Title 12, Banks and BankingRelease 119-110

§5587 Transition Oversight

Title 12 › CHAPTER 53 — WALL STREET REFORM AND CONSUMER PROTECTION › SUBCHAPTER V — BUREAU OF CONSUMER FINANCIAL PROTECTION › Part F — Transfer of Functions and Personnel; Transitional Provisions › § 5587

Last updated Sep 22, 2026|Official source

Summary

Requires the Bureau to start up in an orderly way, hire and keep qualified staff, and set up training and benefits. The Bureau must send an annual report to the Senate Committee on Banking, Housing, and Urban Affairs and the House Committee on Financial Services with three plans: a training and workforce plan (skills needed, steps taken, innovation, leadership and tech use); a workplace flexibility plan (covers items like telework, flexible schedules, phased retirement, rehired annuitants, part‑time work, job sharing, parental leave and childcare help, domestic partner benefits, and other flexibilities); and a recruitment and retention plan (target diverse qualified applicants, streamline applications, notify applicants quickly, and collect hiring data). The reporting duty ends 5 years after July 21, 2010. Nothing here changes collective bargaining agreements in effect on July 21, 2010 or employee rights under chapter 71 of title 5. To prepare for taking over exams, the Bureau and the applicable prudential regulator may agree to include, on a sampling basis, Bureau examiners on relevant exams conducted before the designated transfer date.

Full Legal Text

Title 12, §5587

Banks and Banking, Source: USLM XML via OLRC

(a)Purpose

The purpose of this section is to ensure that the Bureau—

(1)has an orderly and organized startup;

(2)attracts and retains a qualified workforce; and

(3)establishes comprehensive employee training and benefits programs.

(b)Reporting requirement

(1)In general

The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2).

(2)Plans

The plans described in this paragraph are as follows:

(A)Training and workforce development plan

The Bureau shall submit a training and workforce development plan that includes, to the extent practicable—

(i)identification of skill and technical expertise needs and actions taken to meet those requirements;

(ii)steps taken to foster innovation and creativity;

(iii)leadership development and succession planning; and

(iv)effective use of technology by employees.

(B)Workplace flexibilities plan

The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable—

(i)telework;

(ii)flexible work schedules;

(iii)phased retirement;

(iv)reemployed annuitants;

(v)part-time work;

(vi)job sharing;

(vii)parental leave benefits and childcare assistance;

(viii)domestic partner benefits;

(ix)other workplace flexibilities; or

(x)any combination of the items described in clauses (i) through (ix).

(C)Recruitment and retention plan

The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to—

(i)the steps necessary to target highly qualified applicant pools with diverse backgrounds;

(ii)streamlined employment application processes;

(iii)the provision of timely notification of the status of employment applications to applicants; and

(iv)the collection of information to measure indicators of hiring effectiveness.

(c)Expiration

The reporting requirement under subsection (b) shall terminate 5 years after July 21, 2010.

(d)Rule of construction

Nothing in this section may be construed to affect—

(1)a collective bargaining agreement, as that term is defined in section 7103(a)(8) of title 5, that is in effect on July 21, 2010; or

(2)the rights of employees under chapter 71 of title 5.

(e)Participation in examinations

In order to prepare the Bureau to conduct examinations under section 5515 of this title upon the designated transfer date, the Bureau and the applicable prudential regulator may agree to include, on a sampling basis, examiners on examinations of the compliance with Federal consumer financial law of institutions described in section 5515(a) of this title conducted by the prudential regulators prior to the designated transfer date.

Reference

Citations & Metadata

Citation

12 U.S.C. § 5587

Title 12, Banks and Banking

Last Updated

Sep 22, 2026

Release point: 119-110