#aaf? ,,congress  #a/ ,session  ,h4 ,r4 
#aejj  ,,an ,,act  ,to require !        
,consum] ,f9ancial ,protection ,bureau  
to meet its /atutory purpose1 & = o!r   
purposes4  #a4 ,%ort title2 table (     
cont5ts  7a7 ,%ort title ,?is ,act may  
be cit$ z ! ,consum]s ,fir/ ,act4  7b7  
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3  ,sec4 #a4 ,%ort  
title2 table ( cont5ts4 ,sec4 #b4       
,f9d+s2 s5se ( ,congress4 ,sec4 #c4     
,consum] ,f9ancial ,protection ,bureau4 
,sec4 #d4 ,con=m+ am5dm5ts4 ,sec4 #e4   
,executive & adm9i/ration p[]s4 ,sec4   
#f4 ,(fices ( ! ,consum] ,f9ancial      
,protection ,bureau4 ,sec4 #g4 ,consum] 
,advisory ,bo>d re=ms4 ,sec4 #h4        
,discretion>y surplus funds4 ,sec4 #i4  
,modification ( ! exemption f c]ta9     
disclosure requirem5ts4 ,sec4 #aj4      
,limitation on provid+ exemptions f     
,,hmda report+ requirem5ts4 ,sec4 #aa4  
,limitation on modify+ ,,hmda data      
fields4 ,sec4 #ab4 ,ma9ta9+ ! ,,hmda    
,explor] tool & ! ,public ,data ,plat=m 

,,api4 ,sec4 #ac4 ,report on fair l5d+  
inve/igations & en=cem5t actions4 ,sec4 
#ad4 ,debt collection4 ,sec4 #ae4 ,cr$it
 scores includ$ 9 free annual           
disclosures4 ,sec4 #af4 ,report on s5ior
 consum]s4 ,sec4 #ag4 ,report on payday 
loan & c>-title loan inve/igations &    
en=cem5t actions4 ,sec4 #ah4 ,effective 
date4  #b4 ,f9d+s2 s5se ( ,congress  7a7
 ,f9d+s ,! ,congress f9ds ! foll[+3 7#a7
 ,! ,dodd-,frank ,wall ,/reet ,re=m &   
,consum] ,protection ,act 7,public ,law 
#aaa-bjc7 7,dodd-,frank71 0 sign$ into  
law on ,july #ba1 #bjaj1 9 ord] to1     
among o!r ?+s1 advance ! goals (        
protect+ consum]s f pr$atory f9ancial   
s]vices practices & products t l$ to !  
#bjjg-bjji f9ancial crisis4  7#b7 ,title
 ,x ( ,dodd-,frank e/abli%$ a new ,f$]al
 indep5d5t wat*dog1 kn[n z ! ,consum]   
,f9ancial ,protection ,bureau 7,consum] 
,bureau71 ) broad au?ority to ensure t  
all h>dwork+ consum]s are giv5 cle>1    
accurate in=mation t !y ne$ to %op =    
mortgages1 cr$it c>ds1 & o!r consum]    

f9ancial products or s]vices & to       
protect consum]s f hidd5 fees1 abusive  
t]ms1 & o!r unfair1 deceptive1 or       
abusive acts or practices ?r\gh /rong   
implem5tation & en=cem5t ( ,f$]al       
consum] f9ancial laws4  7#c7 ,be=e !    
,consum] ,bureau 0 e/abli%$1 ,f$]al     
f9ancial regulators 7 task$ ) ! dual    
responsibilities ( sup]vis+ in/itutions 
= safety & s\ndness & compliance )      
consum] protections "u ,f$]al consum]   
f9ancial laws4 ,^! ag5cies (t5          
prioritiz$ ! pr(itability ( _! regulat$ 
entities ov] ! protection ( consum]s1   
ev5 :5 in/itutions 7 f\nd to h engag$ 9 
practices detrim5tal to _! own cu/om]s' 
f9ancial well-be+4  7#d7 ,congress      
purposefully creat$ ! indep5d5t ,consum]
 ,bureau )9 ! ,f$]al ,res]ve ,sy/em to  
address pa/ regulatory gaps 9 our       
c\ntry's f9ancial regulatory            
regime--gaps t result$ 9 ! mo/ sev]e    
global f9ancial crisis s9ce ! ,great    
,depression4 ,among o!r ?+s1 ,f$]al     
f9ancial regulators 7 too reluctant to  

ex]cise _! rulemak+1 sup]visory1 &      
en=cem5t au?orities to protect consum]s 
f ! misde$s ( ! ,consum] ,bureau's      
regulat$ entities4 ,9 creat+ ! ,consum] 
,bureau1 ,congress explicitly laid out 9
 /atute ! ,consum] ,bureau's purpose1   
five objectives1 & six prim>y functions4
 ,specifically3 7,a7 ,section #ajba7;a7 
( ,dodd-,frank /ates t ! ,consum]       
,bureau1 %all seek to implem5t &1 :]e   
applicable1 en=ce ,f$]al consum]        
f9ancial law consi/5tly = ! purpose (   
ensur+ t all consum]s h access to m>kets
 = consum] f9ancial products & s]vices &
 t m>kets = consum] f9ancial products & 
s]vices are fair1 transp>5t1 &          
competitive4  7,b7 ,section #ajba7;b7 ( 
,dodd-,frank au?orizes ! ,consum]       
,bureau1 to ex]cise its au?orities "u   
,f$]al consum] f9ancial law = ! purposes
 ( ensur+ t1 ) respect to consum]       
f9ancial products & s]vices--7#a7       
consum]s are provid$ ) timely &         
und]/&able in=mation to make responsible
 decisions ab\t f9ancial transactions2  

7#b7 consum]s are protect$ f unfair1    
deceptive1 or abusive acts & practices &
 f discrim9ation2 7#c7 outdat$1         
unnecess>y1 or unduly burd5some         
regulations are regul>ly id5tifi$ &     
address$ 9 ord] to r$uce unw>rant$      
regulatory burd5s2 7#d7 ,f$]al consum]  
f9ancial law is en=c$ consi/5tly1 )\t   
reg>d to ! /atus ( a p]son z a          
depository in/itution1 9 ord] to promote
 fair competition2 & 7#e7 m>kets =      
consum] f9ancial products & s]vices     
op]ate transp>5tly & effici5tly to      
facilitate access & innovation44  7,c7  
,section #ajba7;c7 ( ,dodd-,frank       
e/abli%es ! prim>y functions ( !        
,consum] ,bureau to be1 7#a7 conduct+   
f9ancial education programs2 7#b7       
collect+1 inve/igat+1 & respond+ to     
consum] compla9ts2 7#c7 collect+1       
rese>*+1 monitor+1 & publi%+ in=mation  
relevant to ! function+ ( m>kets =      
consum] f9ancial products & s]vices to  
id5tify risks to consum]s & ! prop]     
function+ ( su* m>kets2 7#d7 subject to 

sections #ajbd ?r\gh #ajbf1 sup]vis+    
cov]$ p]sons = compliance ) ,f$]al      
consum] f9ancial law1 & tak+ appropriate
 en=cem5t action to address violations (
 ,f$]al consum] f9ancial law2 7#e7 issu+
 rules1 ord]s1 & guidance implem5t+     
,f$]al consum] f9ancial law2 & 7#f7     
p]=m+ su* support activities z may be   
necess>y or useful to facilitate ! o!r  
functions ( ! ,bureau44  7#e7 ,9 do+ s1 
,congress explicitly laid out ^!        
consum]-focus$ purpose1 objectives1 &   
prim>y functions = ! ,consum] ,bureau to
 ensure t all consum]s & all communities
 are protect$4 ,?is is ( extreme        
importance to communities ( color :o h  
be5 disproportionately impact$ by !     
inequities ( ! f9ancial sy/em1 result+ 9
 an extreme racial weal? divide4        
,decades ( segregation & discrim9ation h
 prev5t$ consum]s ( colors f amass+     
weal? equal to _! :ite c\nt]p>ts1 :ile  
pr$atory f9ancial practices ( h /ripp$  
consum]s ( color ( _! nom9al exi/+      
weal?4 ,= example1 ov] ! pa/ #cj ye>s1 !

 av]age weal? ( ,:ite families has gr[n 
by #hd p]c5t--#a4b times ! rate ( gr[? =
 ! ,lat9o population & #c times ! rate (
 gr[? = ! ,black population4 ,9 light ( 
hi/orical practices & curr5t-day        
disp>ities 9 bank+ & l5d+ practices1 !  
,consum] ,bureau plays a key role 9     
protect+ communities ( color f          
weal?-/ripp+ f9ancial products & ensur+ 
_! "r to weal? build+ opportunities4 ,! 
ag5cy's en=cem5t actions 9 auto l5d+1   
mortgages1 & cr$it c>ds1 & its rulemak+ 
ef=ts h s\ght to address ! pr$atory     
f9ancial products su* z payday loans &  
prepaid c>ds t are prolific 9           
communities ( color4 ,! ,consum] ,bureau
 is ess5tial 9 protect+ vuln]able       
communities f discrim9atory f9ancial    
practices t has bo? p]petuat$ &         
exac]bat$ ! racial weal? gap4  7#f7 ,"u 
,dodd-,frank1 ! ,deputy ,director ( !   
,consum] ,bureau %all s]ve z ! ,act+    
,director 9 ! abs5ce or unavailability (
 ! ,director1 until ! ,presid5t appo9ts 
& ! ,s5ate confirms a new ,director4    

