§5583 Savings Provisions

Summary

When consumer-protection duties move to the Bureau on the designated transfer date, any rights, duties, or obligations tied to those duties that existed the day before stay valid. That rule covers powers that move from the Federal Reserve (Board and Federal reserve banks), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Comptroller of the Currency, the Office of Thrift Supervision, and the Secretary of Housing and Urban Development for certain housing and mortgage laws (including the Real Estate Settlement Procedures Act of 1974, the SAFE Mortgage Licensing Act of 2008, and the Interstate Land Sales Full Disclosure Act). Ongoing lawsuits and proceedings that began before the designated transfer date do not stop. As of the designated transfer date, the Bureau will take the place of the old agency as a party in those cases, subject to sections 5514, 5515, and 5516. All orders, rulings, agreements, and similar actions that were in effect the day before the designated transfer date and that relate to the moved consumer functions keep working. Those continue to be enforced by the original agency, except for orders that apply to people described in section 5515(a), which may be enforced by or against the Bureau or the old agency. By the designated transfer date, the Bureau must, after talking with each transfer agency head, list which rules and orders it will enforce and publish that list in the Federal Register. Any proposed rule a transfer agency had pending becomes a proposed rule of the Bureau, and any published but not-yet-effective rule becomes a Bureau rule on its scheduled effective date.