,i #aai? ,,congress #b;d ,session ,h4 ,r4 #ajahd ,,9 ,,! ,,h\se ,,( ,,repres5tatives ,augu/ #ca1 #bjbf,mr4 ,b>r 7= himself1 ,mr4 ,hill ( ,arkansas1 ,mr4 ,lucas1 ,mr4 ,sessions1 ,mr4 ,huiz5ga1 ,mrs4 ,wagn]1 ,mr4 ,williams ( ,texas1 ,mr4 ,emm]1 ,mr4 ,l\d]milk1 ,mr4 ,davidson1 ,mr4 ,rose1 ,mr4 ,/eil1 ,mr4 ,timmons1 ,mr4 ,/utzman1 ,mr4 ,meus]1 ,mrs4 ,kim1 ,mr4 ,donalds1 ,mr4 ,g>b>9o1 ,mr4 ,fitzg]ald1 ,mr4 ,flood1 ,mr4 ,lawl]1 ,ms4 ,de ,la ,cruz1 ,mr4 ,nunn ( ,i[a1 ,mrs4 ,mc,clain1 ,ms4 ,salaz>1 ,mr4 ,d[n+1 ,mr4 ,h>idopolos1 ,mr4 ,moore ( ,nor? ,c>ol9a1 ,mr4 ,norman1 & ,mr4 ,ogles7 introduc$ ! foll[+ bill2 :i* 0 ref]r$ to ! ,committee on ,f9ancial ,s]vices1 & 9 addition to ! ,committees on ! ,judici>y1 ,small ,bus9ess1 & ,ov]sight & ,gov]nm5t ,re=m1 = a p]iod to be subsequ5tly det]m9$ by ! ,speak]1 9 ea* case = consid]ation ( su* provisions z fall )9 ! jurisdiction ( ! committee conc]n$ ,a ,,bill ,to make re=ms to ! ,bureau ( ,consum] ,f9ancial ,protection1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,consum] ,f9ancial ,protection ,acc\ntability & ,re=m ,act ( #bjbf4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4 ,title ,i--,re=m+ ,bureau ,gov]nance ,sec4 #aja4 ,br++ ! ,bureau into ! regul> appropriations process4 ,sec4 #ajb4 ,consum] ,f9ancial ,civil ,p5alty ,fund4 ,sec4 #ajc4 ,transp>5cy 9 co/-b5efit analysis4 ,sec4 #ajd4 ,acc\ntability to small bus9esses4 ,sec4 #aje4 ,mod]niz+ regulatory reviews4 ,sec4 #ajf4 ,bureau ( ,consum] ,f9ancial ,protection-,inspector ,g5]al ,re=m4 ,title ,,ii--,re/or+ ,legal ,cl>ity & ,proc$ural ,fairness ,sec4 #bja4 ,rectify+ undef9$ descriptions ( abusive acts & practices4 ,sec4 #bjb4 ,limitation on use ( unfair1 deceptive1 or abusive acts or practices au?ority to circumv5t /atutes ( limitations4 ,sec4 #bjc4 ,def9ition ( sub/antial injury4 ,sec4 #bjd4 ,re/or+ c\rt au?ority ov] litigation4 ,sec4 #bje4 ,cl>ification to ! au?ority ( ! ,bureau ) respect to p]sons regulat$ by a ,/ate insurance regulator4 ,title ,,iii--,promot+ ,innovation 9 ,consum] ,f9ancial ,m>kets ,sec4 #cja4 ,safe h>bor = small-doll> cr$it products4 ,sec4 #cjb4 ,guidance cl>ity /atem5t requir$4 ,sec4 #cjc4 ,,gao /udy on buy n[ pay lat] s]vices4 ,sec4 #cjd4 ,e>n$ wage access s]vices4 ,title ,,iv--,promot+ ,effective1 ,pr$ictable ,sup]vision ,sec4 #dja4 ,asset ?re%olds = sup]vision ( banks1 sav+s associations1 & cr$it unions by ! ,bureau ( ,consum] ,f9ancial ,protection4 ,sec4 #djb4 ,sup]visory election = cov]$ in/itutions4 ,sec4 #djc4 ,f9ancial regulatory coord9ation & acc\ntability4 ,sec4 #djd4 ,re=ms to nonbank sup]vision4 ,title ,v--,prev5t+ ,regulation by ,en=cem5t ,sec4 #eja4 ,civil ,money ,p5alties4 ,sec4 #ejb4 ,limitations on m>ket monitor+ functions4 ,sec4 #ejc4 ,en=cem5t p[]s ( ! ,/ates4 ,sec4 #ejd4 ,index+ ( asset-bas$ ?re%olds 9 regulations4 ,sec4 #eje4 ,collect+ & track+ compla9ts4 ,sec4 #ejf4 ,enhancem5ts to small bus9ess loan privacy4 ,i ,re=m+ ,bureau ,gov]nance #aja4 ,br++ ! ,bureau into ! regul> appropriations process ,section #ajag ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edig7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by am5d+ ! head+ ( su* subsection to read z foll[s3 ,budget1 f9ancial managem5t1 & audit4--2 7,b7 by /rik+ p>agraphs 7#a71 7#b71 & 7#c72 7,c7 by r$esignat+ p>agraphs 7#d7 & 7#e7 z p>agraphs 7#a7 & 7#b71 respectively2 & 7,d7 by /rik+ subp>agraphs 7,e7 & 7,f7 ( p>agraph 7#a71 z s r$esignat$2 7#b7 by /rik+ subsections 7b7 & 7c72 7#c7 by r$esignat+ subsections 7d7 & 7e7 z subsections 7b7 & 7c71 respectively2 & 7#d7 9 subsection 7c71 z s r$esignat$-- 7,a7 by /rik+ p>agraphs 7#a71 7#b71 & 7#c72 & 7,b7 9 p>agraph 7#d71 by /rik+ 7#d7 ,annual report4--4 #ajb4 ,consum] ,f9ancial ,civil ,p5alty ,fund ,subsection 7b7 ( section #ajag ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edig71 z s r$esignat$ by section #aja7c71 is am5d$-- 7#a7 9 p>agraph 7#b7-- 7,a7 9 ! fir/ s5t5ce1 by ins]t+ direct be=e victims2 & 7,b7 by /rik+ ! second s5t5ce2 & 7#b7 by add+ at ! end ! foll[+3 7#c7 ,treatm5t ( excess am\nts ,) respect to a civil p5alty describ$ "u p>agraph 7#a71 if ! ,bureau makes paym5ts to all ( ! direct victims ( activities = :i* t civil p5alty 0 impos$1 ! ,bureau %all transf] all am\nts t rema9 9 ! ,civil ,p5alty ,fund ) respect to t civil p5alty to ! g5]al fund ( ! ,treasury4 4 #ajc4 ,transp>5cy 9 co/-b5efit analysis ,section #ajbb7;b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;b77 is am5d$ by add+ at ! end ! foll[+3 7#e7 ,additional rulemak+ requirem5ts 7,a7 ,9 g5]al ,ea* notice ( propos$ rulemak+ issu$ by ! ,bureau %all be publi%$ 9 its entirety 9 ! ,f$]al ,regi/] & %all include-- 7i7 an id5tification ( objectives & key p]=mance indicators1 includ+-- 7,i7 a specification ( ! prim>y objectives & int5d$ effects ( ! rule1 balanc+ ! ne$ = consum] f9ancial protection ) access to af=dable consum] f9ancial products & s]vices2 & 7,,ii7 an id5tification ( #a or m key p]=mance indicators by :i* ! effectiv5ess ( ! rule w be assess$ dur+ ! review "u section #ajbb;,a2 7ii7 an id5tification ( ea* provision ( ,f$]al law t provides ! ,bureau ) /atutory au?ority to issue ! propos$ regulation1 includ+1 ) respect to ea* mat]ial requirem5t ( ! propos$ regulation1 ! /atutory provision au?oriz+ t requirem5t2 7iii7 an exam9ation ( :y ! ,bureau mu/ und]take ! propos$ regulation & :y ! private m>ket1 ,/ate1 local1 or tribal au?orities _c adequately address ! problem2 7iv7 an exam9ation ( :e!r ! propos$ regulation is duplicative1 inconsi/5t1 or incompatible ) o!r ,f$]al regulations & ord]s2 7v7 if ! propos$ regulation is f\nd to be duplicative1 inconsi/5t1 or incompatible ) o!r ,f$]al regulations & ord]s1 a discussion (-- 7,i7 :y ! propos$ regulation is ju/ifi$2 7,,ii7 h[ ! propos$ regulation c coexi/ ) ! exi/+ regulations2 & 7,,iii7 h[ ! ,bureau plans to r$uce ! regulatory burd5 associat$ ) ! duplicative1 inconsi/5t1 or incompatible propos$ regulation2 7vi7 a quantitative & qualitative assessm5t ( all anticipat$ direct & indirect co/s & b5efits ( ! propos$ regulation1 includ+-- 7,i7 compliance co/s = all regulat$ entities1 includ+ small bus9esses2 7,,ii7 effects on economic activity1 effici5cy1 capital =mation1 & m>ket competition2 7,,iii7 regulatory & adm9i/rative co/s ( implem5tation2 7,,iv7 co/s impos$ on ,/ate1 local1 & tribal entities2 7,v7 effects on approval rates = consum] f9ancial products or s]vices2 7,,vi7 effects on access to consum] f9ancial products or s]vices2 7,,vii7 effects on ! co/ ( cr$it to consum]s & bus9esses2 7,,viii7 effects on ! availability1 v>iety1 & t]ms ( consum] f9ancial products or s]vices2 & 7,,ix7 ) respect to any effect describ$ 9 subclauses 7,i7 ?r\gh 7,,viii7 t ! ,bureau det]m9es _c reasonably be quantifi$1 an explanation ( ! basis = t det]m9ation & a qualitative assessm5t ( su* effect2 7vii7 an id5tification ( reasonable alt]natives to ! regulation1 includ+ modification ( an exi/+ regulation2 7viii7 an analysis ( ! co/s & b5efits1 bo? quantitative & qualitative1 ( any alt]native id5tifi$ pursuant to clause 7vi72 7ix7 if quantifi$ net b5efits ( ! propos$ action d n outweigh ! quantifi$ net b5efits ( ! alt]natives1 a ju/ification ( ! regulation2 7x7 if quantifi$ b5efits id5tifi$ pursuant to clause 7v7 d n outweigh ! quantifi$ co/s ( ! regulation1 a ju/ification ( ! regulation2 7xi7 an assessm5t ( h[ ! burd5 impos$ by ! regulation w be di/ribut$2 includ+ :e!r consum]s1 or small bus9esses w be disproportionately burd5$2 & 7xii7 a probability di/ribution ( ! relevant outcomes ( ! propos$ regulation1 creat$ ?r\gh ! use ( appropriate /ati/ical te*niques4 7,b7 ,release ( data & assumptions reli$ ^u 9 ! rulemak+ process ,to ! greate/ ext5t possible1 consid]+ protections ) respect to confid5tial sup]visory in=mation1 trade secrets1 & confid5tial comm]cial in=mation1 ! ,bureau %all-- 7i7 pres]ve & make available to ! ,director ( ! ,(fice ( ,managem5t & ,budget any data & assumptions ! ,bureau reli$ ^u 9 propos+ a rule2 & 7ii7 make su* data & assumptions publicly available4 7,c7 ,rulemak+s involv+ no mat]ial discretion 7i7 ,9 g5]al ,! requirem5ts ( subp>agraph 7,a71 o!r ?an ! requirem5t "u clause 7ii7 ( su* subp>agraph to id5tify /atutory au?ority1 %all n apply to a provision ( a propos$ regulation to ! ext5t ! ,bureau ex]cises no mat]ial discretion ) respect to su* provision pursuant to an express /atutory requirem5t4 7ii7 ,explanation requir$ ,a notice ( propos$ rulemak+ rely+ on ! exclusion "u ?is subp>agraph %all id5tify ea* provision = :i* ! ,bureau ass]ts t ! ,bureau ex]cises no mat]ial discretion & ! /atutory requirem5t giv+ rise to t ass]tion4 4 #ajd4 ,acc\ntability to small bus9esses 7a7 ,rulemak+ "u ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act ,section #ajbb7;b77#b77;,a7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #eeab7;b77#b77;,a77 is am5d$-- 7#a7 9 clause 7i71 by /rik+ & at ! end2 7#b7 9 clause 7ii71 by /rik+ ! semicolon at ! end & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7iii7 ! impact ( propos$ rules on small entities1 9 accordance ) section #fji ( title #e1 ,unit$ ,/ates ,code2 4 7b7 ,initial regulatory flexibility analysis ,section #fjc7;d77#a7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 subp>agraph 7,b71 by /rik+ & at ! end2 7#b7 9 subp>agraph 7,c71 by /rik+ ! p]iod & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7,d7 :]e ! cov]$ ag5cy does n adopt any alt]natives describ$ 9 p>agraphs 7#a7 ?r\gh 7#d7 ( subsection 7c71 a detail$ ju/ification ( ! cov]$ ag5cy's det]m9ation t ! relative size & res\rces ( small entities %\ld h no be>+ on ! rule1 support$ by factual1 policy & legal reasons4 4 7c7 ,f9al regulatory flexibility analysis ,section #fjd7;a7 ( title #e1 ,unit$ ,/ates ,code1 is am5d$ by am5d+ ! second p>agraph 7#f7 to read z foll[s3 7#g7 = a cov]$ ag5cy1 z def9$ 9 section #fji7;d77#b71 a description ( ! /eps ! ag5cy has tak5 to m9imize any additional co/ ( cr$it = small entities &1 :]e no significant alt]natives = small entities 0 adopt$1 a detail$ ju/ification ( ! cov]$ ag5cy's det]m9ation t ! relative size & res\rces ( small entities %\ld h no be>+ on ! rule1 support$ by factual1 policy & legal reasons4 4 #aje4 ,mod]niz+ regulatory reviews 7a7 ,am5dm5t to ! ,consum] ,f9ancial ,protection ,act ( #bjaj ,title ,x ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edha et seq47 is am5d$ by ins]t+ aft] section #ajbb ! foll[+3 #ajbb;,a4 ,enhanc$ review ( regulations 7a7 ,review ( major rules or ord]s 7#a7 ,review au?ority ,not)/&+ any o!r provision ( law1 a review ( major rules or ord]s %all be conduct$ by ! ,,omb ,director4 7#b7 ,tim+ ( review 7,a7 ,9 g5]al ,) respect to any major rule or