,despite ! pla9 lett] ( ! law e/abli%+ a
 succession ord] to fill a vacancy 9 !  
,director's position & ! cle>           
legislative hi/ory und]scor+ !          
importance ( hav+ an indep5d5t ,f$]al   
consum]-focus$ ag5cy1 :5 ! ,consum]     
,bureau ,director ,ri*>d ,cordray       
resign$ 9 ,novemb] #bjag1 ,presid5t     
,trump refus$ to recognize ! ,deputy    
,director z ! rightful head ( ! ag5cy & 
in/ead in/all$ ,mr4 ,mick ,mulvaney1 !  
,director ( ! ,:ite ,h\se ,(fice (      
,managem5t & ,budget1 to s]ve z !       
,consum] ,bureau's ,act+ ,director4 ,?is
 appo9tm5t ( a ,:ite ,h\se cab9et       
(ficial to run ! ,consum] ,bureau raises
 pr(\nd conflict ( int]e/ que/ions &    
und]m9es ! vital indep5d5t nature ( !   
ag5cy4  7#g7 ,additionally1 ! position (
 ,act+ ,director is1 by its nature1     
int5d$ to be a tempor>y assignm5t to    
ma9ta9 ! /atus quo at an ag5cy & to     
ensure ! ag5cy is fulfill+ its /atutory 
purpose & m&ates1 until ! ,presid5t     
appo9ts1 & ! ,s5ate confirms a p]man5t  

,director4 ,nev]!less1 dur+ 8 t5ure1    
,mr4 ,mulvaney in/itut$ dra/ic & sev]e  
*anges to ! ,consum] ,bureau's daily    
op]ations & priorities contr>y to !     
ag5cy's /atutory purpose & m&ates4  7#h7
 ,! daily op]ations ( a ,f$]al ag5cy are
 guid$ by its (ficial mission conta9$ 9 
its long-t]m /rategic plan4 ,! ,consum] 
,bureau's mission %\ld embrace bo? ! _s 
& pla9 lett] ( ! law by fully recogniz+ 
! ag5cy's /atutory purpose1 objectives1 
& functions4 ,x is tr\bl+ t ! ,consum]  
,bureau1 "u ,mr4 ,mulvaney1 issu$ a     
,/rategic ,plan = ,fiscal ,ye> 7,,fy7   
#bjah-;,,fy #bjbb t appe>s to           
deemphasize ! ,consum] ,bureau's core   
m&ate "u section #ajba7;a7 (            
,dodd-,frank to1 en=ce ,f$]al consum]   
f9ancial law consi/5tly = ! purpose (   
ensur+ t all consum]s h access to m>kets
 = consum] f9ancial products & s]vices1 
by n ref]5c+ ! importance ( en=cem5t 9  
its mission4 ,in/ead1 x emphasizes      
f9ancial education by /at+ t ! ag5cy's  
new mission is1 to regulate ! (f]+ &    

provision ( consum] f9ancial products or
 s]vices "u ! ,f$]al consum] f9ancial   
laws & to educate & emp[] consum]s to   
make bett] in=m$ f9ancial decisions4    
,?is is 9 />k contra/ f ! ,consum]      
,bureau's ,/rategic ,plan = ,,fy        
#bjac-;,,fy #bjag1 :i* /at$ t ! ag5cy's 
mission is help+1 consum] f9ance m>kets 
"w by mak+ rules m effective1 by        
consi/5tly & fairly en=c+ ^? rules1 & by
 emp[]+ consum]s to take m control ov]  
_! economic lives4  7#i7 ,mr4 ,mulvaney 
has be5 prais$ by ! ,:ite ,h\se = 8     
ef=ts to und]m9e ! ,consum] ,bureau1 )  
"o anonym\s advisor ackn[l$g+ 9 a ,july 
#bd1 #bjah1 ,politico article t1 ,8     
mission 0 to bl[ t up1 :i* he has4 ,he  
is v well-suit$ to ! *aos44 ,mr4        
,mulvaney's misguid$ actions h includ$1 
among o!r ?+s-- 7,a7 /opp+ paym5ts f !  
,civil ,p5alty ,fund to h>m$ consum]s2  
7,b7 try+ to r$uce ! ,consum] ,bureau's 
fund+ & /aff+ by initially reque/+ #j be
 transf]r$ f ! ,f$]al ,res]ve ,bo>d (   
,gov]nors to c>ry out ! ag5cy's "w1     

impos+ a freeze on hir+ pr(essional c>e]
 /aff1 & by arbitr>ily direct+ /aff to  
cut ! ag5cy's budget by #a_/e2  7,c7    
politiciz+ ! "w ( ! ,consum] ,bureau by 
mak+ unusual ef=ts to fill ! indep5d5t  
ag5cy ) political appo9tees2  7,d7 r$uc+
 ! ,consum] ,bureau's en=cem5t "w1      
includ+ tak+ only six en=cem5t actions 9
 ! fir/ ?ree qu>t]s ( #bjah 7comp>$ )   
#ed en=cem5t actions tak5 by ! ag5cy 9  
#bjae1 #db en=cem5t actions 9 #bjaf &   
#cf en=cem5t actions 9 #bjag71 & dropp+ 
exi/+ lawsuits & inve/igations into     
pr$atory payday l5d]s2  7,e7 tak+ /eps t
 w\ld und]m9e ef=ts to promote fair l5d+
 & combat discrim9atory practices1      
includ+ by hir+1 & lat] refus+ to       
remove1 a political appo9tee ) a hi/ory 
( raci/ writt5 comm5t>y to ov]see !     
,(fice ( ,sup]vision1 ,en=cem5t1 & ,fair
 ,l5d+1 /ripp+ away ! en=cem5t p[]s ( ! 
,(fice ( ,fair ,l5d+ & ,equal           
,opportunity1 seek+ to curb ! ,consum]  
,bureau's data collection "u ! ,home    
,mortgage ,disclosure ,act1 & indicat+ !

 ,consum] ,bureau w\ld reconsid] its    
approa* t[>d en=c+ ! ,equal ,cr$it      
,opportunity ,act2  7,f7 *ang+ ! role ( 
! ,(fice ( ,/ud5ts & ,"y ,consum]s &1   
accord+ to an ,augu/ #bg1 #bjah1        
resignation lett] f ,se? ,frotman1 !    
,consum] ,bureau's =m] ,assi/ant        
,director & ,/ud5t ,loan ,ombudsman1 :5 
new evid5ce came to light %[+ t !       
nation's l>ge/ banks 7 ripp+ (f /ud5ts  
on campuses across ! c\ntry by saddl+ !m
 ) legally dubi\s acc\nt fees1 ,bureau  
lead]%ip suppress$ ! publication ( a    
report prep>$ by ,bureau /aff2  7,g7    
ab&on+ ! accept$ & effici5t practice (  
hav+ its exam9]s review1 z "p ( _! r\t9e
 exam9ations1 cr$itors' compliance ) !  
,milit>y ,l5d+ ,act 9 ord] to ensure !  
detection & assessm5t ( risky activities
 t c\ld jeop>dize vital protections     
provid$ to active-duty s]vicememb]s & _!
 families2  7,h7 creat+ an ,(fice ( ,co/
 ,b5efit ,analysis t prioritizes        
bus9esses' exp5ses ov] h>m caus$ to     
consum]s1 & unduly con/ra9s ov]sight ( !

 ,consum] ,bureau's regulat$ entities2  
7,i7 freez+ data collection to !        
detrim5t ( sup]vision & en=cem5t2  7,j7 
seek+ to block ! publication ( ! nature 
( consum]s' compla9ts & h[ entities     
resolv$ !m 9 ! publicly available &     
transp>5t ,consum] ,compla9t ,database2 
7,k7 re/rict+ key input & fe$back f a   
wide range ( ext]nal /akehold]s by      
effectively t]m9at+ memb]s' positions on
 ?ree advisory bo>ds1 includ+ !         
/atutorily m&at$ ,consum] ,advisory     
,bo>d2  7,l7 propos+ policies1 includ+  
^? reg>d+ no-action lett]s1 model       
disclosure pilot projects1 & product    
s&boxes1 t c\ld put _m k9ds ( f9ancial  
in/itutions 9 an en=cem5t-free zone1    
lett+ bad actors t h>m consum]s (f !    
hook entirely f en=cem5t1 & all[+ !m to 
ignore ! law2 &  7,m7 neglect+ to impose
 promptly any civil money p5alty on a   
bank :5 x 0 f\nd to be1 among o!r ?+s1  
improp]ly obta9+ consum] reports &      
furni%+ to consum] report+ ag5cies      
inaccurate in=mation ab\t consum]s'     

cr$it4  7#aj7 ,! repeat$ ef=ts "u ,mr4  
,mulvaney's lead]%ip to ham/r+ ! good   
"w1 passion1 commitm5t1 & ! capacity (  
d$icat$ pr(essional1 c>e] ,consum]      
,bureau /aff to fulfill ! ag5cy's       
/atutory mission has likely contribut$  
to l[ employee morale4 ,accord+ to a    
gov]nm5t-wide annual survey publi%$ 9   
,decemb] #bjah t 0 conduct$ by !        
nonpr(it1 nonp>tisan ,p>tn]%ip = ,public
 ,s]vice1 ! ,consum] ,bureau exp]i5c$ ! 
l>ge/ decl9e 9 employee morale = a      
gov]nm5t ag5cy ( its size4 ,a workplace 
) l[ morale und]m9es1 among o!r ?+s1 !  
ag5cy's ability to hold bad actors      
acc\ntable :5 !y h>m consum]s1 & if     
unaddress$1 w di/ort ! function+ ( fair 
& competitive consum] m>ketplaces4      
7#aa7 ,despite ! fact t ! ag5cy has be5 
ref]r$ to z ! ,consum] ,f9ancial        
,protection ,bureau s9ce x 0 creat$ 9   
#bjaj1 ,mr4 ,mulvaney opt$ to *ange !   
ag5cy's well-kn[n "n4 ,al?\gh ?is       
decision is suppos$ly int5d$ to ensure t
 ! ag5cy is 9 compliance ) ,dodd-,frank1

