Collapse to view only § 5582. Designated transfer date
- § 5581. Transfer of consumer financial protection functions
- § 5582. Designated transfer date
- § 5583. Savings provisions
- § 5584. Transfer of certain personnel
- § 5585. Incidental transfers
- § 5586. Interim authority of the Secretary
- § 5587. Transition oversight
§ 5581. Transfer of consumer financial protection functions
(a) Defined termsFor purposes of this part—
(1) the term “consumer financial protection functions” means—
(A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promulgate and review such rules, orders, and guidelines; and
(B) the examination authority described in subsection (c)(1), with respect to a person described in section 5515(a) of this title; and
(2) the terms “transferor agency” and “transferor agencies” mean, respectively—
(A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insurance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and
(B) the agencies listed in subparagraph (A), collectively.
(b) In generalExcept as provided in subsection (c), consumer financial protection functions are transferred as follows:
(1) Board of Governors
(A) Transfer of functions
(B) Board of Governors authority
(2) Comptroller of the Currency
(A) Transfer of functions
(B) Comptroller authority
(3) Director of the Office of Thrift Supervision
(A) Transfer of functions
(B) Director authority
(4) Federal Deposit Insurance Corporation
(A) Transfer of functions
(B) Corporation authority
(5) Federal Trade Commission
(A) Transfer of functions
(B) Bureau authority
(i) In general
(ii) Federal Trade Commission Act
(C) Authority of the Federal Trade Commission
(i) In general
(ii) Commission authority relating to rules prescribed by the Bureau
(D) Coordination
(E) DeferenceNo provision of this title 1 shall be construed as altering, limiting, expanding, or otherwise affecting the deference that a court affords to the—
(i) Federal Trade Commission in making determinations regarding the meaning or interpretation of any provision of the Federal Trade Commission Act, or of any other Federal law for which the Commission has authority to prescribe rules; or
(ii) Bureau in making determinations regarding the meaning or interpretation of any provision of a Federal consumer financial law (other than any law described in clause (i)).
(6) National Credit Union Administration
(A) Transfer of functions
(B) National Credit Union Administration authority
(7) Department of Housing and Urban Development
(A) Transfer of functions
(B) Authority of the Department of Housing and Urban Development
(c) Authorities of the prudential regulators
(1) ExaminationA transferor agency that is a prudential regulator shall have—
(A) authority to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in section 5515(a) of this title, that is incidental to the backup and enforcement procedures provided to the regulator under section 5515(c) of this title; and
(B) exclusive authority (relative to the Bureau) to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in section 5516(a) of this title, except as provided to the Bureau under subsections (b) and (c) of section 5516 of this title.
(2) Enforcement
(A) Limitation
(B) Exclusive authority
(C) Statutory enforcementFor purposes of carrying out the authorities under, and subject to the limitations of, part B, each prudential regulator may enforce compliance with the requirements imposed under this title,1 and any rule or order prescribed by the Bureau under this title,1 under—
(i) the Federal Credit Union Act (12 U.S.C. 1751 et seq.), by the National Credit Union Administration Board with respect to any covered person or service provider that is an insured credit union, or service provider thereto, or any affiliate of an insured credit union, who is subject to the jurisdiction of the Board under that Act; and
(ii)section 1818 of this title, by the appropriate Federal banking agency, as defined in section 1813(q) of this title, with respect to a covered person or service provider that is a person described in section 1813(q) of this title and who is subject to the jurisdiction of that agency, as set forth in sections 1813(q) and 1818 of this title; or
(iii) the Bank Service Company Act (12 U.S.C. 1861 et seq.).
(d) Effective date
(Pub. L. 111–203, title X, § 1061, July 21, 2010, 124 Stat. 2035.)
§ 5582. Designated transfer date
(a) In general
Not later than 60 days after July 21, 2010, the Secretary shall—
(1) in consultation with the Chairman of the Board of Governors, the Chairperson of the Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, designate a single calendar date 1
1 See Definition of Designated Transfer Date note below.
for the transfer of functions to the Bureau under section 5581 of this title; and(2) publish notice of that designated date in the Federal Register.
(b) Changing designation
The Secretary—
(1) may, in consultation with the Chairman of the Board of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, change the date designated under subsection (a); and
(2) shall publish notice of any changed designated date in the Federal Register.
(c) Permissible dates
(1) In general
(2) Extension of time
The Secretary may designate a date that is later than 12 months after July 21, 2010, if the Secretary transmits to appropriate committees of Congress—
(A) a written determination that orderly implementation of this title 2
2 See References in Text note below.
is not feasible before the date that is 12 months after July 21, 2010;(B) an explanation of why an extension is necessary for the orderly implementation of this title; 2 and
(C) a description of the steps that will be taken to effect an orderly and timely implementation of this title 2 within the extended time period.
(3) Extension limited
(Pub. L. 111–203, title X, § 1062, July 21, 2010, 124 Stat. 2039.)
§ 5583. Savings provisions
(a) Board of Governors
(1) Existing rights, duties, and obligations not affected
(A) arises under any provision of law relating to any consumer financial protection function of the Board of Governors transferred to the Bureau by this title; 1
1 See References in Text note below.
and(B) existed on the day before the designated transfer date.
(2) Continuation of suits
(b) Federal Deposit Insurance Corporation
(1) Existing rights, duties, and obligations not affected
(A) arises under any provision of law relating to any consumer financial protection function of the Federal Deposit Insurance Corporation transferred to the Bureau by this title; 1 and
(B) existed on the day before the designated transfer date.
(2) Continuation of suits
(c) Federal Trade Commission
(1) arises under any provision of law relating to any consumer financial protection function of the Federal Trade Commission transferred to the Bureau by this title; 1 and
(2) existed on the day before the designated transfer date.
(d) National Credit Union Administration
(1) Existing rights, duties, and obligations not affected
(A) arises under any provision of law relating to any consumer financial protection function of the National Credit Union Administration transferred to the Bureau by this title; 1 and
(B) existed on the day before the designated transfer date.
(2) Continuation of suits
(e) Office of the Comptroller of the Currency
(1) Existing rights, duties, and obligations not affected
(A) arises under any provision of law relating to any consumer financial protection function of the Comptroller of the Currency transferred to the Bureau by this title; 1 and
(B) existed on the day before the designated transfer date.
(2) Continuation of suits
(f) Office of Thrift Supervision
(1) Existing rights, duties, and obligations not affected
(A) arises under any provision of law relating to any consumer financial protection function of the Director of the Office of Thrift Supervision transferred to the Bureau by this title; 1 and
(B) that 2
2 So in original. The word “that” probably should not appear.
existed on the day before the designated transfer date.(2) Continuation of suits
(g) Department of Housing and Urban Development
(1) Existing rights, duties, and obligations not affected
(A) arises under any provision of law relating to any function of the Secretary of the Department of Housing and Urban Development with respect to the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.), the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 [12 U.S.C. 5101 et seq.], or the Interstate Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq) 3
3 So in original. Probably should be a period after “seq”.
transferred to the Bureau by this title; 1 and(B) existed on the day before the designated transfer date.
(2) Continuation of suits
(h) Continuation of existing orders, rulings, determinations, agreements, and resolutions
(1) In general
(2) Exception for orders applicable to persons described in section 5515(a) of this title
(i) Identification of rules and orders continued
Not later than the designated transfer date, the Bureau—
(1) shall, after consultation with the head of each transferor agency, identify the rules and orders that will be enforced by the Bureau; and
(2) shall publish a list of such rules and orders in the Federal Register.
(j) Status of rules proposed or not yet effective
(1) Proposed rules
(2) Rules not yet effective
(Pub. L. 111–203, title X, § 1063, July 21, 2010, 124 Stat. 2040.)
§ 5584. Transfer of certain personnel
(a) In general
(1) Certain Federal Reserve System employees transferred
(A) Identifying employees for transferThe Bureau and the Board of Governors shall—
(i) jointly determine the number of employees of the Board of Governors necessary to perform or support the consumer financial protection functions of the Board of Governors that are transferred to the Bureau by this title; 1
1 See References in Text note below.
and(ii) consistent with the number determined under clause (i), jointly identify employees of the Board of Governors for transfer to the Bureau, in a manner that the Bureau and the Board of Governors, in their sole discretion, determine equitable.
(B) Identified employees transferred
(C) Federal reserve bank employees
(2) Certain FDIC employees transferred
(A) Identifying employees for transferThe Bureau and the Board of Directors of the Federal Deposit Insurance Corporation shall—
(i) jointly determine the number of employees of that Corporation necessary to perform or support the consumer financial protection functions of the Corporation that are transferred to the Bureau by this title; 1 and
(ii) consistent with the number determined under clause (i), jointly identify employees of the Corporation for transfer to the Bureau, in a manner that the Bureau and the Board of Directors of the Corporation, in their sole discretion, determine equitable.
(B) Identified employees transferred
(3) Certain NCUA employees transferred
(A) Identifying employees for transferThe Bureau and the National Credit Union Administration Board shall—
(i) jointly determine the number of employees of the National Credit Union Administration necessary to perform or support the consumer financial protection functions of the National Credit Union Administration that are transferred to the Bureau by this title; 1 and
(ii) consistent with the number determined under clause (i), jointly identify employees of the National Credit Union Administration for transfer to the Bureau, in a manner that the Bureau and the National Credit Union Administration Board, in their sole discretion, determine equitable.
