HR 4664 — Making appropriations for financial services and general government for the fiscal year ending September 30, 2024, and for other purposes.

changes in existing law made by 
the bill, as reported, are shown as follows (existing law 
proposed to be omitted is enclosed in black brackets, new 
matter is printed in italics, existing law in which no change 
is proposed is shown in roman):

 TITLE 18, UNITED STATES CODE

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PART II--CRIMINAL PROCEDURE

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CHAPTER 201--GENERAL PROVISIONS

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Sec. 3006A. Adequate representation of defendants

 (a) Choice of Plan.--Each United States district court, with 
the approval of the judicial council of the circuit, shall 
place in operation throughout the district a plan for 
furnishing representation for any person financially unable to 
obtain adequate representation in accordance with this section. 
Representation under each plan shall include counsel and 
investigative, expert, and other services necessary for 
adequate representation. Each plan shall provide the following:
 (1) Representation shall be provided for any 
 financially eligible person who--
 (A) is charged with a felony or a Class A 
 misdemeanor;
 (B) is a juvenile alleged to have committed 
 an act of juvenile delinquency as defined in 
 section 5031 of this title;
 (C) is charged with a violation of probation;
 (D) is under arrest, when such representation 
 is required by law;
 (E) is charged with a violation of supervised 
 release or faces modification, reduction, or 
 enlargement of a condition, or extension or 
 revocation of a term of supervised release;
 (F) is subject to a mental condition hearing 
 under chapter 313 of this title;
 (G) is in custody as a material witness;
 (H) is entitled to appointment of counsel 
 under the sixth amendment to the Constitution;
 (I) faces loss of liberty in a case, and 
 Federal law requires the appointment of 
 counsel; or
 (J) is entitled to the appointment of counsel 
 under section 4109 of this title.
 (2) Whenever the United States magistrate judge or 
 the court determines that the interests of justice so 
 require, representation may be provided for any 
 financially eligible person who--
 (A) is charged with a Class B or C 
 misdemeanor, or an infraction for which a 
 sentence to confinement is authorized; or
 (B) is seeking relief under section 2241, 
 2254, or 2255 of title 28.
 (3) Private attorneys shall be appointed in a 
 substantial proportion of the cases. Each plan may 
 include, in addition to the provisions for private 
 attorneys, either of the following or both:
 (A) Attorneys furnished by a bar association 
 or a legal aid agency,
 (B) Attorneys furnished by a defender 
 organization established in accordance with the 
 provisions of subsection (g).
Prior to approving the plan for a district, the judicial 
council of the circuit shall supplement the plan with 
provisions for representation on appeal. The district court may 
modify the plan at any time with the approval of the judicial 
council of the circuit. It shall modify the plan when directed 
by the judicial council of the circuit. The district court 
shall notify the Administrative Office of the United States 
Courts of any modification of its plan.
 (b) Appointment of Counsel.--Counsel furnishing 
representation under the plan shall be selected from a panel of 
attorneys designated or approved by the court, or from a bar 
association, legal aid agency, or defender organization 
furnishing representation pursuant to the plan. In every case 
in which a person entitled to representation under a plan 
approved under subsection (a) appears without counsel, the 
United States magistrate judge or the court shall advise the 
person that he has the right to be represented by counsel and 
that counsel will be appointed to represent him if he is 
financially unable to obtain counsel. Unless the person waives 
representation by counsel, the United States magistrate judge 
or the court, if satisfied after appropriate inquiry that the 
person is financially unable to obtain counsel, shall appoint 
counsel to represent him. Such appointment may be made 
retroactive to include any representation furnished pursuant to 
the plan prior to appointment. The United States magistrate 
judge or the court shall appoint separate counsel for persons 
having interests that cannot properly be represented by the 
same counsel, or when other good cause is shown.
 (c) Duration and Substitution of Appointments.--A person for 
whom counsel is appointed shall be represented at every stage 
of the proceedings from his initial appearance before the 
United States magistrate judge or the court through appeal, 
including ancillary matters appropriate to the proceedings. If 
at any time after the appointment of counsel the United States 
magistrate judge or the court finds that the person is 
financially able to obtain counsel or to make partial payment 
for the representation, it may terminate the appointment of 
counsel or authorize payment as provided in subsection (f), as 
the interests of justice may dictate. If at any stage of the 
proceedings, including an appeal, the United States magistrate 
judge or the court finds that the person is financially unable 
to pay counsel whom he had retained, it may appoint counsel as 
provided in subsection (b) and authorize payment as provided in 
subsection (d), as the interests of justice may dictate. The 
United States magistrate judge or the court may, in the 
interests of justice, substitute one appointed counsel for 
another at any stage of the proceedings.
 (d) Payment for Representation.--(1) Hourly Rate.--Any 
attorney appointed pursuant to this section, or the attorney's 
law firm, or a bar association or legal aid agency or community 
defender organization which has provided the appointed attorney 
shall, at the conclusion of the representation or any segment 
thereof, be compensated at a rate not exceeding $60 per hour 
for time expended in court or before a United States magistrate 
judge and $40 per hour for time reasonably expended out of 
court, unless the Judicial Conference determines that a higher 
rate of not in excess of $75 per hour is justified for a 
circuit or for particular districts within a circuit, for time 
expended in court or before a United States magistrate judge 
and for time expended out of court. The Judicial Conference 
shall develop guidelines for determining the maximum hourly 
rates for each circuit in accordance with the preceding 
sentence, with variations by district, where appropriate, 
taking into account such factors as the minimum range of the 
prevailing hourly rates for qualified attorneys in the district 
in which the representation is provided and the recommendations 
of the judicial councils of the circuits. Not less than 3 years 
after the effective date of the Criminal Justice Act Revision 
of 1986, the Judicial Conference is authorized to raise the 
maximum hourly rates specified in this paragraph up to the 
aggregate of the overall average percentages of the adjustments 
in the rates of pay under the General Schedule made pursuant to 
section 5305 of title 5 on or after such effective date. After 
the rates are raised under the preceding sentence, such maximum 
hourly rates may be raised at intervals of not less than 1 year 
each, up to the aggregate of the overall average percentages of 
such adjustments made since the last raise was made under this 
paragraph. Attorneys may be reimbursed for expenses reasonably 
incurred, including the costs of transcripts authorized by the 
United States magistrate or the court, and the costs of 
defending actions alleging malpractice of counsel in furnishing 
representational services under this section. No reimbursement 
for expenses in defending against malpractice claims shall be 
made if a judgment of malpractice is rendered against the 
counsel furnishing representational services under this 
section. The United States magistrate or the court shall make 
determinations relating to reimbursement of expenses under this 
paragraph.
 (2) Maximum Amounts.--For representation of a defendant 
before the United States magistrate judge or the district 
court, or both, the compensation to be paid to an attorney, or 
the attorney's law firm, or to a bar association or legal aid 
agency or community defender organization shall not exceed 
$7,000 for each attorney in a case in which one or more 
felonies are charged, and $2,000 for each attorney in a case in 
which only misdemeanors are charged. For representation of a 
defendant in an appellate court, the compensation to be paid to 
an attorney, or the attorney's law firm, or to a bar 
association or legal aid agency or community defender 
organization shall not exceed $5,000 for each attorney in each 
court. For representation of a petitioner in a non-capital 
habeas corpus proceeding, the compensation for each attorney 
shall not exceed the amount applicable to a felony in this 
paragraph for representation of a defendant before a judicial 
officer of the district court. For representation of such 
petitioner in an appellate court, the compensation for each 
attorney shall not exceed the amount applicable for 
representation of a defendant in an appellate court. For 
representation of an offender before the United States Parole 
Commission in a proceeding under section 4106A of this title, 
the compensation shall not exceed $1,500 for each attorney in 
each proceeding; for representation of an offender in an appeal 
from a determination of such Commission under such section, the 
compensation shall not exceed $5,000 for each attorney in each 
court. For any other representation required or authorized by 
this section, the compensation shall not exceed $1,500 for each 
attorney in each proceeding. The compensation maximum amounts 
provided in this paragraph shall increase simultaneously by the 
same percentage, rounded to the nearest multiple of $100, as 
the aggregate percentage increases in the maximum hourly 
compensation rate paid pursuant to paragraph (1) for time 
expended since the case maximum amounts were last adjusted.
 (3) Waiving Maximum Amounts.--Payment in excess of any 
maximum amount provided in paragraph (2) of this subsection may 
be made for extended or complex representation whenever the 
court in which the representation was rendered, or the United 
States magistrate judge if the representation was furnished 
exclusively before him, certifies that the amount of the excess 
payment is necessary to provide fair compensation and the 
payment is approved by the chief judge of the circuit. The 
chief judge of the circuit may delegate such approval authority 
to an active or senior circuit judge.
 (4) Disclosure of fees.--
 (A) In general.--Subject to subparagraphs (B) through 
 (E), the amounts paid under this subsection for 
 services in any case shall be made available to the 
 public by the court upon the court's approval of the 
 payment.
 (B) Pre-trial or trial in progress.--If a trial is in 
 pre-trial status or still in progress and after 
 considering the defendant's interests as set forth in 
 subparagraph (D), the court shall--
 (i) redact any detailed information on the 
 payment voucher provided by defense counsel to 
 justify the expenses to the court; and
 (ii) make public only the amounts approved 
 for payment to defense counsel by dividing 
 those amounts into the following categories:
 (I) Arraignment and or plea.
 (II) Bail and detention hearings.
 (III) Motions.
 (IV) Hearings.
 (V) Interviews and conferences.
 (VI) Obtaining and reviewing records.
 (VII) Legal research and brief 
 writing.
 (VIII) Travel time.
 (IX) Investigative work.
 (X) Experts.
 (XI) Trial and appeals.
 (XII) Other.
 (C) Trial completed.--
 (i) In general.--If a request for payment is 
 not submitted until after the completion of the 
 trial and subject to consideration of the 
 defendant's interests as set forth in 
 subparagraph (D), the court shall make 
 available to the public an unredacted copy of 
 the expense voucher.
 (ii) Protection of the rights of the 
 defendant.--If the court determines that 
 defendant's interests as set forth in 
 subparagraph (D) require a limited disclosure, 
 the court shall disclose amounts as provided in 
 subparagraph (B).
 (D) Considerations.--The interests referred to in 
 subparagraphs (B) and (C) are--
 (i) to protect any person's 5th amendment 
 right against self-incrimination;
 (ii) to protect the defendant's 6th amendment 
 rights to effective assistance of counsel;
 (iii) the defendant's attorney-client 
 privilege;
 (iv) the work product privilege of the 
 defendant's counsel;
 (v) the safety of any person; and
 (vi) any other interest that justice may 
 require, except that the amount of the fees 
 shall not be considered a reason justifying any 
 limited disclosure under section 3006A(d)(4) of 
 title 18, United States Code.
 (E) Notice.--The court shall provide reasonable 
 notice of disclosure to the counsel of the defendant 
 prior to the approval of the payments in order to allow 
 the counsel to request redaction based on the 
 considerations set forth in subparagraph (D). Upon 
 completion of the trial, the court shall release 
 unredacted copies of the vouchers provided by defense 
 counsel to justify the expenses to the court. If there 
 is an appeal, the court shall not release unredacted 
 copies of the vouchers provided by defense counsel to 
 justify the expenses to the court until such time as 
 the appeals process is completed, unless the court 
 determines that none of the defendant's interests set 
 forth in subparagraph (D) will be compromised.
 (F) Effective date.--The amendment made by paragraph 
 (4) shall become effective 60 days after enactment of 
 this Act, will apply only to cases filed on or after 
 the effective date, and shall be in effect for no 
 longer than 24 months after the effective date.
 (5) Filing Claims.--A separate claim for compensation and 
reimbursement shall be made to the district court for 
representation before the United States magistrate judge and 
the court, and to each appellate court before which the 
attorney provided representation to the person involved. Each 
claim shall be supported by a sworn written statement 
specifying the time expended, services rendered, and expenses 
incurred while the case was pending before the United States 
magistrate judge and the court, and the compensation and 
reimbursement applied for or received in the same case from any 
other source. The court shall fix the compensation and 
reimbursement to be paid to the attorney, or the attorney's law 
firm or to the bar association or legal aid agency or community 
defender organization which provided the appointed attorney. In 
cases where representation is furnished exclusively before a 
United States magistrate judge, the claim shall be submitted to 
him and he shall fix the compensation and reimbursement to be 
paid. In cases where representation is furnished other than 
before the United States magistrate judge, the district court, 
or an appellate court, claims shall be submitted to the 
district court which shall fix the compensation and 
reimbursement to be paid.
 (6) New Trials.--For purposes of compensation and other 
payments authorized by this section, an order by a court 
granting a new trial shall be deemed to initiate a new case.
 (7) Proceedings Before Appellate Courts.--If a person for 
whom counsel is appointed under this section appeals to an 
appellate court or petitions for a writ of certiorari, he may 
do so without prepayment of fees and costs or security therefor 
and without filing the affidavit required by section 1915(a) of 
title 28.
 (e) Services Other Than Counsel.--(1) Upon Request.--Counsel 
for a person who is financially unable to obtain investigative, 
expert, or other services necessary for adequate representation 
may request them in an ex parte application. Upon finding, 
after appropriate inquiry in an ex parte proceeding, that the 
services are necessary and that the person is financially 
unable to obtain them, the court, or the United States 
magistrate judge if the services are required in connection 
with a matter over which he has jurisdiction, shall authorize 
counsel to obtain the services.
 (2) Without Prior Request.--(A) Counsel appointed under this 
section may obtain, subject to later review, investigative, 
expert, and other services without prior authorization if 
necessary for adequate representation. Except as provided in 
subparagraph (B) of this paragraph, the total cost of services 
obtained without prior authorization may not exceed $800 and 
expenses reasonably incurred.
 (B) The court, or the United States magistrate judge (if the 
services were rendered in a case disposed of entirely before 
the United States magistrate judge), may, in the interest of 
justice, and upon the finding that timely procurement of 
necessary services could not await prior authorization, approve 
payment for such services after they have been obtained, even 
if the cost of such services exceeds $800.
 (3) Maximum Amounts.--Compensation to be paid to a person for 
services rendered by him to a person under this subsection, or 
to be paid to an organization for services rendered by an 
employee thereof, shall not exceed $2,400, exclusive of 
reimbursement for expenses reasonably incurred, unless payment 
in excess of that limit is certified by the court, or by the 
United States magistrate judge if the services were rendered in 
connection with a case disposed of entirely before him, as 
necessary to provide fair compensation for services of an 
unusual character or duration, and the amount of the excess 
payment is approved by the chief judge of the circuit. The 
chief judge of the circuit may delegate such approval authority 
to an active or senior circuit judge.
 (4) Disclosure of fees.--The amounts paid under this 
subsection for services in any case shall be made available to 
the public.
 (5) The dollar amounts provided in paragraphs (2) and (3) 
shall be adjusted simultaneously by an amount, rounded to the 
nearest multiple of $100, equal to the percentage of the 
cumulative adjustments taking effect under section 5303 of 
title 5 in the rates of pay under the General Schedule since 
the date the dollar amounts provided in paragraphs (2) and (3), 
respectively, were last enacted or adjusted by statute.
 (f) Receipt of Other Payments.--Whenever the United States 
magistrate judge or the court finds that funds are available 
for payment from or on behalf of a person furnished 
representation, it may authorize or direct that such funds be 
paid to the appointed attorney, or the attorney's law firm, to 
the bar association or legal aid agency or community defender 
organization which provided the appointed attorney, to any 
person or organization authorized pursuant to subsection (e) to 
render investigative, expert, or other services, or to the 
court for deposit in the Treasury as a reimbursement to the 
appropriation, current at the time of payment, to carry out the 
provisions of this section. Except as so authorized or 
directed, no such person or organization may request or accept 
any payment or promise of payment for representing a defendant.
 (g) Defender Organization.--(1) Qualifications.--A district 
or a part of a district in which at least two hundred persons 
annually require the appointment of counsel may establish a 
defender organization as provided for either under 
subparagraphs (A) or (B) of paragraph (2) of this subsection or 
both. Two adjacent districts or parts of districts may 
aggregate the number of persons required to be represented to 
establish eligibility for a defender organization to serve both 
areas. In the event that adjacent districts or parts of 
districts are located in different circuits, the plan for 
furnishing representation shall be approved by the judicial 
council of each circuit.
 (2) Types of Defender Organizations.--(A) Federal Public 
Defender Organization.--A Federal Public Defender Organization 
shall consist of one or more full-time salaried attorneys. An 
organization for a district or part of a district or two 
adjacent districts or parts of districts shall be supervised by 
a Federal Public Defender appointed by the court of appeals of 
the circuit, without regard to the provisions of title 5 
governing appointments in the competitive service, after 
considering recommendations from the district court or courts 
to be served. Nothing contained herein shall be deemed to 
authorize more than one Federal Public Defender within a single 
judicial district. The Federal Public Defender shall be 
appointed for a term of four years, unless sooner removed by 
the court of appeals of the circuit for incompetency, 
misconduct in office, or neglect of duty. Upon the expiration 
of his term, a Federal Public Defender may, by a majority vote 
of the judges of the court of appeals, continue to perform the 
duties of his office until his successor is appointed, or until 
one year after the expiration of such Defender's term, 
whichever is earlier. The compensation of the Federal Public 
Defender shall be fixed by the court of appeals of the circuit 
at a rate not to exceed the compensation received by the United 
States attorney for the district where representation is 
furnished or, if two districts or parts of districts are 
involved, the compensation of the higher paid United States 
attorney of the districts. The Federal Public Defender may 
appoint, without regard to the provisions of title 5 governing 
appointments in the competitive service, full-time attorneys in 
such number as may be approved by the court of appeals of the 
circuit and other personnel in such number as may be approved 
by the Director of the Administrative Office of the United 
States Courts. Compensation paid to such attorneys and other 
personnel of the organization shall be fixed by the Federal 
Public Defender at a rate not to exceed that paid to attorneys 
and other personnel of similar qualifications and experience in 
the Office of the United States attorney in the district where 
representation is furnished or, if two districts or parts of 
districts are involved, the higher compensation paid to persons 
of similar qualifications and experience in the districts. 
Neither the Federal Public Defender nor any attorney so 
appointed by him may engage in the private practice of law. 
Each organization shall submit to the Director of the 
Administrative Office of the United States Courts, at the time 
and in the form prescribed by him, reports of its activities 
and financial position and its proposed budget. The Director of 
the Administrative Office shall submit, in accordance with 
section 605 of title 28, a budget for each organization for 
each fiscal year and shall out of the appropriations therefor 
make payments to and on behalf of each organization. Payments 
under this subparagraph to an organization shall be in lieu of 
payments under subsection (d) or (e).
 (B) Community Defender Organization.--A Community Defender 
Organization shall be a non-profit defense counsel service 
established and administered by any group authorized by the 
plan to provide representation. The organization shall be 
eligible to furnish attorneys and receive payments under this 
section if its bylaws are set forth in the plan of the district 
or districts in which it will serve. Each organization shall 
submit to the Judicial Conference of the United States an 
annual report setting forth its activities and financial 
position and the anticipated caseload and expenses for the next 
fiscal year. Upon application an organization may, to the 
extent approved by the Judicial Conference of the United 
States:
 (i) receive an initial grant for expenses necessary 
 to establish the organization; and
 (ii) in lieu of payments under subsection (d) or (e), 
 receive periodic sustaining grants to provide 
 representation and other expenses pursuant to this 
 section.
 (3) Malpractice and Negligence Suits.--The Director of the 
Administrative Office of the United States Courts shall, to the 
extent the Director considers appropriate, provide 
representation for and hold harmless, or provide liability 
insurance for, any person who is an officer or employee of a 
Federal Public Defender Organization established under this 
subsection, or a Community Defender Organization established 
under this subsection which is receiving periodic sustaining 
grants, for money damages for injury, loss of liberty, loss of 
property, or personal injury or death arising from malpractice 
or negligence of any such officer or employee in furnishing 
representational services under this section while acting 
within the scope of that person's office or employment.
 (h) Rules and Reports.--Each district court and court of 
appeals of a circuit shall submit a report on the appointment 
of counsel within its jurisdiction to the Administrative Office 
of the United States Courts in such form and at such times as 
the Judicial Conference of the United States may specify. The 
Judicial Conference of the United States may, from time to 
time, issue rules and regulations governing the operation of 
plans formulated under this section.
 (i) Appropriations.--There are authorized to be appropriated 
to the United States courts, out of any money in the Treasury 
not otherwise appropriated, sums necessary to carry out the 
provisions of this section, including funds for the continuing 
education and training of persons providing representational 
services under this section. When so specified in appropriation 
acts, such appropriations shall remain available until 
expended. Payments from such appropriations shall be made under 
the supervision of the Director of the Administrative Office of 
the United States Courts.
 (j) Districts Included.--As used in this section, the term 
``district court'' means each district court of the United 
States created by chapter 5 of title 28, the District Court of 
the Virgin Islands, the District Court for the Northern Mariana 
Islands, and the District Court of Guam.
 (k) Applicability in the District of Columbia.--The 
provisions of this section shall apply in the United States 
District Court for the District of Columbia and the United 
States Court of Appeals for the District of Columbia Circuit. 
The provisions of this section shall not apply to the Superior 
Court of the District of Columbia and the District of Columbia 
Court of Appeals.

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 SECTION 203 OF THE JUDICIAL IMPROVEMENTS ACT OF 1990

SEC. 203. DISTRICT JUDGES FOR THE DISTRICT COURTS.