 :5 ?is *ange is view$ 9 conjunction ) !
 o!r detrim5tal actions to und]m9e !    
effectiv5ess ( ! ag5cy1 x c only be     
int]pret$ z an attempt to r$uce !       
public's aw>5ess (1 & significant       
support =1 ! ag5cy's role z ! top ,f$]al
 consum] cop z well z to obscure !      
public's ability to easily id5tify !    
appropriate ,f$]al ag5cy to contact :5  
fac$ ) pr$atory behavior by f9ancial    
actors4 ,z su*1 :ile "s may view ?is    
p>ticul> decision z m9or1 ! action s]v$ 
z an important symbolic & lit]al maneuv]
 by ! ,trump ,adm9i/ration1 ?r\gh its   
appo9tm5t ( ,mr4 ,mulvaney1 to dim9i% & 
und]m9e ! consum]-focus$ mission ( !    
,consum] ,bureau4 ,director ,ka?y       
,kran+]1 :o 0 duly nom9at$ by !         
,presid5t & confirm$ by ! ,s5ate1       
ann\nc$ plans 9 an email to /aff on     
,decemb] #ai1 #bjah1 to rev]se c\rse &  
return to utiliz+ ! ag5cy's well-kn[n   
"n4 ,h[ev]1 que/ions rema9 reg>d+ h[ ?is
 *ange w be implem5t$ & to :at ext5t !  
ag5cy may cont9ue to utilize ,mr4       

,mulvaney's pref]r$ "n 9 c]ta9          
circum/ances4  7#ab7 ,dur+ ,mr4         
,mulvaney's m ?an #ab-mon? t5ure runn+ !
 ag5cy1 he only appe>$ once be=e ! ,h\se
 ,f9ancial ,s]vices ,committee to       
discuss 8 activities at ! ,consum]      
,bureau4 ,?is is despite ! fact t ! law 
requires1 at a m9imum1 ! ,director's    
te/imony be=e ! ,committee              
semi-annually4 ,?is weak congressional  
ov]sight "u ! direction ( ! previ\s     
,republican ,majority pales 9 comp>ison 
to _! ov]sight ( ! ,consum] ,bureau dur+
 =m] ,director ,ri*>d ,cordray's t5ure4 
,dur+ ,director ,cordray's t5ure1 he &  
o!r s5ior ,consum] ,bureau (ficials     
te/ifi$ be=e ,congress m ?an #fj times2 
! ag5cy 0 compell$ to produce m ?an     
#bjj1jjj pages ( docum5ts 9 response to 
ov] #ij lett]s ( inquiry2 m ?an #bj     
subpo5as 7 s5t to ! ,consum] ,bureau2 & 
sev]al ( ! ,consum] ,bureau's =m] &     
curr5t employees 7 compell$ to sit =    
depositions ov] #ba days1 t la/$ #acf   
h\rs1 & produc$ #c1aid pages (          

transcripts4  7#ac7 ,dodd-,frank gives !
 ,director ( ! ,consum] ,bureau broad   
adm9i/rative & executive p[]s to1 among 
o!r ?+s3 fix ! numb] (1 & appo9t &      
direct1 all employees ( ! ag5cy2 direct 
! e/abli%m5t & ma9t5ance ( divisions or 
o!r (fices )9 ! ag5cy2 det]m9e ! "* (1 &
 ! necessity =1 ! obligations &         
exp5diture ( funds2 & ! use & exp5diture
 ( funds4 ,^! p[]s1 h[ev]1 are requir$  
to be ex]cis$ 9 a mann] consi/5t ) c>ry+
 out ! responsibilities "u ,title ,x (  
,dodd-,frank1 :i* includes comply+ ) !  
enum]at$ ,f$]al consum] f9ancial laws "u
 ! ,title1 & satisfy+ ! obligations 9   
o!r applicable laws4 ,mr4 ,mulvaney's   
de/ructive actions h demon/rat$ ! ne$ = 
legislation to reori5t ! ,director's    
discretion>y au?ority to ensure !       
ma9t5ance ( all /atutorily m&at$        
policies1 functions1 & (fices ( !       
,consum] ,bureau reg>dless ( :o is lead+
 ! ag5cy4  7b7 ,s5se ( ,congress ,!     
foll[+ is ! s5se ( ,congress3 7#a7 ,!   
,consum] ,f9ancial ,protection ,bureau  

%\ld meet its /atutory purpose 9 a      
transp>5t & acc\ntable mann] by op]at+ 9
 a way t is consi/5t ) bo? ! _s & pla9  
lett] ( ! law4 ,?is includes ! ag5cy    
fully c>ry+ out ! ag5cy's /atutory      
purpose1 objectives1 & functions1 & !   
ag5cy be+ transp>5t1 timely1 &          
responsive to all reque/s f ,congress4  
7#b7 ,dodd-,frank und]scores t ! ag5cy  
is design$ to s]ve z an indep5d5t ,f$]al
 ag5cy t is prim>ily focus$ on !        
protection ( all consum]s1 )\t any undue
 influ5ce ( p>tisan :ims & special      
indu/ry int]e/s1 9 c>ry+ out its        
responsibilities & duties4  7#c7 ,!     
(ficial "n ( ! ag5cy %\ld be consi/5t ) 
?is m&ate1 & ! ag5cy %\ld1 figuratively 
& lit]ally1 put ,consum]s fir/ by us+   
its bett]-kn[n "n z ! ,consum] ,f9ancial
 ,protection ,bureau4 ,?us1 any rema9+  
utilization by ! ag5cy ( ! "n1 ,bureau (
 ,consum] ,f9ancial ,protection1 or !   
acronym ,,bcfp1 %\ld cease 9 all =ms4   
7#d7 ,! /atute e/abli%+ ! ,consum]      
,bureau has be5 grossly mis9t]pret$ "u  

,mr4 ,mulvaney's lead]%ip1 9 a mann] t  
is inconsi/5t ) ! ag5cy's /atutory      
purpose1 objectives1 & functions4 ,"o   
example ( ?is 0 ,mr4 ,mulvaney's inane  
sugge/ion t ! /atutory requirem5t = !   
,director to appe> be=e relevant        
,congressional ,committees to discuss   
its semi-annual reports c\ld be         
int]pret$ z requir+ ! ,director m]ely to
 att5d a he>+ & n answ] que/ions1       
despite ! well-e/abli%$ int]pretation ( 
a simil> /atutory requirem5t = ! ,*air (
 ! ,f$]al ,res]ve ,bo>d ( ,gov]nors to  
appe> be=e ! ,h\se ,f9ancial ,s]vices   
,committee & ! ,s5ate ,bank+1 ,h\s+1 &  
,urban ,affairs ,committee on a         
semi-annual basis ab\t ! monet>y policy 
report1 z requir$ by ! ,humphrey-,hawk9s
 ,full ,employm5t ,act4 ,9 ! face ( su* 
blatant & disrespectful attempts to w>p 
! au?oriz+ & ov]sight role ( ! fir/     
bran* ( ! ,f$]al ,gov]nm5t--! ,unit$    
,/ates ,congress--by ! ,trump           
,adm9i/ration1 ,congress mu/1 9 ?is     
in/ance1 n[ ref9e ! ,consum] ,bureau's  

au?ority to ensure t ! vital role t !   
,consum] ,bureau %\ld be play+ )9 !     
c\ntry's f9ancial regulatory regime is n
 effectively de/roy$ by ! ag5cy's curr5t
 lead]%ip4  7#e7 ,! ,consum] ,bureau1 n[
 "u a new ,director1 %\ld promptly      
rev]se all anti-consum] actions tak5    
dur+ ,mr4 ,mulvaney's t5ure1 includ+ !  
actions id5tifi$ by ?is legislation1 to 
ensure t ! ag5cy is fully comply+ ) its 
/atutory purpose1 objectives1 &         
functions to protect all consum]s1      
includ+ communities ( color & vuln]able 
populations4 ,"o important action is = !
 ,consum] ,bureau to resume robu/ fair  
l5d+ en=cem5t to ensure t e consum] has 
fair & equal access to af=dable f9ancial
 products & s]vices4 ,ano!r demon/ration
 ( ?is w\ld be = ! ,consum] ,bureau to  
imm$iately resume sup]vision ( its      
regulat$ entities = compliance ) !      
,milit>y ,l5d+ ,act to ensure = ! mo/   
robu/ & effici5t protection (           
active-duty s]vicememb]s & _! families4 
,o!r examples include ! ,consum] ,bureau

