---
kind: "section"
citation: "12 U.S.C. § 5115"
title: "12"
title_heading: "Banks and Banking"
number: "5115"
heading: "Reports and recommendations to Congress"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5115"
units:
  - "Chapter 51 — Secure and Fair Enforcement for Mortgage Licensing"
---

# §5115. Reports and recommendations to Congress

- (a) **Annual reports—** Not later than 1 year after July 30, 2008, and annually thereafter, the [Director](/usc/12/5102.md?p=10) shall submit a report to Congress on the effectiveness of the provisions of this chapter, including legislative recommendations, if any, for strengthening [consumer](/usc/12/5481.md?p=4) protections, enhancing examination standards, streamlining communication between all stakeholders involved in [residential mortgage loan](/usc/12/5102.md?p=9) origination and processing, and establishing performance based bonding requirements for [mortgage](/usc/12/1707.md?p=a) originators or institutions that employ such brokers.
- (b) **Legislative recommendations—** Not later than 6 months after July 30, 2008, the [Director](/usc/12/5102.md?p=10) shall make recommendations to Congress on legislative reforms to the [Real Estate](/usc/12/1707.md?p=g) Settlement Procedures Act of 1974 [[12 U.S.C. 2601](/usc/12/2601.md) et seq.], that the [Director](/usc/12/5102.md?p=10) deems appropriate to promote more transparent disclosures, allowing [consumers](/usc/12/5481.md?p=4) to better shop and compare [mortgage](/usc/12/1707.md?p=a) loan terms and settlement costs.

## Source credit

(Pub. L. 110–289, div. A, title V, § 1516, July 30, 2008, 122 Stat. 2824; Pub. L. 111–203, title X, § 1100(3), July 21, 2010, 124 Stat. 2106.)

## Notes

### Editorial Notes

### References in Text

The Real Estate Settlement Procedures Act of 1974, referred to in subsec. (b), is Pub. L. 93–533, Dec. 22, 1974, 88 Stat. 1724, which is classified principally to chapter 27 (§ 2601 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 2601 of this title and Tables.

### Amendments

2010—Pub. L. 111–203 substituted “Director” for “Secretary” wherever appearing.

### Statutory Notes and Related Subsidiaries

### Effective Date of 2010 Amendment

Amendment by Pub. L. 111–203 effective on the designated transfer date, see section 1100H of Pub. L. 111–203, set out as a note under section 552a of Title 5, Government Organization and Employees.