 (a) In General.--The President shall appoint, by and with the 
advice and consent of the Senate--
 (1) 1 additional district judge for the western 
 district of Arkansas;
 (2) 2 additional district judges for the northern 
 district of California;
 (3) 5 additional district judges for the central 
 district of California;
 (4) 1 additional district judge for the southern 
 district of California;
 (5) 2 additional district judges for the district of 
 Connecticut;
 (6) 2 additional district judges for the middle 
 district of Florida;
 (7) 1 additional district judge for the northern 
 district of Florida;
 (8) 1 additional district judge for the southern 
 district of Florida;
 (9) 1 additional district judge for the middle 
 district of Georgia;
 (10) 1 additional district judge for the northern 
 district of Illinois;
 (11) 1 additional district judge for the southern 
 district of Iowa;
 (12) 1 additional district judge for the western 
 district of Louisiana;
 (13) 1 additional district judge for the district of 
 Maine;
 (14) 1 additional district judge for the district of 
 Massachusetts;
 (15) 1 additional district judge for the southern 
 district of Mississippi;
 (16) 1 additional district judge for the eastern 
 district of Missouri;
 (17) 1 additional district judge for the district of 
 New Hampshire;
 (18) 3 additional district judges for the district of 
 New Jersey;
 (19) 1 additional district judge for the district of 
 New Mexico;
 (20) 1 additional district judge for the southern 
 district of New York;
 (21) 3 additional district judges for the eastern 
 district of New York;
 (22) 1 additional district judge for the middle 
 district of North Carolina;
 (23) 1 additional district judge for the southern 
 district of Ohio;
 (24) 1 additional district judge for the northern 
 district of Oklahoma;
 (25) 1 additional district judge for the western 
 district of Oklahoma;
 (26) 1 additional district judge for the district of 
 Oregon;
 (27) 3 additional district judges for the eastern 
 district of Pennsylvania;
 (28) 1 additional district judge for the middle 
 district of Pennsylvania;
 (29) 1 additional district judge for the district of 
 South Carolina;
 (30) 1 additional district judge for the eastern 
 district of Tennessee;
 (31) 1 additional district judge for the western 
 district of Tennessee;
 (32) 1 additional district judge for the middle 
 district of Tennessee;
 (33) 2 additional district judges for the northern 
 district of Texas;
 (34) 1 additional district judge for the eastern 
 district of Texas;
 (35) 5 additional district judges for the southern 
 district of Texas;
 (36) 3 additional district judges for the western 
 district of Texas;
 (37) 1 additional district judge for the district of 
 Utah;
 (38) 1 additional district judge for the eastern 
 district of Washington;
 (39) 1 additional district judge for the northern 
 district of West Virginia;
 (40) 1 additional district judge for the southern 
 district of West Virginia; and
 (41) 1 additional district judge for the district of 
 Wyoming.
 (b) Existing Judgeships.--(1) The existing district 
judgeships for the western district of Arkansas, the northern 
district of Illinois, the northern district of Indiana, the 
district of Massachusetts, the western district of New York, 
the eastern district of North Carolina, the northern district 
of Ohio, and the western district of Washington authorized by 
section 202(b) of the Bankruptcy Amendments and Federal 
Judgeship Act of 1984 (Public Law 98-353, 98 Stat. 347-348) 
shall, as of the effective date of this title, be authorized 
under section 133 of title 28, United States Code, and the 
incumbents in those offices shall hold the office under section 
133 of title 28, United States Code, as amended by this title.
 (2)(A) The existing 2 district judgeships for the eastern and 
western districts of Arkansas (provided by section 133 of title 
28, United States Code, as in effect on the day before the 
effective date of this title) shall be district judgeships for 
the eastern district of Arkansas only, and the incumbents of 
such judgeships shall hold the offices under section 133 of 
title 28, United States Code, as amended by this title.
 (B) The existing district judgeship for the northern and 
southern districts of Iowa (provided by section 133 of title 
28, United States Code, as in effect on the day before the 
effective date of this title) shall be a district judgeship for 
the northern district of Iowa only, and the incumbent of such 
judgeship shall hold the office under section 133 of title 28, 
United States Code, as amended by this title.
 (C) The existing district judgeship for the northern, 
eastern, and western districts of Oklahoma (provided by section 
133 of title 28, United States Code, as in effect on the day 
before the effective date of this title) and the occupant of 
which has his or her official duty station at Oklahoma City on 
the date of the enactment of this title, shall be a district 
judgeship for the western district of Oklahoma only, and the 
incumbent of such judgeship shall hold the office under section 
133 of title 28, United States Code, as amended by this title.
 (c) Temporary Judgeships.--The President shall appoint, by 
and with the advice and consent of the Senate--
 (1) 1 additional district judge for the eastern 
 district of California;
 (2) 1 additional district judge for the district of 
 Hawaii;
 (3) 1 additional district judge for the central 
 district of Illinois;
 (4) 1 additional district judge for the southern 
 district of Illinois;
 (5) 1 additional district judge for the district of 
 Kansas;
 (6) 1 additional district judge for the western 
 district of Michigan;
 (7) 1 additional district judge for the eastern 
 district of Missouri;
 (8) 1 additional district judge for the district of 
 Nebraska;
 (9) 1 additional district judge for the northern 
 district of New York;
 (10) 1 additional district judge for the northern 
 district of Ohio;
 (11) 1 additional district judge for the eastern 
 district of Pennsylvania; and
 (12) 1 additional district judge for the eastern 
 district of Virginia.
Except with respect to the district of Kansas, the western 
district of Michigan, the eastern district of Pennsylvania, the 
district of Hawaii, and the northern district of Ohio, the 
first vacancy in the office of district judge in each of the 
judicial districts named in this subsection, occurring 10 years 
or more after the confirmation date of the judge named to fill 
the temporary judgeship created by this subsection, shall not 
be filled. The first vacancy in the office of district judge in 
the district of Kansas occurring [32 years and 6 months] 33 
years and 6 months or more after the confirmation date of the 
judge named to fill the temporary judgeship created for such 
district under this subsection, shall not be filled. The first 
vacancy in the office of district judge in the western district 
of Michigan, occurring after December 1, 1995, shall not be 
filled. The first vacancy in the office of district judge in 
the eastern district of Pennsylvania, occurring 5 years or more 
after the confirmation date of the judge named to fill the 
temporary judgeship created for such district under this 
subsection, shall not be filled. The first vacancy in the 
office of district judge in the northern district of Ohio 
occurring 19 years or more after the confirmation date of the 
judge named to fill the temporary judgeship created under this 
subsection shall not be filled. The first vacancy in the office 
of the district judge in the district of Hawaii occurring [29 
years and 6 months] 30 years and 6 months or more after the 
confirmation date of the judge named to fill the temporary 
judgeship created under this subsection shall not be filled. 
For districts named in this subsection for which multiple 
judgeships are created by this Act, the last of those 
judgeships filled shall be the judgeships created under this 
section.

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TRANSPORTATION, TREASURY, HOUSING AND URBAN DEVELOPMENT, THE JUDICIARY, 
THE DISTRICT OF COLUMBIA, AND INDEPENDENT AGENCIES APPROPRIATIONS ACT, 
 2006

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 DIVISION A--TRANSPORTATION, TREASURY, HOUSING AND URBAN DEVELOPMENT, 
 THE JUDICIARY, AND INDEPENDENT AGENCIES APPROPRIATIONS ACT, 2006

 That the following sums are appropriated, out of any money in 
the Treasury not otherwise appropriated, for the Departments of 
Transportation, Treasury, Housing and Urban Development, the 
Judiciary, and independent agencies for the fiscal year ending 
September 30, 2006, and for other purposes, namely:

 * * * * * * *

 TITLE IV

THE JUDICIARY

 * * * * * * *

 Sec. 406. The existing judgeship for the eastern district of 
Missouri authorized by section 203(c) of the Judicial 
Improvements Act of 1990 (Public Law 101-650, 104 Stat. 5089) 
as amended by Public Law 105-53, as of the effective date of 
this Act, shall be extended. The first vacancy in the office of 
district judge in this district occurring [30 years and 6 
months] 31 years and 6 months or more after the confirmation 
date of the judge named to fill the temporary judgeship created 
by section 203(c) shall not be filled.

 * * * * * * *

 ---------- 

 21ST CENTURY DEPARTMENT OF JUSTICE APPROPRIATIONS AUTHORIZATION ACT

 * * * * * * *
 DIVISION A--21ST CENTURY DEPARTMENT OF JUSTICE APPROPRIATIONS 
AUTHORIZATION ACT

 * * * * * * *

 TITLE III

MISCELLANEOUS

 * * * * * * *

SEC. 312. ADDITIONAL FEDERAL JUDGESHIPS.

 (a) Permanent District Judges for the District Courts.--
 (1) In general.--The President shall appoint, by and 
 with the advice and consent of the Senate--
 (A) 5 additional district judges for the 
 southern district of California;
 (B) 1 additional district judge for the 
 western district of North Carolina; and
 (C) 2 additional district judges for the 
 western district of Texas.
 (2) [Omitted--Amendatory]
 (b) District Judgeships for the Central and Southern 
Districts of Illinois, the Northern District of New York, and 
the Eastern District of Virginia.--
 (1) Conversion of temporary judgeships to permanent 
 judgeships.--The existing district judgeships for the 
 central district and the southern district of Illinois, 
 the northern district of New York, and the eastern 
 district of Virginia authorized by section 203(c) (3), 
 (4), (9), and (12) of the Judicial Improvements Act of 
 1990 (Public Law 101-650, 28 U.S.C. 133 note) shall be 
 authorized under section 133 of title 28, United States 
 Code, and the incumbents in such offices shall hold the 
 offices under section 133 of title 28, United States 
 Code (as amended by this section).
 (2) [Omitted--Amendatory]
 (3) Effective date.--With respect to the central or 
 southern district of Illinois, the northern district of 
 New York, or the eastern district of Virginia, this 
 subsection shall take effect on the earlier of--
 (A) the date on which the first vacancy in 
 the office of district judge occurs in such 
 district; or
 (B) July 15, 2003.
 (c) Temporary Judgeships.--
 (1) In general.--The President shall appoint, by and 
 with the advice and consent of the Senate--
 (A) 1 additional district judge for the 
 northern district of Alabama;
 (B) 1 additional judge for the district of 
 Arizona;
 (C) 1 additional judge for the central 
 district of California;
 (D) 1 additional judge for the southern 
 district of Florida;
 (E) 1 additional district judge for the 
 district of New Mexico;
 (F) 1 additional district judge for the 
 western district of North Carolina; and
 (G) 1 additional district judge for the 
 eastern district of Texas.
 (2) Vacancies not filled.--The first vacancy in the 
 office of district judge in each of the offices of 
 district judge authorized by this subsection, except in 
 the case of the central district of California and the 
 western district of North Carolina, occurring [21] 22 
 years or more after the confirmation date of the judge 
 named to fill the temporary district judgeship created 
 in the applicable district by this subsection, shall 
 not be filled. The first vacancy in the office of 
 district judge in the central district of California 
 occurring [20 years and 6 months] 21 years and 6 months 
 or more after the confirmation date of the judge named 
 to fill the temporary district judgeship created in 
 that district by this subsection, shall not be filled. 
 The first vacancy in the office of district judge in 
 the western district of North Carolina occurring [19] 
 20 years or more after the confirmation date of the 
 judge named to fill the temporary district judgeship 
 created in that district by this subsection, shall not 
 be filled.
 (3) Effective date.--This subsection shall take 
 effect on July 15, 2003.
 (d) Extension of Temporary Federal District Court Judgeship 
for the Northern District of Ohio.--
 (1) In general.--[Omitted--Amendatory]
 (2) Effective date.--The amendments made by this 
 subsection shall take effect on the date of enactment 
 of this Act.
 (e) Authorization of Appropriations.--There are authorized to 
be appropriated such sums as may be necessary to carry out this 
section, including such sums as may be necessary to provide 
appropriate space and facilities for the judicial positions 
created by this section.

 * * * * * * *

 ---------- 

 UNIVERSAL SERVICE ANTIDEFICIENCY TEMPORARY SUSPENSION ACT

 * * * * * * *
TITLE III--UNIVERSAL SERVICE

 * * * * * * *

SEC. 302. APPLICATION OF CERTAIN TITLE 31 PROVISIONS TO UNIVERSAL 
 SERVICE FUND.

 (a) In General.--During the period beginning on the date of 
enactment of this Act and ending on [December 31, 2023] 
December 31, 2024, section 1341 and subchapter II of chapter 15 
of title 31, United States Code, do not apply--
 (1) to any amount collected or received as Federal 
 universal service contributions required by section 254 
 of the Communications Act of 1934 (47 U.S.C. 254), 
 including any interest earned on such contributions; 
 nor
 (2) to the expenditure or obligation of amounts 
 attributable to such contributions for universal 
 service support programs established pursuant to that 
 section.
 (b) Post-2005 Fulfillment of Protected Obligations.--Section 
1341 and subchapter II of chapter 15 of title 31, United States 
Code, do not apply after [December 31, 2023] December 31, 2024, 
to an expenditure or obligation described in subsection (a)(2) 
made or authorized during the period described in subsection 
(a).
 ---------- 

 DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

 (a) Short Title.--This Act may be cited as the ``Dodd-Frank 
Wall Street Reform and Consumer Protection Act''.
 (b) Table of Contents.--The table of contents for this Act is 
as follows:

Sec. 1. Short title; table of contents.
 * * * * * * *

 TITLE X--BUREAU OF CONSUMER FINANCIAL PROTECTION

Sec. 1001. Short title.
Sec. 1002. Definitions.
 * * * * * * *

Subtitle F--Transfer of Functions and Personnel; Transitional Provisions

Sec. 1061. Transfer of consumer financial protection functions.
 * * * * * * *
[Sec. 1066. Interim authority of the Secretary.]

 * * * * * * *

TITLE I--FINANCIAL STABILITY

 * * * * * * *

 Subtitle A--Financial Stability Oversight Council

SEC. 111. FINANCIAL STABILITY OVERSIGHT COUNCIL ESTABLISHED.

 (a) Establishment.--Effective on the date of enactment of 
this Act, there is established the Financial Stability 
Oversight Council.
 (b) Membership.--The Council shall consist of the following 
members:
 (1) Voting members.--The voting members, who shall 
 each have 1 vote on the Council shall be--
 (A) the Secretary of the Treasury, who shall 
 serve as Chairperson of the Council;
 (B) the Chairman of the Board of Governors;
 (C) the Comptroller of the Currency;
 (D) the [Director] Chair of the Bureau;
 (E) the Chairman of the Commission;
 (F) the Chairperson of the Corporation;
 (G) the Chairperson of the Commodity Futures 
 Trading Commission;
 (H) the Director of the Federal Housing 
 Finance Agency;
 (I) the Chairman of the National Credit Union 
 Administration Board; and
 (J) an independent member appointed by the 
 President, by and with the advice and consent 
 of the Senate, having insurance expertise.
 (2) Nonvoting members.--The nonvoting members, who 
 shall serve in an advisory capacity as a nonvoting 
 member of the Council, shall be--
 (A) the Director of the Office of Financial 
 Research;
 (B) the Director of the Federal Insurance 
 Office;
 (C) a State insurance commissioner, to be 
 designated by a selection process determined by 
 the State insurance commissioners;
 (D) a State banking supervisor, to be 
 designated by a selection process determined by 
 the State banking supervisors; and
 (E) a State securities commissioner (or an 
 officer performing like functions), to be 
 designated by a selection process determined by 
 such State securities commissioners.
 (3) Nonvoting member participation.--The nonvoting 
 members of the Council shall not be excluded from any 
 of the proceedings, meetings, discussions, or 
 deliberations of the Council, except that the 
 Chairperson may, upon an affirmative vote of the member 
 agencies, exclude the nonvoting members from any of the 
 proceedings, meetings, discussions, or deliberations of 
 the Council when necessary to safeguard and promote the 
 free exchange of confidential supervisory information.
 (c) Terms; Vacancy.--
 (1) Terms.--The independent member of the Council 
 shall serve for a term of 6 years, and each nonvoting 
 member described in subparagraphs (C), (D), and (E) of 
 subsection (b)(2) shall serve for a term of 2 years.
 (2) Vacancy.--Any vacancy on the Council shall be 
 filled in the manner in which the original appointment 
 was made.
 (3) Acting officials may serve.--In the event of a 
 vacancy in the office of the head of a member agency or 
 department, and pending the appointment of a successor, 
 or during the absence or disability of the head of a 
 member agency or department, the acting head of the 
 member agency or department shall serve as a member of 
 the Council in the place of that agency or department 
 head.
 (4) Term of independent member.--Notwithstanding 
 paragraph (1), if a successor to the independent member 
 of the Council serving under subsection (b)(1)(J) is 
 not appointed and confirmed by the end of the term of 
 service of such member, such member may continue to 
 serve until the earlier of--
 (A) 18 months after the date on which the 
 term of service ends; or
 (B) the date on which a successor to such 
 member is appointed and confirmed.
 (d) Technical and Professional Advisory Committees.--The 
Council may appoint such special advisory, technical, or 
professional committees as may be useful in carrying out the 
functions of the Council, including an advisory committee 
consisting of State regulators, and the members of such 
committees may be members of the Council, or other persons, or 
both.
 (e) Meetings.--
 (1) Timing.--The Council shall meet at the call of 
 the Chairperson or a majority of the members then 
 serving, but not less frequently than quarterly.
 (2) Rules for conducting business.--The Council shall 
 adopt such rules as may be necessary for the conduct of 
 the business of the Council. Such rules shall be rules 
 of agency organization, procedure, or practice for 
 purposes of section 553 of title 5, United States Code.
 (f) Voting.--Unless otherwise specified, the Council shall 
make all decisions that it is authorized or required to make by 
a majority vote of the voting members then serving.
 (g) Nonapplicability of Chapter 10 of Title 5, United States 
Code.--Chapter 10 of title 5, United States Code, shall not 
apply to the Council, or to any special advisory, technical, or 
professional committee appointed by the Council, except that, 
if an advisory, technical, or professional committee has one or 
more members who are not employees of or affiliated with the 
United States Government, the Council shall publish a list of 
the names of the members of such committee.
 (h) Assistance From Federal Agencies.--Any department or 
agency of the United States may provide to the Council and any 
special advisory, technical, or professional committee 
appointed by the Council, such services, funds, facilities, 
staff, and other support services as the Council may determine 
advisable.
 (i) Compensation of Members.--
 (1) Federal employee members.--All members of the 
 Council who are officers or employees of the United 
 States shall serve without compensation in addition to 
 that received for their services as officers or 
 employees of the United States.
 (2) Compensation for non-federal member.--Section 
 5314 of title 5, United States Code, is amended by 
 adding at the end the following:``Independent Member of 
 the Financial Stability Oversight Council (1).''.
 (j) Detail of Government Employees.--Any employee of the 
Federal Government may be detailed to the Council without 
reimbursement, and such detail shall be without interruption or 
loss of civil service status or privilege. An employee of the 
Federal Government detailed to the Council shall report to and 
be subject to oversight by the Council during the assignment to 
the Council, and shall be compensated by the department or 
agency from which the employee was detailed.

 * * * * * * *

 TITLE IX--INVESTOR PROTECTIONS AND IMPROVEMENTS TO THE REGULATION OF 
 SECURITIES

SEC. 901. SHORT TITLE.

 This title may be cited as the ``Investor Protection and 
Securities Reform Act of 2010''.

 * * * * * * *

 TITLE X--BUREAU OF CONSUMER FINANCIAL PROTECTION

SEC. 1001. SHORT TITLE.

 This title may be cited as the ``Consumer Financial 
Protection Act of 2010''.

SEC. 1002. DEFINITIONS.

 Except as otherwise provided in this title, for purposes of 
this title, the following definitions shall apply:
 (1) Affiliate.--The term ``affiliate'' means any 
 person that controls, is controlled by, or is under 
 common control with another person.
 (2) Bureau.--The term ``Bureau'' means the Bureau of 
 Consumer Financial Protection.
 (3) Business of insurance.--The term ``business of 
 insurance'' means the writing of insurance or the 
 reinsuring of risks by an insurer, including all acts 
 necessary to such writing or reinsuring and the 
 activities relating to the writing of insurance or the 
 reinsuring of risks conducted by persons who act as, or 
 are, officers, directors, agents, or employees of 
 insurers or who are other persons authorized to act on 
 behalf of such persons.
 (4) Consumer.--The term ``consumer'' means an 
 individual or an agent, trustee, or representative 
 acting on behalf of an individual.
 (5) Consumer financial product or service.--The term 
 ``consumer financial product or service'' means any 
 financial product or service that is described in one 
 or more categories under--
 (A) paragraph (15) and is offered or provided 
 for use by consumers primarily for personal, 
 family, or household purposes; or
 (B) clause (i), (iii), (ix), or (x) of 
 paragraph (15)(A), and is delivered, offered, 
 or provided in connection with a consumer 
 financial product or service referred to in 
 subparagraph (A).
 (6) Covered person.--The term ``covered person'' 
 means--
 (A) any person that engages in offering or 
 providing a consumer financial product or 
 service; and
 (B) any affiliate of a person described in 
 subparagraph (A) if such affiliate acts as a 
 service provider to such person.
 (7) Credit.--The term ``credit'' means the right 
 granted by a person to a consumer to defer payment of a 
 debt, incur debt and defer its payment, or purchase 
 property or services and defer payment for such 
 purchase.
 (8) Deposit-taking activity.--The term ``deposit-
 taking activity'' means--
 (A) the acceptance of deposits, maintenance 
 of deposit accounts, or the provision of 
 services related to the acceptance of deposits 
 or the maintenance of deposit accounts;
 (B) the acceptance of funds, the provision of 
 other services related to the acceptance of 
 funds, or the maintenance of member share 
 accounts by a credit union; or
 (C) the receipt of funds or the equivalent 
 thereof, as the Bureau may determine by rule or 
 order, received or held by a covered person (or 
 an agent for a covered person) for the purpose 
 of facilitating a payment or transferring funds 
 or value of funds between a consumer and a 
 third party.
 (9) Designated transfer date.--The term ``designated 
 transfer date'' means the date established under 
 section 1062.
 [(10) Director.--The term ``Director'' means the 
 Director of the Bureau.]
 (11) Electronic conduit services.--The term 
 ``electronic conduit services''--
 (A) means the provision, by a person, of 
 electronic data transmission, routing, 
 intermediate or transient storage, or 
 connections to a telecommunications system or 
 network; and
 (B) does not include a person that provides 
 electronic conduit services if, when providing 
 such services, the person--
 (i) selects or modifies the content 
 of the electronic data;
 (ii) transmits, routes, stores, or 
 provides connections for electronic 
 data, including financial data, in a 
 manner that such financial data is 
 differentiated from other types of data 
 of the same form that such person 
 transmits, routes, or stores, or with 
 respect to which, provides connections; 
 or
 (iii) is a payee, payor, 
 correspondent, or similar party to a 
 payment transaction with a consumer.
 (12) Enumerated consumer laws.--Except as otherwise 
 specifically provided in section 1029, subtitle G or 
 subtitle H, the term ``enumerated consumer laws'' 
 means--
 (A) the Alternative Mortgage Transaction 
 Parity Act of 1982 (12 U.S.C. 3801 et seq.);
 (B) the Consumer Leasing Act of 1976 (15 
 U.S.C. 1667 et seq.);
 (C) the Electronic Fund Transfer Act (15 
 U.S.C. 1693 et seq.), except with respect to 
 section 920 of that Act;
 (D) the Equal Credit Opportunity Act (15 
 U.S.C. 1691 et seq.);
 (E) the Fair Credit Billing Act (15 U.S.C. 
 1666 et seq.);
 (F) the Fair Credit Reporting Act (15 U.S.C. 
 1681 et seq.), except with respect to sections 
 615(e) and 628 of that Act (15 U.S.C. 1681m(e), 
 1681w);
 (G) the Home Owners Protection Act of 1998 
 (12 U.S.C. 4901 et seq.);
 (H) the Fair Debt Collection Practices Act 
 (15 U.S.C. 1692 et seq.);
 (I) subsections (b) through (f) of section 43 
 of the Federal Deposit Insurance Act (12 U.S.C. 
 1831t(c)-(f));
 (J) sections 502 through 509 of the Gramm-
 Leach-Bliley Act (15 U.S.C. 6802-6809) except 
 for section 505 as it applies to section 
 501(b);
 (K) the Home Mortgage Disclosure Act of 1975 
 (12 U.S.C. 2801 et seq.);
 (L) the Home Ownership and Equity Protection 
 Act of 1994 (15 U.S.C. 1601 note);
 (M) the Real Estate Settlement Procedures Act 
 of 1974 (12 U.S.C. 2601 et seq.);
 (N) the S.A.F.E. Mortgage Licensing Act of 
 2008 (12 U.S.C. 5101 et seq.);
 (O) the Truth in Lending Act (15 U.S.C. 1601 
 et seq.);
 (P) the Truth in Savings Act (12 U.S.C. 4301 
 et seq.);
 (Q) section 626 of the Omnibus Appropriations 
 Act, 2009 (Public Law 111-8); and
 (R) the Interstate Land Sales Full Disclosure 
 Act (15 U.S.C. 1701).
 (13) Fair lending.--The term ``fair lending'' means 
 fair, equitable, and nondiscriminatory access to credit 
 for consumers.
 (14) Federal consumer financial law.--The term 
 ``Federal consumer financial law'' means the provisions 
 of this title, the enumerated consumer laws, the laws 
 for which authorities are transferred under subtitles F 
 and H, and any rule or order prescribed by the Bureau 
 under this title, an enumerated consumer law, or 
 pursuant to the authorities transferred under subtitles 
 F and H. The term does not include the Federal Trade 
 Commission Act.
 (15) Financial product or service.--
 (A) In general.--The term ``financial product 
 or service'' means--
 (i) extending credit and servicing 
 loans, including acquiring, purchasing, 
 selling, brokering, or other extensions 
 of credit (other than solely extending 
 commercial credit to a person who 
 originates consumer credit 
 transactions);
 (ii) extending or brokering leases of 
 personal or real property that are the 
 functional equivalent of purchase 
 finance arrangements, if--
 (I) the lease is on a non-
 operating basis;
 (II) the initial term of the 
 lease is at least 90 days; and
 (III) in the case of a lease 
 involving real property, at the 
 inception of the initial lease, 
 the transaction is intended to 
 result in ownership of the 
 leased property to be 
 transferred to the lessee, 
 subject to standards prescribed 
 by the Bureau;
 (iii) providing real estate 
 settlement services, except such 
 services excluded under subparagraph 
 (C), or performing appraisals of real 
 estate or personal property;
 (iv) engaging in deposit-taking 
 activities, transmitting or exchanging 
 funds, or otherwise acting as a 
 custodian of funds or any financial 
 instrument for use by or on behalf of a 
 consumer;
 (v) selling, providing, or issuing 
 stored value or payment instruments, 
 except that, in the case of a sale of, 
 or transaction to reload, stored value, 
 only if the seller exercises 
 substantial control over the terms or 
 conditions of the stored value provided 
 to the consumer where, for purposes of 
 this clause--
 (I) a seller shall not be 
 found to exercise substantial 
 control over the terms or 
 conditions of the stored value 
 if the seller is not a party to 
 the contract with the consumer 
 for the stored value product, 
 and another person is 
 principally responsible for 
 establishing the terms or 
 conditions of the stored value; 
 and
 (II) advertising the 
 nonfinancial goods or services 
 of the seller on the stored 
 value card or device is not in 
 itself an exercise of 
 substantial control over the 
 terms or conditions;
 (vi) providing check cashing, check 
 collection, or check guaranty services;
 (vii) providing payments or other 
 financial data processing products or 
 services to a consumer by any 
 technological means, including 
 processing or storing financial or 
 banking data for any payment 
 instrument, or through any payments 
 systems or network used for processing 
 payments data, including payments made 
 through an online banking system or 
 mobile telecommunications network, 
 except that a person shall not be 
 deemed to be a covered person with 
 respect to financial data processing 
 solely because the person--
 (I) is a merchant, retailer, 
 or seller of any nonfinancial 
 good or service who engages in 
 financial data processing by 
 transmitting or storing 
 payments data about a consumer 
 exclusively for purpose of 
 initiating payments 
 instructions by the consumer to 
 pay such person for the 
 purchase of, or to complete a 
 commercial transaction for, 
 such nonfinancial good or 
 service sold directly by such 
 person to the consumer; or
 (II) provides access to a 
 host server to a person for 
 purposes of enabling that 
 person to establish and 
 maintain a website;
 (viii) providing financial advisory 
 services (other than services relating 
 to securities provided by a person 
 regulated by the Commission or a person 
 regulated by a State securities 
 Commission, but only to the extent that 
 such person acts in a regulated 
 capacity) to consumers on individual 
 financial matters or relating to 
 proprietary financial products or 
 services (other than by publishing any 
 bona fide newspaper, news magazine, or 
 business or financial publication of 
 general and regular circulation, 
 including publishing market data, news, 
 or data analytics or investment 
 information or recommendations that are 
 not tailored to the individual needs of 
 a particular consumer), including--
 (I) providing credit 
 counseling to any consumer; and
 (II) providing services to 
 assist a consumer with debt 
 management or debt settlement, 
 modifying the terms of any 
 extension of credit, or 
 avoiding foreclosure;
 (ix) collecting, analyzing, 
 maintaining, or providing consumer 
 report information or other account 
 information, including information 
 relating to the credit history of 
 consumers, used or expected to be used 
 in connection with any decision 
 regarding the offering or provision of 
 a consumer financial product or 
 service, except to the extent that--
 (I) a person--
 (aa) collects, 
 analyzes, or maintains 
 information that 
 relates solely to the 
 transactions between a 
 consumer and such 
 person;
 (bb) provides the 
 information described 
 in item (aa) to an 
 affiliate of such 
 person; or
 (cc) provides 
 information that is 
 used or expected to be 
 used solely in any 
 decision regarding the 
 offering or provision 
 of a product or service 
 that is not a consumer 
 financial product or 
 service, including a 
 decision for 
 employment, government 
 licensing, or a 
 residential lease or 
 tenancy involving a 
 consumer; and
 (II) the information 
 described in subclause (I)(aa) 
 is not used by such person or 
 affiliate in connection with 
 any decision regarding the 
 offering or provision of a 
 consumer financial product or 
 service to the consumer, other 
 than credit described in 
 section 1027(a)(2)(A);
 (x) collecting debt related to any 
 consumer financial product or service; 
 and
 (xi) such other financial product or 
 service as may be defined by the 
 Bureau, by regulation, for purposes of 
 this title, if the Bureau finds that 
 such financial product or service is--
 (I) entered into or conducted 
 as a subterfuge or with a 
 purpose to evade any Federal 
 consumer financial law; or
 (II) permissible for a bank 
 or for a financial holding 
 company to offer or to provide 
 under any provision of a 
 Federal law or regulation 
 applicable to a bank or a 
 financial holding company, and 
 has, or likely will have, a 
 material impact on consumers.
 (B) Rule of construction.--
 (i) In general.--For purposes of 
 subparagraph (A)(xi)(II), and subject 
 to clause (ii) of this subparagraph, 
 the following activities provided to a 
 covered person shall not, for purposes 
 of this title, be considered incidental 
 or complementary to a financial 
 activity permissible for a financial 
 holding company to engage in under any 
 provision of a Federal law or 
 regulation applicable to a financial 
 holding company:
 (I) Providing information 
 products or services to a 
 covered person for identity 
 authentication.
 (II) Providing information 
 products or services for fraud 
 or identify theft detection, 
 prevention, or investigation.
 (III) Providing document 
 retrieval or delivery services.
 (IV) Providing public records 
 information retrieval.
 (V) Providing information 
 products or services for anti-
 money laundering activities.
 (ii) Limitation.--Nothing in clause 
 (i) may be construed as modifying or 
 limiting the authority of the Bureau to 
 exercise any--
 (I) examination or 
 enforcement powers authority 
 under this title with respect 
 to a covered person or service 
 provider engaging in an 
 activity described in 
 subparagraph (A)(ix); or
 (II) powers authorized by 
 this title to prescribe rules, 
 issue orders, or take other 
 actions under any enumerated 
 consumer law or law for which 
 the authorities are transferred 
 under subtitle F or H.
 (C) Exclusions.--The term ``financial product 
 or service'' does not include--
 (i) the business of insurance; or
 (ii) electronic conduit services.
 (16) Foreign exchange.--The term ``foreign exchange'' 
 means the exchange, for compensation, of currency of 
 the United States or of a foreign government for 
 currency of another government.
 (17) Insured credit union.--The term ``insured credit 
 union'' has the same meaning as in section 101 of the 
 Federal Credit Union Act (12 U.S.C. 1752).
 (18) Payment instrument.--The term ``payment 
 instrument'' means a check, draft, warrant, money 
 order, traveler's check, electronic instrument, or 
 other instrument, payment of funds, or monetary value 
 (other than currency).
 (19) Person.--The term ``person'' means an 
 individual, partnership, company, corporation, 
 association (incorporated or unincorporated), trust, 
 estate, cooperative organization, or other entity.
 (20) Person regulated by the commodity futures 
 trading commission.--The term ``person regulated by the 
 Commodity Futures Trading Commission'' means any person 
 that is registered, or required by statute or 
 regulation to be registered, with the Commodity Futures 
 Trading Commission, but only to the extent that the 
 activities of such person are subject to the 
 jurisdiction of the Commodity Futures Trading 
 Commission under the Commodity Exchange Act.
 (21) Person regulated by the commission.--The term 
 ``person regulated by the Commission'' means a person 
 who is--
 (A) a broker or dealer that is required to be 
 registered under the Securities Exchange Act of 
 1934;
 (B) an investment adviser that is registered 
 under the Investment Advisers Act of 1940;
 (C) an investment company that is required to 
 be registered under the Investment Company Act 
 of 1940, and any company that has elected to be 
 regulated as a business development company 
 under that Act;
 (D) a national securities exchange that is 
 required to be registered under the Securities 
 Exchange Act of 1934;
 (E) a transfer agent that is required to be 
 registered under the Securities Exchange Act of 
 1934;
 (F) a clearing corporation that is required 
 to be registered under the Securities Exchange 
 Act of 1934;
 (G) any self-regulatory organization that is 
 required to be registered with the Commission;
 (H) any nationally recognized statistical 
 rating organization that is required to be 
 registered with the Commission;
 (I) any securities information processor that 
 is required to be registered with the 
 Commission;
 (J) any municipal securities dealer that is 
 required to be registered with the Commission;
 (K) any other person that is required to be 
 registered with the Commission under the 
 Securities Exchange Act of 1934; and
 (L) any employee, agent, or contractor acting 
 on behalf of, registered with, or providing 
 services to, any person described in any of 
 subparagraphs (A) through (K), but only to the 
 extent that any person described in any of 
 subparagraphs (A) through (K), or the employee, 
 agent, or contractor of such person, acts in a 
 regulated capacity.
 (22) Person regulated by a state insurance 
 regulator.--The term ``person regulated by a State 
 insurance regulator'' means any person that is engaged 
 in the business of insurance and subject to regulation 
 by any State insurance regulator, but only to the 
 extent that such person acts in such capacity.
 (23) Person that performs income tax preparation 
 activities for consumers.--The term ``person that 
 performs income tax preparation activities for 
 consumers'' means--
 (A) any tax return preparer (as defined in 
 section 7701(a)(36) of the Internal Revenue 
 Code of 1986), regardless of whether 
 compensated, but only to the extent that the 
 person acts in such capacity;
 (B) any person regulated by the Secretary 
 under section 330 of title 31, United States 
 Code, but only to the extent that the person 
 acts in such capacity; and
 (C) any authorized IRS e-file Providers (as 
 defined for purposes of section 7216 of the 
 Internal Revenue Code of 1986), but only to the 
 extent that the person acts in such capacity.
 (24) Prudential regulator.--The term ``prudential 
 regulator'' means--
 (A) in the case of an insured depository 
 institution or depository institution holding 
 company (as defined in section 3 of the Federal 
 Deposit Insurance Act), or subsidiary of such 
 institution or company, the appropriate Federal 
 banking agency, as that term is defined in 
 section 3 of the Federal Deposit Insurance Act; 
 and
 (B) in the case of an insured credit union, 
 the National Credit Union Administration.
 (25) Related person.--The term ``related person''--
 (A) shall apply only with respect to a 
 covered person that is not a bank holding 
 company (as that term is defined in section 2 
 of the Bank Holding Company Act of 1956), 
 credit union, or depository institution;
 (B) shall be deemed to mean a covered person 
 for all purposes of any provision of Federal 
 consumer financial law; and
 (C) means--
 (i) any director, officer, or 
 employee charged with managerial 
 responsibility for, or controlling 
 shareholder of, or agent for, such 
 covered person;
 (ii) any shareholder, consultant, 
 joint venture partner, or other person, 
 as determined by the Bureau (by rule or 
 on a case-by-case basis) who materially 
 participates in the conduct of the 
 affairs of such covered person; and
 (iii) any independent contractor 
 (including any attorney, appraiser, or 
 accountant) who knowingly or recklessly 
 participates in any--
 (I) violation of any 
 provision of law or regulation; 
 or
 (II) breach of a fiduciary 
 duty.
 (26) Service provider.--
 (A) In general.--The term ``service 
 provider'' means any person that provides a 
 material service to a covered person in 
 connection with the offering or provision by 
 such covered person of a consumer financial 
 product or service, including a person that--
 (i) participates in designing, 
 operating, or maintaining the consumer 
 financial product or service; or
 (ii) processes transactions relating 
 to the consumer financial product or 
 service (other than unknowingly or 
 incidentally transmitting or processing 
 financial data in a manner that such 
 data is undifferentiated from other 
 types of data of the same form as the 
 person transmits or processes).
 (B) Exceptions.--The term ``service 
 provider'' does not include a person solely by 
 virtue of such person offering or providing to 
 a covered person--
 (i) a support service of a type 
 provided to businesses generally or a 
 similar ministerial service; or
 (ii) time or space for an 
 advertisement for a consumer financial 
 product or service through print, 
 newspaper, or electronic media.
 (C) Rule of construction.--A person that is a 
 service provider shall be deemed to be a 
 covered person to the extent that such person 
 engages in the offering or provision of its own 
 consumer financial product or service.
 (27) State.--The term ``State'' means any State, 
 territory, or possession of the United States, the 
 District of Columbia, the Commonwealth of Puerto Rico, 
 the Commonwealth of the Northern Mariana Islands, Guam, 
 American Samoa, or the United States Virgin Islands or 
 any federally recognized Indian tribe, as defined by 
 the Secretary of the Interior under section 104(a) of 
 the Federally Recognized Indian Tribe List Act of 1994 
 (25 U.S.C. 479a-1(a)).
 (28) Stored value.--
 (A) In general.--The term ``stored value'' 
 means funds or monetary value represented in 
 any electronic format, whether or not specially 
 encrypted, and stored or capable of storage on 
 electronic media in such a way as to be 
 retrievable and transferred electronically, and 
 includes a prepaid debit card or product, or 
 any other similar product, regardless of 
 whether the amount of the funds or monetary 
 value may be increased or reloaded.
 (B) Exclusion.--Notwithstanding subparagraph 
 (A), the term ``stored value'' does not include 
 a special purpose card or certificate, which 
 shall be defined for purposes of this paragraph 
 as funds or monetary value represented in any 
 electronic format, whether or not specially 
 encrypted, that is--
 (i) issued by a merchant, retailer, 
 or other seller of nonfinancial goods 
 or services;
 (ii) redeemable only for transactions 
 with the merchant, retailer, or seller 
 of nonfinancial goods or services or 
 with an affiliate of such person, which 
 affiliate itself is a merchant, 
 retailer, or seller of nonfinancial 
 goods or services;
 (iii) issued in a specified amount 
 that, except in the case of a card or 
 product used solely for telephone 
 services, may not be increased or 
 reloaded;
 (iv) purchased on a prepaid basis in 
 exchange for payment; and
 (v) honored upon presentation to such 
 merchant, retailer, or seller of 
 nonfinancial goods or services or an 
 affiliate of such person, which 
 affiliate itself is a merchant, 
 retailer, or seller of nonfinancial 
 goods or services, only for any 
 nonfinancial goods or services.
 (29) Transmitting or exchanging funds.--The term 
 ``transmitting or exchanging funds'' means receiving 
 currency, monetary value, or payment instruments from a 
 consumer for the purpose of exchanging or transmitting 
 the same by any means, including transmission by wire, 
 facsimile, electronic transfer, courier, the Internet, 
 or through bill payment services or through other 
 businesses that facilitate third-party transfers within 
 the United States or to or from the United States.

 Subtitle A--Bureau of Consumer Financial Protection

SEC. 1011. ESTABLISHMENT OF THE BUREAU OF CONSUMER FINANCIAL 
 PROTECTION.

