§5564 — Title 12 Banks and Banking | U.S. Code

Summary

The Bureau can sue anyone who breaks a federal consumer financial law to get fines, court orders that stop bad behavior, and other legal relief. It can sue in its own name with its own lawyers. The Bureau may settle cases if a court agrees. Before it starts a lawsuit, the Bureau must tell the Attorney General. If the defendant is an insured depository institution or insured credit union, the Bureau must also tell the appropriate banking regulator. The Bureau must also notify the Attorney General about other cases it is in, except cases about offering or providing consumer financial products or services. The Bureau and the Attorney General must work together and agree on how to coordinate investigations and lawsuits within 180 days after the designated transfer date so they do not conflict or get in the way of criminal prosecutions. The Bureau can ask to represent itself in the U.S. Supreme Court if it sends a written request to the Attorney General within the 10-day period after a judgment, and the Attorney General agrees or does not act within 60 days. Lawsuits can be filed in federal court or in a state court where the defendant lives, is located, or does business. Except where law allows otherwise, a lawsuit must be started within 3 years after the violation is discovered. Claims that fall only under other specific consumer laws follow the rules of those laws.

Title 12, §5564

Banks and Banking — Source: USLM XML via OLRC

(a)If any person violates a Federal consumer financial law, the Bureau may, subject to section 5514, 5515, and 5516 of this title, commence a civil action against such person to impose a civil penalty or to seek all appropriate legal and equitable relief including a permanent or temporary injunction as permitted by law.

(b)The Bureau may act in its own name and through its own attorneys in enforcing any provision of this title,11 See References in Text note below. rules thereunder, or any other law or regulation, or in any action, suit, or proceeding to which the Bureau is a party.

(c)The Bureau may compromise or settle any action if such compromise is approved by the court.

(d)(1)When commencing a civil action under Federal consumer financial law, or any rule thereunder, the Bureau shall notify the Attorney General and, with respect to a civil action against an insured depository institution or insured credit union, the appropriate prudential regulator.

(2)(A)In addition to any notice required under paragraph (1), the Bureau shall notify the Attorney General concerning any action, suit, or proceeding to which the Bureau is a party, except an action, suit, or proceeding that involves the offering or provision of consumer financial products or services.

(B)In order to avoid conflicts and promote consistency regarding litigation of matters under Federal law, the Attorney General and the Bureau shall consult regarding the coordination of investigations and proceedings, including by negotiating an agreement for coordination by not later than 180 days after the designated transfer date. The agreement under this subparagraph shall include provisions to ensure that parallel investigations and proceedings involving the Federal consumer financial laws are conducted in a manner that avoids conflicts and does not impede the ability of the Attorney General to prosecute violations of Federal criminal laws.

(C)Nothing in this paragraph shall be construed to limit the authority of the Bureau under this title,1 including the authority to interpret Federal consumer financial law.

(e)The Bureau may represent itself in its own name before the Supreme Court of the United States, provided that the Bureau makes a written request to the Attorney General within the 10-day period which begins on the date of entry of the judgment which would permit any party to file a petition for writ of certiorari, and the Attorney General concurs with such request or fails to take action within 60 days of the request of the Bureau.

(f)Any civil action brought under this title 1 may be brought in a United States district court or in any court of competent jurisdiction of a state in a district in which the defendant is located or resides or is doing business, and such court shall have jurisdiction to enjoin such person and to require compliance with any Federal consumer financial law.

(g)(1)Except as otherwise permitted by law or equity, no action may be brought under this title 1 more than 3 years after the date of discovery of the violation to which an action relates.

(2)(A)An action arising under this title 1 does not include claims arising solely under enumerated consumer laws.

(B)In any action arising solely under an enumerated consumer law, the Bureau may commence, defend, or intervene in the action in accordance with the requirements of that provision of law, as applicable.

(C)In any action arising solely under laws for which authorities were transferred under subtitles F and H, the Bureau may commence, defend, or intervene in the action in accordance with the requirements of that provision of law, as applicable.

Notes & Related Subsidiaries

Editorial Notes

References in Text

This title, referred to in subsecs. (b), (d)(2)(C), (f), and (g)(1), (2)(A), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see

Short Title

note set out under section 5301 of this title and Tables. Subtitle F, referred to in subsec. (g)(2)(C), is subtitle F (§§ 1061–1067) of title X of Pub. L. 111–203,

July 21, 2010, 124 Stat. 2035, which is classified generally to part F (§ 5581 et seq.) of this subchapter. For complete classification of subtitle F to the Code, see Tables. Subtitle H, referred to in subsec. (g)(2)(C), is subtitle H (§§ 1081–1100H) of title X of Pub. L. 111–203,

July 21, 2010, 124 Stat. 2080. For complete classification of subtitle H to the Code, see Tables.

Statutory Notes and Related Subsidiaries

Effective Date

Section effective on the designated transfer date, see section 1058 of Pub. L. 111–203, set out as a note under section 5561 of this title.

§5564 Litigation Authority