(B) Identified employees transferred
(4) Certain Office of the Comptroller of the Currency employees transferred
(A) Identifying employees for transferThe Bureau and the Comptroller of the Currency shall—
(i) jointly determine the number of employees of the Office of the Comptroller of the Currency necessary to perform or support the consumer financial protection functions of the Office of the Comptroller of the Currency that are transferred to the Bureau by this title; 1 and
(ii) consistent with the number determined under clause (i), jointly identify employees of the Office of the Comptroller of the Currency for transfer to the Bureau, in a manner that the Bureau and the Office of the Comptroller of the Currency, in their sole discretion, determine equitable.
(B) Identified employees transferred
(5) Certain Office of Thrift Supervision employees transferred
(A) Identifying employees for transferThe Bureau and the Director of the Office of Thrift Supervision shall—
(i) jointly determine the number of employees of the Office of Thrift Supervision necessary to perform or support the consumer financial protection functions of the Office of Thrift Supervision that are transferred to the Bureau by this title; 1 and
(ii) consistent with the number determined under clause (i), jointly identify employees of the Office of Thrift Supervision for transfer to the Bureau, in a manner that the Bureau and the Office of Thrift Supervision, in their sole discretion, determine equitable.
(B) Identified employees transferred
(6) Certain employees of Department of Housing and Urban Development transferred
(A) Identifying employees for transferThe Bureau and the Secretary of the Department of Housing and Urban Development shall—
(i) jointly determine the number of employees of the Department of Housing and Urban Development necessary to perform or support the consumer protection functions of the Department that are transferred to the Bureau by this title; 1 and
(ii) consistent with the number determined under clause (i), jointly identify employees of the Department of Housing and Urban Development for transfer to the Bureau in a manner that the Bureau and the Secretary of the Department of Housing and Urban Development, in their sole discretion, deem equitable.
(B) Identified employees transferred
(7) Consumer education, financial literacy, consumer complaints, and research functions
(8) Authority of the President to resolve disputes
(A) Action authorized
(B) Transmittal to Congress required
(C) Sunset
(9) Appointment authority for excepted service and senior executive service transferred
(A) In general
(B) Declining transfers allowed
(b) Timing of transfers and position assignmentsEach employee to be transferred under this section shall—
(1) be transferred not later than 90 days after the designated transfer date; and
(2) receive notice of a position assignment not later than 120 days after the effective date of his or her transfer.
(c) Transfer of function
(1) In general
(2) Priority of this title 1
(d) Equal status and tenure positions
(1) Employees transferred from the Federal Reserve System, FDIC, HUD, NCUA, OCC, and OTS
(2) Employees transferred from the Federal Reserve System
(e) Additional certification requirements limited
(f) Personnel actions limited
(1) 2-year protection
(2) ExceptionsParagraph (1) does not limit the right of the Bureau—
(A) to separate an employee for cause or for unacceptable performance;
(B) to terminate an appointment to a position excepted from the competitive service because of its confidential policy-making, policy-determining, or policy-advocating character; or
(C) to reassign a supervisory employee outside of his or her locality pay area when the Bureau determines that the reassignment is necessary for the efficient operation of the Bureau.
(g) Pay
(1) 2-year protection
(A) In general
(B) Limitation
(2) ExceptionsParagraph (1) does not limit the right of the Bureau to reduce the rate of basic pay of a transferred employee—
(A) for cause;
(B) for unacceptable performance; or
(C) with the consent of the employee.
(3) Protection only while employed
(4) Pay increases permitted
(h) Reorganization
(1) Between 1st and 3rd year
(A) In generalIf the Bureau determines, during the 2-year period beginning 1 year after the designated transfer date, that a reorganization of the staff of the Bureau is required—
(i) that reorganization shall be deemed a “substantial reorganization” for purposes of affording affected employees retirement under section 8336(d)(2) or 8414(b)(1)(B) of title 5;
(ii) before the reorganization occurs, all employees in the same locality pay area as defined by the Office of Personnel Management shall be placed in a uniform position classification system; and
(iii) any resulting reduction in force shall be governed by the provisions of chapter 35 of title 5, except that the Bureau shall—(I) establish competitive areas (as that term is defined in regulations issued by the Office of Personnel Management) to include at a minimum all employees in the same locality pay area as defined by the Office of Personnel Management;(II) establish competitive levels (as that term is defined in regulations issued by the Office of Personnel Management) without regard to whether the particular employees have been appointed to positions in the competitive service or the excepted service; and(III) afford employees appointed to positions in the excepted service (other than to a position excepted from the competitive service because of its confidential policy-making, policy-determining, or policy-advocating character) the same assignment rights to positions within the Bureau as employees appointed to positions in the competitive service.
