§1691b Promulgation of Regulations by the Bureau

Summary

The Bureau must write rules to carry out this part of the law. The rules can treat different kinds of transactions differently and can make exceptions or adjustments as needed to meet the law’s goals, stop people from getting around the law, or help people follow it. The Bureau can exempt whole groups of transactions that are not mainly for personal, family, or household use, or business/commercial loans from a financial institution. To exempt a particular type inside a group, the Bureau must make a clear finding that applying the rules to that type would not meaningfully help the law’s goals. Any exemption can last no longer than five years and can only be renewed after a new finding. Lenders making business or commercial loans must keep records the Bureau requires to show compliance, and those records must be kept for at least one year. The Bureau must write those recordkeeping rules under the procedures in chapter 5 of title 5. The Bureau’s rules must also require that a business or commercial loan applicant be told they have the right to get a written explanation if their loan is denied. The Board must write rules for people described in section 5519(a) of title 12, with similar powers. When a court reviews an agency’s interpretation of this part, the court must treat the agency’s interpretation as if that agency were the only one allowed to apply or enforce these rules.