 significantly revis+ its /rategic plan 
to align x ) its /atutory purpose1      
objectives & functions1 & = ! ag5cy to  
imm$iately resume coord9at+ closely )   
o!r ,f$]al ag5cies1 su* z ! ,dep>tm5t ( 
,education & ! ,dep>tm5t ( ,def5se1 &   
,/ate regulators1 z is requir$ by       
section #ajae ( ,dodd-,frank to1 promote
 consi/5t regulatory treatm5t ( consum] 
f9ancial & inve/m5t products & s]vices44
  7#f7 ,:ile ! legislation is a direct  
response to address _m ( ! misguid$     
decisions t h be5 or*e/rat$ "u ,mr4     
,mulvaney's lead]%ip at ! ,consum]      
,bureau t h be5 expos$ to ! public1 z ( 
! date ( ! bill's introduction1 & %>ply 
criticiz$ by num]\s ,f$]al & ,/ate      
(ficials1 includ+ law en=cem5t1 z well z
 organizations repres5t+ s]vicememb]s1  
s5ior citiz5s1 & o!r vuln]able consum]  
populations1 ?is legislation %\ld n be  
view$ z an exhau/ive li/ to fix all !   
damag+ actions t may h occurr$ at ?is   
ag5cy s9ce ! dep>ture ( =m] ,director   
,cordray 9 ,novemb] #bjag1 p>ticul>ly   

s9ce detail$ in=mation reveal+ ! full   
scope1 nature1 & ext5t ( ! curr5t flaw$ 
op]ation ( ! ag5cy1 & ! adv]se impact   
result+ f ^! actions1 may n yet be      
publicly available4 ,r1 ?is legislation 
%\ld be int]pret$ z an attempt to       
highlight & resolve a small sample ( !  
publicly kn[n egregi\s /atem5ts1        
decisions1 & actions t h occurr$ s9ce   
,novemb] #bjag4  #c4 ,consum] ,f9ancial 
,protection ,bureau  7a7 ,9 g5]al       
,section #ajaa7;a7 ( ! ,consum]         
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edia7;a77 is am5d$ by /rik+  
,bureau ( ,consum] ,f9ancial ,protection
 & ins]t+ ,consum] ,f9ancial ,protection
 ,bureau4  7b7 ,deem+ ( "n ,any ref]5ce 
9 any law1 regulation1 docum5t1 record1 
or o!r pap] ( ! ,unit$ ,/ates to !      
,bureau ( ,consum] ,f9ancial ,protection
 %all be deem$ a ref]5ce to ! ,consum]  
,f9ancial ,protection ,bureau4  7c7 ,"n 
use requirem5t ,section #ajaa ( !       
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edia7 is am5d$ by 

add+ at ! end ! foll[+3  7f7 ,"n use    
requirem5t ,! ,consum] ,f9ancial        
,protection ,bureau %all ref] to itself 
9 any public communication1 includ+ on  
any website1 z ! ,consum] ,f9ancial     
,protection ,bureau or ! ,,cfpb4  4  #d4
 ,con=m+ am5dm5ts  7a7 ,9 g5]al ,! ,acts
 & provisions describ$ "u subsection 7b7
 are am5d$ by /rik+ ,bureau ( ,consum]  
,f9ancial ,protection ea* place su* t]m 
appe>s 7includ+ 9 head+s & items 9 table
 ( cont5ts7 & ins]t+ ,consum] ,f9ancial 
,protection ,bureau4  7b7 ,acts ,to     
con=m ,! ,acts & provisions describ$ 9  
?is subsection are z foll[s3 7#a7 ,!    
,alt]native ,mortgage ,transaction      
,p>ity ,act ( #aihb 7#ab ,u4,s4,c4 #chja
 et seq474  7#b7 ,! ,consum] ,cr$it     
,protection ,act 7#ae ,u4,s4,c4 #afja et
 seq474  7#c7 ,! ,dodd-,frank ,wall     
,/reet ,re=m & ,consum] ,protection ,act
 7#ab ,u4,s4,c4 #ecja et seq474  7#d7 ,!
 ,exp$it$ ,funds ,availability ,act 7#ab
 ,u4,s4,c4 #djja et seq474  7#e7 ,!     
,f$]al ,deposit ,insurance ,act 7#ab    

,u4,s4,c4 #ahaa et seq474  7#f7 ,!      
,f$]al ,f9ancial ,in/itutions           
,exam9ation ,c\ncil ,act ( #aigh 7#ab   
,u4,s4,c4 #cbja et seq474  7#g7 ,!      
,f9ancial ,in/itutions ,re=m1 ,recov]y1 
& ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 
#ahaa note et seq474  7#h7 ,! ,f9ancial 
,lit]acy & ,education ,improvem5t ,act  
7#bj ,u4,s4,c4 #igja et seq474  7#i7    
,section #fbf ( ! ,f9ancial ,s]vices &  
,g5]al ,gov]nm5t ,appropriations ,act1  
#bjji 7division ,d ( ,public ,law       
#aaa-h2 #ab ,u4,s4,c4 #eech74  7#aj7 ,! 
,gramm-,lea*-,bliley ,act 7#ab ,u4,s4,c4
 #ahaa note et seq474  7#aa7 ,! ,home   
,mortgage ,disclosure ,act ( #aige 7#ab 
,u4,s4,c4 #bhja et seq474  7#ab7        
,section #aj7;a77#d7 ( ! ,home[n]s      
,protection ,act ( #aiih 7#ab ,u4,s4,c4 
#dija et seq474  7#ac7 ,! ,inspector    
,g5]al ,act ( #aigh 7#e ,u4,s4,c4 ,app  
#b74  7#ad7 ,! ,int]/ate ,l& ,sales     
,full ,disclosure ,act 7#ae ,u4,s4,c4   
#agja et seq474  7#ae7 ,! ,real ,e/ate  
,settlem5t ,proc$ures ,act ( #aigd 7#ab 

,u4,s4,c4 #bfja et seq474  7#af7 ,title 
,,lxii ( ! ,revis$ ,/atutes ( ! ,unit$  
,/ates 7#ab ,u4,s4,c4 #ba et seq474     
7#ag7 ,! ,"r to ,f9ancial ,privacy ,act 
( #aigh 7#ab ,u4,s4,c4 #cdja et seq474  
7#ah7 ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ 
,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et    
seq474  7#ai7 ,! ,telem>ket+ & ,consum] 
,fraud & ,abuse ,prev5tion ,act 7#ae    
,u4,s4,c4 #faja et seq474  7#bj7        
,sections #eeb;a7w7 & #cacb7;a77#a77;,d7
 ( title #e1 ,unit$ ,/ates ,code4  7#ba7
 ,section #ihg7;g77#c77;,e7 ( title #aj1
 ,unit$ ,/ates ,code4  7#bb7 ,sections  
#cejb7e7 & #ceac7;c7 ( title #dd1 ,unit$
 ,/ates ,code4  #e4 ,executive &        
adm9i/ration p[]s  7a7 ,(fice           
,responsibilities ,section #ajab ( !    
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edib7 is am5d$--  
7#a7 by r$esignat+ subsection 7c7 z     
subsection 7d72 &  7#b7 by ins]t+ aft]  
subsection 7b7 ! foll[+3  7c7 ,(fice    
,responsibilities ,not)/&+ subsections  
7a7 & 7b71 section #ajac7;a71 & any o!r 

provision ( law1 ) respect to ! specific
 functional units & (fices describ$ "u  
subsections 7b71 7c71 7d71 7e71 7g71 &  
7h7 ( section #ajac & ! advisory bo>ds  
describ$ "u section #ajad1 ! ,director--
 7#a7 %all ensure t su* functional      
units1 (fices1 & bo>ds p]=m ! functions1
 duties1 & coord9ation assign$ to !m "u 
! applicable provision ( section #ajac  
or #ajad2 &  7#b7 may n reorganize or   
r5ame su* units1 (fices1 & bo>ds 9 a    
mann] n provid$ = "u ! applicable       
provision ( section #ajac or #ajad4  4  
7b7 ,duty ,to provide adequate /aff+    
,section #ajac7;a77#a7 ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edic7;a77#a77 is am5d$ by    
add+ at ! end ! foll[+3  7,d7 ,duty to  
provide adequate /aff+ ,! ,director %all
 ensure t ! specific functional units & 
(fices e/abli%$ "u section #ajac1 z well
 z o!r units & (fices ) sup]visory &    
en=cem5t duties1 are provid$ ) suffici5t
 /aff to c>ry out ! functions1 duties1 &
 coord9ation ( ^? units & (fices4  4    

