§5511 — Title 12 Banks and Banking | U.S. Code

Summary

The Bureau must apply and enforce federal consumer finance rules so people can use markets for financial products and services that are fair, clear, and competitive. Its work is to give consumers timely, easy-to-understand information; protect them from unfair, misleading, abusive, or discriminatory practices; reduce outdated or overly burdensome rules; enforce the law the same way for all firms; and keep markets transparent and efficient to support access and innovation. Its main jobs are financial education, handling consumer complaints, collecting and publishing market data to spot risks, supervising covered persons (subject to sections 5514 through 5516), making rules and guidance, and doing support work needed to carry out these tasks.

Title 12, §5511

Banks and Banking — Source: USLM XML via OLRC

(a)The Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.

(b)The Bureau is authorized to exercise its authorities 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 responsible decisions about financial transactions;

(2)consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination;

(3)outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;

(4)Federal consumer financial law is enforced consistently, without regard to the status 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 efficiently to facilitate access and innovation.

(c)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 functioning of markets for consumer financial products and services to identify risks to consumers and the proper functioning of such markets;

(4)subject to sections 5514 through 5516 of this title, supervising covered persons for compliance with Federal consumer financial law, and taking appropriate enforcement action to address violations of Federal consumer financial law;

(5)issuing rules, orders, and guidance implementing Federal consumer financial law; and

(6)performing such support activities as may be necessary or useful to facilitate the other functions of the Bureau.

Notes & Related Subsidiaries

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 effective on the designated transfer date, except that section 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.]

§5511 Purpose, objectives, and functions

Summary

Title 12, §5511

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata