12 U.S. Code § 5511 - Purpose, objectives, and functions
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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(3) outdated, unnecessary, or unduly burdensome regulations are regularly identified and addressed in order to reduce unwarranted regulatory burdens;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
The primary functions of the Bureau are—
(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 5514 through 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;
Source(Pub. L. 111–203, title X, § 1021,July 21, 2010, 124 Stat. 1979.)
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 1022, 1024, and 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].”
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