ord] = :i* compliance ) su* rule or ord] is requir$ on or aft] ! date ( ! enactm5t ( ?is section1 ! ,,omb ,director %all conduct a review ( su* rule or ord] n lat] ?an #h ye>s aft] ! fir/ date on :i* compliance ) su* rule or ord] is requir$4 7,b7 ,retrospective review ,) respect to any major rule or ord] 9 effect = :i* compliance ) su* rule or ord] is requir$ be=e ! date ( ! enactm5t ( ?is section1 ! ,,omb ,director %all conduct a review ( su* rule or ord] n lat] ?an #h ye>s aft] ! date ( ! enactm5t ( ?is section4 7#c7 ,scope ( review ,9 conduct+ a review "u ?is subsection1 ! ,,omb ,director %all-- 7,a7 evaluate ! co/s & b5efits ( ! rule1 includ+-- 7i7 compliance co/s = cov]$ p]sons & s]vice provid]s2 7ii7 ! ext5t to :i* ! rule a*iev$ ! objectives ( ! rule2 7iii7 *anges 9 te*nology1 ! em]g5ce ( new m>ket entrants1 & o!r m>ket developm5ts s9ce ! rule 0 issu$2 7iv7 impacts on competition1 innovation1 & risk-bas$ pric+2 7v7 op]ational impacts on cov]$ p]sons & s]vice provid]s2 7vi7 any un9t5d$ consequ5ces affect+ consum] *oice or access to cr$it2 & 7vii7 :e!r any doll>1 volume1 or o!r ?re%olds appropriately tailor burd5s to entity size2 & 7,b7 consid] ! purposes1 objectives1 & functions ( ! ,bureau "u section #ajba4 7#d7 ,public input & ag5cy response 7,a7 ,reque/ = in=mation ,prior to complet+ ! review1 ! ,,omb ,director %all seek public comm5t = n less ?an #ij days on ! factors describ$ 9 p>agraph 7#c74 7,b7 ,ag5cy response ,n lat] ?an #abj days aft] ! close ( ! comm5t p]iod1 ! ,bureau %all provide a writt5 response to ! ,,omb ,director address+ relevant comm5ts receiv$4 7,c7 ,int]ag5cy consultation 7i7 ,9 g5]al ,9 conduct+ a review "u ?is subsection1 ! ,,omb ,director %all consult )-- 7,i7 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em2 7,,ii7 ! ,f$]al ,deposit ,insurance ,corporation2 7,,iii7 ! ,(fice ( ! ,comptroll] ( ! ,curr5cy2 7,,iv7 ! ,f$]al ,trade ,commission2 7,v7 if ! ,bureau conduct$ a small bus9ess review panel = ! major rule or ord]1 ! ,small ,bus9ess ,adm9i/ration2 & 7,,vi7 any o!r ag5cy t ! ,,omb ,director det]m9es relevant to ! major rule or ord]4 7ii7 ,public access to topics discuss$ ,aft] consult+ ) ! ag5cies pursuant to clause 7i71 ! ,,omb ,director %all publi% on a public website a docum5t :i* describes ! topics discuss$ dur+ su* consultations4 7#e7 ,outcome ( review ,if ! ,,omb ,director det]m9es t a major rule or ord]1 9 :ole or 9 "p1 fails to demon/rate net b5efits "u ! review requir$ "u ?is subsection-- 7,a7 ! ,bureau %all1 n lat] ?an #a ye> aft] su* det]m9ation1 issue a notice ( propos$ rulemak+ to am5d or repeal ! rule or ord]2 or 7,b7 ! ,bureau may petition ! ,,omb ,director = a s+le ext5sion ( up to #ah mon?s1 if ! rule requires an analysis "u *apt] #f ( title #e1 ,unit$ ,/ates ,code4 7b7 ,review ( non-,major rules 7#a7 ,9 g5]al ,! ,,omb ,director %all review any non-major rules issu$ by ! ,bureau n lat] ?an #aj ye>s aft] ! fir/ compliance date = ea* su* rule4 7#b7 ,proc$ures ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 ! ,,omb ,director %all issue rules t e/abli% ! proc$ure = ! review ( non-major rules4 7c7 ,exclusion ( rules 9 :i* ,bureau ex]cis$ no mat]ial discretion 7#a7 ,9 g5]al ,any rule or ord] = :i* ! ,bureau has n ex]cis$ any mat]ial discretion pursuant to a /atutory requirem5t1 z det]m9$ by ! ,,omb ,director1 %all be exempt f any review describ$ "u ?is section4 7#b7 ,public input ,beg9n+ on ! date t is #a ye> aft] ! date ( ! enactm5t ( ?is section1 & e #b ye>s !reaft]1 ! ,,omb ,director %all-- 7,a7 seek public input on ! det]m9ation describ$ 9 p>agraph 7#a72 & 7,b7 publi% on a public website a li/ ( rules or ord]s exempt f review pursuant to ?is subsection4 7d7 ,sev]ability guidance ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is section1 ! ,,omb ,director %all issue guidance on h[ portions ( rules may be consid]$ sev]able betwe5 a major rule1 a non-major rule1 & an exclud$ rule describ$ 9 subsection 7c71 = purposes det]m9+ if & h[ a rule w be review$1 includ+ :e!r sep>ate analyses w be conduct$ = sev]able provisions4 7e7 ,po/ponem5t ( review ( significantly am5d$ rules & ord]s 7#a7 ,9 g5]al ,! ,,omb ,director may po/pone any review "u ?is section by n lat] ?an #c ye>s if ! ,,omb ,director det]m9es t a rule or ord] has be5 significantly am5d$ by ! ,bureau dur+ ! p]iod describ$-- 7,a7 9 subsection 7a77#b71 ) respect to major rules or ord]s2 & 7,b7 9 7b77#a71 ) respect to non-major rules4 7#b7 ,public comm5t ,! ,,omb ,director %all seek public comm5ts 9 mak+ a det]m9ation pursuant to p>agraph 7#a74 7f7 ,publication ( review cal5d> ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is section1 & e #f mon?s !reaft]1 ! ,,omb ,director %all publi% 9 ! ,f$]al ,regi/] & on a publicly accessible website a s*$ule ( anticipat$ reviews "u ?is section = ! succe$+ #b-ye> p]iod4 7g7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to limit ! au?ority ( ! ,bureau to am5d or repeal any rule at any "t "u o!r provisions ( law4 7h7 ,au?ority ,to issue implem5t+ regulations ,! ,,omb ,director is au?oriz$ to promulgate su* rules & regulations z are necess>y to c>ry out ! provisions ( ?is section4 7i7 ,def9itions ,9 ?is section3 7#a7 ,key p]=mance indicator ,! t]m key p]=mance indicator means an objective1 measurable outcome metric id5tifi$ by ! ,bureau = ! purpose ( assess+ :e!r a rule a*ieves ! rule's int5d$ /atutory & regulatory objectives4 7#b7 ,major rule ,! t]m major rule has ! mean+ giv5 t t]m 9 section #hjd ( title #e1 ,unit$ ,/ates ,code4 7#c7 ,,omb ,director ,! t]m ,,omb ,director means ! ,director ( ! ,(fice ( ,managem5t & ,budget4 4 7b7 ,con=m+ am5dm5t ,section #ajbb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7 is am5d$ by /rik+ subsection 7d74 #ajf4 ,bureau ( ,consum] ,f9ancial ,protection-,inspector ,g5]al ,re=m 7a7 ,appo9tm5t ( ,inspector ,g5]al ,*apt] #d ( title #e1 ,unit$ ,/ates ,code1 is am5d$-- 7#a7 9 section #dja-- 7,a7 9 p>agraph 7#a71 by ins]t+ ! ,bureau ( ,consum] ,f9ancial ,protection1 aft] ! ,export-,import ,bank ( ! ,unit$ ,/ates12 & 7,b7 9 p>agraph 7#c71 by ins]t+ ! ,director ( ! ,bureau ( ,consum] ,f9ancial ,protection2 aft] ! ,presid5t ( ! ,export-,import ,bank ( ! ,unit$ ,/ates22 & 7#b7 9 section #dae-- 7,a7 9 subsection 7a77#a71 by /rik+ & ! ,bureau ( ,consum] ,f9ancial ,protection2 7,b7 9 subsection 7c71 by /rik+ ,= purposes ( implem5t+ ?is section1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all appo9t ! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection4 ,! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection %all h all ( ! au?orities & responsibilities provid$ by ?is ,act ) respect to ! ,bureau ( ,consum] ,f9ancial ,protection1 z if ! ,bureau 7 "p ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em42 & 7,c7 9 subsection 7g77#c71 by /rik+ & ! ,bureau ( ,consum] ,f9ancial ,protection4 7b7 ,requirem5ts = ! ,inspector ,g5]al = ! ,bureau ( ,consum] ,f9ancial ,protection 7#a7 ,e/abli%m5t ,section #ajaa ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #edia7 is am5d$-- 7,a7 9 subsection 7b7-- 7i7 9 ! subsection head+1 by /rik+ & ,deputy ,director & ins]t+ 1 ,deputy ,director1 & ,inspector ,g5]al2 & 7ii7 by ins]t+ aft] p>agraph 7#e7 ! foll[+3 7#f7 ,inspector ,g5]al ,!re is e/abli%$ ! position ( ! ,inspector ,g5]al4 2 & 7,b7 9 subsection 7d71 by /rik+ or ,deputy ,director ea* place x appe>s & ins]t+ 1 ,deputy ,director1 or ,inspector ,g5]al4 7#b7 ,he>+s ,section #ajaf ( su* ,act is am5d$ by ins]t+ aft] subsection 7c7 ! foll[+3 7d7 ,additional ,requirem5t = ,inspector ,g5]al ,)9 a reasonably %ort am\nt ( "t aft] ea* appe>ance by ! ,director ( ! ,bureau be=e ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate or ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives describ$ 9 subsection 7a71 ! ,inspector ,g5]al ( ! ,bureau %all appe>1 ^u invitation1 be=e su* committee reg>d+ ! reports requir$ "u subsection 7b7 & ! reports requir$ "u section #dje ( title #e1 ,unit$ ,/ates ,code4 4 7#c7 ,p>ticipation 9 ! ,c\ncil ( ,inspectors ,g5]al on ,f9ancial ,ov]sight ,section #ihi;,e7a77#a7 ( su* ,act is am5d$ by add+ at ! end ! foll[+3 7,j7 ,! ,bureau ( ,consum] ,f9ancial ,protection4 4 7#d7 ,deadl9e = appo9tm5t ,n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,presid5t %all appo9t an ,inspector ,g5]al = ! ,bureau ( ,consum] ,f9ancial ,protection 9 accordance ) section #djc ( title #e1 ,unit$ ,/ates ,code4 7c7 ,effective date 7#a7 ,9 g5]al ,! am5dm5ts made by ?is section %all take effect on ! date on :i* ! fir/ ,inspector ,g5]al ( ! ,bureau ( ,consum] ,f9ancial ,protection is confirm$ by ! ,s5ate4 7#b7 ,appo9tm5t ,! ,presid5t may appo9t1 & ! ,s5ate may confirm1 an ,inspector ,g5]al ( ! ,bureau ( ,consum] ,f9ancial ,protection be=e ! am5dm5ts made by ?is section take effect4 7#c7 ,transition ,! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection %all1 ^u ! date on :i* ! fir/ ,inspector ,g5]al ( ! ,bureau ( ,consum] ,f9ancial ,protection is confirm$ by ! ,s5ate1 become ! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#d7 ,sav+s provision = p5d+ matt]s 7,a7 ,9 g5]al ,any audit1 inve/igation1 review1 inquiry1 subpo5a1 reque/ = in=mation1 or report relat+ to ! ,bureau ( ,consum] ,f9ancial ,protection t1 imm$iately be=e ! effective date describ$ 9 p>agraph 7#a71 0 p5d+1 ongo+1 issu$1 or be+ conduct$ by ! ,inspector ,g5]al ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,bureau ( ,consum] ,f9ancial ,protection %all cont9ue )\t int]ruption & %all1 on & aft] su* effective date1 be deem$ an action ( ! ,inspector ,g5]al ( ! ,bureau ( ,consum] ,f9ancial ,protection4 7,b7 ,cont9u+ effect ,any subpo5a1 reque/1 directive1 det]m9ation1 f9d+1 recomm5dation1 or o!r action describ$ 9 subp>agraph 7,a7 t 0 validly issu$ or tak5 be=e ! effective date describ$ 9 p>agraph 7#a7 %all rema9 9 =ce & effect accord+ to its t]ms & ne$ n be reissu$1 ratifi$1 or o!rwise r5ew$ solely by reason ( ! am5dm5ts made by ?is section4 7,c7 ,transf] ( records & au?ority ,all records1 evid5ce1 "w pap]s1 inve/igative mat]ials1 rights1 obligations1 au?orities1 & responsibilities relat+ to a matt] describ$ 9 subp>agraph 7,a7 %all transf] to ! ,inspector ,g5]al ( ! ,bureau ( ,consum] ,f9ancial ,protection on ! effective date describ$ 9 p>agraph 7#a74 ,,ii ,re/or+ ,legal ,cl>ity & ,proc$ural ,fairness #bja4 ,rectify+ undef9$ descriptions ( abusive acts & practices 7a7 ,rulemak+ relat+ to unfair1 deceptive or abusive acts or practices 7#a7 ,9 g5]al ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca7 is am5d$ by /rik+ subsection 7b7 & ins]t+ ! foll[+3 7b7 ,rulemak+ 7#a7 ,9 g5]al ,! ,bureau may prescribe rules applicable to a cov]$ p]son or