7c7 ,limitation on political appo9tees  
,section #ajac7;a77#a7 ( ! ,consum]     
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edic7;a77#a77 is am5d$ by    
add+ at ! end ! foll[+3  7,e7           
,limitation on political appo9tees  7i7 
,9 g5]al ,9 appo9t+ employees ( !       
,bureau :o are political appo9tees1 !   
,director %all ensure t ! numb] & duties
 ( su* political appo9tees are z simil> 
z possible to ^? ( ! o!r ,f$]al prim>y  
f9ancial regulatory ag5cies4  7ii7      
,political appo9tees def9$ ,= purposes (
 ?is subp>agraph1 ! t]m political       
appo9tee means an employee :o holds--   
7,i7 a position :i* has be5 except$ f ! 
competitive s]vice by reason ( its      
confid5tial1 policy-det]m9+1            
policy-mak+1 or policy-advocat+ "*2     
7,,ii7 a position 9 ! ,s5ior ,executive 
,s]vice z a nonc>e] appo9tee 7z su* t]m 
is def9$ 9 section #cacb7;a7 ( title #e1
 ,unit$ ,/ates ,code72 or  7,,iii7 a    
position "u ! ,executive ,s*$ule        
7sub*apt] ,,ii ( *apt] #ec ( title #e1  

,unit$ ,/ates ,code74  4  7d7 ,public   
availability ( compla9t in=mation  7#a7 
,9 g5]al ,section #ajac7;b77#c7 ( !     
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edic7;b77#c77 is  
am5d$--  7,a7 9 subp>agraph 7,a7-- 7i7  
by ins]t+ publicly available be=e       
website2  7ii7 by ins]t+ publicly       
available be=e database1 ea* place su*  
t]m appe>s2 &  7iii7 by add+ at ! end ! 
foll[+3 ,! ,director %all ensure t ! l&+
 page ( ! ma9 website ( ! ,bureau       
conta9s a cle> & conspicu\s hyp]l9k to !
 consum] compla9t database describ$ 9   
?is subp>agraph & %all ensure t su*     
database is us]-fri5dly & 9 pla9 writ+  
7z su* t]m is def9$ 9 ! ,pla9 ,writ+    
,act ( #bjaj74 ,! ,director %all ensure 
t all in=mation on ! website or !       
database t expla9s h[ to file a compla9t
 ) ! ,bureau1 z well z all reports ( !  
,bureau ) respect to in=mation conta9$ 9
 ! database1 %all be provid$ 9 ea* ( !  
five mo/ commonly spok5 languages1 o!r  
?an ,engli%1 9 ! ,unit$ ,/ates1 z       

det]m9$ by ! ,bureau ( ! ,c5sus on an   
ongo+ basis1 & 9 =mats accessible to    
individuals ) he>+ or vision            
impairm5ts42 &  7,b7 by add+ at ! end ! 
foll[+3  7,e7 ,public availability (    
in=mation  7i7 ,9 g5]al ,! ,director    
%all--  7,i7 make all consum] compla9ts 
available to ! public on a website ( !  
,bureau2  7,,ii7 place a cle> &         
conspicu\s hyp]l9k on ! l&+ page ( ! ma9
 website ( ! ,bureau to ! website       
describ$ "u subclause 7,i72 &  7,,iii7  
ensure t su* website-- 7aa7 is se>*able 
& sortable by bo? consum] f9ancial      
product or s]vice & by cov]$ p]son2 &   
7bb7 is us]-fri5dly & writt5 9 pla9     
language4  7ii7 ,inclusion ( compla9ts  
submitt$ ) inquiries ,= purposes (      
clause 7i71 9 addition to all compla9ts 
describ$ "u subp>agraph 7,a71 consum]   
compla9ts %all include any compla9ts    
submitt$ )1 or z "p (1 an inquiry       
describ$ "u section #ajcd4  7iii7       
,removal ( p]sonally id5tifiable        
in=mation ,9 mak+ ! in=mation describ$  

"u clause 7i7 available to ! public1 !  
,director %all remove all p]sonally     
id5tifiable in=mation4  4  7#b7 ,rule ( 
con/ruction  7,a7 ,9 g5]al ,! ,director 
( ! ,consum] ,f9ancial ,protection      
,bureau %all ensure--  7i7 t ! database 
& website describ$ "u section           
#ajac7;b77#c7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj h1 at a m9imum1
 ! same availability1 transp>5cy1 &     
functionality t su* database & website  
_h prior to ,novemb] #bd1 #bjag2 &  7ii7
 t consum]s are able1 at a m9imum1 to   
submit compla9ts to ! ,bureau ) respect 
to--  7,i7 any cov]$ p]son or s]vice    
provid]2 &  7,,ii7 any f9ancial product 
or s]vice4  7,b7 ,def9itions ,= purposes
 ( ?is p>agraph1 ! t]ms cov]$ p]son1    
f9ancial product or s]vice1 & s]vice    
provid] h ! mean+ giv5 ^? t]ms1         
respectively1 "u section #ajjb ( !      
,consum] ,f9ancial ,protection ,act (   
#bjaj4  7e7 ,memor&a ( und]/&+  7#a7    
,report on curr5t ,m,o,us ,n lat] ?an ! 
end ( ! #cj-;day p]iod beg9n+ on ! date 

( enactm5t ( ?is ,act1 ! ,director ( !  
,consum] ,f9ancial ,protection ,bureau  
%all issue a report to ! ,committee on  
,f9ancial ,s]vices ( ! ,h\se (          
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate li/+--  7,a7 ea* memor&um (      
und]/&+ 9 effect ) ! ,bureau on ,novemb]
 #bd1 #bjag2  7,b7 any *anges made to   
su* a memor&um ( und]/&+ s9ce su* date1 
includ+ any memor&um ( und]/&+ resc9d$  
s9ce su* date2 &  7,c7 a ju/ification = 
ea* su* *ange or rescission4  7#b7      
,semi-annual report on ,m,o,us ,section 
#ajaf7;c7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edif7;c77 is am5d$--  7,a7 9 p>agraph  
7#h71 by /rik+ & at ! end2  7,b7 9      
p>agraph 7#i71 by /rik+ ! p]iod & ins]t+
 a semicolon2 &  7,c7 by add+ at ! end !
 foll[+3  7#aj7 a li/ ( ea* memor&um (  
und]/&+ 9 effect ) ! ,bureau1 any *anges
 made to a memor&um ( und]/&+ s9ce ! la/
 report 0 made "u subsection 7b71 & a   
ju/ification = ea* su* *ange2  4  7#c7  

,ree/abli%m5t ( memor&a ( und]/&+ ,!    
memor&a ( und]/&+ betwe5 ! ,consum]     
,f9ancial ,protection ,bureau & !       
,dep>tm5t ( ,education titl$ ,memor&um (
 ,und]/&+ ,betwe5 ! ,bureau ( ,consum]  
,f9ancial ,protection & ! ,u4,s4        
,dep>tm5t ( ,education ,conc]n+ ! ,%>+ (
 ,in=mation 7,octob] #ai1 #bjaa7 &      
,memor&um ( ,und]/&+ ,conc]n+           
,sup]visory & ,ov]sight ,coop]ation &   
,relat$ ,in=mation ,%>+ ,betwe5 ! ,u4,s4
 ,dep>tm5t ( ,education & ! ,consum]    
,f9ancial ,protection ,bureau 7,janu>y  
#i1 #bjad7-- 7,a7 %all rema9 9 effect & 
may n be t]m9at$ by any p>ty to su*     
memor&a2 &  7,b7 may only be am5d$ or   
revis$ if ! p>ties to ! memor&a det]m9e 
t su* am5dm5t or revision w\ld promote  
bett] int]ag5cy coord9ation to ! b5efit 
( consum]s4  7f7 ,additional report     
in=mation on consum] sav+s ,section     
#ajac ( ! ,consum] ,f9ancial ,protection
 ,act ( #bjaj 7#ab ,u4,s4,c4 #edic7 is  
am5d$ by add+ at ! end ! foll[+3  7i7   
,additional report in=mation on consum] 

sav+s ,9 issu+ ea* report requir$ "u    
section #ejb7;d7 ( ! ,cr$it ,,c>d ,act (
 #bjji1 ! ,bureau %all include a        
num]ical e/imate ( ! am\nt t su* ,act   
has sav$ consum]s 9 fees impact$ by su* 
,act1 relative to ! level ( su* fees    
prior to ! enactm5t ( su* ,act4  4  7g7 
,re/oration ( rule prohibit+ =c$        
arbitration 9 consum] contracts  7#a7   
,repeal ( jo9t resolution ,public ,law  
#aae-gd is h]eby repeal$4  7#b7         
,re/oration ( rule ,n lat] ?an ! end ( !
 #c-;day p]iod beg9n+ on ! date (       
enactm5t ( ?is ,act1 ! ,consum]         
,f9ancial ,protection ,bureau %all      
reissue ! f9al rule ( ! ,bureau specifi$
 9 ,public ,law #aae-gd 7relat+ to      
,arbitration ,agreem5ts7 9 ! same =m z  
su* rule exi/$ on ! day be=e ! date (   
enactm5t ( ,public ,law #aae-gd1 except 
! ,bureau %all specify t ! rule takes   
effect aft] ! end ( ! #fj-;day p]iod    
beg9n+ on ! date su* rule is reissu$4   
#f4 ,(fices ( ! ,consum] ,f9ancial      
,protection ,bureau  7a7 ,cl>ification (