 (a) Bureau Established.--There is established [in the Federal 
Reserve System,] an [independent bureau] independent agency to 
be known as the ``Bureau of Consumer Financial Protection'', 
which shall regulate the offering and provision of consumer 
financial products or services under the Federal consumer 
financial laws. The Bureau shall be considered an Executive 
agency, as defined in section 105 of title 5, United States 
Code. Except as otherwise provided expressly by law, all 
Federal laws dealing with public or Federal contracts, 
property, works, officers, employees, budgets, or funds, 
including the provisions of chapters 5 and 7 of title 5, shall 
apply to the exercise of the powers of the Bureau.
 [(b) Director and Deputy Director.--
 [(1) In general.--There is established the position 
 of the Director, who shall serve as the head of the 
 Bureau.
 [(2) Appointment.--Subject to paragraph (3), the 
 Director shall be appointed by the President, by and 
 with the advice and consent of the Senate.
 [(3) Qualification.--The President shall nominate the 
 Director from among individuals who are citizens of the 
 United States.
 [(4) Compensation.--The Director shall be compensated 
 at the rate prescribed for level II of the Executive 
 Schedule under section 5313 of title 5, United States 
 Code.
 [(5) Deputy director.--There is established the 
 position of Deputy Director, who shall--
 [(A) be appointed by the Director; and
 [(B) serve as acting Director in the absence 
 or unavailability of the Director.
 [(c) Term.--
 [(1) In general.--The Director shall serve for a term 
 of 5 years.
 [(2) Expiration of term.--An individual may serve as 
 Director after the expiration of the term for which 
 appointed, until a successor has been appointed and 
 qualified.
 [(3) Removal for cause.--The President may remove the 
 Director for inefficiency, neglect of duty, or 
 malfeasance in office.
 [(d) Service Restriction.--No Director or Deputy Director may 
hold any office, position, or employment in any Federal reserve 
bank, Federal home loan bank, covered person, or service 
provider during the period of service of such person as 
Director or Deputy Director.]
 (b) Authority to Prescribe Regulations.--The commission of 
the Bureau may prescribe such regulations and issue such orders 
in accordance with this title as the Bureau may determine to be 
necessary for carrying out this title and all other laws within 
the Bureau's jurisdiction and shall exercise any authorities 
granted under this title and all other laws within the Bureau's 
jurisdiction.
 (c) Composition of the Commission.--
 (1) In general.--The management of the Bureau shall 
 be vested in a commission, which shall be composed of 5 
 members who shall be appointed by the President, by and 
 with the advice and consent of the Senate, and at least 
 2 of whom shall have private sector experience in the 
 provision of consumer financial products and services.
 (2) Staggering.--The members of the commission shall 
 serve staggered terms, which initially shall be 
 established by the President for terms of 1, 2, 3, 4, 
 and 5 years, respectively.
 (3) Terms.--
 (A) In general.--Except with respect to the 
 initial staggered terms described under 
 paragraph (2), each member of the commission, 
 including the Chair, shall serve for a term of 
 5 years.
 (B) Removal.--The President may remove any 
 member of the commission for inefficiency, 
 neglect of duty, or malfeasance in office.
 (C) Vacancies.--Any member of the commission 
 appointed to fill a vacancy occurring before 
 the expiration of the term to which that 
 member's predecessor was appointed (including 
 the Chair) shall be appointed only for the 
 remainder of the term.
 (D) Continuation of service.--Each member of 
 the commission may continue to serve after the 
 expiration of the term of office to which that 
 member was appointed until a successor has been 
 appointed by the President and confirmed by the 
 Senate, except that a member may not continue 
 to serve more than 1 year after the date on 
 which that member's term would otherwise 
 expire.
 (E) Other employment prohibited.--No member 
 of the commission shall engage in any other 
 business, vocation, or employment.
 (d) Affiliation.--Not more than 3 members of the commission 
shall be members of any one political party.
 (e) Chair of the Commission.--
 (1) Initial chair.--The first member and Chair of the 
 commission shall be the individual serving as Director 
 of the Bureau of Consumer Financial Protection on the 
 day before the date of the enactment of this 
 subsection. Such individual shall serve until the 
 President has appointed all 5 members of the commission 
 in accordance with subsection (c).
 (2) Subsequent chair.--Of the 5 members appointed in 
 accordance with subsection (c), the President shall 
 appoint 1 member to serve as the subsequent Chair of 
 the commission.
 (3) Authority.--The Chair shall be the principal 
 executive officer of the commission, and shall exercise 
 all of the executive and administrative functions of 
 the commission, including with respect to--
 (A) the appointment and supervision of 
 personnel employed under the commission (other 
 than personnel employed regularly and full time 
 in the immediate offices of members of the 
 commission other than the Chair);
 (B) the distribution of business among 
 personnel appointed and supervised by the Chair 
 and among administrative units of the 
 commission; and
 (C) the use and expenditure of funds.
 (4) Limitation.--In carrying out any of the Chair's 
 functions under the provisions of this subsection, the 
 Chair shall be governed by general policies of the 
 commission and by such regulatory decisions, findings, 
 and determinations as the commission may by law be 
 authorized to make.
 (5) Requests or estimates related to 
 appropriations.--Requests or estimates for regular, 
 supplemental, or deficiency appropriations on behalf of 
 the commission may not be submitted by the Chair 
 without the prior approval of the commission.
 (6) Designation.--The Chair shall be known as both 
 the ``Chair of the commission'' of the Bureau and the 
 ``Chair of the Bureau''.
 (f) Initial Quorum Established.--For the 6 month period 
beginning on the date of enactment of this subsection, the 
first member and Chair of the commission described under 
subsection (e)(1) shall constitute a quorum for the transaction 
of business until the President has appointed all 5 members of 
the commission in accordance with subsection (c). Following 
such appointment of 5 members, the quorum requirements of 
subsection (g) shall apply.
 (g) No Impairment by Reason of Vacancies.--No vacancy in the 
members of the commission after the establishment of an initial 
quorum under subsection (f) shall impair the right of the 
remaining members of the commission to exercise all the powers 
of the commission. Three members of the commission shall 
constitute a quorum for the transaction of business, except 
that if there are only 3 members serving on the commission 
because of vacancies in the commission, 2 members of the 
commission shall constitute a quorum for the transaction of 
business. If there are only 2 members serving on the commission 
because of vacancies in the commission, 2 members shall 
constitute a quorum for the 6-month period beginning on the 
date of the vacancy which caused the number of commission 
members to decline to 2.
 (h) Seal.--The Bureau shall have an official seal.
 (i) Compensation.--
 (1) Chair.--The Chair shall receive compensation at 
 the rate prescribed for level I of the Executive 
 Schedule under section 5313 of title 5, United States 
 Code.
 (2) Other members of the commission.--The 4 other 
 members of the commission shall each receive 
 compensation at the rate prescribed for level II of the 
 Executive Schedule under section 5314 of title 5, 
 United States Code.
 [(e)] (j) Offices.--The principal office of the Bureau shall 
be in the District of Columbia. The [Director] Bureau may 
establish regional offices of the Bureau[, including in cities 
in which the Federal reserve banks, or branches of such banks, 
are located,] in order to carry out the responsibilities 
assigned to the Bureau under the Federal consumer financial 
laws.

SEC. 1012. EXECUTIVE AND ADMINISTRATIVE POWERS.

 (a) Powers of the Bureau.--The Bureau is authorized to 
establish the general policies of the Bureau with respect to 
all executive and administrative functions, including--
 (1) the establishment of rules for conducting the 
 general business of the Bureau, in a manner not 
 inconsistent with this title;
 (2) to bind the Bureau and enter into contracts;
 (3) directing the establishment and maintenance of 
 divisions or other offices within the Bureau, in order 
 to carry out the responsibilities under the Federal 
 consumer financial laws, and to satisfy the 
 requirements of other applicable law;
 (4) to coordinate and oversee the operation of all 
 administrative, enforcement, and research activities of 
 the Bureau;
 (5) to adopt and use a seal;
 (6) to determine the character of and the necessity 
 for the obligations and expenditures of the Bureau;
 (7) the appointment and supervision of personnel 
 employed by the Bureau;
 (8) the distribution of business among personnel 
 appointed and supervised by the [Director] Bureau and 
 among administrative units of the Bureau;
 (9) the use and expenditure of funds;
 (10) implementing the Federal consumer financial laws 
 through rules, orders, guidance, interpretations, 
 statements of policy, examinations, and enforcement 
 actions; and
 (11) performing such other functions as may be 
 authorized or required by law.
 (b) Delegation of Authority.--The [Director of the Bureau] 
Bureau may delegate to any duly authorized employee, 
representative, or agent any power vested in the Bureau by law.
 (c) [Autonomy of the Bureau] Coordination With the Board of 
Governors.--
 [(1) Coordination with the board of governors.--] 
 Notwithstanding any other provision of law applicable 
 to the supervision or examination of persons with 
 respect to Federal consumer financial laws, the Board 
 of Governors may delegate to the Bureau the authorities 
 to examine persons subject to the jurisdiction of the 
 Board of Governors for compliance with the Federal 
 consumer financial laws.
 [(2) Autonomy.--Notwithstanding the authorities 
 granted to the Board of Governors under the Federal 
 Reserve Act, the Board of Governors may not--
 [(A) intervene in any matter or proceeding 
 before the Director, including examinations or 
 enforcement actions, unless otherwise 
 specifically provided by law;
 [(B) appoint, direct, or remove any officer 
 or employee of the Bureau; or
 [(C) merge or consolidate the Bureau, or any 
 of the functions or responsibilities of the 
 Bureau, with any division or office of the 
 Board of Governors or the Federal reserve 
 banks.
 [(3) Rules and orders.--No rule or order of the 
 Bureau shall be subject to approval or review by the 
 Board of Governors. The Board of Governors may not 
 delay or prevent the issuance of any rule or order of 
 the Bureau.
 [(4) Recommendations and testimony.--No officer or 
 agency of the United States shall have any authority to 
 require the Director or any other officer of the Bureau 
 to submit legislative recommendations, or testimony or 
 comments on legislation, to any officer or agency of 
 the United States for approval, comments, or review 
 prior to the submission of such recommendations, 
 testimony, or comments to the Congress, if such 
 recommendations, testimony, or comments to the Congress 
 include a statement indicating that the views expressed 
 therein are those of the Director or such officer, and 
 do not necessarily reflect the views of the Board of 
 Governors or the President.
 [(5) Clarification of autonomy of the bureau in legal 
 proceedings.--The Bureau shall not be liable under any 
 provision of law for any action or inaction of the 
 Board of Governors, and the Board of Governors shall 
 not be liable under any provision of law for any action 
 or inaction of the Bureau.]

SEC. 1013. ADMINISTRATION.

 (a) Personnel.--
 (1) Appointment.--
 (A) In general.--The [Director] Bureau may 
 fix the number of, and appoint and direct, all 
 employees of the Bureau, in accordance with the 
 applicable provisions of title 5, United States 
 Code.
 (B) Employees of the bureau.--The [Director] 
 Bureau is authorized to employ attorneys, 
 compliance examiners, compliance supervision 
 analysts, economists, statisticians, and other 
 employees as may be deemed necessary to conduct 
 the business of the Bureau. Unless otherwise 
 provided expressly by law, any individual 
 appointed under this section shall be an 
 employee as defined in section 2105 of title 5, 
 United States Code, and subject to the 
 provisions of such title and other laws 
 generally applicable to the employees of an 
 Executive agency.
 (C) Waiver authority.--
 (i) In general.--In making any 
 appointment under subparagraph (A), the 
 [Director] Bureau may waive the 
 requirements of chapter 33 of title 5, 
 United States Code, and the regulations 
 implementing such chapter, to the 
 extent necessary to appoint employees 
 on terms and conditions that are 
 consistent with those set forth in 
 section 11(1) of the Federal Reserve 
 Act (12 U.S.C. 248(1)), while providing 
 for--
 (I) fair, credible, and 
 transparent methods of 
 establishing qualification 
 requirements for, recruitment 
 for, and appointments to 
 positions;
 (II) fair and open 
 competition and equitable 
 treatment in the consideration 
 and selection of individuals to 
 positions;
 (III) fair, credible, and 
 transparent methods of 
 assigning, reassigning, 
 detailing, transferring, and 
 promoting employees.
 (ii) Veterans preferences.--In 
 implementing this subparagraph, the 
 [Director] Bureau shall comply with the 
 provisions of section 2302(b)(11), 
 regarding veterans' preference 
 requirements, in a manner consistent 
 with that in which such provisions are 
 applied under chapter 33 of title 5, 
 United States Code. The authority under 
 this subparagraph to waive the 
 requirements of that chapter 33 shall 
 expire 5 years after the date of 
 enactment of this Act.
 (2) Compensation.--Notwithstanding any otherwise 
 applicable provision of title 5, United States Code, 
 concerning compensation, including the provisions of 
 chapter 51 and chapter 53, the following provisions 
 shall apply with respect to employees of the Bureau:
 (A) The rates of basic pay for all employees 
 of the Bureau may be set and adjusted by the 
 [Director] Bureau.
 (B) The [Director] Bureau shall at all times 
 provide compensation (including benefits) to 
 each class of employees that, at a minimum, are 
 comparable to the compensation and benefits 
 then being provided by the Board of Governors 
 for the corresponding class of employees.
 (C) All such employees shall be compensated 
 (including benefits) on terms and conditions 
 that are consistent with the terms and 
 conditions set forth in section 11(l) of the 
 Federal Reserve Act (12 U.S.C. 248(l)).
 (3) Bureau participation in federal reserve system 
 retirement plan and federal reserve system thrift 
 plan.--
 (A) Employee election.--Employees appointed 
 to the Bureau may elect to participate in 
 either--
 (i) both the Federal Reserve System 
 Retirement Plan and the Federal Reserve 
 System Thrift Plan, under the same 
 terms on which such participation is 
 offered to employees of the Board of 
 Governors who participate in such plans 
 and under the terms and conditions 
 specified under section 1064(i)(1)(C); 
 or
 (ii) the Civil Service Retirement 
 System under chapter 83 of title 5, 
 United States Code, or the Federal 
 Employees Retirement System under 
 chapter 84 of title 5, United States 
 Code, if previously covered under one 
 of those Federal employee retirement 
 systems.
 (B) Election period.--Bureau employees shall 
 make an election under this paragraph not later 
 than 1 year after the date of appointment by, 
 or transfer under subtitle F to, the Bureau. 
 Participation in, and benefit accruals under, 
 any other retirement plan established or 
 maintained by the Federal Government shall end 
 not later than the date on which participation 
 in, and benefit accruals under, the Federal 
 Reserve System Retirement Plan and Federal 
 Reserve System Thrift Plan begin.
 (C) Employer contribution.--The Bureau shall 
 pay an employer contribution to the Federal 
 Reserve System Retirement Plan, in the amount 
 established as an employer contribution under 
 the Federal Employees Retirement System, as 
 established under chapter 84 of title 5, United 
 States Code, for each Bureau employee who 
 elects to participate in the Federal Reserve 
 System Retirement Plan. The Bureau shall pay an 
 employer contribution to the Federal Reserve 
 System Thrift Plan for each Bureau employee who 
 elects to participate in such plan, as required 
 under the terms of such plan.
 (D) Controlled group status.--The Bureau is 
 the same employer as the Federal Reserve System 
 (as comprised of the Board of Governors and 
 each of the 12 Federal reserve banks prior to 
 the date of enactment of this Act) for purposes 
 of subsections (b), (c), (m), and (o) of 
 section 414 of the Internal Revenue Code of 
 1986, (26 U.S.C. 414).
 (4) Labor-management relations.--Chapter 71 of title 
 5, United States Code, shall apply to the Bureau and 
 the employees of the Bureau.
 (5) Agency ombudsman.--
 (A) Establishment required.--Not later than 
 180 days after the designated transfer date, 
 the Bureau shall appoint an ombudsman.
 (B) Duties of ombudsman.--The ombudsman 
 appointed in accordance with subparagraph (A) 
 shall--
 (i) act as a liaison between the 
 Bureau and any affected person with 
 respect to any problem that such party 
 may have in dealing with the Bureau, 
 resulting from the regulatory 
 activities of the Bureau; and
 (ii) assure that safeguards exist to 
 encourage complainants to come forward 
 and preserve confidentiality.
 (b) Specific Functional Units.--
 (1) Research.--The [Director] Bureau shall establish 
 a unit whose functions shall include researching, 
 analyzing, and reporting on--
 (A) developments in markets for consumer 
 financial products or services, including 
 market areas of alternative consumer financial 
 products or services with high growth rates and 
 areas of risk to consumers;
 (B) access to fair and affordable credit for 
 traditionally underserved communities;
 (C) consumer awareness, understanding, and 
 use of disclosures and communications regarding 
 consumer financial products or services;
 (D) consumer awareness and understanding of 
 costs, risks, and benefits of consumer 
 financial products or services;
 (E) consumer behavior with respect to 
 consumer financial products or services, 
 including performance on mortgage loans; and
 (F) experiences of traditionally underserved 
 consumers, including un-banked and under-banked 
 consumers.
 (2) Community affairs.--The [Director] Bureau shall 
 establish a unit whose functions shall include 
 providing information, guidance, and technical 
 assistance regarding the offering and provision of 
 consumer financial products or services to 
 traditionally underserved consumers and communities.
 (3) Collecting and tracking complaints.--
 (A) In general.--The [Director] Bureau shall 
 establish a unit whose functions shall include 
 establishing a single, toll-free telephone 
 number, a website, and a database or utilizing 
 an existing database to facilitate the 
 centralized collection of, monitoring of, and 
 response to consumer complaints regarding 
 consumer financial products or services. The 
 [Director] Bureau shall coordinate with the 
 Federal Trade Commission or other Federal 
 agencies to route complaints to such agencies, 
 where appropriate.
 (B) Routing calls to states.--To the extent 
 practicable, State agencies may receive 
 appropriate complaints from the systems 
 established under subparagraph (A), if--
 (i) the State agency system has the 
 functional capacity to receive calls or 
 electronic reports routed by the Bureau 
 systems;
 (ii) the State agency has satisfied 
 any conditions of participation in the 
 system that the Bureau may establish, 
 including treatment of personally 
 identifiable information and sharing of 
 information on complaint resolution or 
 related compliance procedures and 
 resources; and
 (iii) participation by the State 
 agency includes measures necessary to 
 provide for protection of personally 
 identifiable information that conform 
 to the standards for protection of the 
 confidentiality of personally 
 identifiable information and for data 
 integrity and security that apply to 
 the Federal agencies described in 
 subparagraph (D).
 (C) Reports to the congress.--The [Director] 
 Bureau shall present an annual report to 
 Congress not later than March 31 of each year 
 on the complaints received by the Bureau in the 
 prior year regarding consumer financial 
 products and services. Such report shall 
 include information and analysis about 
 complaint numbers, complaint types, and, where 
 applicable, information about resolution of 
 complaints.
 (D) Data sharing required.--To facilitate 
 preparation of the reports required under 
 subparagraph (C), supervision and enforcement 
 activities, and monitoring of the market for 
 consumer financial products and services, the 
 Bureau shall share consumer complaint 
 information with prudential regulators, the 
 Federal Trade Commission, other Federal 
 agencies, and State agencies, subject to the 
 standards applicable to Federal agencies for 
 protection of the confidentiality of personally 
 identifiable information and for data security 
 and integrity. The prudential regulators, the 
 Federal Trade Commission, and other Federal 
 agencies shall share data relating to consumer 
 complaints regarding consumer financial 
 products and services with the Bureau, subject 
 to the standards applicable to Federal agencies 
 for protection of confidentiality of personally 
 identifiable information and for data security 
 and integrity.
 (c) Office of Fair Lending and Equal Opportunity.--
 (1) Establishment.--The [Director] Bureau shall 
 establish within the Bureau the Office of Fair Lending 
 and Equal Opportunity.
 (2) Functions.--The Office of Fair Lending and Equal 
 Opportunity shall have such powers and duties as the 
 [Director] Bureau may delegate to the Office, 
 including--
 (A) providing oversight and enforcement of 
 Federal laws intended to ensure the fair, 
 equitable, and nondiscriminatory access to 
 credit for both individuals and communities 
 that are enforced by the Bureau, including the 
 Equal Credit Opportunity Act and the Home 
 Mortgage Disclosure Act;
 (B) coordinating fair lending efforts of the 
 Bureau with other Federal agencies and State 
 regulators, as appropriate, to promote 
 consistent, efficient, and effective 
 enforcement of Federal fair lending laws;
 (C) working with private industry, fair 
 lending, civil rights, consumer and community 
 advocates on the promotion of fair lending 
 compliance and education; and
 (D) providing annual reports to Congress on 
 the efforts of the Bureau to fulfill its fair 
 lending mandate.
 (3) Administration of office.--There is established 
 the position of [Assistant Director of the Bureau for] 
 Head of the Office of Fair Lending and Equal 
 Opportunity, who--
 (A) shall be appointed by the [Director] 
 Bureau; and
 (B) shall carry out such duties as the 
 [Director] Bureau may delegate to such 
 [Assistant Director] Head of the Office.
 (d) Office of Financial Education.--
 (1) Establishment.--The [Director] Bureau shall 
 establish an Office of Financial Education, which shall 
 be responsible for developing and implementing 
 initiatives intended to educate and empower consumers 
 to make better informed financial decisions.
 (2) Other duties.--The Office of Financial Education 
 shall develop and implement a strategy to improve the 
 financial literacy of consumers that includes 
 measurable goals and objectives, in consultation with 
 the Financial Literacy and Education Commission, 
 consistent with the National Strategy for Financial 
 Literacy, through activities including providing 
 opportunities for consumers to access--
 (A) financial counseling, including 
 community-based financial counseling, where 
 practicable;
 (B) information to assist with the evaluation 
 of credit products and the understanding of 
 credit histories and scores;
 (C) savings, borrowing, and other services 
 found at mainstream financial institutions;
 (D) activities intended to--
 (i) prepare the consumer for 
 educational expenses and the submission 
 of financial aid applications, and 
 other major purchases;
 (ii) reduce debt; and
 (iii) improve the financial situation 
 of the consumer;
 (E) assistance in developing long-term 
 savings strategies; and
 (F) wealth building and financial services 
 during the preparation process to claim earned 
 income tax credits and Federal benefits.
 (3) Coordination.--The Office of Financial Education 
 shall coordinate with other units within the Bureau in 
 carrying out its functions, including--
 (A) working with the Community Affairs Office 
 to implement the strategy to improve financial 
 literacy of consumers; and
 (B) working with the research unit 
 established by the [Director] Bureau to conduct 
 research related to consumer financial 
 education and counseling.
 (4) Report.--Not later than 24 months after the 
 designated transfer date, and annually thereafter, the 
 [Director] Bureau shall submit a report on its 
 financial literacy activities and strategy to improve 
 financial literacy of consumers to--
 (A) the Committee on Banking, Housing, and 
 Urban Affairs of the Senate; and
 (B) the Committee on Financial Services of 
 the House of Representatives.
 (5) Membership in financial literacy and education 
 commission.--Section 513(c)(1) of the Financial 
 Literacy and Education Improvement Act (20 U.S.C. 
 9702(c)(1)) is amended--
 (A) in subparagraph (B), by striking ``and'' 
 at the end;
 (B) by redesignating subparagraph (C) as 
 subparagraph (D); and
 (C) by inserting after subparagraph (B) the 
 following new subparagraph:
 ``(C) the [Director of the Bureau] Bureau of 
 Consumer Financial Protection; and''.
 (6) Conforming amendment.--Section 513(d) of the 
 Financial Literacy and Education Improvement Act (20 
 U.S.C. 9702(d)) is amended by adding at the end the 
 following: ``The [Director of the Bureau] Bureau of 
 Consumer Financial Protection shall serve as the Vice 
 Chairman.''.
 (7) Study and report on financial literacy program.--
 (A) In general.--The Comptroller General of 
 the United States shall conduct a study to 
 identify--
 (i) the feasibility of certification 
 of persons providing the programs or 
 performing the activities described in 
 paragraph (2), including recognizing 
 outstanding programs, and developing 
 guidelines and resources for community-
 based practitioners, including--
 (I) a potential certification 
 process and standards for 
 certification;
 (II) appropriate certifying 
 entities;
 (III) resources required for 
 funding such a process; and
 (IV) a cost-benefit analysis 
 of such certification;
 (ii) technological resources intended 
 to collect, analyze, evaluate, or 
 promote financial literacy and 
 counseling programs;
 (iii) effective methods, tools, and 
 strategies intended to educate and 
 empower consumers about personal 
 finance management; and
 (iv) recommendations intended to 
 encourage the development of programs 
 that effectively improve financial 
 education outcomes and empower 
 consumers to make better informed 
 financial decisions based on findings.
 (B) Report.--Not later than 1 year after the 
 date of enactment of this Act, the Comptroller 
 General of the United States shall submit a 
 report on the results of the study conducted 
 under this paragraph to the Committee on 
 Banking, Housing, and Urban Affairs of the 
 Senate and the Committee on Financial Services 
 of the House of Representatives.
 (e) Office of Service Member Affairs.--
 (1) In general.--The [Director] Bureau shall 
 establish an Office of Service Member Affairs, which 
 shall be responsible for developing and implementing 
 initiatives for service members and their families 
 intended to--
 (A) educate and empower service members and 
 their families to make better informed 
 decisions regarding consumer financial products 
 and services;
 (B) coordinate with the unit of the Bureau 
 established under subsection (b)(3), in order 
 to monitor complaints by service members and 
 their families and responses to those 
 complaints by the Bureau or other appropriate 
 Federal or State agency; and
 (C) coordinate efforts among Federal and 
 State agencies, as appropriate, regarding 
 consumer protection measures relating to 
 consumer financial products and services 
 offered to, or used by, service members and 
 their families.
 (2) Coordination.--
 (A) Regional services.--The [Director] Bureau 
 is authorized to assign employees of the Bureau 
 as may be deemed necessary to conduct the 
 business of the Office of Service Member 
 Affairs, including by establishing and 
 maintaining the functions of the Office in 
 regional offices of the Bureau located near 
 military bases, military treatment facilities, 
 or other similar military facilities.
 (B) Agreements.--The [Director] Bureau is 
 authorized to enter into memoranda of 
 understanding and similar agreements with the 
 Department of Defense, including any branch or 
 agency as authorized by the department, in 
 order to carry out the business of the Office 
 of Service Member Affairs.
 (3) Definition.--As used in this subsection, the term 
 ``service member'' means any member of the United 
 States Armed Forces and any member of the National 
 Guard or Reserves.
 (f) Timing.--The Office of Fair Lending and Equal 
Opportunity, the Office of Financial Education, and the Office 
of Service Member Affairs shall each be established not later 
than 1 year after the designated transfer date.
 (g) Office of Financial Protection for Older Americans.--
 (1) Establishment.--Before the end of the 180-day 
 period beginning on the designated transfer date, the 
 [Director] Bureau shall establish the Office of 
 Financial Protection for Older Americans, the functions 
 of which shall include activities designed to 
 facilitate the financial literacy of individuals who 
 have attained the age of 62 years or more (in this 
 subsection, referred to as ``seniors'') on protection 
 from unfair, deceptive, and abusive practices and on 
 current and future financial choices, including through 
 the dissemination of materials to seniors on such 
 topics.
 (2) [Assistant director] Head of the office.--The 
 Office of Financial Protection for Older Americans (in 
 this subsection referred to as the ``Office'') shall be 
 headed by [an assistant director] a Head of the Office 
 of Financial Protection for Older Americans.
 (3) Duties.--The Office shall--
 (A) develop goals for programs that provide 
 seniors financial literacy and counseling, 
 including programs that--
 (i) help seniors recognize warning 
 signs of unfair, deceptive, or abusive 
 practices, protect themselves from such 
 practices;
 (ii) provide one-on-one financial 
 counseling on issues including long-
 term savings and later-life economic 
 security; and
 (iii) provide personal consumer 
 credit advocacy to respond to consumer 
 problems caused by unfair, deceptive, 
 or abusive practices;
 (B) monitor certifications or designations of 
 financial advisors who advise seniors and alert 
 the Commission and State regulators of 
 certifications or designations that are 
 identified as unfair, deceptive, or abusive;
 (C) not later than 18 months after the date 
 of the establishment of the Office, submit to 
 Congress and the Commission any legislative and 
 regulatory recommendations on the best 
 practices for--
 (i) disseminating information 
 regarding the legitimacy of 
 certifications of financial advisers 
 who advise seniors;
 (ii) methods in which a senior can 
 identify the financial advisor most 
 appropriate for the senior's needs; and
 (iii) methods in which a senior can 
 verify a financial advisor's 
 credentials;
 (D) conduct research to identify best 
 practices and effective methods, tools, 
 technology and strategies to educate and 
 counsel seniors about personal finance 
 management with a focus on--
 (i) protecting themselves from 
 unfair, deceptive, and abusive 
 practices;
 (ii) long-term savings; and
 (iii) planning for retirement and 
 long-term care;
 (E) coordinate consumer protection efforts of 
 seniors with other Federal agencies and State 
 regulators, as appropriate, to promote 
 consistent, effective, and efficient 
 enforcement; and
 (F) work with community organizations, non-
 profit organizations, and other entities that 
 are involved with educating or assisting 
 seniors (including the National Education and 
 Resource Center on Women and Retirement 
 Planning).
 (h) Application of Chapter 10 of Title 5, United States 
Code.--Notwithstanding any provision of chapter 10 of title 5, 
United States Code, such chapter shall apply to each advisory 
committee of the Bureau and each subcommittee of such an 
advisory committee.

