The Bureau shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.
The Bureau is authorized to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services—
(1)consumers are provided with timely and understandable information to make responsible decisions about financial transactions;
(2)consumers are protected from unfair, deceptive, or abusive acts and practices and from discrimination;
(3)outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;
(4)Federal consumer financial law is enforced consistently, without regard to the status of a person as a depository institution, in order to promote fair competition; and
(5)markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation.
The primary functions of the Bureau are—
(1)conducting financial education programs;
(2)collecting, investigating, and responding to consumer complaints;
(3)collecting, researching, monitoring, and publishing information relevant to the functioning of markets for consumer financial products and services to identify risks to consumers and the proper functioning of such markets;
(4)subject to sections
5516 of this title, supervising covered persons for compliance with Federal consumer financial law, and taking appropriate enforcement action to address violations of Federal consumer financial law;
(5)issuing rules, orders, and guidance implementing Federal consumer financial law; and
(6)performing such support activities as may be necessary or useful to facilitate the other functions of the Bureau.
Pub. L. 111–203, title X, § 1029A,July 21, 2010, 124 Stat. 2005, provided that: “This subtitle [subtitle B (§§ 1021–1029A), enacting this part] shall become effective on the designated transfer date, except that sections
1025(e) [12 U.S.C. 5512, 5514, and 5515(e)] shall become effective on the date of enactment of this Act [July 21, 2010].”
[The term “designated transfer date” is defined in section
5481(9) of this title as the date established under section
5582 of this title.]
The table below lists the classification updates, since Jan. 3, 2012, for this section. Updates to a broader range of sections may be found at the update page for containing chapter, title, etc.
The most recent Classification Table update that we have noticed was Tuesday, August 13, 2013
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Statutes at Large
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