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

Summary

The Bureau must enforce federal consumer finance laws so people can use markets for financial products and services that are fair, clear, and competitive. It can act to make sure consumers get quick, easy-to-understand information; are protected from unfair, misleading, or abusive practices and from discrimination; that old or unnecessary rules are fixed to reduce needless burden; that laws are applied evenly regardless of a company’s status to keep competition fair; and that markets work openly and support access and new ideas. The Bureau’s main jobs are to teach people about money, take and handle consumer complaints, gather and publish data and research to spot market risks, supervise covered persons for legal compliance and take enforcement action (as limited by sections 5514–5516), write rules and guidance, and do the support work needed to carry out these duties.

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(3)outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;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