SEC. 1014. CONSUMER ADVISORY BOARD.

 (a) Establishment Required.--The [Director] Bureau shall 
establish a Consumer Advisory Board to advise and consult with 
the Bureau in the exercise of its functions under the Federal 
consumer financial laws, and to provide information on emerging 
practices in the consumer financial products or services 
industry, including regional trends, concerns, and other 
relevant information.
 (b) Membership.--In appointing the members of the Consumer 
Advisory Board, the [Director] Bureau shall seek to assemble 
experts in consumer protection, financial services, community 
development, fair lending and civil rights, and consumer 
financial products or services and representatives of 
depository institutions that primarily serve underserved 
communities, and representatives of communities that have been 
significantly impacted by higher-priced mortgage loans, and 
seek representation of the interests of covered persons and 
consumers, without regard to party affiliation. [Not fewer than 
6 members shall be appointed upon the recommendation of the 
regional Federal Reserve Bank Presidents, on a rotating basis.] 
Not fewer than half of all members shall have private sector 
experience in the provision of consumer financial products and 
services.
 (c) Meetings.--The Consumer Advisory Board shall meet from 
time to time at the call of the [Director] Bureau, but, at a 
minimum, shall meet at least twice in each year.
 (d) Compensation and Travel Expenses.--Members of the 
Consumer Advisory Board who are not full-time employees of the 
United States shall--
 (1) be entitled to receive compensation at a rate 
 fixed by the [Director] Bureau while attending meetings 
 of the Consumer Advisory Board, including travel time; 
 and
 (2) be allowed travel expenses, including 
 transportation and subsistence, while away from their 
 homes or regular places of business.

 * * * * * * *

SEC. 1016. APPEARANCES BEFORE AND REPORTS TO CONGRESS.

 (a) Appearances Before Congress.--The [Director of the 
Bureau] Chair of the Bureau shall appear before the Committee 
on Banking, Housing, and Urban Affairs of the Senate and the 
Committee on Financial Services and the Committee on Energy and 
Commerce of the House of Representatives at semi-annual 
hearings regarding the reports required under subsection (b).
 (b) Reports Required.--The Bureau shall, concurrent with each 
semi-annual hearing referred to in subsection (a), prepare and 
submit to the President and to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Committee on 
Financial Services and the Committee on Energy and Commerce of 
the House of Representatives, a report, beginning with the 
session following the designated transfer date. The Bureau may 
also submit such report to the Committee on Commerce, Science, 
and Transportation of the Senate.
 (c) Contents.--The reports required by subsection (b) shall 
include--
 (1) a discussion of the significant problems faced by 
 consumers in shopping for or obtaining consumer 
 financial products or services;
 (2) a justification of the budget request of the 
 previous year;
 (3) a list of the significant rules and orders 
 adopted by the Bureau, as well as other significant 
 initiatives conducted by the Bureau, during the 
 preceding year and the plan of the Bureau for rules, 
 orders, or other initiatives to be undertaken during 
 the upcoming period;
 (4) an analysis of complaints about consumer 
 financial products or services that the Bureau has 
 received and collected in its central database on 
 complaints during the preceding year;
 (5) a list, with a brief statement of the issues, of 
 the public supervisory and enforcement actions to which 
 the Bureau was a party during the preceding year;
 (6) the actions taken regarding rules, orders, and 
 supervisory actions with respect to covered persons 
 which are not credit unions or depository institutions;
 (7) an assessment of significant actions by State 
 attorneys general or State regulators relating to 
 Federal consumer financial law;
 (8) an analysis of the efforts of the Bureau to 
 fulfill the fair lending mission of the Bureau; and
 (9) an analysis of the efforts of the Bureau to 
 increase workforce and contracting diversity consistent 
 with the procedures established by the Office of 
 Minority and Women Inclusion.

 * * * * * * *

SEC. 1017. FUNDING; PENALTIES AND FINES.

 (a) [Transfer of Funds From Board Of Governors.--] Budget, 
Financial Management, and Audit._
 [(1) In general.--Each year (or quarter of such 
 year), beginning on the designated transfer date, and 
 each quarter thereafter, the Board of Governors shall 
 transfer to the Bureau from the combined earnings of 
 the Federal Reserve System, the amount determined by 
 the Director to be reasonably necessary to carry out 
 the authorities of the Bureau under Federal consumer 
 financial law, taking into account such other sums made 
 available to the Bureau from the preceding year (or 
 quarter of such year).
 [(2) Funding cap.--
 [(A) In general.--Notwithstanding paragraph 
 (1), and in accordance with this paragraph, the 
 amount that shall be transferred to the Bureau 
 in each fiscal year shall not exceed a fixed 
 percentage of the total operating expenses of 
 the Federal Reserve System, as reported in the 
 Annual Report, 2009, of the Board of Governors, 
 equal to--
 [(i) 10 percent of such expenses in 
 fiscal year 2011;
 [(ii) 11 percent of such expenses in 
 fiscal year 2012; and
 [(iii) 12 percent of such expenses in 
 fiscal year 2013, and in each year 
 thereafter.
 [(B) Adjustment of amount.--The dollar amount 
 referred to in subparagraph (A)(iii) shall be 
 adjusted annually, using the percent increase, 
 if any, in the employment cost index for total 
 compensation for State and local government 
 workers published by the Federal Government, or 
 the successor index thereto, for the 12-month 
 period ending on September 30 of the year 
 preceding the transfer.
 [(C) Reviewability.--Notwithstanding any 
 other provision in this title, the funds 
 derived from the Federal Reserve System 
 pursuant to this subsection shall not be 
 subject to review by the Committees on 
 Appropriations of the House of Representatives 
 and the Senate.
 [(3) Transition period.--Beginning on the date of 
 enactment of this Act and until the designated transfer 
 date, the Board of Governors shall transfer to the 
 Bureau the amount estimated by the Secretary needed to 
 carry out the authorities granted to the Bureau under 
 Federal consumer financial law, from the date of 
 enactment of this Act until the designated transfer 
 date.]
 [(4)] (1) Budget and financial management.--
 (A) Financial operating plans and 
 forecasts.--The [Director] Bureau shall provide 
 to the Director of the Office of Management and 
 Budget copies of the financial operating plans 
 and forecasts of the [Director] Bureau, as 
 prepared by the [Director] Bureau in the 
 ordinary course of the operations of the 
 Bureau, and copies of the quarterly reports of 
 the financial condition and results of 
 operations of the Bureau, as prepared by the 
 [Director] Bureau in the ordinary course of the 
 operations of the Bureau.
 (B) Financial statements.--The Bureau shall 
 prepare annually a statement of--
 (i) assets and liabilities and 
 surplus or deficit;
 (ii) income and expenses; and
 (iii) sources and application of 
 funds.
 (C) Financial management systems.--The Bureau 
 shall implement and maintain financial 
 management systems that comply substantially 
 with Federal financial management systems 
 requirements and applicable Federal accounting 
 standards.
 (D) Assertion of internal controls.--The 
 [Director] Bureau shall provide to the 
 Comptroller General of the United States an 
 assertion as to the effectiveness of the 
 internal controls that apply to financial 
 reporting by the Bureau, using the standards 
 established in section 3512(c) of title 31, 
 United States Code.
 [(E) Rule of construction.--This subsection 
 may not be construed as implying any obligation 
 on the part of the Director to consult with or 
 obtain the consent or approval of the Director 
 of the Office of Management and Budget with 
 respect to any report, plan, forecast, or other 
 information referred to in subparagraph (A) or 
 any jurisdiction or oversight over the affairs 
 or operations of the Bureau.
 [(F) Financial statements.--The financial 
 statements of the Bureau shall not be 
 consolidated with the financial statements of 
 either the Board of Governors or the Federal 
 Reserve System.]
 [(5)] (2) Audit of the bureau.--
 (A) In general.--The Comptroller General 
 shall annually audit the financial transactions 
 of the Bureau in accordance with the United 
 States generally accepted government auditing 
 standards, as may be prescribed by the 
 Comptroller General of the United States. The 
 audit shall be conducted at the place or places 
 where accounts of the Bureau are normally kept. 
 The representatives of the Government 
 Accountability Office shall have access to the 
 personnel and to all books, accounts, 
 documents, papers, records (including 
 electronic records), reports, files, and all 
 other papers, automated data, things, or 
 property belonging to or under the control of 
 or used or employed by the Bureau pertaining to 
 its financial transactions and necessary to 
 facilitate the audit, and such representatives 
 shall be afforded full facilities for verifying 
 transactions with the balances or securities 
 held by depositories, fiscal agents, and 
 custodians. All such books, accounts, 
 documents, records, reports, files, papers, and 
 property of the Bureau shall remain in 
 possession and custody of the Bureau. The 
 Comptroller General may obtain and duplicate 
 any such books, accounts, documents, records, 
 working papers, automated data and files, or 
 other information relevant to such audit 
 without cost to the Comptroller General, and 
 the right of access of the Comptroller General 
 to such information shall be enforceable 
 pursuant to section 716(c) of title 31, United 
 States Code.
 (B) Report.--The Comptroller General shall 
 submit to the Congress a report of each annual 
 audit conducted under this subsection. The 
 report to the Congress shall set forth the 
 scope of the audit and shall include the 
 statement of assets and liabilities and surplus 
 or deficit, the statement of income and 
 expenses, the statement of sources and 
 application of funds, and such comments and 
 information as may be deemed necessary to 
 inform Congress of the financial operations and 
 condition of the Bureau, together with such 
 recommendations with respect thereto as the 
 Comptroller General may deem advisable. A copy 
 of each report shall be furnished to the 
 President and to the Bureau at the time 
 submitted to the Congress.
 (C) Assistance and costs.--For the purpose of 
 conducting an audit under this subsection, the 
 Comptroller General may, in the discretion of 
 the Comptroller General, employ by contract, 
 without regard to section 3709 of the Revised 
 Statutes of the United States (41 U.S.C. 5), 
 professional services of firms and 
 organizations of certified public accountants 
 for temporary periods or for special purposes. 
 Upon the request of the Comptroller General, 
 the [Director of the Bureau] Bureau shall 
 transfer to the Government Accountability 
 Office from funds available, the amount 
 requested by the Comptroller General to cover 
 the full costs of any audit and report 
 conducted by the Comptroller General. The 
 Comptroller General shall credit funds 
 transferred to the account established for 
 salaries and expenses of the Government 
 Accountability Office, and such amount shall be 
 available upon receipt and without fiscal year 
 limitation to cover the full costs of the audit 
 and report.
 [(b) Consumer Financial Protection Fund.--
 [(1) Separate fund in federal reserve established.--
 There is established in the Federal Reserve a separate 
 fund, to be known as the ``Bureau of Consumer Financial 
 Protection Fund'' (referred to in this section as the 
 ``Bureau Fund''). The Bureau Fund shall be maintained 
 and established at a Federal reserve bank, in 
 accordance with such requirements as the Board of 
 Governors may impose.
 [(2) Fund receipts.--All amounts transferred to the 
 Bureau under subsection (a) shall be deposited into the 
 Bureau Fund.
 [(3) Investment authority.--
 [(A) Amounts in bureau fund may be 
 invested.--The Bureau may request the Board of 
 Governors to direct the investment of the 
 portion of the Bureau Fund that is not, in the 
 judgment of the Bureau, required to meet the 
 current needs of the Bureau.
 [(B) Eligible investments.--Investments 
 authorized by this paragraph shall be made in 
 obligations of the United States or obligations 
 that are guaranteed as to principal and 
 interest by the United States, with maturities 
 suitable to the needs of the Bureau Fund, as 
 determined by the Bureau.
 [(C) Interest and proceeds credited.--The 
 interest on, and the proceeds from the sale or 
 redemption of, any obligations held in the 
 Bureau Fund shall be credited to the Bureau 
 Fund.
 [(c) Use of Funds.--
 [(1) In general.--Funds obtained by, transferred to, 
 or credited to the Bureau Fund shall be immediately 
 available to the Bureau and under the control of the 
 Director, and shall remain available until expended, to 
 pay the expenses of the Bureau in carrying out its 
 duties and responsibilities. The compensation of the 
 Director and other employees of the Bureau and all 
 other expenses thereof may be paid from, obtained by, 
 transferred to, or credited to the Bureau Fund under 
 this section.
 [(2) Funds that are not government funds.--Funds 
 obtained by or transferred to the Bureau Fund shall not 
 be construed to be Government funds or appropriated 
 monies.
 [(3) Amounts not subject to apportionment.--
 Notwithstanding any other provision of law, amounts in 
 the Bureau Fund and in the Civil Penalty Fund 
 established under subsection (d) shall not be subject 
 to apportionment for purposes of chapter 15 of title 
 31, United States Code, or under any other authority.]
 [(d)] (b) Penalties and Fines.--
 (1) Establishment of victims relief fund.--There is 
 established in the Federal Reserve a separate fund, to 
 be known as the ``Consumer Financial Civil Penalty 
 Fund'' (referred to in this section as the ``Civil 
 Penalty Fund''). The Civil Penalty Fund shall be 
 maintained and established at a Federal reserve bank, 
 in accordance with such requirements as the Board of 
 Governors may impose. If the Bureau obtains a civil 
 penalty against any person in any judicial or 
 administrative action under Federal consumer financial 
 laws, the Bureau shall deposit into the Civil Penalty 
 Fund, the amount of the penalty collected.
 (2) Payment to victims.--Amounts in the Civil Penalty 
 Fund shall be available to the Bureau, without fiscal 
 year limitation, for payments to the victims of 
 activities for which civil penalties have been imposed 
 under the Federal consumer financial laws. To the 
 extent that such victims cannot be located or such 
 payments are otherwise not practicable, the Bureau may 
 use such funds for the purpose of consumer education 
 and financial literacy programs.
 [(e)] (c) Authorization of Appropriations; Annual Report.--
 [(1) Determination regarding need for appropriated 
 funds.--
 [(A) In general.--The Director is authorized 
 to determine that sums available to the Bureau 
 under this section will not be sufficient to 
 carry out the authorities of the Bureau under 
 Federal consumer financial law for the upcoming 
 year.
 [(B) Report required.--When making a 
 determination under subparagraph (A), the 
 Director shall prepare a report regarding the 
 funding of the Bureau, including the assets and 
 liabilities of the Bureau, and the extent to 
 which the funding needs of the Bureau are 
 anticipated to exceed the level of the amount 
 set forth in subsection (a)(2). The Director 
 shall submit the report to the President and to 
 the Committee on Appropriations of the Senate 
 and the Committee on Appropriations of the 
 House of Representatives.
 [(2) Authorization of appropriations.--If the 
 Director makes the determination and submits the report 
 pursuant to paragraph (1), there are hereby authorized 
 to be appropriated to the Bureau, for the purposes of 
 carrying out the authorities granted in Federal 
 consumer financial law, $200,000,000 for each of fiscal 
 years 2010, 2011, 2012, 2013, and 2014.
 [(3) Apportionment.--Notwithstanding any other 
 provision of law, the amounts in paragraph (2) shall be 
 subject to apportionment under section 1517 of title 
 31, United States Code, and restrictions that generally 
 apply to the use of appropriated funds in title 31, 
 United States Code, and other laws.]
 (1) Authorization of appropriations.--There is 
 authorized to be appropriated to the Bureau 
 $650,000,000 for fiscal year 2024 to carry out the 
 authorities of the Bureau.
 [(4)] (2) Annual report.--The [Director] Bureau shall 
 prepare and submit a report, on an annual basis, to the 
 Committee on Appropriations of the Senate and the 
 Committee on Appropriations of the House of 
 Representatives regarding the financial operating plans 
 and forecasts of the [Director] Bureau, the financial 
 condition and results of operations of the Bureau, and 
 the sources and application of funds of the Bureau, 
 including any funds appropriated in accordance with 
 this subsection.

 * * * * * * *

Subtitle B--General Powers of the Bureau

 * * * * * * *

SEC. 1022. RULEMAKING AUTHORITY.