(B) Service credit for reductions in force
(2) After 3rd year
(A) In general
(B) Service credit for reductions in force
(i) Benefits
(1) Retirement benefits for transferred employees
(A) In general
(i) Continuation of existing retirement plan
(ii) Employer contribution
(iii) Option to elect into the Federal Reserve System Retirement Plan and Federal Reserve System Thrift Plan
(iv) Bureau contribution
(v) Additional funding
(vi) Option to elect into thrift plan created by the Bureau
(B) Option for employees transferred from Federal Reserve System to be subject to the Federal Employee Retirement Program
(i) Election
(ii) Effective date of coverage
(C) Bureau participation in Federal Reserve System Retirement Plan
(i) Benefits provided
(ii) LimitationThe Bureau shall not have responsibility or authority—(I) to amend an existing retirement plan (including the Federal Reserve System Retirement Plan or Federal Reserve System Thrift Plan);(II) for administering an existing retirement plan (including the Federal Reserve System Retirement Plan or Federal Reserve System Thrift Plan); or(III) for ensuring the plans comply with applicable laws, fiduciary rules, and related responsibilities.
(iii) Tax qualified status
(iv) Bureau contribution
(v) Controlled group status
(D) DefinitionsFor purposes of this paragraph—
(i) the term “existing retirement plan” means, with respect to an employee transferred pursuant to this part, the retirement plan (including the Financial Institutions Retirement Fund) and any associated thrift savings plan, of the agency from which the employee was transferred under this part, in which the employee was enrolled on the day before the date on which the employee was transferred;
(ii) the term “Federal Employee Retirement Program” means either the Civil Service Retirement System established under chapter 83 of title 5 or the Federal Employees Retirement System established under chapter 84 of title 5, depending upon the service history of the individual;
(iii) the term “Federal Reserve System transferred employee” means a transferred employee who is an employee of the Board of Governors or a Federal reserve bank on the day before the designated transfer date, and who is transferred to the Bureau on the designated transfer date pursuant to this part;
(iv) the term “Federal Reserve System Retirement Plan” means the Retirement Plan for Employees of the Federal Reserve System; and
(v) the term “Federal Reserve System Thrift Plan” means the Thrift Plan for Employees of the Federal Reserve System.
(2) Benefits other than retirement benefits for transferred employees
(A) During 1st year
(i) Existing plans continue
(ii) Employer contribution
(B) Medical, dental, vision, or life insurance after first yearIf, at the end of the 1-year period beginning on the designated transfer date, the Bureau has not established its own, or arranged for participation in another entity’s, medical, dental, vision, or life insurance program, an employee transferred pursuant to this part who was a member of such a program at the agency or Federal reserve bank from which the employee transferred may, before the coverage of that employee ends under subparagraph (A)(i), elect to enroll, without regard to any regularly scheduled open season, in—
(i) the enhanced dental benefits program established under chapter 89A of title 5;
(ii) the enhanced vision benefits established under chapter 89B of title 5;
(iii) the Federal Employees Group Life Insurance Program established under chapter 87 of title 5, without regard to any requirement of insurability; and
(iv) the Federal Employees Health Benefits Program established under chapter 89 of title 5.
(C) Long term care insurance after 1st year
(D) Employee contribution
(E) Additional funding
(F) Credit for time enrolled in other plans
(G) Special provisions to ensure continuation of life insurance benefits
(i) In general
(ii) Employee contribution
(iii) Additional funding
(iv) Credit for time enrolled in other plans
(3) OPM rules
(j) Implementation of uniform pay and classification system
(k) Equitable treatmentIn administering the provisions of this section, the Bureau—
(1) shall take no action that would unfairly disadvantage transferred employees relative to each other based on their prior employment by the Board of Governors, the Federal Deposit Insurance Corporation, the Department of Housing and Urban Development, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, a Federal reserve bank, a Federal home loan bank, or a joint office of the Federal home loan banks; and
(2) may take such action as is appropriate in individual cases so that employees transferred under this section receive equitable treatment, with respect to the status, tenure, pay, benefits (other than benefits under programs administered by the Office of Personnel Management), and accrued leave or vacation time of those employees, for prior periods of service with any Federal agency, including the Board of Governors, the Corporation, the Department of Housing and Urban Development, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, a Federal reserve bank, a Federal home loan bank, or a joint office of the Federal home loan banks.
(l) Implementation
(Pub. L. 111–203, title X, § 1064, July 21, 2010, 124 Stat. 2043.)
§ 5585. Incidental transfers
(a) Incidental transfers authorized
(b) Sunset
(Pub. L. 111–203, title X, § 1065, July 21, 2010, 124 Stat. 2055.)
§ 5586. Interim authority of the Secretary
(a) In general
(b) Interim administrative services by the Department of the Treasury
(Pub. L. 111–203, title X, § 1066, July 21, 2010, 124 Stat. 2055.)
§ 5587. Transition oversight
(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
(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
(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
(Pub. L. 111–203, title X, § 1067, July 21, 2010, 124 Stat. 2055.)