s]vice provid] id5tify+ z unlawful unfair1 deceptive1 or abusive acts or practices 9 connection ) any transaction ) a consum] = a consum] f9ancial product or s]vice1 or ! (f]+ ( a consum] f9ancial product or s]vice4 ,rules "u ?is section may include requirem5ts = ! purpose ( prev5t+ su* acts or practices4 7#b7 ,co/ b5efit analysis requir$ ,any f9al rule issu$ by ! ,bureau relat+ to abusive1 unfair1 or deceptive acts or practices %all include a co/-b5efit analysis4 7#c7 ,def9ition ( abusive act or practice ,! ,bureau %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is subsection1 issue a rule t def9es ! t]m abusive act or practice = ! purposes ( ?is section4 4 7#b7 ,opportunity = comm5t ,! ,bureau ( ,consum] ,f9ancial ,protection %all1 n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is subsection1 all[ ! public to submit comm5ts ) respect to any confusion ab\t h[ ! ,bureau ( ,consum] ,f9ancial ,protection uses its au?ority ) respect to unfair1 deceptive1 or abusive acts or practices4 7#c7 ,prohibition on tak+ c]ta9 actions be=e rulemak+ ,! ,bureau ( ,consum] ,f9ancial ,protection may n1 be=e ! effective date ( ! f9al rule requir$ "u section #ajca7;b77#c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 comm5ce any en=cem5t action1 adm9i/rative proce$+1 sup]visory action1 or o!r proce$+1 or o!rwise ex]cise ! ,bureau's au?ority "u ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 on ! basis t an act or practice is abusive4 7b7 ,no au?ority ,to decl>e an act unlawful bas$ on discrim9ation ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca7 is am5d$ by add+ at ! end ! foll[+3 7g7 ,no au?ority ,to decl>e an act unlawful bas$ on discrim9ation ,! ,bureau may n int]pret ! au?ority ( ! ,bureau relat+ to unfair1 deceptive1 or abusive acts & practices to include discrim9atory practices4 4 7c7 ,cl>ify+ ! abusive /&>d = ! ,bureau ( ,consum] ,f9ancial ,protection ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca7 is am5d$ by /rik+ subsection 7d7 & ins]t+ ! foll[+3 7d7 ,abusive 7#a7 ,9 g5]al ,! ,bureau %all h no au?ority to decl>e an act or practice ( a cov]$ p]son or a s]vice provid] abusive 9 connection ) ! provision ( a consum] f9ancial product or s]vice1 unless ! act or practice-- 7,a7 int5tionally & mat]ially int]f]es ) ! ability ( a consum] to und]/& a t]m or condition ( a consum] f9ancial product or s]vice2 or 7,b7 takes unreasonable advantage (-- 7i7 a lack ( und]/&+ by ! consum] ) respect to ! possible impact1 mat]ial risks1 co/s1 or conditions ( ! product or s]vice1 or ! likelihood ( ! risks1 co/s1 or conditions ( ! product or s]vice negatively affect+ ! consum]2 & 7ii7 ! reasonable reliance ! consum] places on an affirmative action or repres5tation ( su* cov]$ p]son or s]vice provid] to induce su* consum] to rely on su* action or repres5tation4 7#b7 ,abusive actions 7,a7 ,9 g5]al ,conduct ( a cov]$ p]son or s]vice provid] %all be consid]$ abusive if-- 7i7 ! act or practice causes or is likely to cause sub/antial injury to consum]s :i* is n reasonably avoidable by consum]s2 & 7ii7 su* sub/antial injury is n outweigh$ by c\nt]vail+ b5efits to consum]s or to competition4 7,b7 ,presumption ,= purposes ( subp>agraph 7,a77i73 7i7 ,9 g5]al ,if an act or practice 0 timely1 cle>ly1 & conspicu\sly disclos$ to consum]s1 any sub/antial injury result+ f ! act or practice is presum$ to be reasonably avoidable4 7ii7 ,rebuttal ,! presumption describ$ 9 clause 7i7 may be rebutt$ only ^u a %[+1 by cle> & conv9c+ evid5ce1 t1 not)/&+ su* disclosure1 ! consum] did n h a reasonable means ( avoid+ ! sub/antial injury4 7e7 ,good-,fai? ef=t ,to comply 7#a7 ,9 g5]al ,! ,bureau may n seek monet>y relief f a cov]$ p]son or s]vice provid] "u ?is section unless ! cov]$ p]son or s]vice provid] has n e/abli%$ by a prepond]ance ( ! evid5ce t !y made a good-fai? ef=t to comply ) ! requirem5ts ( ?is section4 7#b7 ,au?ority to seek legal or equitable rem$ies 7,a7 ,9 g5]al ,! limitation describ$ 9 p>agraph 7#a7 %all n re/rict ! au?ority ( ! ,bureau to seek legal or equitable rem$ies1 su* z damages & re/itution1 to r$ress an id5tifiable consum] injury caus$ by ! abusive acts or practices ( su* cov]$ p]son4 7,b7 ,rule ( con/ruction ,= purposes ( subp>agraph 7,a71 a civil money p5alty describ$ 9 section #ajee7;c7 is n a legal or equitable rem$y4 4 7d7 ,notice & opportunity ,to cure ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca71 z am5d$ by subsection 7b71 is fur!r am5d$ by add+ at ! end ! foll[+3 7h7 ,notice & opportunity ,to cure 7#a7 ,9 g5]al ,if a cov]$ p]son self-id5tifies a pot5tial unfair1 deceptive1 or abusive act or practice c>ri$ out by su* cov]$ p]son1 ! ,bureau %all1 n lat] ?an #ij days aft] su* self-id5tification1 provide a writt5 notice 9 ! =m ( a pot5tial action & reque/ = response lett] or a notice & opportunity to respond & advise lett] ( ! pot5tial unfair1 deceptive1 or abusive act or practice to su* cov]$ p]son & in=m ! cov]$ p]son t su* p]son has #ahj days aft] ! date ! cov]$ p]son receives su* notice to cure su* pot5tial unfair1 deceptive1 or abusive act be=e ! ,bureau may comm5ce an adm9i/rative proce$+ or civil action4 7#b7 ,toll+ ( /atute ( limitations ,any applicable /atute ( limitations t applies to conduct "u :i* ! ,bureau has giv5 notice & an opportunity to cure %all n toll until-- 7,a7 ! cov]$ p]son cures ! pot5tial abusive1 unfair1 or deceptive act or practice & notifies ! ,bureau t su* act or practice has be5 cur$2 7,b7 ! cov]$ p]son notifies ! ,bureau t su* cov]$ p]son w n cure ! act or practice2 or 7,c7 ! #ahj-;day p]iod to cure ends4 4 7e7 ,abusive1 unfair1 or deceptive acts or practices en=cem5t actions ,section #ajca ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeca71 z am5d$ by subsection 7e71 is fur!r am5d$ by add+ at ! end ! foll[+3 7i7 ,v5ue = unfair1 deceptive1 or abusive acts or practices en=cem5t actions ,en=cem5t actions br\ght by ! ,bureau "u ?is section %all be br\ght 9-- 7#a7 ! ,unit$ ,/ates di/rict c\rt locat$ :]e ! cov]$ p]son has its headqu>t]s location2 or 7#b7 ! ,unit$ ,/ates ,di/rict ,c\rt = ! ,di/rict ( ,columbia4 7j7 ,en=cem5t ,actions 7#a7 ,9 g5]al ,if ! ,bureau br+s an en=cem5t action "u ?is section1 ! ,bureau %all /ate ) p>ticul>ity ! circum/ances t ! ,bureau alleges con/itute a violation ( ?is section4 7#b7 ,alt]native claims ,if ! ,bureau br+s an en=cem5t action "u ?is section-- 7,a7 claim+ t an activity is unfair or deceptive1 ! ,bureau may n claim 9 ! alt]native t ! activity is abusive2 & 7,b7 claim+ t an activity is abusive1 ! ,bureau may n claim 9 ! alt]native t ! activity is unfair or deceptive4 4 7f7 ,look-,back provisions 7#a7 ,9 g5]al ,subtitle ,b ( title ,x ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeaa et seq47 is am5d$ by add+ at ! end ! foll[+ new section3 #ajbi;,b4 ,exam9ation p]iod limitations 7a7 ,9 g5]al ,:5 en=c+ ,f$]al consum] f9ancial law1 ! ,bureau may n seek a civil money p5alty = any violat+ conduct t occurr$ prior to ! mo/ rec5t assignm5t ( a rat+ "u ! ,uni=m ,int]ag5cy ,consum] ,compliance ,rat+ ,sy/em ( ! ,f9ancial ,in/itutions ,exam9ation ,c\ncil 7or any successor rat+ sy/em74 7b7 ,rule ( con/ruction ,?is limitation describ$ 9 subsection 7a7 may n be con/ru$ to re/rict ! ability ( ! ,bureau to seek o!r =ms ( legal or equitable relief available "u subp>agraphs 7,a7 ?r\gh 7,g7 ( section #ajee7;a77#b7 = any violat+ conduct t occurr$ prior to ! mo/ rec5t assignm5t ( a consum] compliance rat+4 4 7#b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by ins]t+ aft] ! item relat+ to section #ajbi;,a ! foll[+3 ,sec4 #ajbi;,b4 ,exam9ation p]iod limitations4 4 #bjb4 ,limitation on use ( unfair1 deceptive1 or abusive acts or practices au?ority to circumv5t /atutes ( limitations 7a7 ,9 g5]al ,section #ajed ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefd7 is am5d$ by add+ at ! end ! foll[+3 7h7 ,limitation on actions bas$ on unfair1 deceptive1 or abusive acts or practices 7#a7 ,9 g5]al ,not)/&+ subsection 7g71 9 any action br\ght by ! ,bureau "u section #ajcf7;a77#a77;,b71 or by ! attorney g5]al 7or ! equival5t !re(7 or o!r regulator ( a ,/ate pursuant to section #ajdb1 alleg+ an unfair1 deceptive1 or abusive act or practice1 ! applicable /atute ( limitations %all be det]m9$ 9 accordance ) ?is subsection4 7#b7 ,conduct subject to ano!r ,f$]al consum] f9ancial law ,if conduct alleg$ to con/itute an unfair1 deceptive1 or abusive act or practice "u ?is title is ! same conduct1 or arises f ! same set ( op]ative facts1 z conduct t w\ld con/itute a violation ( a ,f$]al consum] f9ancial law t provides = a /atute ( limitations1 su* action may n be br\ght aft] ! expiration ( ! /atute ( limitations applicable to su* ,f$]al consum] f9ancial law4 7#c7 ,rule ( con/ruction ,no?+ 9 ?is subsection %all be con/ru$ to-- 7,a7 preclude ! ,bureau f br++ an action "u section #ajcf7;a77#a77;,b71 or preclude ! attorney g5]al 7or ! equival5t !re(7 or o!r regulator ( a ,/ate f br9+ an action pursuant to section #ajdb1 bas$ on conduct t does n con/itute a violation ( ano!r ,f$]al consum] f9ancial law2 or 7,b7 alt]1 ext5d1 or toll any /atute ( limitations applicable to a violation ( any ,f$]al consum] f9ancial law4 4 7b7 ,application ,section #ajed7;h7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj %all apply to actions br\ght on & aft] ! date ( enactm5t ( ?is ,act by-- 7#a7 ! ,bureau ( ,consum] ,f9ancial ,protection2 or 7#b7 ! attorney g5]al 7or ! equival5t !re(7 or o!r regulator ( a ,/ate pursuant to section #ajdb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj4 #bjc4 ,def9ition ( sub/antial injury ,section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha7 is am5d$ by add+ at ! end ! foll[+3 7#cj7 ,sub/antial injury ,! t]m sub/antial injury-- 7,a7 means a concrete & quantifiable h>m to a consum] or a class ( consum]s1 includ+-- 7i7 monet>y h>m2 7ii7 a mat]ial risk ( monet>y h>m t ! ,bureau det]m9es is likely to occur2 or 7iii7 a significant adv]se effect on a consum]'s ability to access or use a consum] f9ancial product or s]vice2 7,b7 does n include-- 7i7 trivial1 hypo!tical1 or m]ely speculative h>ms2 7ii7 emotional impact1 reputational h>m1 or subjective di/ress abs5t a %[+ ( mat]ial f9ancial or functional impairm5t2 or 7iii7 h>ms t are outweigh$ by c\nt]vail+ b5efits to consum]s or competition2 7,c7 %all be det]m9$ bas$ on objective evid5ce1 :i* may include-- 7i7 ! aggregate impact on simil>ly situat$ consum]s2 7ii7 ! likelihood & magnitude ( h>m2 & 7iii7 :e!r ! injury results f a practice t is sy/emic or isolat$2 7,d7 requires t a mat]ial risk ( h>m be reasonably =eseeable at ! "t ( ! act or practice t causes or is likely to cause ! injury2 & 7,e7 may n be e/abli%$ solely by a te*nical violation ( law1 contractual t]m1 or regulatory requirem5t abs5t a %[+ ( concrete & quantifiable h>m to a consum] or a class ( consum]s4 4 #bjd4 ,re/or+ c\rt au?ority ov] litigation 7a7 ,c\rt au?ority ov] attorneys engag$ 9 litigation activities 7#a7 ,9 g5]al ,*apt] #ii ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] section #afca ! foll[+3 #afcb4 ,pres]vation ( ,/ate & ,f$]al c\rts' prim>y & inh]5t au?ority to regulate & ov]see attorneys engag$ 9 litigation activities 7a7 ,def9itions ,9 ?is section3 7#a7 ,f$]al ag5cy ,! t]m ,f$]al ag5cy means an ag5cy z def9$ 9 section #eea7a7 ( title #e4 7#b7 ,litigation activities ,! t]m litigation activities means any actions by a lic5s$ attorney or a law firm 9 connection ) a legal action 9 a c\rt ( law on behalf ( a cli5t1 includ+-- 7,a7 s]v+1 fil+1 or convey+ =mal legal plead+s1 discov]y reque/s1 or o!r docum5ts pursuant to ! applicable /atute or rules ( civil proc$ure2 7,b7 communicat+ 91 or at ! direction (1 a c\rt ( law 7includ+ 9 depositions or settlem5t conf]5ces7 or 9 ! en=cem5t ( a judgm5t2 & 7,c7 any o!r activities engag$ 9 z "p ( ! practice ( law1 "u ! laws ( a ,/ate 9 :i* ! attorney is lic5s$ or admitt$ to practice1 t relate to ! legal action4 7#c7 ,/ate ,! t]m ,/ate means ! #ej ,/ates1 ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 ,am]ican ,samoa1 ,guam1 & ! ,unit$ ,/ates ,virg9 ,isl&s4 7b7 ,limitation on ,f$]al ag5cy au?ority ,not)/&+ any o!r provision ( law1 a ,f$]al ag5cy does n h any sup]visory1 en=cem5t1 or regulatory au?ority ov] litigation activities ( attorneys or law firms4 7c7 ,no private "r ( action ,not)/&+ any o!r provision ( law1 a p]son may n br+ a civil action 9 a c\rt ( ! ,unit$ ,/ates seek+ relief = h>m aris+ out ( alleg$ misconduct relat$ to ! litigation activities ( an oppos+ attorney or law firm4 4 7#b7 ,cl]ical am5dm5t ,! table ( sections = *apt] #ii ( title #bh1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat$ to section #afca ! foll[+3 #afcb4 ,pres]vation ( ,/ate & ,f$]al c\rts' prim>y & inh]5t au?ority to regulate & ov]see attorneys engag$ 9 litigation activities4 4 7b7 ,con=m+ am5dm5ts 7#a7 ,fair ,debt ,collection ,practices ,act ,section #hjc7f7 ( ! ,fair ,debt ,collection ,practices ,act 7#ae ,u4,s4,c4 #afib;a7#f77 is am5d$-- 7,a7 by r$esignat+ subp>agraph 7,f7 z subp>agraph 7,g72 & 7,b7 by ins]t+ aft] subp>agraph 7,e7 ! foll[+3 7,f7 any lic5s$ attorney or any law firm1 to ! ext5t t su* attorney or firm is engag$ 9 litigation activities 7z su* t]m is def9$ 9 section #afcb ( title #bh1 ,unit$ ,/ates ,code7 to collect a debt on behalf ( a cli5t2 & 4 7#b7 ,consum] ,f9ancial ,protection ,act ( #bjaj ,section #ajbg7;e7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeag7;e77 is am5d$-- 7,a7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 & 7,b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ,rule ( con/ruction limitation ) respect to debt collection ,p>agraph 7#b7 %all n apply to a lic5s$ attorney engag+ 9 litigation activities to collect a debt on behalf ( a cli5t if ! attorney is exclud$ f ! t]m debt collector "u section #hjc ( ! ,fair ,debt ,collection ,practices ,act by reason ( section #hjc7f77;,f7 ( su* ,act4 4 #bje4 ,cl>ification to ! au?ority ( ! ,bureau ) respect to p]sons regulat$ by a ,/ate insurance regulator ,section #ajbg7;f7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeag7;f77 is am5d$-- 7#a7 9 p>agraph 7#b7-- 7,a7 by /rik+ ,description ( activities4--,p>agraph 7#a7 & ins]t+3 ,exceptions4-- 7,a7 ,au?ority ,p>agraph 7#a7 2 & 7,b7 by ins]t+ aft] subp>agraph 7,a7 7z add$ by ?is ,act7 ! foll[+ new subp>agraph3 7,b7 ,limitation ,) respect to a p]son regulat$ by a ,/ate insurance regulator-- 7i7 if su* p]son is (f]+ or provid+ a consum] f9ancial product or s]vice1 ! ,bureau may n en=ce ?is title ) respect to su* p]son to ! ext5t su* p]son is engag$ 9 ! bus9ess ( insurance2 & 7ii7 if su* p]son is subject to any enum]at$ consum] law or any law = :i* au?orities are transf]r$ "u subtitle ,f or ,h1 ! au?ority ( ! ,bureau to en=ce su* law ) respect to su* p]son %all be n>r[ly con/ru$ to ! ext5t su* p]son is engag$ 9 ! bus9ess ( insurance4 2 & 7#b7 by add+ at ! end ! foll[+ new p>agraph3 7#d7 ,rule ( con/ruction ,! en=cem5t ( ?is title %all be broadly con/ru$ 9 favor ( ! au?ority ( a ,/ate insurance regulator ) respect to a p]son regulat$ by a ,/ate insurance regulator4 4 ,,iii ,promot+ ,innovation 9 ,consum] ,f9ancial ,m>kets #cja4 ,safe h>bor = small-doll> cr$it products 7a7 ,9 g5]al ,! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afja et seq47 is am5d$ by ins]t+ aft] section #aad ! foll[+3 #aae4 ,safe h>bor = small-doll> cr$it products 7a7 ,9 g5]al ,if a cov]$ entity complies ) ! requirem5ts set =? 9 subsections 7b71 7c71 & 7e7 ) respect to ! (f]+ ( a small-doll> product to a consum]1 su* cov]$ entity %all n be liable 9 connection ) su* (f]+ ( a small-doll> product1 =-- 7#a7 any civil money p5alties f any en=cem5t action br\ght by ! ,bureau1 ! appropriate ,f$]al bank+ ag5cy1 or ! ,national ,cr$it ,union ,adm9i/ration = a violation ( ?is title2 or 7#b7 any damages or o!r monet>y relief ?r\gh a private "r ( action br\ght "u ?is title4 7b7 ,product /ructure requirem5ts 7#a7 ,9 ! case ( an in/allm5t loan ,if a small-doll> cr$it product is /ructur$ by a cov]$ entity z an in/allm5t loan-- 7,a7 ! repaym5t t]m %all be m ?an #de days2 7,b7 paym5ts %all be fully amortiz$ across m ?an "o paym5t2 7,c7 rollov]s into new small-doll> cr$it products %all be prohibit$1 unless initiat$ by a consum]2 & 7,d7 ! cov]$ entity may n issue any small-doll> cr$it product to a consum] if su* consum] has a small-doll> cr$it product op5 ) su* cov]$ entity at ! "t su* consum] applies = a small-doll> cr$it product4 7#b7 ,9 ! case ( a l9e ( cr$it ,if a small-doll> cr$it product is /ructur$ by a cov]$ entity z a l9e ( cr$it-- 7,a7 ! repaym5t t]m = ea* draw %all be m ?an #de days unless a s+le paym5t is us$ & ! draw is n m ?an #aj p]c5t ( ! less] ( #c1ejj 7z su* am\nt is adju/$ "u subsection 7f77 or #bj p]c5t ( ! total am\nt ( a consum]'s av]age mon?ly direct deposits dur+ ! prec$+ six mon?s2 & 7,b7 paym5ts = ea* draw %all be fully amortiz$ across m ?an "o paym5t1 except 9 ! case ( any s+le-paym5t loans4 7#c7 ,rules ( con/ruction 7,a7 ,9 g5]al ,no?+ 9 ?is subsection may be con/ru$ to prohibit ! ,bureau1 a ,f$]al bank+ ag5cy1 or ! ,national ,cr$it ,union ,adm9i/ration f issu+ a cease-&-desi/ ord] or re/itution ord] "u ?is title aga9/ a cov]$ entity4 7,b7 ,en=cem5t ( o!r /atutes ,no?+ 9 ?is subsection may be con/ru$ to prohibit ! ,bureau1 a ,f$]al bank+ ag5cy1 or ! ,national ,cr$it ,union ,adm9i/ration f en=c+ any provision ( law n conta9$ )9 ?is title aga9/ a cov]$ entity4 7c7 ,und]writ+ requirem5ts ,:5 consid]+ :e!r to (f] a small-doll> cr$it product to a specific consum]1 a cov]$ entity-- 7#a7 %all use s\nd und]writ+ processes2 & 7#b7 may analyze int]nal or ext]nal data s\rces1 includ+ consum] deposit acc\nt activity1 to assess ! cr$itwor?9ess ( a consum]4 7d7 ,rule ( con/ruction ,no?+ 9 ?is title may be con/ru$ to prohibit a cov]$ entity f (f]+ a small-doll> product t does n comply ) ! safe h>bor requirem5ts set =? "u ?is section4 7e7 ,additional limitations & requirem5ts 7#a7 ,balloon paym5ts ,no paym5t requir$ 9 association ) a small-doll> cr$it product (f]$ by a cov]$ entity may be great] ?an d\ble ! am\nt ( any o!r paym5t requir$ 9 association ) su* product4 7#b7 ,disclosures ,ea* cov]$ entity t (f]s a small-doll> cr$it product %all comply ) all disclosure requirem5ts set =? by ?is title4 7#c7 ,p5alties ,a cov]$ entity may n impose any prepaym5t p5alty 9 connection ) a small-doll> cr$it product4 7#d7 ,transf] ( am\nts ,am\nts made available to a consum] ?r\gh a small-doll> cr$it product (f]$ by a cov]$ entity %all be disburs$ to ! acc\nt ( su* consum] by su* cov]$ entity n lat] ?an #e days aft] ! approval ( ! consum] = ! small-doll> cr$it product4 7f7 ,inflation adju/m5t 7#a7 ,9 g5]al ,beg9n+ on ,janu>y #a1 #bjbh1 & annually !reaft]1 ! ,bureau %all increase ! doll> am\nt specifi$ 9 subsections 7b77#b77;,a7 & 7g77#e7 by ! annual p]c5tage increase1 if any1 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics4 7#b7 ,base p]iod ,! increase requir$ "u p>agraph 7#a7 %all be det]m9$ us+ cal5d> ye> #bjbf z ! base p]iod4 7#c7 ,r\nd+ ,any am\nt increas$ "u p>agraph 7#a7 %all be r\nd$ to ! ne>e/ #ajj4 7#d7 ,publication ,! ,bureau %all publi% ea* increas$ doll> am\nt 9 ! ,f$]al ,regi/] n lat] ?an #fj days be=e ! date on :i* su* increas$ am\nt takes effect4 7g7 ,def9itions ,9 ?is section3 7#a7 ,cov]$ entity ,! t]m cov]$ entity means-- 7,a7 an insur$ depository in/itution2 7,b7 an insur$ cr$it union2 7,c7 a ?ird p>ty ) :om an insur$ depository in/itution has contract$ = products or s]vices relat$ to orig9ation1 s]vic+1 or adm9i/rative managem5t ( a small-doll> cr$it product2 or 7,d7 a ?ird p>ty ) :om an insur$ cr$it union has contract$ = products or s]vices relat$ to orig9ation1 s]vic+1 or adm9i/rative managem5t ( a small-doll> cr$it product4 7#b7 ,f$]al bank+ ag5cy def9itions ,! t]ms appropriate ,f$]al bank+ ag5cy & ,f$]al bank+ ag5cy h ! mean+ giv5 ^? t]ms1 respectively1 9 section #c ( ! ,f$]al ,deposit ,insurance ,act4 7#c7 ,insur$ cr$it union ,! t]m insur$ cr$it union has ! mean+ giv5 ! t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act4 7#d7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act4 7#e7 ,small-doll> cr$it product ,! t]m small-doll> product means a loan or l9e ( cr$it ) a value ( #c1ejj 7z su* am\nt is adju/$ "u subsection 7f77 or less4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts = *apt] #a ( ! ,tru? 9 ,l5d+ ,act is am5d$ by ins]t+ aft] ! item relat+ to section #aad ! foll[+3 #aae4 ,safe h>bor = small-doll> cr$it products4 4 #cjb4 ,guidance cl>ity /atem5t requir$ 7a7 ,9 g5]al ,! head ( ea* f9ancial ag5cy %all include a guidance cl>ity /atem5t z describ$ 9 subsection 7b7 on any guidance issu$ by t f9ancial ag5cy on & aft] ! date ( ! enactm5t ( ?is ,act4 7b7 ,guidance cl>ity /atem5t ,a guidance cl>ity /atem5t requir$ "u subsection 7a7 %all be display$ prom95tly on ! fir/ page ( ! docum5t & %all include ! foll[+3 ,?is guidance does n h ! =ce & effect ( law & !re=e does n e/abli% any rights or obligations = any p]son & is n b9d+ on ! ag5cy or ! public4 ,if ?is guidance sugge/s h[ regulat$ entities may comply ) applicable /atutes or regulations1 noncompliance ) ?is guidance does n conclusively e/abli% a violation ( applicable law44 7c7 ,def9itions ,9 ?is section3 7#a7 ,f9ancial ag5cy ,! t]m f9ancial ag5cy means ! foll[+3 7,a7 ,! ,bureau ( ,consum] ,f9ancial ,protection4 7,b7 ,! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t4 7,c7 ,! ,dep>tm5t ( ! ,treasury4 7,d7 ,! ,f$]al ,deposit ,insurance ,corporation4 7,e7 ,! ,f$]al ,h\s+ ,f9ance ,ag5cy4 7,f7 ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7,g7 ,! ,national ,cr$it ,union ,adm9i/ration4 7,h7 ,! ,(fice ( ! ,comptroll] ( ! ,curr5cy4 7,i7 ,! ,securities & ,ex*ange ,commission4 7#b7 ,guidance ,! t]m guidance means a f9ancial ag5cy /atem5t ( g5]al applicability1 int5d$ to h a future effect on ! behavior ( regulat$ p>ties1 t sets =? a policy on a /atutory1 regulatory1 or te*nical issue1 or an int]pretation ( a /atute or regulation1 b does n include-- 7,a7 a rule promulgat$ pursuant to notice & comm5t "u section #eec ( title #e1 ,unit$ ,/ates ,code2 7,b7 a rule exempt f rulemak+ requirem5ts "u section #eec7;a7 ( title #e1 ,unit$ ,/ates ,code2 7,c7 a rule ( f9ancial ag5cy organization1 proc$ure1 or practice2 7,d7 a decision ( a f9ancial ag5cy adjudication "u section #eed ( title #e1 ,unit$ ,/ates ,code1 or any simil> /atutory provision2 7,e7 int]nal guidance direct$ to ! issu+ f9ancial ag5cy or o!r ag5cy t is n int5d$ to h a sub/antial future effect on ! behavior ( regulat$ p>ties2 or 7,f7 int]nal executive bran* legal advice or legal op9ions address$ to executive bran* (ficials4 #cjc4 ,,gao /udy on buy n[ pay lat] s]vices 7a7 ,9 g5]al ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all-- 7#a7 conduct a /udy on buy n[ pay lat] s]vices1 includ+-- 7,a7 ! nature1 size1 & role ( ! entities (f]+ buy n[ pay lat] s]vices2 7,b7 ! m>ket %>e held by ! prim>y nonbank firms & f9ancial in/itutions (f]+ buy n[ pay lat] s]vices2 7,c7 ! disclosures provid$ to consum]s reg>d+ buy n[ pay lat] s]vices1 includ+ ! accessibility & readability ( su* disclosures2 7,d7 ! b5efits ( buy n[ pay lat] s]vices1 includ+-- 7i7 ! flexibility ( paym5t options2 7ii7 ! pot5tial = increas$ pur*as+ p[]2 & 7iii7 competitive product (f]+s2 7,e7 ! risks ( buy n[ pay lat] s]vices1 includ+-- 7i7 pot5tial = del9qu5cies & prolong$ debt2 7ii7 ! ability ( consum] report+ ag5cies to accurately score buy n[ pay lat] transactions2 & 7iii7 any un9t5d$ consequ5ces = report+ data on su* s]vices to consum] report+ ag5cies2 7,f7 ! preval5ce ( p>tn]%ips betwe5 entities (f]+ buy n[ pay lat] s]vices & traditional f9ancial in/itutions & e-comm]ce plat=ms2 7,g7 ! pot5tial = fraud 9 buy n[ pay lat] s]vices2 7,h7 comp>+ ! specific features1 b5efits1 & risks ( us+ su* s]vices to ! use ( o!r products1 includ+-- 7i7 ov]all debt accumulation2 7ii7 ! av]age int]e/ rate *>g$ to consum]s2 7iii7 ! range ( int]e/ rates *>g$ to consum]s2 7iv7 ! am\nt & type ( fees *>g$ to consum]s annually2 7v7 ! availability & cl>ity ( legal disclosures associat$ ) su* use2 7vi7 consum] und]/&+ ( paym5t cycles & due dates2 & 7vii7 del9qu5cy & default rates2 & 7,i7 data reg>d+ ! preval5ce & rate ( on-"t repaym5ts by consum]s us+ buy n[ pay lat] s]vices2 & 7#b7 n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 submit to ! relevant congressional committees a report t includes ! results ( ! /udy requir$ by p>agraph 7#a74 7b7 ,def9itions ,9 ?is section3 7#a7 ,buy n[ pay lat] s]vice 7,a7 ,9 g5]al ,! t]m buy n[ pay lat] s]vice means a s]vice (f]$ to a consum] at ! po9t ( sale 9 connection ) a transaction = ! pur*ase ( goods or s]vices t-- 7i7 all[s ! consum] to pay = su* goods or s]vices ov] a p]iod ( "t2 7ii7 provides = repaym5t 9 a specifi$ numb] ( sub/antially equal p]iodic in/allm5ts2 & 7iii7 does n impose int]e/ or a f9ance *>ge on ! consum] 9 connection ) su* transaction4 7,b7 ,exclusion ,! t]m buy n[ pay lat] s]vice does n include-- 7i7 a loan or o!r ext5sion ( cr$it t is n made at ! po9t ( sale 9 connection ) a specific transaction = ! pur*ase ( goods or s]vices2 or 7ii7 f9anc+ secur$ by ! goods pur*as$ or leas$ 9 ! transaction4 7#b7 ,relevant congressional committees ,! t]m relevant congressional committees means-- 7,a7 ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives2 & 7,b7 ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate4 #cjd4 ,e>n$ wage access s]vices 7a7 ,provision ( e>n$ wage access s]vices 7#a7 ,no-co/ option requir$ 7,a7 ,9 g5]al ,if an e>n$ wage access provid] (f]s a consum] ! option to receive e>n$ wages 9 ex*ange = a fee1 su* e>n$ wage access provid] %all also (f] su* consum] ! option to obta9 ! same am\nt ( e>n$ wages at no co/ to ! consum]4 7,b7 ,transf] "t p]iod ,if a consum] elects ! no-co/ option describ$ 9 subp>agraph 7,a71 ! e>n$ wage access provid] %all initiate ! transf] ( e>n$ wages to ! consum] )9 "o bus9ess day ( su* election4 7,c7 ,no effect on e>n$ wages ,a consum]'s election ( ! no-co/ option describ$ 9 subp>agraph 7,a7 may n impact-- 7i7 ! am\nt ( e>n$ wages disburs$ to su* consum]2 7ii7 ! frequ5cy ) :i* su* e>n$ wages are disburs$ to su* consum]2 or 7iii7 ! consum]'s eligibility to use ! provid]'s e>n$ wage access s]vices4 7#b7 ,requir$ disclosures 7,a7 ,disclosures prec$+ agreem5t ,ea* e>n$ wage access provid] %all disclose ! foll[+ be=e ent]+ into an agreem5t ) a consum]3 7i7 ,any limits on access to ! e>n$ wages a consum] may reque/ f su* provid]1 includ+-- 7,i7 any limits on ! am\nt ( e>n$ wages a consum] may reque/ f ! provid] ea* day1 pay p]iod1 or o!r "t p]iod2 7,,ii7 any limits on ! frequ5cy or numb] ( disbursem5ts ( e>n$ wages a consum] may reque/ f ! provid] ea* day1 pay p]iod1 or o!r "t p]iod2 & 7,,iii7 any limits on ! am\nt ( e>n$ wages a consum] may reque/ f ! provid] t are bas$ on a det]m9ation by ! provid] ( ! ratio betwe5 ! am\nt ( e>n$ wages reque/$ by ! consum] & ! total wages e>n$ by ! consum]1 & h[ su* det]m9ation is made4 7ii7 ,any fees t su* provid] may apply1 & ! am\nt ( su* fees4 7iii7 ,a cle> & conspicu\s description ( h[ ! consum] may obta9 e>n$ wages )\t pay+ a fee or tip4 7iv7 ,an ov]view ( su* provid]'s use ( tips t describes-- 7,i7 :e!r su* provid] w accept tips f ! consum] & 9 :at am\nts2 & 7,,ii7 :e!r su* provid] w sugge/ ! consum] provide tips & 9 :at am\nts4 7,b7 ,disclosures prec$+ disbursem5t ( e>n$ wages ,ea* e>n$ wage access provid] %all disclose ! foll[+ 9 a cle> & conspicu\s mann] aft] approv+ any reque/ f a consum] = access to e>n$ wages b be=e disburs+ su* e>n$ wages to su* consum]3 7i7 ,! acc\nt numb] su* provid] has assign$ to ! consum]1 if applicable4 7ii7 ,! am\nt ( e>n$ wages t w be provid$ to ! consum] by su* provid]4 7iii7 ,! total am\nt ( any fees appli$ by su* provid] = su* transaction4 7iv7 ,a li/ ( any tips ! consum] has *os5 to provide = su* transaction4 7v7 ,! am\nt t su* provid] expects to receive z paym5t aft] disburs+ ! e>n$ wages1 ! date on :i* su* provid] expects to receive su* am\nt or a description ( :5 su* provid] expects to receive su* am\nt1 & ! mann] 9 :i* su* provid] expects to receive su* am\nt4 7,c7 ,additional disclosures relat+ to fees & tips ,ea* e>n$ wage access provid] :o1 dur+ a cal5d> ye>1 has disburs$ e>n$ wages & receiv$ a fee or tip f a consum] %all provide ! consum] ongo+ access to ! foll[+ disclosures3 7i7 ,! total am\nt ( fees & tips t ! consum] has already paid 9 ! !n-curr5t pay p]iod4 7ii7 ,! total am\nt ( fees & tips t ! consum] has already paid 9 ! cal5d> ye>-to-date4 7,d7 ,additional disclosures relat+ to tips ,if an e>n$ wage access provid] solicits1 *>ges1 or receives a tip f a consum]1 su* provid]-- 7i7 %all cle>ly & conspicu\sly disclose to ! consum]1 be=e ! provid] comm5ces ! transaction to :i* ! tip is relat$1 t su* tip-- 7,i7 is volunt>y2 7,,ii7 is n a requirem5t = receiv+ e>n$ wage access s]vices2 & 7,,iii7 w n impact-- 7aa7 ! am\nt ( su* e>n$ wages2 7bb7 ! frequ5cy ) :i* su* e>n$ wages are disburs$ to su* consum]2 or 7cc7 ! consum]'s eligibility to use ! provid]'s e>n$ wage access s]vices2 7ii7 may n /ate t su* tip w b5efit-- 7,i7 any specific individual2 or 7,,ii7 any gr\p ( individuals o!r ?an ! provid] itself2 & 7iii7 may describe1 9 g5]al t]ms1 ! b5efits or s]vices (f]$ by su* provid] to consum]s4 7,e7 ,*anges to t]ms ,ea* e>n$ wage access provid] %all notify ea* consum] ) :i* su* e>n$ wage access provid] has ent]$ an agreem5t to (f] e>n$ wage access s]vices ( any mat]ial *anges to ! t]ms & conditions ( s]vice us$ by su* provid] n less ?an-- 7i7 #cj days be=e su* mat]ial *anges take effect2 or 7ii7 a %ort] am\nt ( "t be=e su* mat]ial *anges take effect1 if ! consum] has cons5t$ to su* %ort] am\nt ( "t4 7#c7 ,consum] atte/ation be=e receiv+ e>n$ wages ,ea* e>n$ wage access provid] %all require a consum]1 prior to ! fir/ disbursem5t ( e>n$ wages dur+ ea* applicable pay p]iod1 to atte/ t ! consum] has n reque/$ disbursem5t ( ! same e>n$ wages f ano!r e>n$ wage access provid] dur+ t pay p]iod4 7#d7 ,cancellation ( s]vices ,if an e>n$ wage access provid] makes e>n$ wage access s]vices available to a consum] on a recurr+ basis1 su* e>n$ wage access provid]-- 7,a7 %all all[ su* consum] to discont9ue su* s]vices if su* consum] provides notice to su* e>n$ wage access provid] t su* consum] desires to discont9ue su* s]vices2 & 7,b7 may n impose any f9ancial p5alty or cancellation *>ge on su* consum] z a result ( any discont9uation ( s]vices4 7#e7 ,dispute process requir$ ,ea* e>n$ wage access provid] %all develop & implem5t policies & proc$ures to respond to que/ions & compla9ts f consum]s relat+ to-- 7,a7 unau?oriz$ disbursem5t ( e>n$ wages2 7,b7 disbursem5t ( e>n$ wages 9 an incorrect am\nt2 7,c7 disburs$ e>n$ wages t 7 n receiv$2 7,d7 paym5t ( disburs$ e>n$ wages t 0 n receiv$ or 0 made 9 an incorrect am\nt2 & 7,e7 fees or tips t 7 n au?oriz$ or 7 made 9 an incorrect am\nt4 7#f7 ,compell+ paym5t = disburs$ e>n$ wages 7,a7 ,9 g5]al ,an e>n$ wage access provid] may n seek paym5t = e>n$ wages disburs$ by su* provid] to a consum]1 includ+ su* disburs$ e>n$ wages1 or any relat$ fees or tips1 by-- 7i7 fil+ a civil suit aga9/ ! consum]2 7ii7 initiat+ arbitration proce$+s aga9/ ! consum]2 7iii7 us+ ! s]vices ( a debt collector 7z su* t]m is def9$ 9 section #hjc ( ! ,fair ,debt ,collection ,practices ,act7 to collect am\nts f ! consum]2 or 7iv7 sell+ expect$ paym5t to a ?ird-p>ty debt buy] = purposes ( debt collection f ! consum]4 7,b7 ,exception ,subp>agraph 7,a7 %all n apply if an e>n$ wage access provid] is seek+ paym5t = e>n$ wages disburs$ to a consum] bas$ on in=mation provid$ by ! consum] t ! consum] knew 0 false4 7#g7 ,reimbursem5t requir$ ,if an e>n$ wage access provid] seeks paym5t ( disburs$ e>n$ wages1 a fee1 or a tip directly f a deposit acc\nt ( a consum]1 on a date e>li] ?an1 or 9 an am\nt diff]5t f1 :at 0 disclos$ at ! "t ( au?orization & su* attempt trigg]s an ov]draft fee or non-suffici5t funds fee f ! consum]'s f9ancial in/itution 