 (a) In General.--The Bureau is authorized to exercise its 
authorities under Federal consumer financial law to administer, 
enforce, and otherwise implement the provisions of Federal 
consumer financial law.
 (b) Rulemaking, Orders, and Guidance.--
 (1) General authority.--The [Director] Bureau may 
 prescribe rules and issue orders and guidance, as may 
 be necessary or appropriate to enable the Bureau to 
 administer and carry out the purposes and objectives of 
 the Federal consumer financial laws, and to prevent 
 evasions thereof.
 (2) Standards for rulemaking.--In prescribing a rule 
 under the Federal consumer financial laws--
 (A) the Bureau shall consider--
 (i) the potential benefits and costs 
 to consumers and covered persons, 
 including the potential reduction of 
 access by consumers to consumer 
 financial products or services 
 resulting from such rule; and
 (ii) the impact of proposed rules on 
 covered persons, as described in 
 section 1026, and the impact on 
 consumers in rural areas;
 (B) the Bureau shall consult with the 
 appropriate prudential regulators or other 
 Federal agencies prior to proposing a rule and 
 during the comment process regarding 
 consistency with prudential, market, or 
 systemic objectives administered by such 
 agencies; and
 (C) if, during the consultation process 
 described in subparagraph (B), a prudential 
 regulator provides the Bureau with a written 
 objection to the proposed rule of the Bureau or 
 a portion thereof, the Bureau shall include in 
 the adopting release a description of the 
 objection and the basis for the Bureau 
 decision, if any, regarding such objection, 
 except that nothing in this clause shall be 
 construed as altering or limiting the 
 procedures under section 1023 that may apply to 
 any rule prescribed by the Bureau.
 (3) Exemptions.--
 (A) In general.--The Bureau, by rule, may 
 conditionally or unconditionally exempt any 
 class of covered persons, service providers, or 
 consumer financial products or services, from 
 any provision of this title, or from any rule 
 issued under this title, as the Bureau 
 determines necessary or appropriate to carry 
 out the purposes and objectives of this title, 
 taking into consideration the factors in 
 subparagraph (B).
 (B) Factors.--In issuing an exemption, as 
 permitted under subparagraph (A), the Bureau 
 shall, as appropriate, take into 
 consideration--
 (i) the total assets of the class of 
 covered persons;
 (ii) the volume of transactions 
 involving consumer financial products 
 or services in which the class of 
 covered persons engages; and
 (iii) existing provisions of law 
 which are applicable to the consumer 
 financial product or service and the 
 extent to which such provisions provide 
 consumers with adequate protections.
 (4) Exclusive rulemaking authority.--
 (A) In general.--Notwithstanding any other 
 provisions of Federal law and except as 
 provided in section 1061(b)(5), to the extent 
 that a provision of Federal consumer financial 
 law authorizes the Bureau and another Federal 
 agency to issue regulations under that 
 provision of law for purposes of assuring 
 compliance with Federal consumer financial law 
 and any regulations thereunder, the Bureau 
 shall have the exclusive authority to prescribe 
 rules subject to those provisions of law.
 (B) Deference.--Notwithstanding any power 
 granted to any Federal agency or to the Council 
 under this title, and subject to section 
 1061(b)(5)(E), the deference that a court 
 affords to the Bureau with respect to a 
 determination by the Bureau regarding the 
 meaning or interpretation of any provision of a 
 Federal consumer financial law shall be applied 
 as if the Bureau were the only agency 
 authorized to apply, enforce, interpret, or 
 administer the provisions of such Federal 
 consumer financial law.
 (c) Monitoring.--
 (1) In general.--In order to support its rulemaking 
 and other functions, the Bureau shall monitor for risks 
 to consumers in the offering or provision of consumer 
 financial products or services, including developments 
 in markets for such products or services.
 (2) Considerations.--In allocating its resources to 
 perform the monitoring required by this section, the 
 Bureau may consider, among other factors--
 (A) likely risks and costs to consumers 
 associated with buying or using a type of 
 consumer financial product or service;
 (B) understanding by consumers of the risks 
 of a type of consumer financial product or 
 service;
 (C) the legal protections applicable to the 
 offering or provision of a consumer financial 
 product or service, including the extent to 
 which the law is likely to adequately protect 
 consumers;
 (D) rates of growth in the offering or 
 provision of a consumer financial product or 
 service;
 (E) the extent, if any, to which the risks of 
 a consumer financial product or service may 
 disproportionately affect traditionally 
 underserved consumers; or
 (F) the types, number, and other pertinent 
 characteristics of covered persons that offer 
 or provide the consumer financial product or 
 service.
 (3) Significant findings.--
 (A) In general.--The Bureau shall publish not 
 fewer than 1 report of significant findings of 
 its monitoring required by this subsection in 
 each calendar year, beginning with the first 
 calendar year that begins at least 1 year after 
 the designated transfer date.
 (B) Confidential information.--The Bureau may 
 make public such information obtained by the 
 Bureau under this section as is in the public 
 interest, through aggregated reports or other 
 appropriate formats designed to protect 
 confidential information in accordance with 
 paragraphs (4), (6), (8), and (9).
 (4) Collection of information.--
 (A) In general.--In conducting any monitoring 
 or assessment required by this section, the 
 Bureau shall have the authority to gather 
 information from time to time regarding the 
 organization, business conduct, markets, and 
 activities of covered persons and service 
 providers.
 (B) Methodology.--In order to gather 
 information described in subparagraph (A), the 
 Bureau may--
 (i) gather and compile information 
 from a variety of sources, including 
 examination reports concerning covered 
 persons or service providers, consumer 
 complaints, voluntary surveys and 
 voluntary interviews of consumers, 
 surveys and interviews with covered 
 persons and service providers, and 
 review of available databases; and
 (ii) require covered persons and 
 service providers participating in 
 consumer financial services markets to 
 file with the Bureau, under oath or 
 otherwise, in such form and within such 
 reasonable period of time as the Bureau 
 may prescribe by rule or order, annual 
 or special reports, or answers in 
 writing to specific questions, 
 furnishing information described in 
 paragraph (4), as necessary for the 
 Bureau to fulfill the monitoring, 
 assessment, and reporting 
 responsibilities imposed by Congress.
 (C) Limitation.--The Bureau may not use its 
 authorities under this paragraph to obtain 
 records from covered persons and service 
 providers participating in consumer financial 
 services markets for purposes of gathering or 
 analyzing the personally identifiable financial 
 information of consumers.
 (5) Limited information gathering.--In order to 
 assess whether a nondepository is a covered person, as 
 defined in section 1002, the Bureau may require such 
 nondepository to file with the Bureau, under oath or 
 otherwise, in such form and within such reasonable 
 period of time as the Bureau may prescribe by rule or 
 order, annual or special reports, or answers in writing 
 to specific questions.
 (6) Confidentiality rules.--
 (A) Rulemaking.--The Bureau shall prescribe 
 rules regarding the confidential treatment of 
 information obtained from persons in connection 
 with the exercise of its authorities under 
 Federal consumer financial law.
 (B) Access by the bureau to reports of other 
 regulators.--
 (i) Examination and financial 
 condition reports.--Upon providing 
 reasonable assurances of 
 confidentiality, the Bureau shall have 
 access to any report of examination or 
 financial condition made by a 
 prudential regulator or other Federal 
 agency having jurisdiction over a 
 covered person or service provider, and 
 to all revisions made to any such 
 report.
 (ii) Provision of other reports to 
 the bureau.--In addition to the reports 
 described in clause (i), a prudential 
 regulator or other Federal agency 
 having jurisdiction over a covered 
 person or service provider may, in its 
 discretion, furnish to the Bureau any 
 other report or other confidential 
 supervisory information concerning any 
 insured depository institution, credit 
 union, or other entity examined by such 
 agency under authority of any provision 
 of Federal law.
 (C) Access by other regulators to reports of 
 the bureau.--
 (i) Examination reports.--Upon 
 providing reasonable assurances of 
 confidentiality, a prudential 
 regulator, a State regulator, or any 
 other Federal agency having 
 jurisdiction over a covered person or 
 service provider shall have access to 
 any report of examination made by the 
 Bureau with respect to such person, and 
 to all revisions made to any such 
 report.
 (ii) Provision of other reports to 
 other regulators.--In addition to the 
 reports described in clause (i), the 
 Bureau may, in its discretion, furnish 
 to a prudential regulator or other 
 agency having jurisdiction over a 
 covered person or service provider any 
 other report or other confidential 
 supervisory information concerning such 
 person examined by the Bureau under the 
 authority of any other provision of 
 Federal law.
 (7) Registration.--
 (A) In general.--The Bureau may prescribe 
 rules regarding registration requirements 
 applicable to a covered person, other than an 
 insured depository institution, insured credit 
 union, or related person.
 (B) Registration information.--Subject to 
 rules prescribed by the Bureau, the Bureau may 
 publicly disclose registration information to 
 facilitate the ability of consumers to identify 
 covered persons that are registered with the 
 Bureau.
 (C) Consultation with state agencies.--In 
 developing and implementing registration 
 requirements under this paragraph, the Bureau 
 shall consult with State agencies regarding 
 requirements or systems (including coordinated 
 or combined systems for registration), where 
 appropriate.
 (8) Privacy considerations.--In collecting 
 information from any person, publicly releasing 
 information held by the Bureau, or requiring covered 
 persons to publicly report information, the Bureau 
 shall take steps to ensure that proprietary, personal, 
 or confidential consumer information that is protected 
 from public disclosure under section 552(b) or 552a of 
 title 5, United States Code, or any other provision of 
 law, is not made public under this title.
 (9) Consumer privacy.--
 (A) In general.--The Bureau may not obtain 
 from a covered person or service provider any 
 personally identifiable financial information 
 about a consumer from the financial records of 
 the covered person or service provider, 
 except--
 (i) if the financial records are 
 reasonably described in a request by 
 the Bureau and the consumer provides 
 written permission for the disclosure 
 of such information by the covered 
 person or service provider to the 
 Bureau; or
 (ii) as may be specifically permitted 
 or required under other applicable 
 provisions of law and in accordance 
 with the Right to Financial Privacy Act 
 of 1978 (12 U.S.C. 3401 et seq.).
 (B) Treatment of covered person or service 
 provider.--With respect to the application of 
 any provision of the Right to Financial Privacy 
 Act of 1978, to a disclosure by a covered 
 person or service provider subject to this 
 subsection, the covered person or service 
 provider shall be treated as if it were a 
 ``financial institution'', as defined in 
 section 1101 of that Act (12 U.S.C. 3401).
 (d) Assessment of Significant Rules.--
 (1) In general.--The Bureau shall conduct an 
 assessment of each significant rule or order adopted by 
 the Bureau under Federal consumer financial law. The 
 assessment shall address, among other relevant factors, 
 the effectiveness of the rule or order in meeting the 
 purposes and objectives of this title and the specific 
 goals stated by the Bureau. The assessment shall 
 reflect available evidence and any data that the Bureau 
 reasonably may collect.
 (2) Reports.--The Bureau shall publish a report of 
 its assessment under this subsection not later than 5 
 years after the effective date of the subject rule or 
 order.
 (3) Public comment required.--Before publishing a 
 report of its assessment, the Bureau shall invite 
 public comment on recommendations for modifying, 
 expanding, or eliminating the newly adopted significant 
 rule or order.

 * * * * * * *

SEC. 1024. SUPERVISION OF NONDEPOSITORY COVERED PERSONS.

 (a) Scope of Coverage.--
 (1) Applicability.--Notwithstanding any other 
 provision of this title, and except as provided in 
 paragraph (3), this section shall apply to any covered 
 person who--
 (A) offers or provides origination, 
 brokerage, or servicing of loans secured by 
 real estate for use by consumers primarily for 
 personal, family, or household purposes, or 
 loan modification or foreclosure relief 
 services in connection with such loans;
 (B) is a larger participant of a market for 
 other consumer financial products or services, 
 as defined by rule in accordance with paragraph 
 (2);
 (C) the Bureau has reasonable cause to 
 determine, by order, after notice to the 
 covered person and a reasonable opportunity for 
 such covered person to respond, based on 
 complaints collected through the system under 
 section 1013(b)(3) or information from other 
 sources, that such covered person is engaging, 
 or has engaged, in conduct that poses risks to 
 consumers with regard to the offering or 
 provision of consumer financial products or 
 services;
 (D) offers or provides to a consumer any 
 private education loan, as defined in section 
 140 of the Truth in Lending Act (15 U.S.C. 
 1650), notwithstanding section 1027(a)(2)(A) 
 and subject to section 1027(a)(2)(C); or
 (E) offers or provides to a consumer a payday 
 loan.
 (2) Rulemaking to define covered persons subject to 
 this section.--The Bureau shall consult with the 
 Federal Trade Commission prior to issuing a rule, in 
 accordance with paragraph (1)(B), to define covered 
 persons subject to this section. The Bureau shall issue 
 its initial rule not later than 1 year after the 
 designated transfer date.
 (3) Rules of construction.--
 (A) Certain persons excluded.--This section 
 shall not apply to persons described in section 
 1025(a) or 1026(a).
 (B) Activity levels.--For purposes of 
 computing activity levels under paragraph (1) 
 or rules issued thereunder, activities of 
 affiliated companies (other than insured 
 depository institutions or insured credit 
 unions) shall be aggregated.
 (b) Supervision.--
 (1) In general.--The Bureau shall require reports and 
 conduct examinations on a periodic basis of persons 
 described in subsection (a)(1) for purposes of--
 (A) assessing compliance with the 
 requirements of Federal consumer financial law;
 (B) obtaining information about the 
 activities and compliance systems or procedures 
 of such person; and
 (C) detecting and assessing risks to 
 consumers and to markets for consumer financial 
 products and services.
 (2) Risk-based supervision program.--The Bureau shall 
 exercise its authority under paragraph (1) in a manner 
 designed to ensure that such exercise, with respect to 
 persons described in subsection (a)(1), is based on the 
 assessment by the Bureau of the risks posed to 
 consumers in the relevant product markets and 
 geographic markets, and taking into consideration, as 
 applicable--
 (A) the asset size of the covered person;
 (B) the volume of transactions involving 
 consumer financial products or services in 
 which the covered person engages;
 (C) the risks to consumers created by the 
 provision of such consumer financial products 
 or services;
 (D) the extent to which such institutions are 
 subject to oversight by State authorities for 
 consumer protection; and
 (E) any other factors that the Bureau 
 determines to be relevant to a class of covered 
 persons.
 (3) Coordination.--To minimize regulatory burden, the 
 Bureau shall coordinate its supervisory activities with 
 the supervisory activities conducted by prudential 
 regulators, the State bank regulatory authorities, and 
 the State agencies that licence, supervise, or examine 
 the offering of consumer financial products or 
 services, including establishing their respective 
 schedules for examining persons described in subsection 
 (a)(1) and requirements regarding reports to be 
 submitted by such persons. The sharing of information 
 with such regulators, authorities, and agencies shall 
 not be construed as waiving, destroying, or otherwise 
 affecting any privilege or confidentiality such person 
 may claim with respect to such information under 
 Federal or State law as to any person or entity other 
 than such Bureau, agency, supervisor, or authority.
 (4) Use of existing reports.--The Bureau shall, to 
 the fullest extent possible, use--
 (A) reports pertaining to persons described 
 in subsection (a)(1) that have been provided or 
 required to have been provided to a Federal or 
 State agency; and
 (B) information that has been reported 
 publicly.
 (5) Preservation of authority.--Nothing in this title 
 may be construed as limiting the authority of the 
 [Director] Bureau to require reports from persons 
 described in subsection (a)(1), as permitted under 
 paragraph (1), regarding information owned or under the 
 control of such person, regardless of whether such 
 information is maintained, stored, or processed by 
 another person.
 (6) Reports of tax law noncompliance.--The Bureau 
 shall provide the Commissioner of Internal Revenue with 
 any report of examination or related information 
 identifying possible tax law noncompliance.
 (7) Registration, recordkeeping and other 
 requirements for certain persons.--
 (A) In general.--The Bureau shall prescribe 
 rules to facilitate supervision of persons 
 described in subsection (a)(1) and assessment 
 and detection of risks to consumers.
 (B) Recordkeeping.--The Bureau may require a 
 person described in subsection (a)(1), to 
 generate, provide, or retain records for the 
 purposes of facilitating supervision of such 
 persons and assessing and detecting risks to 
 consumers.
 (C) Requirements concerning obligations.--The 
 Bureau may prescribe rules regarding a person 
 described in subsection (a)(1), to ensure that 
 such persons are legitimate entities and are 
 able to perform their obligations to consumers. 
 Such requirements may include background checks 
 for principals, officers, directors, or key 
 personnel and bonding or other appropriate 
 financial requirements.
 (D) Consultation with state agencies.--In 
 developing and implementing requirements under 
 this paragraph, the Bureau shall consult with 
 State agencies regarding requirements or 
 systems (including coordinated or combined 
 systems for registration), where appropriate.
 (c) Enforcement Authority.--
 (1) The bureau to have enforcement authority.--Except 
 as provided in paragraph (3) and section 1061, with 
 respect to any person described in subsection (a)(1), 
 to the extent that Federal law authorizes the Bureau 
 and another Federal agency to enforce Federal consumer 
 financial law, the Bureau shall have exclusive 
 authority to enforce that Federal consumer financial 
 law.
 (2) Referral.--Any Federal agency authorized to 
 enforce a Federal consumer financial law described in 
 paragraph (1) may recommend in writing to the Bureau 
 that the Bureau initiate an enforcement proceeding, as 
 the Bureau is authorized by that Federal law or by this 
 title.
 (3) Coordination with the federal trade commission.--
 (A) In general.--The Bureau and the Federal 
 Trade Commission shall negotiate an agreement 
 for coordinating with respect to enforcement 
 actions by each agency regarding the offering 
 or provision of consumer financial products or 
 services by any covered person that is 
 described in subsection (a)(1), or service 
 providers thereto. The agreement shall include 
 procedures for notice to the other agency, 
 where feasible, prior to initiating a civil 
 action to enforce any Federal law regarding the 
 offering or provision of consumer financial 
 products or services.
 (B) Civil actions.--Whenever a civil action 
 has been filed by, or on behalf of, the Bureau 
 or the Federal Trade Commission for any 
 violation of any provision of Federal law 
 described in subparagraph (A), or any 
 regulation prescribed under such provision of 
 law--
 (i) the other agency may not, during 
 the pendency of that action, institute 
 a civil action under such provision of 
 law against any defendant named in the 
 complaint in such pending action for 
 any violation alleged in the complaint; 
 and
 (ii) the Bureau or the Federal Trade 
 Commission may intervene as a party in 
 any such action brought by the other 
 agency, and, upon intervening--
 (I) be heard on all matters 
 arising in such enforcement 
 action; and
 (II) file petitions for 
 appeal in such actions.
 (C) Agreement terms.--The terms of any 
 agreement negotiated under subparagraph (A) may 
 modify or supersede the provisions of 
 subparagraph (B).
 (D) Deadline.--The agencies shall reach the 
 agreement required under subparagraph (A) not 
 later than 6 months after the designated 
 transfer date.
 (d) Exclusive Rulemaking and Examination Authority.--
Notwithstanding any other provision of Federal law and except 
as provided in section 1061, to the extent that Federal law 
authorizes the Bureau and another Federal agency to issue 
regulations or guidance, conduct examinations, or require 
reports from a person described in subsection (a)(1) under such 
law for purposes of assuring compliance with Federal consumer 
financial law and any regulations thereunder, the Bureau shall 
have the exclusive authority to prescribe rules, issue 
guidance, conduct examinations, require reports, or issue 
exemptions with regard to a person described in subsection 
(a)(1), subject to those provisions of law.
 (e) Service Providers.--A service provider to a person 
described in subsection (a)(1) shall be subject to the 
authority of the Bureau under this section, to the same extent 
as if such service provider were engaged in a service 
relationship with a bank, and the Bureau were an appropriate 
Federal banking agency under section 7(c) of the Bank Service 
Company Act (12 U.S.C. 1867(c)). In conducting any examination 
or requiring any report from a service provider subject to this 
subsection, the Bureau shall coordinate with the appropriate 
prudential regulator, as applicable.
 (f) Preservation of Farm Credit Administration Authority.--No 
provision of this title may be construed as modifying, 
limiting, or otherwise affecting the authority of the Farm 
Credit Administration.

SEC. 1025. SUPERVISION OF VERY LARGE BANKS, SAVINGS ASSOCIATIONS, AND 
 CREDIT UNIONS.