 ! duties ( ! ,(fice ( ,fair ,l5d+ &    
,equal ,opportunity ,section            
#ajac7;c77#b7 ( ! ,consum] ,f9ancial    
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edic7;c77#b77 is am5d$--  7#a7 by /rik+
 ,(fice ( ,fair ,l5d+ & ,equal          
,opportunity %all h su* p[]s & duties z 
! ,director may delegate to ! ,(fice1   
includ+ & ins]t+ p[]s & duties ( !      
,(fice ( ,fair ,l5d+ & ,equal           
,opportunity %all include2  7#b7 9      
subp>agraph 7,c71 by /rik+ & at ! end2  
7#c7 9 subp>agraph 7,d71 by /rik+ !     
p]iod & ins]t+ a semicolon2 &  7#d7 by  
add+ at ! end ! foll[+3  7,e7 implem5t+ 
! ,bureau's en=cem5t & sup]visory       
au?ority ) respect to fair l5d+ laws2 & 
7,f7 su* additional p[]s & duties z !   
,director may det]m9e appropriate4  4   
7b7 ,(fice ( ,/ud5ts & ,"y ,consum]s    
7#a7 ,9 g5]al ,section #ajac ( !        
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edic71 z am5d$ by 
section #e7;f71 is fur!r am5d$ by add+  
at ! end ! foll[+3  7j7 ,(fice ( ,/ud5ts

 & ,"y ,consum]s  7#a7 ,9 g5]al ,!      
,director %all1 n lat] ?an ! end ( !    
#fj-;day p]iod beg9n+ on ! date (       
enactm5t ( ?is section1 e/abli% an      
,(fice ( ,/ud5ts & ,"y ,consum]s1 :i*   
%all "w to emp[] /ud5ts1 "y p1 & _!     
families to make m in=m$ f9ancial       
decisions ab\t sav+ & pay+ = college1   
access+ saf] & m af=dable f9ancial      
products & s]vices1 all matt]s relat$ to
 private education loans 7z def9$ "u    
section #ajce7;e771 & repay+ /ud5t loan 
debt1 includ+ private education loans4  
7#b7 ,head ( ! ,(fice ,! head ( ! ,(fice
 ( ,/ud5ts & ,"y ,consum]s %all be !    
,assi/ant ,director & ,/ud5t ,loan      
,ombudsman1 & ! ,assi/ant ,director &   
,/ud5t ,loan ,ombudsman %all c>ry out   
all functions e/abli%$ "u section #ajce 
?r\gh ! ,(fice ( ,/ud5ts & ,"y          
,consum]s4  7#c7 ,sup]visory1 en=cem5t1 
& regulatory matt]s ,! ,(fice ( ,/ud5ts 
& ,"y ,consum]s %all assi/ 9 all        
sup]visory1 en=cem5t1 & regulatory      
matt]s ( ! ,bureau relat$ to ! functions

 ( ! ,(fice4  7#d7 ,coord9ation ,!      
,director %all ent] into memor&a (      
und]/&+ & simil> agreem5ts ) ! ,dep>tm5t
 ( ,education & o!r ,f$]al & ,/ate      
ag5cies1 z appropriate1 9 ord] to c>ry  
out ! bus9ess ( ! ,(fice ( ,/ud5ts & ,"y
 ,consum]s4  7#e7 ,report on risks to "y
 consum]s & /ud5t borr[]s ,n less ?an   
once annually1 ! ,assi/ant ,director &  
,/ud5t ,loan ,ombudsman %all issue a    
report to ,congress conta9+ an analysis 
( compla9ts submitt$ to ! ,bureau by "y 
consum]s & /ud5t borr[]s dur+ ! previ\s 
ye> & (f]+ an indep5d5t evaluation (    
risks to "y consum]s & /ud5t borr[]s    
pos$ by policies & practices 9 !        
m>ketplace = consum] f9ancial products &
 s]vices4  7#f7 ,collection ( /ud5t loan
 s]vic] data  7,a7 ,9 g5]al ,! ,assi/ant
 ,director & ,/ud5t ,loan ,ombudsman    
%all require ea* s]vic] ( /ud5t loans to
 submit an annual report to ! ,assi/ant 
,director ) in=mation reg>d+ ! s]vic]'s 
loan portfolio1 includ+ data reg>d+ !   
foll[+3 7i7 ,! size ( ! s]vic]'s        

portfolio4  7ii7 ,! repaym5t /atus (    
unique acc\nts4  7iii7 ,borr[]-initiat$ 
& s]vic]-initiat$ contacts1 & ! outcome 
( ea* su* contact4  7iv7 ,income-driv]  
repaym5t applications & rec]tifications4
  7v7 ,any o!r data ! ,assi/ant         
,director & ,/ud5t ,loan ,ombudsman     
det]m9es necess>y to c>ry out !         
functions ( ! ,(fice ( ,/ud5ts & ,"y    
,consum]s4  7,b7 ,report ,! ,assi/ant   
,director & ,/ud5t ,loan ,ombudsman %all
 include1 9 ea* report requir$ "u       
section #ajce7;d77#a71 a description ( !
 in=mation collect$ "u ?is p>agraph1    
along ) any f9d+s or det]m9ations !     
,assi/ant ,director made ) respect to   
su* in=mation4  7,c7 ,guidance ,n lat]  
?an #ij days aft] ! enactm5t ( ?is      
subsection1 ! ,bureau %all issue        
guidance to /ud5t loan s]vic]s to       
facilitate ! data collection requir$ "u 
?is p>agraph4  4  7#b7 ,r5am+ &         
appo9tm5t cl>ification ( ! ,private     
,education ,loan ,ombudsman  7,a7 ,9    
g5]al ,section #ajce ( ! ,consum]       

,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #eece7 is am5d$-- 7i7 9 !     
head+ ( ! section by /rik+ ,,private    
,,education & ins]t+ ,,assi/ant         
,,director ,,& ,,/ud5t2  7ii7 9         
subsection 7a71 by /rik+ ,! ,secret>y1 9
 consultation ) ! ,director1 %all       
designate a ,private ,education ,loan   
,ombudsman & ins]t+ ,! ,director %all   
designate an individual z ! ,assi/ant   
,director & ,/ud5t ,loan ,ombudsman2    
7iii7 9 subsection 7b71 by /rik+ ,!     
,secret>y & ! ,director & ins]t+ ,!     
,director2 &  7iv7 9 subsection 7d77#b71
 by ins]t+ ! ,director1 be=e !          
,secret>y14  7,b7 ,cl]ical am5dm5t ,!   
table ( cont5ts "u section #a7;b7 ( !   
,dodd-,frank ,wall ,/reet ,re=m &       
,consum] ,protection ,act is am5d$1 9 ! 
item relat+ to section #ajce1 by /rik+  
,private education & ins]t+ ,assi/ant   
director & /ud5t4  7,c7 ,deem+ ( "n ,any
 ref]5ce 9 any law1 regulation1 docum5t1
 record1 or o!r pap] ( ! ,unit$ ,/ates  
to ! ,private ,education ,loan          

,ombudsman %all be deem$ a ref]5ce to ! 
,assi/ant ,director & ,/ud5t ,loan      
,ombudsman4  7c7 ,semi-,annual report to
 ,congress on c]ta9 (fices ( ! ,bureau  
,section #ajaf7;c7 ( ! ,consum]         
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edif7;c771 z am5d$ by section
 #e7;e77#b71 is fur!r am5d$ by add+ at !
 end ! foll[+3  7#aa7 ) respect to ea* (
 ! specific functional units & (fices   
e/abli%$ "u section #ajac-- 7,a7 a      
detail$ description ( ! activities ( !  
unit or (fice s9ce ! la/ report 0 made  
"u subsection 7b72 &  7,b7 an analysis (
 ! ef=ts ( ! ,bureau to a*ieve ! duties 
( ! unit or (fice2 &  7#ab7 ) respect to
 ea* specific functional units & (fices 
e/abli%$ "u section #ajac1 z well z ea* 
o!r unit & (fice ) sup]visory & en=cem5t
 duties1 a break d[n ( ! numb] (        
political & pr(essional c>e] /aff       
assign$ to & employ$ by ea* unit or     
(fice at ! end ( ! report+ p]iod4  4    
7d7 ,function ( any unit or (fice       
e/abli%$ ,to conduct co/ b5efit analysis

