§5583 Savings Provisions

Summary

When consumer financial protection duties move to the Bureau on the designated transfer date, any rights, responsibilities, or legal obligations that existed the day before still count. That protection covers the United States, the agencies that are giving up those duties (for example, the Federal Reserve Board, FDIC, FTC, NCUA, Comptroller of the Currency, Office of Thrift Supervision, and the Department of Housing and Urban Development), and any other people whose rights arose under the old laws. Any court cases or other proceedings already started before the transfer keep going, and the Bureau will take the place of the old agency in those cases as of the designated transfer date, subject to sections 5514, 5515, and 5516. Any orders, rulings, agreements, or similar actions that were in effect the day before the transfer remain in force. In most cases the original agency keeps enforcing them, but for matters involving people described in section 5515(a) either the Bureau or the old agency can enforce them. By the designated transfer date the Bureau must, after talking with the old agencies, decide which rules and orders it will enforce and publish a list in the Federal Register. Rules that were proposed but not finalized become the Bureau’s proposed rules, and interim or final rules already published but not yet effective become effective as Bureau rules.