 (a) Scope of Coverage.--This section shall apply to any 
covered person that is--
 (1) an insured depository institution with total 
 assets of more than $10,000,000,000 and any affiliate 
 thereof; or
 (2) an insured credit union with total assets of more 
 than $10,000,000,000 and any affiliate thereof.
 (b) Supervision.--
 (1) In general.--The Bureau shall have exclusive 
 authority to require reports and conduct examinations 
 on a periodic basis of persons described in subsection 
 (a) for purposes of--
 (A) assessing compliance with the 
 requirements of Federal consumer financial 
 laws;
 (B) obtaining information about the 
 activities subject to such laws and the 
 associated compliance systems or procedures of 
 such persons; and
 (C) detecting and assessing associated risks 
 to consumers and to markets for consumer 
 financial products and services.
 (2) Coordination.--To minimize regulatory burden, the 
 Bureau shall coordinate its supervisory activities with 
 the supervisory activities conducted by prudential 
 regulators and the State bank regulatory authorities, 
 including consultation regarding their respective 
 schedules for examining such persons described in 
 subsection (a) and requirements regarding reports to be 
 submitted by such persons.
 (3) Use of existing reports.--The Bureau shall, to 
 the fullest extent possible, use--
 (A) reports pertaining to a person described 
 in subsection (a) that have been provided or 
 required to have been provided to a Federal or 
 State agency; and
 (B) information that has been reported 
 publicly.
 (4) Preservation of authority.--Nothing in this title 
 may be construed as limiting the authority of the 
 [Director] Bureau to require reports from a person 
 described in subsection (a), as permitted under 
 paragraph (1), regarding information owned or under the 
 control of such person, regardless of whether such 
 information is maintained, stored, or processed by 
 another person.
 (5) Reports of tax law noncompliance.--The Bureau 
 shall provide the Commissioner of Internal Revenue with 
 any report of examination or related information 
 identifying possible tax law noncompliance.
 (c) Primary Enforcement Authority.--
 (1) The bureau to have primary enforcement 
 authority.--To the extent that the Bureau and another 
 Federal agency are authorized to enforce a Federal 
 consumer financial law, the Bureau shall have primary 
 authority to enforce that Federal consumer financial 
 law with respect to any person described in subsection 
 (a).
 (2) Referral.--Any Federal agency, other than the 
 Federal Trade Commission, that is authorized to enforce 
 a Federal consumer financial law may recommend, in 
 writing, to the Bureau that the Bureau initiate an 
 enforcement proceeding with respect to a person 
 described in subsection (a), as the Bureau is 
 authorized to do by that Federal consumer financial 
 law.
 (3) Backup enforcement authority of other federal 
 agency.--If the Bureau does not, before the end of the 
 120-day period beginning on the date on which the 
 Bureau receives a recommendation under paragraph (2), 
 initiate an enforcement proceeding, the other agency 
 referred to in paragraph (2) may initiate an 
 enforcement proceeding, including performing follow up 
 supervisory and support functions incidental thereto, 
 to assure compliance with such proceeding.
 (d) Service Providers.--A service provider to a person 
described in subsection (a) shall be subject to the authority 
of the Bureau under this section, to the same extent as if the 
Bureau were an appropriate Federal banking agency under section 
7(c) of the Bank Service Company Act 12 U.S.C. 1867(c). In 
conducting any examination or requiring any report from a 
service provider subject to this subsection, the Bureau shall 
coordinate with the appropriate prudential regulator.
 (e) Simultaneous and Coordinated Supervisory Action.--
 (1) Examinations.--A prudential regulator and the 
 Bureau shall, with respect to each insured depository 
 institution, insured credit union, or other covered 
 person described in subsection (a) that is supervised 
 by the prudential regulator and the Bureau, 
 respectively--
 (A) coordinate the scheduling of examinations 
 of the insured depository institution, insured 
 credit union, or other covered person described 
 in subsection (a);
 (B) conduct simultaneous examinations of each 
 insured depository institution or insured 
 credit union, unless such institution requests 
 examinations to be conducted separately;
 (C) share each draft report of examination 
 with the other agency and permit the receiving 
 agency a reasonable opportunity (which shall 
 not be less than a period of 30 days after the 
 date of receipt) to comment on the draft report 
 before such report is made final; and
 (D) prior to issuing a final report of 
 examination or taking supervisory action, take 
 into consideration concerns, if any, raised in 
 the comments made by the other agency.
 (2) Coordination with state bank supervisors.--The 
 Bureau shall pursue arrangements and agreements with 
 State bank supervisors to coordinate examinations, 
 consistent with paragraph (1).
 (3) Avoidance of conflict in supervision.--
 (A) Request.--If the proposed supervisory 
 determinations of the Bureau and a prudential 
 regulator (in this section referred to 
 collectively as the ``agencies'') are 
 conflicting, an insured depository institution, 
 insured credit union, or other covered person 
 described in subsection (a) may request the 
 agencies to coordinate and present a joint 
 statement of coordinated supervisory action.
 (B) Joint statement.--The agencies shall 
 provide a joint statement under subparagraph 
 (A), not later than 30 days after the date of 
 receipt of the request of the insured 
 depository institution, credit union, or 
 covered person described in subsection (a).
 (4) Appeals to governing panel.--
 (A) In general.--If the agencies do not 
 resolve the conflict or issue a joint statement 
 required by subparagraph (B), or if either of 
 the agencies takes or attempts to take any 
 supervisory action relating to the request for 
 the joint statement without the consent of the 
 other agency, an insured depository 
 institution, insured credit union, or other 
 covered person described in subsection (a) may 
 institute an appeal to a governing panel, as 
 provided in this subsection, not later than 30 
 days after the expiration of the period during 
 which a joint statement is required to be filed 
 under paragraph (3)(B).
 (B) Composition of governing panel.--The 
 governing panel for an appeal under this 
 paragraph shall be composed of--
 (i) a representative from the Bureau 
 and a representative of the prudential 
 regulator, both of whom--
 (I) have not participated in 
 the material supervisory 
 determinations under appeal; 
 and
 (II) do not directly or 
 indirectly report to the person 
 who participated materially in 
 the supervisory determinations 
 under appeal; and
 (ii) one individual representative, 
 to be determined on a rotating basis, 
 from among the Board of Governors, the 
 Corporation, the National Credit Union 
 Administration, and the Office of the 
 Comptroller of the Currency, other than 
 any agency involved in the subject 
 dispute.
 (C) Conduct of appeal.--In an appeal under 
 this paragraph--
 (i) the insured depository 
 institution, insured credit union, or 
 other covered person described in 
 subsection (a)--
 (I) shall include in its 
 appeal all the facts and legal 
 arguments pertaining to the 
 matter; and
 (II) may, through counsel, 
 employees, or representatives, 
 appear before the governing 
 panel in person or by 
 telephone; and
 (ii) the governing panel--
 (I) may request the insured 
 depository institution, insured 
 credit union, or other covered 
 person described in subsection 
 (a), the Bureau, or the 
 prudential regulator to produce 
 additional information relevant 
 to the appeal; and
 (II) by a majority vote of 
 its members, shall provide a 
 final determination, in 
 writing, not later than 30 days 
 after the date of filing of an 
 informationally complete 
 appeal, or such longer period 
 as the panel and the insured 
 depository institution, insured 
 credit union, or other covered 
 person described in subsection 
 (a) may jointly agree.
 (D) Public availability of determinations.--A 
 governing panel shall publish all information 
 contained in a determination by the governing 
 panel, with appropriate redactions of 
 information that would be subject to an 
 exemption from disclosure under section 552 of 
 title 5, United States Code.
 (E) Prohibition against retaliation.--The 
 Bureau and the prudential regulators shall 
 prescribe rules to provide safeguards from 
 retaliation against the insured depository 
 institution, insured credit union, or other 
 covered person described in subsection (a) 
 instituting an appeal under this paragraph, as 
 well as their officers and employees.
 (F) Limitation.--The process provided in this 
 paragraph shall not apply to a determination by 
 a prudential regulator to appoint a conservator 
 or receiver for an insured depository 
 institution or a liquidating agent for an 
 insured credit union, as the case may be, or a 
 decision to take action pursuant to section 38 
 of the Federal Deposit Insurance Act (12 U.S.C. 
 1831o) or section 212 of the Federal Credit 
 Union Act (112 U.S.C. 1790a), as applicable.
 (G) Effect on other authority.--Nothing in 
 this section shall modify or limit the 
 authority of the Bureau to interpret, or take 
 enforcement action under, any Federal consumer 
 financial law, or the authority of a prudential 
 regulator to interpret or take enforcement 
 action under any other provision of Federal law 
 for safety and soundness purposes.

SEC. 1026. OTHER BANKS, SAVINGS ASSOCIATIONS, AND CREDIT UNIONS.

 (a) Scope of Coverage.--This section shall apply to any 
covered person that is--
 (1) an insured depository institution with total 
 assets of $10,000,000,000 or less; or
 (2) an insured credit union with total assets of 
 $10,000,000,000 or less.
 (b) Reports.--The [Director] Bureau may require reports from 
a person described in subsection (a), as necessary to support 
the role of the Bureau in implementing Federal consumer 
financial law, to support its examination activities under 
subsection (c), and to assess and detect risks to consumers and 
consumer financial markets.
 (1) Use of existing reports.--The Bureau shall, to 
 the fullest extent possible, use--
 (A) reports pertaining to a person described 
 in subsection (a) that have been provided or 
 required to have been provided to a Federal or 
 State agency; and
 (B) information that has been reported 
 publicly.
 (2) Preservation of authority.--Nothing in this 
 subsection may be construed as limiting the authority 
 of the [Director] Bureau from requiring from a person 
 described in subsection (a), as permitted under 
 paragraph (1), information owned or under the control 
 of such person, regardless of whether such information 
 is maintained, stored, or processed by another person.
 (3) Reports of tax law noncompliance.--The Bureau 
 shall provide the Commissioner of Internal Revenue with 
 any report of examination or related information 
 identifying possible tax law noncompliance.
 (c) Examinations.--
 (1) In general.--The Bureau may, at its discretion, 
 include examiners on a sampling basis of the 
 examinations performed by the prudential regulator to 
 assess compliance with the requirements of Federal 
 consumer financial law of persons described in 
 subsection (a).
 (2) Agency coordination.--The prudential regulator 
 shall--
 (A) provide all reports, records, and 
 documentation related to the examination 
 process for any institution included in the 
 sample referred to in paragraph (1) to the 
 Bureau on a timely and continual basis;
 (B) involve such Bureau examiner in the 
 entire examination process for such person; and
 (C) consider input of the Bureau concerning 
 the scope of an examination, conduct of the 
 examination, the contents of the examination 
 report, the designation of matters requiring 
 attention, and examination ratings.
 (d) Enforcement.--
 (1) In general.--Except for requiring reports under 
 subsection (b), the prudential regulator is authorized 
 to enforce the requirements of Federal consumer 
 financial laws and, with respect to a covered person 
 described in subsection (a), shall have exclusive 
 authority (relative to the Bureau) to enforce such 
 laws.
 (2) Coordination with prudential regulator.--
 (A) Referral.--When the Bureau has reason to 
 believe that a person described in subsection 
 (a) has engaged in a material violation of a 
 Federal consumer financial law, the Bureau 
 shall notify the prudential regulator in 
 writing and recommend appropriate action to 
 respond.
 (B) Response.--Upon receiving a 
 recommendation under subparagraph (A), the 
 prudential regulator shall provide a written 
 response to the Bureau not later than 60 days 
 thereafter.
 (e) Service Providers.--A service provider to a substantial 
number of persons described in subsection (a) shall be subject 
to the authority of the Bureau under section 1025 to the same 
extent as if the Bureau were an appropriate Federal bank agency 
under section 7(c) of the Bank Service Company Act (12 U.S.C. 
1867(c)). When conducting any examination or requiring any 
report from a service provider subject to this subsection, the 
Bureau shall coordinate with the appropriate prudential 
regulator.

SEC. 1027. LIMITATIONS ON AUTHORITIES OF THE BUREAU; PRESERVATION OF 
 AUTHORITIES.

 (a) Exclusion for Merchants, Retailers, and Other Sellers of 
Nonfinancial Goods or Services.--
 (1) Sale or brokerage of nonfinancial good or 
 service.--The Bureau may not exercise any rulemaking, 
 supervisory, enforcement or other authority under this 
 title with respect to a person who is a merchant, 
 retailer, or seller of any nonfinancial good or service 
 and is engaged in the sale or brokerage of such 
 nonfinancial good or service, except to the extent that 
 such person is engaged in offering or providing any 
 consumer financial product or service, or is otherwise 
 subject to any enumerated consumer law or any law for 
 which authorities are transferred under subtitle F or 
 H.
 (2) Offering or provision of certain consumer 
 financial products or services in connection with the 
 sale or brokerage of nonfinancial good or service.--
 (A) In general.--Except as provided in 
 subparagraph (B), and subject to subparagraph 
 (C), the Bureau may not exercise any 
 rulemaking, supervisory, enforcement, or other 
 authority under this title with respect to a 
 merchant, retailer, or seller of nonfinancial 
 goods or services, but only to the extent that 
 such person--
 (i) extends credit directly to a 
 consumer, in a case in which the good 
 or service being provided is not itself 
 a consumer financial product or service 
 (other than credit described in this 
 subparagraph), exclusively for the 
 purpose of enabling that consumer to 
 purchase such nonfinancial good or 
 service directly from the merchant, 
 retailer, or seller;
 (ii) directly, or through an 
 agreement with another person, collects 
 debt arising from credit extended as 
 described in clause (i); or
 (iii) sells or conveys debt described 
 in clause (i) that is delinquent or 
 otherwise in default.
 (B) Applicability.--Subparagraph (A) does not 
 apply to any credit transaction or collection 
 of debt, other than as described in 
 subparagraph (C)(i), arising from a transaction 
 described in subparagraph (A)--
 (i) in which the merchant, retailer, 
 or seller of nonfinancial goods or 
 services assigns, sells or otherwise 
 conveys to another person such debt 
 owed by the consumer (except for a sale 
 of debt that is delinquent or otherwise 
 in default, as described in 
 subparagraph (A)(iii));
 (ii) in which the credit extended 
 significantly exceeds the market value 
 of the nonfinancial good or service 
 provided, or the Bureau otherwise finds 
 that the sale of the nonfinancial good 
 or service is done as a subterfuge, so 
 as to evade or circumvent the 
 provisions of this title; or
 (iii) in which the merchant, 
 retailer, or seller of nonfinancial 
 goods or services regularly extends 
 credit and the credit is subject to a 
 finance charge.
 (C) Limitations.--
 (i) In general.--Notwithstanding 
 subparagraph (B), subparagraph (A) 
 shall apply with respect to a merchant, 
 retailer, or seller of nonfinancial 
 goods or services that is not engaged 
 significantly in offering or providing 
 consumer financial products or 
 services.
 (ii) Exception.--Subparagraph (A) and 
 clause (i) of this subparagraph do not 
 apply to any merchant, retailer, or 
 seller of nonfinancial goods or 
 services--
 (I) if such merchant, 
 retailer, or seller of 
 nonfinancial goods or services 
 is engaged in a transaction 
 described in subparagraph 
 (B)(i) or (B)(ii); or
 (II) to the extent that such 
 merchant, retailer, or seller 
 is subject to any enumerated 
 consumer law or any law for 
 which authorities are 
 transferred under subtitle F or 
 H, but the Bureau may exercise 
 such authority only with 
 respect to that law.
 (D) Rules.--
 (i) Authority of other agencies.--No 
 provision of this title shall be 
 construed as modifying, limiting, or 
 superseding the supervisory or 
 enforcement authority of the Federal 
 Trade Commission or any other agency 
 (other than the Bureau) with respect to 
 credit extended, or the collection of 
 debt arising from such extension, 
 directly by a merchant or retailer to a 
 consumer exclusively for the purpose of 
 enabling that consumer to purchase 
 nonfinancial goods or services directly 
 from the merchant or retailer.
 (ii) Small businesses.--A merchant, 
 retailer, or seller of nonfinancial 
 goods or services that would otherwise 
 be subject to the authority of the 
 Bureau solely by virtue of the 
 application of subparagraph (B)(iii) 
 shall be deemed not to be engaged 
 significantly in offering or providing 
 consumer financial products or services 
 under subparagraph (C)(i), if such 
 person--
 (I) only extends credit for 
 the sale of nonfinancial goods 
 or services, as described in 
 subparagraph (A)(i);
 (II) retains such credit on 
 its own accounts (except to 
 sell or convey such debt that 
 is delinquent or otherwise in 
 default); and
 (III) meets the relevant 
 industry size threshold to be a 
 small business concern, based 
 on annual receipts, pursuant to 
 section 3 of the Small Business 
 Act (15 U.S.C. 632) and the 
 implementing rules thereunder.
 (iii) Initial year.--A merchant, 
 retailer, or seller of nonfinancial 
 goods or services shall be deemed to 
 meet the relevant industry size 
 threshold described in clause (ii)(III) 
 during the first year of operations of 
 that business concern if, during that 
 year, the receipts of that business 
 concern reasonably are expected to meet 
 that size threshold.
 (iv) Other standards for small 
 business.--With respect to a merchant, 
 retailer, or seller of nonfinancial 
 goods or services that is a classified 
 on a basis other than annual receipts 
 for the purposes of section 3 of the 
 Small Business Act (15 U.S.C. 632) and 
 the implementing rules thereunder, such 
 merchant, retailer, or seller shall be 
 deemed to meet the relevant industry 
 size threshold described in clause 
 (ii)(III) if such merchant, retailer, 
 or seller meets the relevant industry 
 size threshold to be a small business 
 concern based on the number of 
 employees, or other such applicable 
 measure, established under that Act.
 (E) Exception from state enforcement.--To the 
 extent that the Bureau may not exercise 
 authority under this subsection with respect to 
 a merchant, retailer, or seller of nonfinancial 
 goods or services, no action by a State 
 attorney general or State regulator with 
 respect to a claim made under this title may be 
 brought under subsection 1042(a), with respect 
 to an activity described in any of clauses (i) 
 through (iii) of subparagraph (A) by such 
 merchant, retailer, or seller of nonfinancial 
 goods or services.
 (b) Exclusion for Real Estate Brokerage Activities.--
 (1) Real estate brokerage activities excluded.--
 Without limiting subsection (a), and except as 
 permitted in paragraph (2), the Bureau may not exercise 
 any rulemaking, supervisory, enforcement, or other 
 authority under this title with respect to a person 
 that is licensed or registered as a real estate broker 
 or real estate agent, in accordance with State law, to 
 the extent that such person--
 (A) acts as a real estate agent or broker for 
 a buyer, seller, lessor, or lessee of real 
 property;
 (B) brings together parties interested in the 
 sale, purchase, lease, rental, or exchange of 
 real property;
 (C) negotiates, on behalf of any party, any 
 portion of a contract relating to the sale, 
 purchase, lease, rental, or exchange of real 
 property (other than in connection with the 
 provision of financing with respect to any such 
 transaction); or
 (D) offers to engage in any activity, or act 
 in any capacity, described in subparagraph (A), 
 (B), or (C).
 (2) Description of activities.--The Bureau may 
 exercise rulemaking, supervisory, enforcement, or other 
 authority under this title with respect to a person 
 described in paragraph (1) when such person is--
 (A) engaged in an activity of offering or 
 providing any consumer financial product or 
 service, except that the Bureau may exercise 
 such authority only with respect to that 
 activity; or
 (B) otherwise subject to any enumerated 
 consumer law or any law for which authorities 
 are transferred under subtitle F or H, but the 
 Bureau may exercise such authority only with 
 respect to that law.
 (c) Exclusion for Manufactured Home Retailers and Modular 
Home Retailers.--
 (1) In general.--The [Director] Bureau may not 
 exercise any rulemaking, supervisory, enforcement, or 
 other authority over a person to the extent that--
 (A) such person is not described in paragraph 
 (2); and
 (B) such person--
 (i) acts as an agent or broker for a 
 buyer or seller of a manufactured home 
 or a modular home;
 (ii) facilitates the purchase by a 
 consumer of a manufactured home or 
 modular home, by negotiating the 
 purchase price or terms of the sales 
 contract (other than providing 
 financing with respect to such 
 transaction); or
 (iii) offers to engage in any 
 activity described in clause (i) or 
 (ii).
 (2) Description of activities.--A person is described 
 in this paragraph to the extent that such person is 
 engaged in the offering or provision of any consumer 
 financial product or service or is otherwise subject to 
 any enumerated consumer law or any law for which 
 authorities are transferred under subtitle F or H.
 (3) Definitions.--For purposes of this subsection, 
 the following definitions shall apply:
 (A) Manufactured home.--The term 
 ``manufactured home'' has the same meaning as 
 in section 603 of the National Manufactured 
 Housing Construction and Safety Standards Act 
 of 1974 (42 U.S.C. 5402).
 (B) Modular home.--The term ``modular home'' 
 means a house built in a factory in 2 or more 
 modules that meet the State or local building 
 codes where the house will be located, and 
 where such modules are transported to the 
 building site, installed on foundations, and 
 completed.
 (d) Exclusion for Accountants and Tax Preparers.--
 (1) In general.--Except as permitted in paragraph 
 (2), the Bureau may not exercise any rulemaking, 
 supervisory, enforcement, or other authority over--
 (A) any person that is a certified public 
 accountant, permitted to practice as a 
 certified public accounting firm, or certified 
 or licensed for such purpose by a State, or any 
 individual who is employed by or holds an 
 ownership interest with respect to a person 
 described in this subparagraph, when such 
 person is performing or offering to perform--
 (i) customary and usual accounting 
 activities, including the provision of 
 accounting, tax, advisory, or other 
 services that are subject to the 
 regulatory authority of a State board 
 of accountancy or a Federal authority; 
 or
 (ii) other services that are 
 incidental to such customary and usual 
 accounting activities, to the extent 
 that such incidental services are not 
 offered or provided--
 (I) by the person separate 
 and apart from such customary 
 and usual accounting 
 activities; or
 (II) to consumers who are not 
 receiving such customary and 
 usual accounting activities; or
 (B) any person, other than a person described 
 in subparagraph (A) that performs income tax 
 preparation activities for consumers.
 (2) Description of activities.--
 (A) In general.--Paragraph (1) shall not 
 apply to any person described in paragraph 
 (1)(A) or (1)(B) to the extent that such person 
 is engaged in any activity which is not a 
 customary and usual accounting activity 
 described in paragraph (1)(A) or incidental 
 thereto but which is the offering or provision 
 of any consumer financial product or service, 
 except to the extent that a person described in 
 paragraph (1)(A) is engaged in an activity 
 which is a customary and usual accounting 
 activity described in paragraph (1)(A), or 
 incidental thereto.
 (B) Not a customary and usual accounting 
 activity.--For purposes of this subsection, 
 extending or brokering credit is not a 
 customary and usual accounting activity, or 
 incidental thereto.
 (C) Rule of construction.--For purposes of 
 subparagraphs (A) and (B), a person described 
 in paragraph (1)(A) shall not be deemed to be 
 extending credit, if such person is only 
 extending credit directly to a consumer, 
 exclusively for the purpose of enabling such 
 consumer to purchase services described in 
 clause (i) or (ii) of paragraph (1)(A) directly 
 from such person, and such credit is--
 (i) not subject to a finance charge; 
 and
 (ii) not payable by written agreement 
 in more than 4 installments.
 (D) Other limitations.--Paragraph (1) does 
 not apply to any person described in paragraph 
 (1)(A) or (1)(B) that is otherwise subject to 
 any enumerated consumer law or any law for 
 which authorities are transferred under 
 subtitle F or H.
 (e) Exclusion for Practice of Law.--
 (1) In general.--Except as provided under paragraph 
 (2), the Bureau may not exercise any supervisory or 
 enforcement authority with respect to an activity 
 engaged in by an attorney as part of the practice of 
 law under the laws of a State in which the attorney is 
 licensed to practice law.
 (2) Rule of construction.--Paragraph (1) shall not be 
 construed so as to limit the exercise by the Bureau of 
 any supervisory, enforcement, or other authority 
 regarding the offering or provision of a consumer 
 financial product or service described in any 
 subparagraph of section 1002(5)--
 (A) that is not offered or provided as part 
 of, or incidental to, the practice of law, 
 occurring exclusively within the scope of the 
 attorney-client relationship; or
 (B) that is otherwise offered or provided by 
 the attorney in question with respect to any 
 consumer who is not receiving legal advice or 
 services from the attorney in connection with 
 such financial product or service.
 (3) Existing authority.--Paragraph (1) shall not be 
 construed so as to limit the authority of the Bureau 
 with respect to any attorney, to the extent that such 
 attorney is otherwise subject to any of the enumerated 
 consumer laws or the authorities transferred under 
 subtitle F or H.
 (f) Exclusion for Persons Regulated by a State Insurance 
Regulator.--
 (1) In general.--No provision of this title shall be 
 construed as altering, amending, or affecting the 
 authority of any State insurance regulator to adopt 
 rules, initiate enforcement proceedings, or take any 
 other action with respect to a person regulated by a 
 State insurance regulator. Except as provided in 
 paragraph (2), the Bureau shall have no authority to 
 exercise any power to enforce this title with respect 
 to a person regulated by a State insurance regulator.
 (2) Description of activities.--Paragraph (1) does 
 not apply to any person described in such paragraph to 
 the extent that such person is engaged in the offering 
 or provision of any consumer financial product or 
 service or is otherwise subject to any enumerated 
 consumer law or any law for which authorities are 
 transferred under subtitle F or H.
 (3) State insurance authority under gramm-leach-
 bliley.--Notwithstanding paragraph (2), the Bureau 
 shall not exercise any authorities that are granted a 
 State insurance authority under section 505(a)(6) of 
 the Gramm-Leach-Bliley Act with respect to a person 
 regulated by a State insurance authority.
 (g) Exclusion for Employee Benefit and Compensation Plans and 
Certain Other Arrangements Under the Internal Revenue Code of 
1986.--
 (1) Preservation of authority of other agencies.--No 
 provision of this title shall be construed as altering, 
 amending, or affecting the authority of the Secretary 
 of the Treasury, the Secretary of Labor, or the 
 Commissioner of Internal Revenue to adopt regulations, 
 initiate enforcement proceedings, or take any actions 
 with respect to any specified plan or arrangement.
 (2) Activities not constituting the offering or 
 provision of any consumer financial product or 
 service.--For purposes of this title, a person shall 
 not be treated as having engaged in the offering or 
 provision of any consumer financial product or service 
 solely because such person is--
 (A) a specified plan or arrangement;
 (B) engaged in the activity of establishing 
 or maintaining, for the benefit of employees of 
 such person (or for members of an employee 
 organization), any specified plan or 
 arrangement; or
 (C) engaged in the activity of establishing 
 or maintaining a qualified tuition program 
 under section 529(b)(1) of the Internal Revenue 
 Code of 1986 offered by a State or other 
 prepaid tuition program offered by a State.
 (3) Limitation on bureau authority.--
 (A) In general.--Except as provided under 
 subparagraphs (B) and (C), the Bureau may not 
 exercise any rulemaking or enforcement 
 authority with respect to products or services 
 that relate to any specified plan or 
 arrangement.
 (B) Bureau action pursuant to agency 
 request.--
 (i) Agency request.--The Secretary 
 and the Secretary of Labor may jointly 
 issue a written request to the Bureau 
 regarding implementation of appropriate 
 consumer protection standards under 
 this title with respect to the 
 provision of services relating to any 
 specified plan or arrangement.
 (ii) Agency response.--In response to 
 a request by the Bureau, the Secretary 
 and the Secretary of Labor shall 
 jointly issue a written response, not 
 later than 90 days after receipt of 
 such request, to grant or deny the 
 request of the Bureau regarding 
 implementation of appropriate consumer 
 protection standards under this title 
 with respect to the provision of 
 services relating to any specified plan 
 or arrangement.
 (iii) Scope of bureau action.--
 Subject to a request or response 
 pursuant to clause (i) or clause (ii) 
 by the agencies made under this 
 subparagraph, the Bureau may exercise 
 rulemaking authority, and may act to 
 enforce a rule prescribed pursuant to 
 such request or response, in accordance 
 with the provisions of this title. A 
 request or response made by the 
 Secretary and the Secretary of Labor 
 under this subparagraph shall describe 
 the basis for, and scope of, 
 appropriate consumer protection 
 standards to be implemented under this 
 title with respect to the provision of 
 services relating to any specified plan 
 or arrangement.
 (C) Description of products or services.--To 
 the extent that a person engaged in providing 
 products or services relating to any specified 
 plan or arrangement is subject to any 
 enumerated consumer law or any law for which 
 authorities are transferred under subtitle F or 
 H, subparagraph (A) shall not apply with 
 respect to that law.
 (4) Specified plan or arrangement.--For purposes of 
 this subsection, the term ``specified plan or 
 arrangement'' means any plan, account, or arrangement 
 described in section 220, 223, 401(a), 403(a), 403(b), 
 408, 408A, 529, 529A, or 530 of the Internal Revenue 
 Code of 1986, or any employee benefit or compensation 
 plan or arrangement, including a plan that is subject 
 to title I of the Employee Retirement Income Security 
 Act of 1974, or any prepaid tuition program offered by 
 a State.
 (h) Persons Regulated by a State Securities Commission.--
 (1) In general.--No provision of this title shall be 
 construed as altering, amending, or affecting the 
 authority of any securities commission (or any agency 
 or office performing like functions) of any State to 
 adopt rules, initiate enforcement proceedings, or take 
 any other action with respect to a person regulated by 
 any securities commission (or any agency or office 
 performing like functions) of any State. Except as 
 permitted in paragraph (2) and subsection (f), the 
 Bureau shall have no authority to exercise any power to 
 enforce this title with respect to a person regulated 
 by any securities commission (or any agency or office 
 performing like functions) of any State, but only to 
 the extent that the person acts in such regulated 
 capacity.
 (2) Description of activities.--Paragraph (1) shall 
 not apply to any person to the extent such person is 
 engaged in the offering or provision of any consumer 
 financial product or service, or is otherwise subject 
 to any enumerated consumer law or any law for which 
 authorities are transferred under subtitle F or H.
 (i) Exclusion for Persons Regulated by the Commission.--
 (1) In general.--No provision of this title may be 
 construed as altering, amending, or affecting the 
 authority of the Commission to adopt rules, initiate 
 enforcement proceedings, or take any other action with 
 respect to a person regulated by the Commission. The 
 Bureau shall have no authority to exercise any power to 
 enforce this title with respect to a person regulated 
 by the Commission.
 (2) Consultation and coordination.--Notwithstanding 
 paragraph (1), the Commission shall consult and 
 coordinate, where feasible, with the Bureau with 
 respect to any rule (including any advance notice of 
 proposed rulemaking) regarding an investment product or 
 service that is the same type of product as, or that 
 competes directly with, a consumer financial product or 
 service that is subject to the jurisdiction of the 
 Bureau under this title or under any other law. In 
 carrying out this paragraph, the agencies shall 
 negotiate an agreement to establish procedures for such 
 coordination, including procedures for providing 
 advance notice to the Bureau when the Commission is 
 initiating a rulemaking.
 (j) Exclusion for Persons Regulated by the Commodity Futures 
Trading Commission.--
 (1) In general.--No provision of this title shall be 
 construed as altering, amending, or affecting the 
 authority of the Commodity Futures Trading Commission 
 to adopt rules, initiate enforcement proceedings, or 
 take any other action with respect to a person 
 regulated by the Commodity Futures Trading Commission. 
 The Bureau shall have no authority to exercise any 
 power to enforce this title with respect to a person 
 regulated by the Commodity Futures Trading Commission.
 (2) Consultation and coordination.--Notwithstanding 
 paragraph (1), the Commodity Futures Trading Commission 
 shall consult and coordinate with the Bureau with 
 respect to any rule (including any advance notice of 
 proposed rulemaking) regarding a product or service 
 that is the same type of product as, or that competes 
 directly with, a consumer financial product or service 
 that is subject to the jurisdiction of the Bureau under 
 this title or under any other law.
 (k) Exclusion for Persons Regulated by the Farm Credit 
Administration.--
 (1) In general.--No provision of this title shall be 
 construed as altering, amending, or affecting the 
 authority of the Farm Credit Administration to adopt 
 rules, initiate enforcement proceedings, or take any 
 other action with respect to a person regulated by the 
 Farm Credit Administration. The Bureau shall have no 
 authority to exercise any power to enforce this title 
 with respect to a person regulated by the Farm Credit 
 Administration.
 (2) Definition.--For purposes of this subsection, the 
 term ``person regulated by the Farm Credit 
 Administration'' means any Farm Credit System 
 institution that is chartered and subject to the 
 provisions of the Farm Credit Act of 1971 (12 U.S.C. 
 2001 et seq.).
 (l) Exclusion for Activities Relating to Charitable 
Contributions.--
 (1) In general.--The [Director] Bureau and the Bureau 
 may not exercise any rulemaking, supervisory, 
 enforcement, or other authority, including authority to 
 order penalties, over any activities related to the 
 solicitation or making of voluntary contributions to a 
 tax-exempt organization as recognized by the Internal 
 Revenue Service, by any agent, volunteer, or 
 representative of such organizations to the extent the 
 organization, agent, volunteer, or representative 
 thereof is soliciting or providing advice, information, 
 education, or instruction to any donor or potential 
 donor relating to a contribution to the organization.
 (2) Limitation.--The exclusion in paragraph (1) does 
 not apply to other activities not described in 
 paragraph (1) that are the offering or provision of any 
 consumer financial product or service, or are otherwise 
 subject to any enumerated consumer law or any law for 
 which authorities are transferred under subtitle F or 
 H.
 (m) Insurance.--The Bureau may not define as a financial 
product or service, by regulation or otherwise, engaging in the 
business of insurance.
 (n) Limited Authority of the Bureau.--Notwithstanding 
subsections (a) through (h) and (l), a person subject to or 
described in one or more of such provisions--
 (1) may be a service provider; and
 (2) may be subject to requests from, or requirements 
 imposed by, the Bureau regarding information in order 
 to carry out the responsibilities and functions of the 
 Bureau and in accordance with section 1022, 1052, or 
 1053.
 (o) No Authority To Impose Usury Limit.--No provision of this 
title shall be construed as conferring authority on the Bureau 
to establish a usury limit applicable to an extension of credit 
offered or made by a covered person to a consumer, unless 
explicitly authorized by law.
 (p) Attorney General.--No provision of this title, including 
section 1024(c)(1), shall affect the authorities of the 
Attorney General under otherwise applicable provisions of law.
 (q) Secretary of the Treasury.--No provision of this title 
shall affect the authorities of the Secretary, including with 
respect to prescribing rules, initiating enforcement 
proceedings, or taking other actions with respect to a person 
that performs income tax preparation activities for consumers.
 (r) Deposit Insurance and Share Insurance.--Nothing in this 
title shall affect the authority of the Corporation under the 
Federal Deposit Insurance Act or the National Credit Union 
Administration Board under the Federal Credit Union Act as to 
matters related to deposit insurance and share insurance, 
respectively.
 (s) Fair Housing Act.--No provision of this title shall be 
construed as affecting any authority arising under the Fair 
Housing Act.