 ,any unit or (fice e/abli%$ to conduct 
co/ b5efit analysis )9 ! ,consum]       
,f9ancial ,protection ,bureau %all1 z   
its sole function1 c>ry out !           
consid]ations requir$ by section        
#ajbb7;b77#b77;,a7 ( ! ,consum]         
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #eeab7;b77#b77;,a774  #g4     
,consum] ,advisory ,bo>d re=ms  7a7 ,9  
g5]al ,section #ajad ( ! ,consum]       
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edid7 is am5d$--  7#a7 by    
am5d+ subsection 7b7 to read z foll[s3  
7b7 ,memb]%ip  7#a7 ,qualifications ,9  
appo9t+ ! memb]s ( ! ,consum] ,advisory 
,bo>d1 ! ,director %all--  7,a7 seek to 
assemble a div]se & inclusive gr\p (    
exp]ts 9 consum] protection1 f9ancial   
s]vices1 community developm5t1 fair l5d+
 & civil rights1 & consum] f9ancial     
products or s]vices & repres5tatives (  
depository in/itutions t prim>ily s]ve  
und]s]v$ communities1 repres5tatives (  
s]vicememb]s1 vet]ans1 & _! families1 & 
repres5tatives ( communities t h be5    

significantly impact$ by high]-pric$    
mortgage loans1 & seek repres5tation ( !
 int]e/s ( cov]$ p]sons & consum]s1 )\t 
reg>d to p>ty affiliation2  7,b7 ensure 
t at lea/ #b_/c ( ! memb]s repres5t !   
int]e/s ( consum]s1 includ+ exp]ts 9    
consum] protection1 fair l5d+1 civil    
rights1 & repres5tatives ( communities t
 h be5 significantly impact$ by         
high]-pric$ mortgage loans & o!r        
products t result$ 9 consum] h>m2  7,c7 
ensure t at lea/ "o memb] is an exp]t 9 
consum] privacy2 &  7,d7 seek to appo9t 
individuals involv$ 9 ! indu/ries       
affect$ by ! ,bureau1 includ+           
individuals :o repres5t community banks1
 cr$it unions1 small bus9ess own]s1 or  
exp]ts 9 ,unit$ ,/ates economic gr[? &  
jobs4  7#b7 ,numb] ( memb]s ,! ,director
 %all appo9t n few] ?an #be memb]s to ! 
,consum] ,advisory ,bo>d1 & n few] ?an  
#f memb]s %all be appo9t$ ^u !          
recomm5dation ( ! regional ,f$]al       
,res]ve ,bank ,presid5ts1 on a rotat+   
basis4  7#c7 ,memb]%ip rights aft] *>t] 

*ange ,any *ange to ! *>t] = ! ,consum] 
,advisory ,bo>d affect+ ! memb]%ip %all 
n preclude prior or curr5t memb]s f     
apply+ = consid]ation to s]ve on a      
recon/itut$ ,consum] ,advisory ,bo>d4  2
 &  7#b7 9 subsection 7c7-- 7,a7 by     
/rik+ meet f & ins]t+ meet 9 p]son f2 & 
7,b7 by add+ at ! end ! foll[+3 ,!      
,bureau %all provide adequate notice to 
! memb]s ( ! ,consum] ,advisory ,bo>d ( 
! "t & date ( ea* meet+1 & ( any meet+  
cancellations44  7b7 ,inclusion ( !     
,director 9 meet+s & access to ,bureau  
/aff ,section #ajad ( ! ,consum]        
,f9ancial ,protection ,act ( #bjaj 7#ab 
,u4,s4,c4 #edid7 is am5d$ by add+ at !  
end ! foll[+3  7e7 ,inclusion ( !       
,director 9 meet+s & access to ,bureau  
/aff ,) respect to ea* 9 p]son meet+ ( !
 ,consum] ,advisory ,bo>d-- 7#a7 !      
,director %all att5d su* meet+ 9 p]son2 
&  7#b7 ! ,director %all ensure t !     
memb]s ( ! ,consum] ,advisory ,bo>d h an
 opportunity to meet & engage 9 p]son ) 
all appropriate /aff & (fice ( !        

,bureau4  4  7c7 ,treatm5t ( memb]s ( ! 
,consum] ,advisory ,bo>d ,not)/&+ any   
o!r law--  7#a7 any memb] ( ! ,consum]  
,advisory ,bo>d ( ! ,consum] ,f9ancial  
,protection ,bureau on ,novemb] #a1     
#bjag1 may cont9ue to s]ve z a memb] (  
su* advisory bo>d until ,m>* #bg1 #bjbj1
 & may n be remov$ f su* position )\t   
cause by ! ,director ( ! ,bureau until  
su* date2 &  7#b7 any memb] ( ! ,consum]
 ,advisory ,bo>d ( ! ,consum] ,f9ancial 
,protection ,bureau on ! date ( enactm5t
 ( ?is ,act1 may cont9ue to s]ve z a    
memb] ( su* advisory bo>d until ,m>*    
#bg1 #bjbj1 & may n be remov$ f su*     
position )\t cause by ! ,director ( !   
,bureau until su* date4  7d7 ,additional
 requirem5ts = advisory committees      
,section #ajac ( ! ,consum] ,f9ancial   
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edic71 z am5d$ by section #f7;b77#a71  
is fur!r am5d$ by add+ at ! end !       
foll[+3  7k7 ,advisory committee        
requirem5ts  7#a7 ,qualifications ,9    
appo9t+ memb]s ( any advisory committee1

 o!r ?an ! ,consum] ,advisory ,bo>d1 !  
,director %all ensure t at lea/ #a_/c ( 
! memb]s repres5t ! int]e/s ( consum]s1 
includ+ exp]ts 9 consum] protection1    
fair l5d+1 civil rights1 &              
repres5tatives ( communities t h be5    
significantly impact$ by high]-pric$    
mortgage loans & o!r products t result$ 
9 consum] h>m4  7#b7 ,selection ( memb]s
 repres5t+ m9ority-own$1 wom5-own$      
bus9esses1 & milit>y- & vet]an-s]v+     
f9ancial in/itutions ,9 appo9t+ memb]s (
 any advisory committee1 ! ,director    
%all seek to promote div]sity &         
inclusion 9 mak+ appo9tm5ts1 includ+ by 
appo9t+ individuals :o repres5t         
m9ority-own$1 wom5-own$ bus9esses1 &    
milit>y- & vet]an-s]v+ f9ancial         
in/itutions4  4  #h4 ,discretion>y      
surplus funds ,section #g7;a77#c77;,a7 (
 ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4   
#bhi7;a77#c77;,a77 is am5d$ by /rik+    
#f1hbe1jjj1jjj & ins]t+ #f1gig1jjj1jjj  
7r$uc$ by #aj1jjj1jjj7 7r$uc$ by        
#aj1jjj1jjj7 7r$uc$ by #aj1jjj1jjj74    

#i4 ,modification ( ! exemption f c]ta9 
disclosure requirem5ts  7a7 ,9 g5]al    
,section #cjd ( ! ,home ,mortgage       
,disclosure ,act ( #aige 7#ab ,u4,s4,c4 
#bhjc7 is am5d$-- 7#a7 by /rik+         
subsection 7i7 & ins]t+ ! foll[+3  7i7  
,exemption f c]ta9 disclosure           
requirem5ts ,! requirem5ts ( p>agraphs  
7#d71 7#e71 & 7#f7 ( subsection 7b7 %all
 n apply ) respect to any depository    
in/itution describ$ 9 section           
#cjc7c77;,a7 t has total assets1 z ( !  
mo/ rec5t full fiscal ye> ( !           
in/itution1 ( #cj million or less4  2 & 
7#b7 by /rik+ subsection 7o74  7b7      
,te*nical & con=m+ am5dm5t ,section #ajd
 ( ! ,economic ,gr[?1 ,regulatory       
,relief1 & ,consum] ,protection ,act    
7,public ,law #aae-agd2 #acb ,/at4      
#acja7 is am5d$ by /rik+ subsection 7b74
  #aj4 ,limitation on provid+ exemptions
 f ,,hmda report+ requirem5ts ,section  
#ajbg ( ! ,consum] ,f9ancial ,protection
 ,act 7#ab ,u4,s4,c4 #eeag7 is am5d$ by 
add+ at ! end ! foll[+3  7t7 ,limitation

 on provid+ exemptions f ,,hmda report+ 
requirem5ts ,not)/&+ any provision ( ?is
 title or ! ,home ,mortgage ,disclosure 
,act ( #aige1 ! ,bureau may n provide   
any p]son ) an exemption f comply+ ) any
 report+ requirem5ts "u ! ,home         
,mortgage ,disclosure ,act ( #aige if   
su* exemption did n exi/ on ! date (    
enactm5t ( ?is subsection4  4  #aa4     
,limitation on modify+ ,,hmda data      
fields ,section #ajbg ( ! ,consum]      
,f9ancial ,protection ,act 7#ab         
,u4,s4,c4 #eeag7 is am5d$ by add+ at !  
end ! foll[+3  7u7 ,limitation on       
modify+ ,,hmda data fields ,not)/&+ any 
provision ( ?is title or ! ,home        
,mortgage ,disclosure ,act ( #aige1 !   
,bureau may n elim9ate1 ) respect to !  
report+ requirem5ts "u ! ,home ,mortgage
 ,disclosure ,act ( #aige1 any data     
fields t 7 requir$ to be report$ on !   
date ( enactm5t ( ?is subsection4  4    
#ab4 ,ma9ta9+ ! ,,hmda ,explor] tool & !
 ,public ,data ,plat=m ,,api ,! ,consum]
 ,f9ancial protection ,bureau may n     

retire ! ,,hmda ,explor] tool or !      
,public ,data ,plat=m ,,api4  #ac4      
,report on fair l5d+ inve/igations &    
en=cem5t actions ,section #ajaf ( !     
,consum] ,f9ancial ,protection ,act (   
#bjaj 7#ab ,u4,s4,c4 #edif7 is am5d$ by 
add+ at ! end ! foll[+3  7d7 ,report on 
fair l5d+ inve/igations & en=cem5t      
actions ,! ,director %all issue a mon?ly
 report to ,congress conta9+--  7#a7 !  
numb] ( inve/igations op5$ & clos$ by ! 
,bureau relat+ to pot5tial fair l5d+    
violations2  7#b7 h[ _m fair l5d+       
en=cem5t actions h be5 tak5 or ref]r$2  
7#c7 an analysis ( consum] compla9ts    
relat+ to pot5tial fair l5d+ violations2
 &  7#d7 /ati/ics on h[ _m /aff ( !     
,(fice ( ,fair ,l5d+ & ,equal           
,opportunity are d$icat$ to fair l5d+   
sup]vision & en=cem5t issues4  4  #ad4  
,debt collection  7a7 ,report on debt   
collection compla9ts & en=cem5t actions 
,section #ajaf ( ! ,consum] ,f9ancial   
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edif7 is am5d$ by add+ at ! end !      