7z def9$ 9 section #eji ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhji771 ! e>n$ wage access provid] %all reimburse su* consum] = su* fee4 7#h7 ,additional limitations ,an e>n$ wage access provid] may n-- 7,a7 %>e any fees or tips t 7 receiv$ f or *>g$ to a consum] = e>n$ wage access s]vices ) ! employ] ( su* consum]2 7,b7 accept paym5t ( disburs$ e>n$ wages1 fees1 or tips f a consum] ?r\gh a cr$it c>d ( ! consum]1 unless su* cr$it c>d is provid$ to ! consum] z a "p ( ! e>n$ wage access s]vice2 7,c7 require a consum] to pay a late fee1 def]ral fee1 int]e/1 or any o!r p5alty or *>ge z a result ( a failure by ! consum] to pay disburs$ e>n$ wages1 fees1 or tips reque/$ or appli$ by su* provid]2 or 7,d7 furni% in=mation to a consum] report+ ag5cy 7z def9$ 9 section #fjc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a77 ab\t a consum]'s e>n$ wage access s]vices activities4 7#i7 ,disclosure to employ] ,an e>n$ wage access provid] may disclose to an employ] ) :i* su* provid] has a contract relat+ to e>n$ wage access s]vices ! date & am\nt ( a consum]'s e>n$ wage access transactions associat$ ) ! e>n$ wage access s]vices4 ,subject to applicable privacy laws1 a provid] may disclose in=mation necess>y to p]=m "u a contract ) an employ] relat+ to additional products or s]vices4 7#aj7 ,non-discrim9ation 7,a7 ,9 g5]al ,x %all be unlawful = any e>n$ wage access provid] to discrim9ate aga9/ any consum] on ! basis ( race1 color1 religion1 national orig91 sex 7includ+ on ! basis ( pregnancy1 *ildbir?1 or relat$ m$ical conditions71 m>ital /atus1 or age :5 (f]+ e>n$ wage access s]vices4 7,b7 ,def9itions ,9 ?is p>agraph-- 7i7 ! t]ms race1 color1 religion1 national orig91 sex1 m>ital /atus1 & age h ! same mean+s1 respectively1 z us$ 9 section #gja ( ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia7 & rules issu$ !reund]2 & 7ii7 ! t]ms pregnancy1 *ildbir?1 & relat$ m$ical conditions h ! same mean+s1 respectively1 z us$ 9 section #gja7k7 ( ! ,civil ,rights ,act ( #aifd 7#db ,u4,s4,c4 #bjjj;e7k774 7#aa7 ,consum] data protections ,ea* e>n$ wage access provid] %all be deem$ a f9ancial in/itution = purposes ( subtitle ,a ( title ,v ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhja et seq474 7#ab7 ,default tip am\nt 7,a7 ,9 g5]al ,an e>n$ wage access provid] may n set any default tip am\nt great] ?an #j 9 connection ) e>n$ wage access s]vices4 7,b7 ,selection ( #j tip ,if a consum] selects a tip am\nt ( #j1 ! e>n$ wage access provid] may n require ! consum] to confirm1 reconfirm1 or o!rwise take any additional action ) respect to su* tip selection z a condition ( complet+ ! transaction4 7,c7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph may be con/ru$ to prohibit ! provid] f requir+ ! consum] to confirm ! f9al transaction on a completion scre54 7#ac7 ,e>n$ ,wage ,access ,provid] ,atte/ation ,be=e ea* reque/$ disbursem5t ( e>n$ wages = a consum]1 an e>n$ wage access provid] %all v]ify & atte/ to ! consum] t ! am\nt to be disburs$1 toge!r ) any prior disbursem5ts dur+ ! applicable pay p]iod1 does n exce$ ! am\nt ( e>n$ wages actually e>n$ & available to ! consum] = t applicable pay p]iod4 7b7 ,relation to ,/ate laws 7#a7 ,pres]vation ( ,/ate law ,except z provid$ 9 p>agraph 7#b71 no?+ 9 ?is ,act may be con/ru$ z annull+1 alt]+1 affect+1 or exempt+ any p]son f comply+ ) any ,/ate law1 except to ! ext5t t a ,/ate law is inconsi/5t ) ! provisions ( ?is ,act1 & !n only to ! ext5t ( ! inconsi/5cy4 7#b7 ,preemption ,no ,/ate or political subdivision !re( may impose1 ma9ta91 or en=ce any laws1 con/itutions1 /atutes1 regulations1 ord]s1 or int]pretations ) respect to e>n$ wage access s]vices t comply ) ?is ,act t-- 7,a7 treat su* s]vices z cr$it1 a loan1 debt1 or a sub/antially simil> product or s]vice2 7,b7 treat a provid] ( su* s]vices z a cr$itor1 l5d]1 or provid] ( a sub/antially simil> product or s]vice2 or 7,c7 prev5t or significantly int]f]e ) ! (f]+ or provision ( e>n$ wage access s]vices t comply ) ?is ,act4 7#c7 ,sav+s clause ,no?+ 9 ?is ,act may be con/ru$ to preempt1 displace1 or limit ! au?ority ( a ,/ate or political subdivision !re( to en=ce laws ( g5]al applicability1 includ+ laws relat+ to fraud1 deceit1 unfair or deceptive acts or practices1 contracts1 prop]ty1 or taxation4 7c7 ,rulemak+ ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,bureau %all issue su* rules z are necess>y to c>ry out ?is ,act4 7d7 ,rule ( con/ruction ,e>n$ wage access s]vices provid$ 9 compliance ) ?is ,act1 & any fees or tips receiv$ 9 connection ) su* s]vices1 may n be consid]$ cr$it1 a loan1 debt1 an obligation1 liability1 or consum] cr$it1 & a p]son provid+ su* s]vices %all n be consid]$ a cr$itor or l5d]1 & su* fees or tips %all n be consid]$ int]e/ or a f9ance *>ge1 "u ,f$]al law4 7e7 ,con=m+ am5dm5ts 7#a7 ,consum] ,f9ancial ,protection ,act ( #bjaj ,section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha7 is am5d$-- 7,a7 9 p>agraph 7#ab7-- 7i7 9 subp>agraph 7,q71 by /rik+ & at ! end2 7ii7 9 subp>agraph 7,r71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7iii7 by add+ at ! end ! foll[+3 7,s7 ! ,e>n$ ,wage ,access ,consum] ,protection ,act4 2 & 7,b7 9 p>agraph 7#ae77;,a7-- 7i7 by r$esignat+ clauses 7x7 & 7xi7 z clauses 7xi7 & 7xii71 respectively2 & 7ii7 by ins]t+ aft] clause 7ix7 ! foll[+3 7x7 provid+ e>n$ wage access s]vices1 z def9$ 9 section #b ( ! ,e>n$ ,wage ,access ,consum] ,protection ,act2 4 7#b7 ,tru? 9 ,l5d+ ,act ,section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7 is am5d$-- 7,a7 9 subsection 7f71 by /rik+ def] its paym5t & ins]t+ def] its paym5t1 b does n include e>n$ wage access s]vices z def9$ 9 ! ,e>n$ ,wage ,access ,consum] ,protection ,act2 & 7,b7 9 subsection 7g71 by add+ at ! end ! foll[+3 ,! t]m cr$itor does n include e>n$ wage access provid]s z su* t]m is def9$ 9 ! ,e>n$ ,wage ,access ,consum] ,protection ,act44 7f7 ,def9itions ,9 ?is section3 7#a7 ,bureau ,! t]m ,bureau means ! ,bureau ( ,consum] ,f9ancial ,protection4 7#b7 ,consum] ,! t]m consum] means a natural p]son4 7#c7 ,e>n$ wages 7,a7 ,9 g5]al ,! t]m e>n$ wages means sal>y1 wages1 comp5sation1 or o!r income t a consum] or an employ] has repres5t$ & t an e>n$ wage access provid] has reasonably det]m9$ h be5 e>n$ or h accru$ to ! b5efit ( ! consum] 9 ex*ange = ! s]vices provid$ by ! consum]1 b t h n yet be5 paid to ! consum] by an employ]4 7,b7 ,s]vices provid$ ,s]vices provid$ by ! consum] include any s]vices provid$-- 7i7 on an h\rly1 project-bas$1 piecework1 sal>i$1 or o!r basis2 or 7ii7 :5 ! consum] is act+ z a contractor ( ! employ]4 7#d7 ,e>n$ ,wage ,access ,provid] 7,a7 ,9 g5]al ,! t]m e>n$ wage access provid] means a p]son :o provides e>n$ wage access s]vices to consum]s4 7,b7 ,exclusions ,! t]m e>n$ wage access provid] does n include-- 7i7 a p]son :o is n obligat$ to provide access to e>n$ wages z "p ( an e>n$ wage access s]vice2 7ii7 an employ] t (f]s a portion ( sal>y1 wages1 or comp5sation e>n$ by a consum] directly to su* consum] prior to a normally s*$ul$ pay date or z su* wages are accru$1 irrespective ( any s*$ul$ p]iodic pay cycle2 7iii7 a f9ancial in/itution 7z def9$ 9 section #eji ( ! ,gramm-,lea*-,bliley ,act7 t p]mits a consum] to access am\nts associat$ ) an electronic fund transf] f ! consum]'s employ] or a payroll s]vices v5dor ( ! employ] = :i* ! f9ancial in/itution has receiv$ in=mation b :i* has n yet settl$2 or 7iv7 a payroll s]vice v5dor 9 its capacity z a facilitator ( wage paym5ts to a consum] by an employ]1 exclusive ( any e>n$ wage access s]vices t su* v5dor may provide4 7#e7 ,e>n$ wage access s]vices ,! t]m e>n$ wage access s]vices means ! deliv]y ( e>n$ wages to a consum] bas$ on-- 7,a7 employm5t1 income1 or att5dance data obta9$ directly or indirectly f ! employ] ( su* consum] or a payroll s]vice v5dor1 or o!r v5dors1 contract$ by ! employ] ( su* consum]2 or 7,b7 repres5tations made by ! consum] & ! reasonable det]m9ation ( ! e>n$ wages ( su* consum] by an e>n$ wage access provid]1 bas$ on in=mation made available or accessible to ! provid] by ! consum]4 7#f7 ,employ] ,! t]m employ]-- 7,a7 means a p]son :o employs a consum]1 or any o!r p]son :o is contractually obligat$ to pay a consum] sal>y1 wages1 comp5sation1 or o!r income 9 ex*ange = s]vices provid$ to ! p]son or on ! p]son's behalf2 & 7,b7 does n include-- 7i7 a cu/om] ( a p]son2 or 7ii7 a p]son ^: obligation to pay sal>y1 wages1 comp5sation1 or o!r income to a consum] is n bas$ on ! s]vices provid$ = or on behalf ( t p]son4 7#g7 ,fee ,! t]m fee means-- 7,a7 a fee = deliv]y1 or exp$it$ deliv]y1 ( proce$s to a consum]2 or 7,b7 a subscription1 p>ticipation1 or memb]%ip fee = e>n$ wage access s]vices or a gr\p ( s]vices t includes e>n$ wage access s]vices4 7#h7 ,payroll s]vice v5dor ,! t]m payroll s]vice v5dor means a v5dor contract$ directly or indirectly by an employ] to facilitate paym5t ( employee wages 9 accordance ) ,f$]al1 ,/ate1 & local law1 includ+ ! ,fair ,labor ,/&>ds ,act ( #aich1 or to provide or v]ify employm5t1 income1 or att5dance data4 7#i7 ,tip ,! t]m tip means any gratuity1 donation1 or o!r volunt>y paym5t t is-- 7,a7 made by a consum] to an e>n$ wage access provid]2 7,b7 provid$ gratuit\sly & )\t any consequ5ce = nonpaym5t2 7,c7 n subject to negotiation2 & 7,d7 9 an am\nt det]m9$ by ! consum]4 7#aj7 ,/ate ,! t]m ,/ate means ea* ( ! sev]al ,/ates1 ! ,di/rict ( ,columbia1 & any t]ritory ( ! ,unit$ ,/ates4 ,,iv ,promot+ ,effective1 ,pr$ictable ,sup]vision #dja4 ,asset ?re%olds = sup]vision ( banks1 sav+s associations1 & cr$it unions by ! ,bureau ( ,consum] ,f9ancial ,protection 7a7 ,9 g5]al ,section #ajbe7;a7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeae7;a77 is am5d$-- 7#a7 by /rik+ ,?is & ins]t+ ! foll[+3 7#a7 ,?re%olds ,?is 2 7#b7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z subp>agraphs 7,a7 & 7,b71 respectively 7& adju/+ ! m>g9s ( su* subp>agraphs accord+ly72 7#c7 by /rik+ #aj1jjj1jjj1jjj ea* place x appe>s & ins]t+ #cj1jjj1jjj1jjj2 & 7#d7 by add+ at ! end ! foll[+3 7#b7 ,p]iodic adju/m5ts to ?re%olds 7,a7 ,9 g5]al ,by ,april #a1 #bjca1 & ! #a/ day ( ea* subsequ5t #e-ye> p]iod1 ! ,bureau %all-- 7i7 increase ! ?re%olds describ$ 9 p>agraph 7#a7 by ! ratio1 if great] ?an #a1 ( ! annual value ( ! curr5t-doll> ,unit$ ,/ates gross dome/ic product1 publi%$ by ! ,dep>tm5t ( ,comm]ce1 = ! cal5d> ye> prec$+ ! ye> 9 :i* ! adju/m5t is calculat$ "u ?is subsection1 to ! publi%$ value ( su* index = ! cal5d> ye> prec$+ ,april #a1 #bjbf2 & 7ii7 publi% su* increase 9 ! ,f$]al ,regi/]4 7,b7 ,r\nd+ ,! am\nt ( an increase calculat$ "u subp>agraph 7,a7 %all be r\nd$ to ! ne>e/ #a1jjj1jjj1jjj4 7,c7 ,effective