 * * * * * * *

Subtitle C--Specific Bureau Authorities

 * * * * * * *

SEC. 1035. PRIVATE EDUCATION LOAN OMBUDSMAN.

 (a) Establishment.--The Secretary, in consultation with the 
[Director] Bureau, shall designate a Private Education Loan 
Ombudsman (in this section referred to as the ``Ombudsman'') 
within the Bureau, to provide timely assistance to borrowers of 
private education loans.
 (b) Public Information.--The Secretary and the [Director] 
Bureau shall disseminate information about the availability and 
functions of the Ombudsman to borrowers and potential 
borrowers, as well as institutions of higher education, 
lenders, guaranty agencies, loan servicers, and other 
participants in private education student loan programs.
 (c) Functions of Ombudsman.--The Ombudsman designated under 
this subsection shall--
 (1) in accordance with regulations of the [Director] 
 Bureau, receive, review, and attempt to resolve 
 informally complaints from borrowers of loans described 
 in subsection (a), including, as appropriate, attempts 
 to resolve such complaints in collaboration with the 
 Department of Education and with institutions of higher 
 education, lenders, guaranty agencies, loan servicers, 
 and other participants in private education loan 
 programs;
 (2) not later than 90 days after the designated 
 transfer date, establish a memorandum of understanding 
 with the student loan ombudsman established under 
 section 141(f) of the Higher Education Act of 1965 (20 
 U.S.C. 1018(f)), to ensure coordination in providing 
 assistance to and serving borrowers seeking to resolve 
 complaints related to their private education or 
 Federal student loans;
 (3) compile and analyze data on borrower complaints 
 regarding private education loans; and
 (4) make appropriate recommendations to the 
 [Director] Bureau, the Secretary, the Secretary of 
 Education, the Committee on Banking, Housing, and Urban 
 Affairs and the Committee on Health, Education, Labor, 
 and Pensions of the Senate and the Committee on 
 Financial Services and the Committee on Education and 
 Labor of the House of Representatives.
 (d) Annual Reports.--
 (1) In general.--The Ombudsman shall prepare an 
 annual report that describes the activities, and 
 evaluates the effectiveness of the Ombudsman during the 
 preceding year.
 (2) Submission.--The report required by paragraph (1) 
 shall be submitted on the same date annually to the 
 Secretary, the Secretary of Education, the Committee on 
 Banking, Housing, and Urban Affairs and the Committee 
 on Health, Education, Labor, and Pensions of the Senate 
 and the Committee on Financial Services and the 
 Committee on Education and Labor of the House of 
 Representatives.
 (e) Definitions.--For purposes of this section, the terms 
``private education loan'' and ``institution of higher 
education'' have the same meanings as in section 140 of the 
Truth in Lending Act (15 U.S.C. 1650).

 * * * * * * *

 Subtitle F--Transfer of Functions and Personnel; Transitional 
Provisions

 * * * * * * *

[SEC. 1066. INTERIM AUTHORITY OF THE SECRETARY.

 [(a) In General.--The Secretary is authorized to perform the 
functions of the Bureau under this subtitle until the Director 
of the Bureau is confirmed by the Senate in accordance with 
section 1011.
 [(b) Interim Administrative Services by the Department of the 
Treasury.--The Department of the Treasury may provide 
administrative services necessary to support the Bureau before 
the designated transfer date.]

 * * * * * * *

Subtitle G--Regulatory Improvements

 * * * * * * *

SEC. 1079. REVIEW, REPORT, AND PROGRAM WITH RESPECT TO EXCHANGE 
 FACILITATORS.

 (a) Review.--The [Director] Bureau shall review all Federal 
laws and regulations relating to the protection of consumers 
who use exchange facilitators for transactions primarily for 
personal, family, or household purposes.
 (b) Report.--Not later than 1 year after the designated 
transfer date, the [Director] Bureau shall submit to Congress a 
report describing--
 (1) recommendations for legislation to ensure the 
 appropriate protection of consumers who use exchange 
 facilitators for transactions primarily for personal, 
 family, or household purposes;
 (2) recommendations for updating the regulations of 
 Federal departments and agencies to ensure the 
 appropriate protection of such consumers; and
 (3) recommendations for regulations to ensure the 
 appropriate protection of such consumers.
 (c) Program.--Not later than 2 years after the date of the 
submission of the report under subsection (b), the Bureau 
shall, consistent with subtitle B, propose regulations or 
otherwise establish a program to protect consumers who use 
exchange facilitators.
 (d) Exchange Facilitator Defined.--In this section, the term 
``exchange facilitator'' means a person that--
 (1) facilitates, for a fee, an exchange of like kind 
 property by entering into an agreement with a taxpayer 
 by which the exchange facilitator acquires from the 
 taxpayer the contractual rights to sell the taxpayer's 
 relinquished property and transfers a replacement 
 property to the taxpayer as a qualified intermediary 
 (within the meaning of Treasury Regulations section 
 1.1031(k)-1(g)(4)) or enters into an agreement with the 
 taxpayer to take title to a property as an exchange 
 accommodation titleholder (within the meaning of 
 Revenue Procedure 2000-37) or enters into an agreement 
 with a taxpayer to act as a qualified trustee or 
 qualified escrow holder (within the meaning of Treasury 
 Regulations section 1.1031(k)-1(g)(3));
 (2) maintains an office for the purpose of soliciting 
 business to perform the services described in paragraph 
 (1); or
 (3) advertises any of the services described in 
 paragraph (1) or solicits clients in printed 
 publications, direct mail, television or radio 
 advertisements, telephone calls, facsimile 
 transmissions, or other electronic communications 
 directed to the general public for purposes of 
 providing any such services.

 * * * * * * *

 TITLE XIV--MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT

SEC. 1400. SHORT TITLE; DESIGNATION AS ENUMERATED CONSUMER LAW.

 (a) Short Title.--This title may be cited as the ``Mortgage 
Reform and Anti-Predatory Lending Act''.
 (b) Designation as Enumerated Consumer Law Under the Purview 
of the Bureau of Consumer Financial Protection.--Subtitles A, 
B, C, and E and sections 1471, 1472, 1475, and 1476, and the 
amendments made by such subtitles and sections, shall be 
enumerated consumer laws, as defined in section 1002, and come 
under the purview of the Bureau of Consumer Financial 
Protection for purposes of title X, including the transfer of 
functions and personnel under subtitle F of title X and the 
savings provisions of such subtitle.
 (c) Regulations; Effective Date.--
 (1) Regulations.--The regulations required to be 
 prescribed under this title or the amendments made by 
 this title shall--
 (A) be prescribed in final form before the 
 end of the 18-month period beginning on the 
 designated transfer date; and
 (B) take effect not later than 12 months 
 after the date of issuance of the regulations 
 in final form.
 (2) Effective date established by rule.--Except as 
 provided in paragraph (3), a section, or provision 
 thereof, of this title shall take effect on the date on 
 which the final regulations implementing such section, 
 or provision, take effect.
 (3) Effective date.--A section of this title for 
 which regulations have not been issued on the date that 
 is 18 months after the designated transfer date shall 
 take effect on such date.

 * * * * * * *

Subtitle D--Office of Housing Counseling

 * * * * * * *

SEC. 1447. DEFAULT AND FORECLOSURE DATABASE.

 (a) Establishment.--The Secretary of Housing and Urban 
Development and the [Director of the Bureau] Chair of the 
Bureau, in consultation with the Federal agencies responsible 
for regulation of banking and financial institutions involved 
in residential mortgage lending and servicing, shall establish 
and maintain a database of information on foreclosures and 
defaults on mortgage loans for one- to four-unit residential 
properties and shall make such information publicly available, 
subject to subsection (e).
 (b) Census Tract Data.--Information in the database may be 
collected, aggregated, and made available on a census tract 
basis.
 (c) Requirements.--Information collected and made available 
through the database shall include--
 (1) the number and percentage of such mortgage loans 
 that are delinquent by more than 30 days;
 (2) the number and percentage of such mortgage loans 
 that are delinquent by more than 90 days;
 (3) the number and percentage of such properties that 
 are real estate-owned;
 (4) number and percentage of such mortgage loans that 
 are in the foreclosure process;
 (5) the number and percentage of such mortgage loans 
 that have an outstanding principal obligation amount 
 that is greater than the value of the property for 
 which the loan was made; and
 (6) such other information as the Secretary of 
 Housing and Urban Development and the [Director of the 
 Bureau] Chair of the Bureau consider appropriate.
 (d) Rule of Construction.--Nothing in this section shall be 
construed to encourage discriminatory or unsound allocation of 
credit or lending policies or practices.
 (e) Privacy and Confidentiality.--In establishing and 
maintaining the database described in subsection (a), the 
Secretary of Housing and Urban Development and the [Director of 
the Bureau] Chair of the Bureau shall--
 (1) be subject to the standards applicable to Federal 
 agencies for the protection of the confidentiality of 
 personally identifiable information and for data 
 security and integrity;
 (2) implement the necessary measures to conform to 
 the standards for data integrity and security described 
 in paragraph (1); and
 (3) collect and make available information under this 
 section, in accordance with paragraphs (5) and (6) of 
 section 1022(c) and the rules prescribed under such 
 paragraphs, in order to protect privacy and 
 confidentiality.

 * * * * * * *

 ---------- 

 ELECTRONIC FUND TRANSFER ACT

Sec. 901. Short title

 This title may be cited as the ``Electronic Fund Transfer 
Act''.

 * * * * * * *

SEC. 921. REASONABLE FEES AND RULES FOR PAYMENT CARD TRANSACTIONS.

 (a) Reasonable Interchange Transaction Fees for Electronic 
Debit Transactions.--
 (1) Regulatory authority over interchange transaction 
 fees.--The Board may prescribe regulations, pursuant to 
 section 553 of title 5, United States Code, regarding 
 any interchange transaction fee that an issuer may 
 receive or charge with respect to an electronic debit 
 transaction, to implement this subsection (including 
 related definitions), and to prevent circumvention or 
 evasion of this subsection.
 (2) Reasonable interchange transaction fees.--The 
 amount of any interchange transaction fee that an 
 issuer may receive or charge with respect to an 
 electronic debit transaction shall be reasonable and 
 proportional to the cost incurred by the issuer with 
 respect to the transaction.
 (3) Rulemaking required.--
 (A) In general.--The Board shall prescribe 
 regulations in final form not later than 9 
 months after the date of enactment of the 
 Consumer Financial Protection Act of 2010, to 
 establish standards for assessing whether the 
 amount of any interchange transaction fee 
 described in paragraph (2) is reasonable and 
 proportional to the cost incurred by the issuer 
 with respect to the transaction.
 (B) Information collection.--The Board may 
 require any issuer (or agent of an issuer) or 
 payment card network to provide the Board with 
 such information as may be necessary to carry 
 out the provisions of this subsection and the 
 Board, in issuing rules under subparagraph (A) 
 and on at least a bi-annual basis thereafter, 
 shall disclose such aggregate or summary