foll[+3  7e7 ,report on debt collection 
compla9ts & en=cem5t actions ,!         
,director %all issue a qu>t]ly report to
 ,congress conta9+--  7#a7 an analysis (
 ! consum] compla9ts receiv$ by !       
,bureau ) respect to debt collection1   
includ+ a ,/ate-by-,/ate breakd[n ( su* 
compla9ts2 &  7#b7 a li/ ( en=cem5t     
actions tak5 aga9/ debt collectors dur+ 
! previ\s #ab mon?s4  4  7b7 ,limitation
 on debt collection rules ,section #ajbb
 ( ! ,consum] ,f9ancial ,protection ,act
 ( #bjaj 7#ab ,u4,s4,c4 #eeab7 is am5d$ 
by add+ at ! end ! foll[+3  7e7         
,limitation on debt collection rules ,! 
,director may n issue any rule ) respect
 to debt collection t all[s a debt      
collector to s5d unlimit$ email & text  
messages to a consum]4  4  #ae4 ,cr$it  
scores includ$ 9 free annual disclosures
 ,section #fji ( ! ,fair ,cr$it ,report+
 ,act 7#ae ,u4,s4,c4 #afha;g7 is am5d$--
 7#a7 9 subsection 7a77#a7--  7,a7 by   
/rik+ & at ! end & ins]t+ a p]iod2  7,b7
 by /rik+ except t-- & all t foll[s     

?r\gh 7,a7 if ! & ins]t+ except t if !2 
&  7,c7 by /rik+ subp>agraph 7,b72  7#b7
 9 subsection 7a71 by add+ at ! end !   
foll[+3  7#g7 ,if ! consum] report+     
ag5cy is a consum] report+ ag5cy t      
compiles & ma9ta9s files on consum]s on 
a nationwide basis z describ$ 9 section 
#fjc7p71 ea* su* ag5cy %all disclose a  
curr5t cr$it score g5]at$ us+ ! scor+   
algori?m1 =mula1 model1 program1 or     
me*anism t is mo/ frequ5tly us$ to      
g5]ate cr$it scores sold to cr$itors1   
subject to regulations ( ! ,bureau1     
along ) any in=mation 9 ! consum]'s file
 at ! "t ( ! reque/ conc]n+ cr$it scores
 or any o!r risk scores or o!r pr$ictors
 relat+ to ! consum]1 if su* reque/ is  
made 9 connection ) a free annual       
disclosure made pursuant to section     
#fab7;a74  7#h7 ,su* o!r consum]        
in=mation z ! ,bureau consid]s          
appropriate ) respect to consum]        
f9ancial education1 includ+ ! in=mation 
requir$ by subsection 7f77#a71 in=mation
 describ+ ! cr$it score ( ! consum] )   

respect to a range ( possible cr$it     
scores1 & ! g5]al factors contribut+ to 
! cr$it scores ( consum]s4  2 &  7#c7 9 
subsection 7f7-- 7,a7 9 p>agraph 7#a7-- 
7i7 by /rik+ 1 a consum] report+ ag5cy &
 all t foll[s ?r\gh %all include-- &    
ins]t+ or a risk score1 a consum]       
report+ ag5cy %all supply to !          
consum]--2 &  7ii7 by am5d+ subp>agraph 
7,a7 to read z foll[s3  7,a7 any cr$it  
score or risk score 9 ! file ( ! consum]
 at ! consum] report+ ag5cy2  2  7,b7 9 
p>agraph 7#b7--  7i7 by r$esignat+      
subp>agraph 7,b7 z subp>agraph 7,c72 &  
7ii7 by /rik+ subp>agraph 7,a7 & ins]t+ 
! foll[+3  7,a7 ,cr$it score ,! t]m     
cr$it score means a num]ical value or a 
categorization d]iv$ f a /ati/ical tool 
or model+ sy/em us$ by a p]son :o makes 
or arranges a loan to pr$ict !          
likelihood ( c]ta9 cr$it behaviors1     
includ+ default4  7,b7 ,risk score ,!   
t]m risk score means a num]ical value or
 a categorization d]iv$ f a /ati/ical   
tool or model+ sy/em bas$ ^u in=mation f

 a consum] report = ! purpose ( pr$ict+ 
! likelihood ( c]ta9 behaviors or       
outcomes1 & includes scores us$ = !     
und]writ+ ( insurance4  2  7,c7 by /rik+
 p>agraph 7#f7 & ins]t+ ! foll[+3  7#f7 
,ma9t5ance ( cr$it scores ,all consum]  
report+ ag5cies %all ma9ta9 9 !         
consum]'s file cr$it scores or any o!r  
risk scores or o!r pr$ictors relat+ to !
 consum] = a p]iod ( n less ?an #a ye>  
beg9n+ on ! date on :i* su* in=mation is
 g5]at$4  2  7,d7 by /rik+ p>agraph 7#g7
 & r$esignat+ p>agraphs 7#h7 & 7#i7 z   
p>agraphs 7#g7 & 7#h71 respectively2 &  
7,e7 9 p>agraph 7#g7 7z s r$esignat$71  
by ins]t+ be=e ! p]iod at ! end !       
foll[+3 1 except t a consum] report+    
ag5cy describ$ 9 section #fjc7p7 %all   
provide a cr$it score )\t *>ge to !     
consum] if ! consum] is reque/+ ! score 
9 connection ) a free annual disclosure 
made pursuant to section #fab7;a74  #af4
 ,report on s5ior consum]s ,section     
#ajaf ( ! ,consum] ,f9ancial ,protection
 ,act ( #bjaj 7#ab ,u4,s4,c4 #edif7 is  

am5d$ by add+ at ! end ! foll[+3  7f7   
,report on s5ior consum]s  7#a7 ,9 g5]al
 ,! ,director %all issue an annual      
report to ,congress conta9+--  7,a7 an  
analysis1 9 coord9ation ) ! ,(fice (    
,f9ancial ,protection = ,old] ,am]icans1
 ( consum] compla9ts f old] ,am]icans1  
includ+ a ,/ate-by-,/ate breakd[n (     
compla9ts by type ( consum] f9ancial    
product or s]vice2 &  7,b7 any          
legislative or regulatory recomm5dations
 ! ,director may h to improve consum]   
protections = old] ,am]icans4  7#b7     
,old] ,am]icans def9$ ,9 ?is subsection1
 ! t]m old] ,am]icans means individuals 
:o h atta9$ ! age ( #fb ye>s or m4  4   
#ag4 ,report on payday loan & c>-title  
loan inve/igations & en=cem5t actions   
,section #ajaf ( ! ,consum] ,f9ancial   
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#edif7 is am5d$ by add+ at ! end !      
foll[+3  7g7 ,report on payday loan &   
c>-,title loan inve/igations & en=cem5t 
actions ,! ,director %all issue a       
qu>t]ly report to ,congress conta9+--   

7#a7 ! numb] ( inve/igations op5$ &     
clos$ by ! ,bureau relat+ to payday     
loans & c>-title loans2  7#b7 ! numb] ( 
en=cem5t actions t h be5 tak5 or ref]r$ 
relat+ to payday loans & c>-title loans2
  7#c7 an e/imate ( ! am\nt ( fees      
cu/om]s h paid relat+ to payday loans & 
c>-title loans2  7#d7 an e/imate ( !    
numb] ( times 9 ! previ\s #ab mon?s a   
typical payday loan cu/om] has roll$ ov]
 _! loan2 &  7#e7 an e/imate ( h[ _m    
c>-title loan cu/om]s lo/ _! c> 9 !     
previ\s #ab mon?s4  4  #ah4 ,effective  
date ,?is ,act & ! am5dm5ts made by ?is 
,act %all take effect on ! date ( !     
enactm5t ( ?is ,act1 except t !         
,director ( ! ,consum] ,f9ancial        
,protection ,bureau %all h #cj days to  
complete any op]ational *anges to !     
,bureau requir$ by ?is ,act or an       
am5dm5t made by ?is ,act4  ,pass$ !     
,h\se ( ,repres5tatives ,may #bb1       
#bjai4;,cl]k4