date ,any increase det]m9$ "u ?is p>agraph %all take effect on ,janu>y #a ( ! ye> imm$iately succe$+ ! cal5d> ye> 9 :i* ! increase is det]m9$4 4 7b7 ,con=m+ am5dm5ts ,section #ajbf ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeaf7 is am5d$ by am5d+ subsection 7a7 to read z foll[s3 7a7 ,scope ( cov]age ,?is section %all apply to any cov]$ p]son t is an insur$ depository in/itution or an insur$ cr$it union n describ$ 9 section #ajbe7;a74 4 #djb4 ,sup]visory election = cov]$ in/itutions 7a7 ,9 g5]al ,section #ajbe ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeae7 is am5d$ by add+ at ! end ! foll[+3 7f7 ,sup]visory election = cov]$ in/itutions 7#a7 ,election to rema9 "u prud5tial sup]vision 7,a7 ,9 g5]al ,not)/&+ subsection 7a71 an insur$ depository in/itution or insur$ cr$it union describ$ 9 su* subsection may elect to be subject to ! requirem5ts "u section #ajbf in/ead ( ?is section by notify+ ! ,bureau & ! appropriate prud5tial regulator ( su* election4 7,b7 ,automatic election = c]ta9 in/itutions ,a cov]$ p]son :o becomes an insur$ depository in/itution or insur$ cr$it union describ$ "u subsection 7a7 aft] ! date ( enactm5t ( ?is subsection %all be deem$ to h made ! election describ$ 9 subp>agraph 7,a74 7#b7 ,petition = ,bureau sup]vision 7,a7 ,9 g5]al ,) respect to an insur$ depository in/itution or insur$ cr$it union t has made ! election "u p>agraph 7#a71 ! ,bureau may petition ! appropriate prud5tial regulator = ! insur$ depository in/itution or insur$ cr$it union to t]m9ate su* election if ! ,bureau det]m9es1 & notifies ! appropriate prud5tial regulator 9 writ+1 t-- 7i7 ! insur$ depository in/itution or insur$ cr$it union pres5ts height5$ risks ( sub/antial injury to consum]s2 & 7ii7 ! appropriate prud5tial regulator has fail$ to adequately assess or address compliance ) ,f$]al consum] f9ancial law4 7,b7 ,response to petition ,n lat] ?an #fj days aft] receiv+ a petition "u subp>agraph 7,a71 ! appropriate prud5tial regulator %all-- 7i7 approve ! petition2 or 7ii7 d5y ! petition 9 writ+ & include ) su* d5ial a detail$ explanation ( ! reasons = su* d5ial4 7,c7 ,appeal ( d5ial ,if ! appropriate prud5tial regulator d5ies a petition "u subp>agraph 7,b77ii71 ! ,bureau may appeal su* d5ial to ! ,f9ancial ,/ability ,ov]sight ,c\ncil1 :i* may1 ^u a vote ( n few] ?an two-?irds ( ! vot+ memb]s !n s]v+1 approve ! petition4 7#c7 ,backup en=cem5t au?ority ( ! ,bureau ,) respect to an insur$ depository in/itution or insur$ cr$it union t has made ! election "u p>agraph 7#a71 if ! ,bureau has ref]r$ a mat]ial violation ( a ,f$]al consum] f9ancial law to ! prud5tial regulator "u section #ajbf7;d77#b77;,a7 & ! prud5tial regulator does n1 be=e ! end ( ! #abj-;day p]iod beg9n+ on ! date ( su* ref]ral1 take an en=cem5t action ) respect to su* mat]ial violation1 ! ,bureau may take an en=cem5t action aga9/ ! insur$ depository in/itution or insur$ cr$it union ) respect to su* mat]ial violation4 7#d7 ,exclusion = ,g,s,i,bs ,?is subsection %all n apply to any affiliate ( a global sy/emically important ,,bhc1 z su* t]m is def9$ "u section #bag4djb ( title #ab1 ,code ( ,f$]al ,regulations4 4 7b7 ,sup]vision ( depository in/itutions ,section #ajbe7;b77#a77;,c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeae7;b77#a77;,c77 is am5d$ by /rik+ detect+ & assess+ associat$ risks to consum]s & to m>kets = consum] f9ancial products & s]vices & ins]t+ detect+ & assess+ associat$ risks ( sub/antial injury to consum]s4 #djc4 ,f9ancial regulatory coord9ation & acc\ntability 7a7 ,enhanc$ int]ag5cy coord9ation 9 rulemak+ 7#a7 ,9 g5]al ,section #ajbb7;b7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eeab7;b77 is am5d$-- 7,a7 9 p>agraph 7#b71 by am5d+ subp>agraph 7,b7 to read z foll[s3 7,b7 ! ,bureau %all consult ) ! appropriate prud5tial regulators & ,/ate f9ancial regulators & appropriate ,tribal regulatory au?orities1 subject to p>agraph 7#e71 or o!r ,f$]al ag5cies prior to propos+ a rule2 & 2 & 7,b7 by add+ at ! end ! foll[+3 7#e7 ,solicitation ( comm5ts f prud5tial regulators & ,/ate regulators 7,a7 ,9 g5]al ,prior to issu+ a notice ( propos$ rulemak+ t impacts insur$ depository in/itutions & insur$ cr$it unions1 ! ,bureau %all provide ! propos$ rule to1 & accept writt5 comm5ts f-- 7i7 ea* prud5tial regulator2 7ii7 ! ,conf]5ce ( ,/ate ,bank ,sup]visors1 or a comp>able organization repres5t+ ,/ate bank+ regulators2 7iii7 ! ,national ,association ( ,/ate ,cr$it ,union ,sup]visors1 or a comp>able organization repres5t+ ,/ate cr$it union sup]visors2 7iv7 ea* organization repres5t+ ,/ate f9ancial regulators t lic5se provid]s ( consum] f9ancial products or s]vices2 & 7v7 appropriate ,tribal regulatory au?orities1 or an organization repres5t+ su* au?orities4 7,b7 ,comm5ts ,) respect to a propos$ rule receiv$ "u subp>agraph 7,a7-- 7i7 ea* prud5tial regulator %all provide writt5 comm5ts to ! ,bureau on su* propos$ rule1 includ+ on ! pot5tial impact ( ! propos$ rule on ! safety & s\ndness ( insur$ depository in/itutions & insur$ cr$it unions2 7ii7 ! entities describ$ 9 clauses 7ii7 ?r\gh 7v7 ( subp>agraph 7,a7 are enc\rag$ to provide writt5 comm5ts to ! ,bureau1 to ! ext5t ! propos$ rule impacts !m or ! in/itutions !y repres5t4 7,c7 ,publication ( comm5ts ,! ,bureau %all publi% 9 ! rulemak+ docket all writt5 comm5ts receiv$ pursuant to subp>agraph 7,b7 concurr5tly ) ! issuance ( ! notice ( propos$ rulemak+4 7,d7 ,response to int]ag5cy comm5ts ,ea* notice ( propos$ rulemak+ issu$ by ! ,bureau %all include a detail$1 writt5 response to any sub/antive issues rais$ 9 comm5ts submitt$ pursuant to subp>agraph 7,b71 includ+-- 7i7 a description ( any *anges made to ! propos$ rule 9 response to su* comm5ts2 & 7ii7 an explanation ( ! ,bureau's reasons = n adopt+ any recomm5dation made by an entity describ$ 9 clauses 7ii7 ?r\gh 7v7 ( subp>agraph 7,a74 7,e7 ,m9imum comm5t p]iod ,! ,bureau may n issue a notice ( propos$ rulemak+ until ! expiration ( a p]iod ( n few] ?an #fj days aft] provid+ ! propos$ rule to regulators pursuant to subp>agraph 7,a74 7,f7 ,coord9ation ) small bus9ess review ,no?+ 9 ?is p>agraph %all be con/ru$ to require ! ,bureau to complete ! consultation or comm5t process requir$ "u ?is p>agraph be=e comm5c+ or conduct+ any process requir$ "u section #fji7;b7 ( title #e1 ,unit$ ,/ates ,code4 ,to ! maximum ext5t practicable1 ! ,bureau %all conduct ! processes requir$ "u ?is p>agraph & su* section #fji7;b7 concurr5tly4 4 7b7 ,=maliz$ coord9ation = en=cem5t actions 7#a7 ,9 g5]al ,subtitle ,e ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefa et seq47 is am5d$ by add+ at ! end ! foll[+3 #ajei4 ,int]ag5cy coord9ation on ,bureau en=cem5t actions aga9/ depositories 7a7 ,9 g5]al ,prior to initiat+ any civil action1 adm9i/rative proce$+1 or ent]+ into any cons5t ord] aga9/ an insur$ depository in/itution or an insur$ cr$it union1 ! ,bureau %all-- 7#a7 provide advance writt5 notice ( ! contemplat$ action to-- 7,a7 ! appropriate prud5tial regulator2 & 7,b7 any relevant ,/ate regulator2 & 7#b7 provide su* regulators ) a reasonable opportunity to provide ! ,bureau ) views & recomm5dations on su* contemplat$ action2 & 7#c7 consid] su* views & recomm5dations 9 good fai? be=e und]tak+ su* contemplat$ action4 7b7 ,avoidance ( duplication & conflict ,! ,bureau %all1 to ! maximum ext5t practicable-- 7#a7 avoid duplicative en=cem5t actions2 7#b7 avoid rem$ies t conflict ) actions tak5 by a prud5tial regulator or ,/ate regulator2 & 7#c7 coord9ate ! tim+ & scope ( any action describ$ 9 subsection 7a7 to m9imize regulatory burd54 4 7#b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a7;b7 ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act is am5d$ by ins]t+ aft] ! item relat+ to section #ajeh ! foll[+3 ,sec4 #ajei4 ,int]ag5cy coord9ation on ,bureau en=cem5t actions aga9/ depositories4 4 7c7 ,rule ( application ,section #ajei ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj %all apply to a civil action or adm9i/rative proce$+ t is initiat$1 or a cons5t ord] t is ent]$ into1 on or aft] ! date ( enactm5t ( ?is ,act4 #djd4 ,re=ms to nonbank sup]vision ,section #ajbd ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eead7 is am5d$-- 7#a7 by /rik+ risks to consum]s ea* place su* t]m appe>s & ins]t+ sub/antial injury to consum]s2 7#b7 9 subsection 7a7-- 7,a7 9 p>agraph 7#a77;,c71 by ins]t+ ( at lea/ #ij days aft] reasonable opportunity2 7,b7 9 p>agraph 7#b71 by add+ at ! end ! foll[+3 ,) respect to a rule issu$ by ! ,bureau aft] ! date ( enactm5t ( ! ,consum] ,f9ancial ,protection ,acc\ntability & ,re=m ,act ( #bjbf to def9e cov]$ p]sons subject to ?is section1 ! ,bureau %all provide a public notice & comm5t p]iod ( at lea/ #ij days ) respect to ! rulemak+42 & 7,c7 9 p>agraph 7#c77;,a71 by ins]t+ be=e ! p]iod ! foll[+3 or to a small bus9ess conc]n 7z def9$ 9 section #c ( ! ,small ,bus9ess ,act72 7#c7 9 subsection 7b77#b71 by /rik+ risks pos$ to consum]s & ins]t+ risk ( sub/antial injury to consum]s2 & 7#d7 by add+ at ! end ! foll[+3 7f7 ,limitation on sup]visory au?ority ,) respect to a cov]$ p]son t is describ$ 9 subsection 7a77#a71 or a s]vice provid] !reto1 ! ,bureau's au?ority "u ?is section to require reports f1 conduct exam9ations (1 obta9 in=mation f1 or o!rwise sup]vise su* cov]$ p]son or s]vice provid] %all be limit$ to activities1 op]ations1 records1 p]sonnel1 sy/ems1 & matt]s directly relat$ to ! (f]+ or provision ( ! applicable consum] f9ancial product or s]vice describ$ 9 subp>agraph 7,a71 7,b71 7,c71 7,d71 or 7,e7 ( subsection 7a77#a7 ) respect to su* cov]$ p]son4 7g7 ,m>ket def9$ ,9 ?is section1 & o!r ?an 9 ! context ( a geographic m>ket1 ! t]m m>ket means consum] f9ancial products or s]vices t-- 7#a7 %>e ! same prim>y consum] purpose2 & 7#b7 are reasonably int]*angeable by consum]s4 4 ,v ,prev5t+ ,regulation by ,en=cem5t #eja4 ,civil ,money ,p5alties 7a7 ,9 g5]al ,section #ajee7;c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefe7;c771 is am5d$-- 7#a7 9 p>agraph 7#b7-- 7,a7 9 subp>agraph 7,b71 9 ! head+1 by /rik+ ,second ti] & ins]t+ ,fir/ ti]2 7,b7 9 subp>agraph 7,c7-- 7i7 9 ! head+1 by /rik+ ,?ird ti] & ins]t+ ,second ti]2 & 7ii7 by /rik+ #a1jjj1jjj & ins]t+ #ej1abj2 7,c7 by /rik+ subp>agraph 7,a72 & 7,d7 by r$esignat+ subp>agraphs 7,b7 & 7,c7 z subp>agraphs 7,a7 & 7,b71 respectively2 & 7#b7 9 p>agraph 7#c7-- 7,a7 9 subp>agraph 7,d71 by /rik+ & at ! end2 7,b7 by r$esignat+ subp>agraph 7,e7 z subp>agraph 7,f72 & 7,c7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 :e!r ! p]son *>g$ self-report$ ! violation2 & 4 7b7 ,rulemak+ ,! ,bureau ( ,consum] ,f9ancial ,protection %all1 n lat] ?an #ahj day aft] ! date ( ! enactm5t ( ?is section1 issue a rule t-- 7#a7 implem5ts ! am5dm5ts made by ?is section2 & 7#b7 e/abli%es policies & proc$ures relat+ to h[ ! ,bureau ( ,consum] ,f9ancial ,protection w r$uce civil monet>y p5alties bas$ on ! pres5ce ( mitigation factors describ$ 9 section #ajee7;c77#c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj1 z am5d$ by subsection 7a77#b74 7c7 ,civil money p5alty matrix ,section #ajee7;c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #eefe7;c77 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,civil money p5alty matrix ,! ,bureau may1 by rule1 e/abli% & p]iodically revise a civil money p5alty matrix or s*$ule to promote consi/5cy & pr$ictability 9 ! assessm5t ( civil money p5alties "u ?is subsection4 ,any su* matrix or s*$ule may take into acc\nt ! factors describ$ 9 p>agraph 7#c7 & may n au?orize a p5alty 9 excess ( ! applicable maximum am\nt specifi$ 9 p>agraph 7#b74 4 #ejb4 ,limitations on m>ket monitor+ functions ,! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha et seq47 is am5d$-- 7#a7 9 section #ajbb7;c77#d77;,c71 by add+ at ! end ! foll[+3 ,! ,bureau may n use its au?orities "u ?is p>agraph1 or any in=mation obta9$ pursuant to ?is p>agraph1 to initiate or 9 connection ) any en=cem5t inve/igation or en=cem5t action1 or to initiate or 9 connection ) any sup]visory exam9ation4 ,in=mation obta9$ f a cov]$ p]son or s]vice provid] pursuant to ?is p>agraph may n be made public by ! ,bureau42 & 7#b7 9 section #ajbf7;b71 by /rik+ 1 & to assess & detect risks to consum]s & consum] f9ancial m>kets4 #ejc4 ,en=cem5t p[]s ( ! ,/ates ,section #ajdb ( ! ,consum] ,f9ancial ,protection ,act 7#ab ,u4,s4,c4 #eeeb7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#a71 by /rik+ ,except z provid$ 9 p>agraph 7#b7 & ins]t+ ,except z provid$ 9 p>agraphs 7#b7 & 7#d72 & 7,b7 by add+ at ! end ! foll[+3 7#d7 ,prohibition on en=cem5t ,an attorney g5]al 7or ! equival5t !re(7 ( any ,/ate may n br+ a civil action 9 ! "n ( su* ,/ate 9 any di/rict c\rt ( ! ,unit$ ,/ates 9 t ,/ate or 9 ,/ate c\rt t is locat$ 9 t ,/ate & t has jurisdiction ov] ! def5dant1 to en=ce provisions ( ?is title or regulations issu$ "u ?is title1 if ! ,bureau has provid$ writt5 notice to ! attorney g5]al 7or ! equival5t !re(7 t ! ,bureau has br\ght or int5ds to br+ an action to en=ce ?is title or regulations issu$ "u ?is title aga9/ ! same entity = violations aris+ f ! same conduct or fact patt]n4 7#e7 ,application ( limitations ,if an attorney g5]al 7or ! equival5t !re(7 ( any ,/ate br+s a civil action 9 ! "n ( su* ,/ate 9 any di/rict c\rt ( ! ,unit$ ,/ates 9 t ,/ate or 9 ,/ate c\rt t is locat$ 9 t ,/ate & t has jurisdiction ov] ! def5dant1 to en=ce provisions ( ?is title or regulations issu$ "u ?is title su* attorney g5]al 7or ! equival5t !re(7 %all be subject to ! same limitations on au?orities z are appli$ to ! ,bureau "u section #ajbg & section #ajbi4 2 7#b7 9 subsection 7b77#b7-- 7,a7 by r$esignat+ subp>agraphs 7,a71 7,b71 & 7,c7 z subp>agraphs 7,b71 7,c71 & 7,d71 respectively2 & 7,b7 by /rik+ ! ,bureau may-- & ins]t+ ! ,bureau may-- 7,a7 notify ! attorney g5]al 7or ! equival5t !re(7 t ! ,bureau has br\ght or int5ds to br+ an action to en=ce ?is title or regulations issu$ "u ?is title aga9/ ! same entity = violations aris+ f ! same conduct or fact patt]n2 2 & 7#c7 by add+ at ! end ! foll[+3 7e7 ,rule ( con/ruction ,no?+ 9 ?is section may be con/ru$ to p]mit a ,/ate to en=ce to provisions ( any ,f$]al consum] f9ancial laws o!r ?an ! provisions ( ?is title or regulations issu$ "u ?is title4 4 #ejd4 ,index+ ( asset-bas$ ?re%olds 9 regulations 7a7 ,9 g5]al ,section #ajbb ( ! ,consum] ,f9ancial ,protection ,act 7#ab ,u4,s4,c4 #eeab7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,p]iodic adju/m5t = asset-,bas$ ?re%olds 9 regulations 7#a7 ,9 g5]al ,= ea* asset-bas$ ?re%old e/abli%$ by regulation & conta9$ 9 a regulation issu$ by ! ,bureau "u a ,f$]al consum] f9ancial law1 ! ,bureau %all1 by rule1 adju/ su* ?re%old e #e ye>s by ! ratio1 if great] ?an #a1 ( ! annual value ( ! curr5t-doll> ,unit$ ,/ates gross dome/ic product1 publi%$ by ! ,dep>tm5t ( ,comm]ce1 = ! cal5d> ye> prec$+ ! ye> 9 :i* ! adju/m5t is calculat$ "u ?is subsection1 to ! publi%$ value ( su* index = ! cal5d> ye> prec$+ ,april #a1 #bjbf4 7#b7 ,r\nd+ ,ea* ?re%old adju/m5t made pursuant to p>agraph 7#a7 %all be r\nd$-- 7,a7 to ! ne>e/ #a1jjj1jjj1 = ?re%olds equal to or great] ?an #a1jjj1jjj1jjj2 7,b7 to ! ne>e/ #ajj1jjj1 = ?re%olds equal to or great] ?an #ajj1jjj1jjj b less ?an #a1jjj1jjj1jjj2 & 7,c7 to ! ne>e/ #aj1jjj1 = ?re%olds less ?an #ajj1jjj1jjj4 7#c7 ,asset-bas$ ?re%old def9$ ,9 ?is subsection1 ! t]m asset-bas$ ?re%old means any ?re%old1 express$ z a doll> am\nt ( total assets ( a cov]$ p]son1 t det]m9es ! applicability ( a regulation issu$ by ! ,bureau4 4 7b7 ,initial id5tification ( ?re%olds ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,bureau ( ,consum] ,f9ancial ,protection %all-- 7#a7 id5tify ea* asset-bas$ ?re%old describ$ 9 section #ajbb7;e7 ( ! ,consum] ,f9ancial ,protection ,act2 & 7#b7 publi% 9 ! ,f$]al ,regi/] a li/ ( all su* ?re%olds1 includ+ ! orig9al am\nt ( ea* su* ?re%old1 ! date on :i* su* ?re%old 0 e/abli%$1 & ! regulation 9 :i* su* ?re%old appe>s4 7c7 ,initial index+ ( ?re%olds ,z soon z practicable aft] publi%+ ! ?re%olds describ$ 9 subsection 7b71 ! ,bureau %all1 by rule1 & subject to ! r\nd+ requirem5ts 9 section #ajbb7;e77#b7 ( ! ,consum] ,f9ancial ,protection ,act1 adju/ ea* su* ?re%old to reflect ! p]c5tage *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s1 or any successor index1 publi%$ by ! ,bureau ( ,labor ,/ati/ics1 betwe5-- 7#a7 ! date on :i* ! ?re%old 0 orig9ally e/abli%$ 9 regulation2 & 7#b7 ! date on :i* ! ,bureau publi%es ! li/ requir$ "u subsection 7b74 #eje4 ,collect+ & track+ compla9ts ,section #ajac7;b77#c7 ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edic7;b77#c77 is am5d$ by add+ at ! end ! foll[+3 7,e7 ,consum] ,atte/ation 7i7 ,9 g5]al ,! ,director %all require1 us+ su* v]ification me*anisms z ! ,director det]m9es appropriate1 ea* p]son :o submits a compla9t to ! unit e/abli%$ "u ?is p>agraph to atte/1 "u p5alty ( p]jury1 t-- 7,i7 ! in=mation & docum5tation provid$ 9 ! compla9t is true & accurate to ! be/ ( ! consum]'s k2 7,,ii7 ! compla9t is be+ submitt$ directly by-- 7aa7 ! consum]2 or 7bb7 a repres5tative au?oriz$ to act on ! behalf ( ! consum] :o provides suffici5t pro( ( id5tification & a writt5 docum5t sign$ by ! consum] t p]mits ! ?ird p>ty to act on ! behalf ( ! consum] specifically z x relates to submitt+ a compla9t to ! ,bureau2 & 7,,iii7 ! consum] directly in=m$ ! cov]$ p]son :o is requir$ to respond to compla9ts "u subsection 7b7 & 7c7 ( section #ajcd to :i* ! compla9t relates ( ! issue ab\t :i* ! consum] is submitt+ ! compla9t n less ?an #fj days be=e submitt+ ! compla9t to ! ,bureau4 7ii7 ,notification requirem5t ,if ! ,director f9ds1 :5 c>ry+ out clause 7i71 t a compla9t submitt$ 9 ! "n ( a consum] 0 n submitt$ by su* consum] or by a repres5tative au?oriz$ to act on ! behalf ( su* consum]1 ! ,director %all to ! degree practicable-- 7,i7 in=m ! consum] 9 ^: "n ! compla9t 0 fil$ t su* compla9t 0 submitt$ 9 _! "n1 )\t _! au?orization2 & 7,,ii7 provide to ! cov]$ p]son :o is requir$ to respond to compla9ts "u subsection 7b7 & 7c7 ( section #ajcd to :om ! compla9t relates ! "n ( ! p]son :o submitt$ ! compla9t )\t ! au?orization ( ! consum]4 7iii7 ,suffici5t pro( ( id5tification def9$ ,! t]m suffici5t pro( ( id5tification means in=mation or docum5tation t id5tifies a protect$ consum] & a protect$ consum]'s repres5tative & includes-- 7,i7 a social security numb] or a copy ( a social security c>d issu$ by ! ,social ,security ,adm9i/ration2 7,,ii7 a c]tifi$ or (ficial copy ( a bir? c]tificate issu$ by ! entity au?oriz$ to issue ! bir? c]tificate2 or 7,,iii7 a copy ( a driv]'s lic5se1 an id5tification c>d issu$ by ! motor vehicle adm9i/ration4 7,f7 ,closure ( duplicative1 frivol\s or unau?oriz$ compla9ts -- 7i7 ,9 g5]al ,a cov]$ p]son :o is requir$ to respond to compla9ts "u subsection 7b7 & 7c7 ( section #ajcd t receives a consum] compla9t f ! unit e/abli%$ "u ?is p>agraph may1 ^u reasonable det]m9ation1 close su* compla9t )\t fur!r action if-- 7,i7 ! compla9t1 z det]m9$ by su* cov]$ p]son-- 7aa7 is duplicative ( a previ\sly submitt$ & resolv$ compla9t submitt$ by ! same consum] relat+ to ! same issue2 7bb7 is frivol\s or lack+ a basis 9 fact2 7cc7 0 n submitt$ by ! consum] or an individual au?oriz$ to act on ! behalf ( ! consum]2 or 7dd7 0 submitt$ = a fraudul5t or mislead+ purpose2 7,,ii7 su* cov]$ p]son 0 n directly in=m$ by ! consum] ( ! issue ab\t :i* ! consum] submitt$ ! compla9t n less ?an #fj days be=e ! consum] submitt$ ! compla9t2 or 7,,iii7 su* cov]$ p]son 0 directly in=m$ by ! consum] ( ! issue ab\t :i* ! consum] submitt$ ! compla9t & su* cov]$ p]son respond$ to su* consum] 9 a mann] t rem$i$ ! issue rais$ by ! consum]2 or 7ii7 ,record+ ,if a cov]$ p]son :o is requir$ to respond to compla9ts "u subsection 7b7 & 7c7 ( section #ajcd closes a compla9t "u clause 7i71 su* cov]$ p]son %all notify ! unit e/abli%$ "u ?is p>agraph ( su* closure & ! reason = su* closure & su* unit %all record su* in=mation 9 ! database e/abli%$ "u ?is p>agraph4 7,g7 ,confid5tiality 7i7 ,9 g5]al ,not)/&+ any o!r provision ( law1 ! ,bureau %all ensure t n>rative cont5t includ$ 9 compla9ts submitt$ by consum]s to ! unit e/abli%$ "u ?is p>agraph & n>rative cont5t includ$ 9 responses f cov]$ p]sons :o are requir$ to respond to compla9ts "u subsection 7b7 & 7c7 ( section #ajcd :o receive compla9ts f ! unit e/abli%$ "u ?is p>agraph rema9 confid5tial & are n publi%$ or made publicly viewable4 7ii7 ,aggregation ( data ,! ,bureau may publi% aggregat$ data ab\t compla9ts receiv$ f consum]s & analyses ( tr5ds 9 su* compla9ts if su* data & analyses d n include p]sonally id5tifiable in=mation or specific n>rative cont5t t c\ld reasonably be l9k$ to an individual consum] or cov]$ p]son :o is requir$ to respond to compla9ts "u subsection 7b7 & 7c7 ( section #ajcd4 4 #ejf4 ,enhancem5ts to small bus9ess loan privacy ,section #gjd;,b7e77#d7 ( ! ,equal ,cr$it ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7;e77#d77 is am5d$-- 7#a7 by /rik+ ,! ,bureau may1 & ins]t+3 7,a7 ,9 g5]al ,! ,bureau may1 2 & 7#b7 by add+ at ! end ! foll[+3 7,b7 ,rulemak+ requirem5t ,! ,bureau %all1 be=e delet+ or modify+ data "u ?is p>agraph1 issue1 ?r\gh advance notice & comm5t1 a rule t includes a description ( :at modifications & deletions ! ,bureau int5ds to make to ! data & h[ su* modifications & deletions w advance a privacy int]e/4 4