§5583 Savings provisions

Summary

Keeps old rights, duties, and legal cases in place when consumer protection jobs move to the Bureau. Rights, duties, and obligations that came from laws about consumer financial functions and that existed the day before the designated transfer date stay valid for the United States and the named agencies (for example, the Board of Governors of the Federal Reserve, Federal Reserve banks, the FDIC, the FTC, the NCUA, the Comptroller of the Currency, the Office of Thrift Supervision, and the Secretary of Housing and Urban Development). Any lawsuit or proceeding started before the designated transfer date does not stop. As of that date, the Bureau will take the place of the original agency in those cases, subject to sections 5514, 5515, and 5516. Orders, resolutions, rulings, and agreements made by a transferor agency or a court and in effect the day before the designated transfer date will keep working. They remain enforceable by the original agency, except for people named in section 5515(a), where either the Bureau or the original agency can enforce them. By the designated transfer date the Bureau must work with transferor agency heads, list which rules and orders it will enforce, and publish that list in the Federal Register. Any proposed rule a transferor agency had put forward becomes a proposed rule of the Bureau, and any rule published but not yet effective becomes effective as a Bureau rule under its terms.