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Can you summarize 12 USC Chapter 53, Subchapter V?
WALL STREET REFORM AND CONSUMER PROTECTION > BUREAU OF CONSUMER FINANCIAL PROTECTION
Short Summary
These legal documents pertain to the establishment, structure, and responsibilities of the Bureau of Consumer Financial Protection (BCFP). The BCFP is responsible for regulating consumer financial products or services under federal consumer financial laws. The Director, appointed by the President with Senate approval, serves as the head of the Bureau. The documents outline the executive and administrative powers of the Bureau, including the authority to establish policies, rules, and contracts, and to implement the federal consumer financial laws through various means. The Bureau is granted autonomy and independence from the Board of Governors of the Federal Reserve System. The documents also cover the administration of the Bureau, including personnel, compensation, retirement plans, labor-management relations, and the establishment of specific functional units and offices within the Bureau. The Consumer Advisory Board is established to advise and consult with the Bureau on consumer financial protection matters. The Bureau is required to coordinate with other federal agencies and state regulators to promote consistent regulatory treatment of consumer financial and investment products and services. The Director of the Bureau is required to appear before and submit reports to Congress, discussing various aspects of the Bureau’s activities. Annual audits of the Bureau’s operations and budget are conducted by an independent auditor and the Comptroller General of the United States. The Comptroller General is also mandated to conduct a study of financial services regulations, including the activities of the Bureau. The documents address the funding of the Bureau, the establishment of funds for Bureau expenses and civil penalties, and the audit of the Bureau’s financial transactions. Data standards for collections of information and open data publication by the Bureau are also covered. No specific exemptions or penalties are mentioned in these documents.
Whom does it apply to?
Persons and entities engaged in offering or providing consumer financial products or services
What does it govern?
Establishment, structure, and responsibilities of the Bureau of Consumer Financial Protection (BCFP)
What are exemptions?
No specific exemptions are mentioned in these documents.
What are the Penalties?
No specific penalties are mentioned in these documents.
Jurisdiction
U.S. Federal Government