the ap-
propriate prudential regulators or other
Federal agencies prior to proposing a rule
and during the comment process regarding
consistency with prudential, market, or sys-
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) 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
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 5481. This identifies an authority to review, not proof of applicability.
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
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 5481. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
**(a) Study** Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of—
(1) the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules;
(2) efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of [section 5512(b)(2) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section5512/b/2&num=0&edition=prelim), information requests, and examinations; and
(3) other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate.
**(b) Report** Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.
**(a) Transfer of funds from Board Of Governors**
(1) **In general** — Each year (or quarter of such year), beginning on the designated transfer date, and each quarter thereafter, the Board of Governors shall transfer to the Bureau from the combined earnings of the Federal Reserve System, the amount determined by the Director to be reasonably necessary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year).
(2) **Funding cap**
(A) *In general* — Notwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to—
(i) 10 percent of such expenses in fiscal year 2011;
(ii) 11 percent of such expenses in fiscal year 2012; and
(iii) 6.5 percent of such expenses in fiscal year 2013, and in each year thereafter.
(B) *Adjustment of amount* — The dollar amount referred to in subparagraph (A)(iii) shall be adjusted annually, using the percent increase, if any, in the employment cost index for total compensation for State and local government workers published by the Federal Government, or the successor index thereto, for the 12-month period ending on September 30 of the year preceding the transfer.
(C) *Reviewability* — Notwithstanding any other provision in this title,11 See References in Text note below. the funds derived from the Federal Reserve System pursuant to this subsection shall not be subject to review by the Committees on Appropriations of the House of Represen
Stored review status: release_metadata_unconfirmed. The source passage cites 12 U.S.C. § 5512. This identifies an authority to review, not proof of applicability.
Federal law — U.S. Code and appendices · legal_authorities
§ 5512. Rulemaking authority
(a) In general
The Bureau is authorized to exercise its au-
thorities under Federal consumer financial law
to administer, enforce, and otherwise implement
the provisions of Federal consumer financial
law.
(b) Rulemaking, orders, and guidance
(1) General authority
The Director may prescribe rules and issue
orders and guidance, as may be necessary or
appropriate to enable the Bureau to admin-
ister and carry out the purposes and objectives
of the Federal consumer financial laws, and to
prevent evasions thereof.
(2) Standards for rulemaking
In prescribing a rule under the Federal con-
sumer financial laws—
(A) the Bureau shall consider—
(i) the potential benefits and costs to
consumers and covered persons, including
the potential reduction of access by con-
sumers to consumer financial products or
services resulting from such rule; and
(ii) the impact of proposed rules on cov-
ered persons, as described in section 5516 of
this title, and the impact on consumers in
rural areas;
(B) the Bureau shall consult with the ap-
propriate prudential regulators or other
Federal agencies prior to proposing a rule
and during the comment process regarding
consistency with prudential, market, or sys-
Page 1956
TITLE 12—BANKS AND BANKING
§ 5512
1 See References in Text note below.
temic objectives administered by such agen-
cies; and
(C) if, during the consultation process de-
scribed in subparagraph (B), a prudential
regulator provides the Bureau with a written
objection to the proposed rule of the Bureau
or a portion thereof, the Bureau shall in-
clude in the adopting release a description of
the objection and the basis for the Bureau
decision, if any, regarding such objection,
except that nothing in this clause shall be
cons
Stored review status: historical_2024_not_currentness_verified. The source passage cites 12 U.S.C. § 5512. This identifies an authority to review, not proof of applicability.