§5534 — Title 12 Banks and Banking | U.S. Code

Summary

The Bureau must set up clear, reasonable steps with other federal regulators so consumers get a timely reply to complaints or questions about a covered person. Replies should be in writing when needed and must say what the regulator did about the complaint, any answer from the company, and any follow-up actions planned or taken. A covered person the Bureau supervises under section 5515 must also give timely, written answers to the Bureau, prudential regulators, and other agencies about consumer complaints. That company must give consumers records and documents it has about their account when asked. It does not have to share trade secrets (like score algorithms), fraud‑prevention data, information the law keeps secret, or confidential supervisory material. The Bureau must sign an agreement with affected federal agencies, including HUD and Education, on how to follow these rules.

Title 12, §5534

Banks and Banking — Source: USLM XML via OLRC

(a)The Bureau shall establish, in consultation with the appropriate Federal regulatory agencies, reasonable procedures to provide a timely response to consumers, in writing where appropriate, to complaints against, or inquiries concerning, a covered person, including—

(1)steps that have been taken by the regulator in response to the complaint or inquiry of the consumer;

(2)any responses received by the regulator from the covered person; and

(3)any follow-up actions or planned follow-up actions by the regulator in response to the complaint or inquiry of the consumer.

(b)A covered person subject to supervision and primary enforcement by the Bureau pursuant to section 5515 of this title shall provide a timely response, in writing where appropriate, to the Bureau, the prudential regulators, and any other agency having jurisdiction over such covered person concerning a consumer complaint or inquiry, including—

(1)steps that have been taken by the covered person to respond to the complaint or inquiry of the consumer;

(2)responses received by the covered person from the consumer; and

(3)follow-up actions or planned follow-up actions by the covered person to respond to the complaint or inquiry of the consumer.

(c)(1)A covered person subject to supervision and primary enforcement by the Bureau pursuant to section 5515 of this title shall, in a timely manner, comply with a consumer request for information in the control or possession of such covered person concerning the consumer financial product or service that the consumer obtained from such covered person, including supporting written documentation, concerning the account of the consumer.

(2)A covered person subject to supervision and primary enforcement by the Bureau pursuant to section 5515 of this title, a prudential regulator, and any other agency having jurisdiction over a covered person subject to supervision and primary enforcement by the Bureau pursuant to section 5515 of this title may not be required by this section to make available to the consumer—

(A)any confidential commercial information, including an algorithm used to derive credit scores or other risk scores or predictors;

(B)any information collected by the covered person for the purpose of preventing fraud or money laundering, or detecting or making any report regarding other unlawful or potentially unlawful conduct;

(C)any information required to be kept confidential by any other provision of law; or

(D)any nonpublic or confidential information, including confidential supervisory information.

(d)The Bureau shall enter into a memorandum of understanding with any affected Federal regulatory agency regarding procedures by which any covered person, and the prudential regulators, and any other agency having jurisdiction over a covered person, including the Secretary of the Department of Housing and Urban Development and the Secretary of Education, shall comply with this section.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title.

§5534 Response to Consumer Complaints and Inquiries

Summary

Title 12, §5534

Notes & Related Subsidiaries

Statutory Notes and Related Subsidiaries

Effective Date

Citations & Metadata