---
kind: "section"
citation: "12 U.S.C. § 5512"
title: "12"
title_heading: "Banks and Banking"
number: "5512"
heading: "Rulemaking authority"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5512"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter V — Bureau of Consumer Financial Protection"
  - "Part B — General Powers of the Bureau"
---

# §5512. Rulemaking authority

- (a) **In general—** The [Bureau](/usc/12/5301.md?p=4) is authorized to exercise its authorities under [Federal consumer financial law](/usc/12/5481.md?p=14) to administer, enforce, and otherwise implement the provisions of [Federal consumer financial law](/usc/12/5481.md?p=14).
- (b) **Rulemaking, orders, and guidance—**
  - (1) **General authority—** The [Director](/usc/12/5341.md?p=1) may prescribe rules and issue orders and guidance, as may be necessary or appropriate to enable the [Bureau](/usc/12/5301.md?p=4) to administer and carry out the purposes and objectives of the [Federal consumer financial laws](/usc/12/5481.md?p=14), and to prevent evasions thereof.
  - (2) **Standards for rulemaking—** In prescribing a rule under the [Federal consumer financial laws](/usc/12/5481.md?p=14)—
    - (A) the [Bureau](/usc/12/5301.md?p=4) shall consider—
      - (i) the potential benefits and costs to [consumers](/usc/12/5481.md?p=4) and [covered persons](/usc/12/5481.md?p=6), [including](/usc/12/5301.md?p=18-A) the potential reduction of access by [consumers](/usc/12/5481.md?p=4) to [consumer](/usc/12/5481.md?p=4) financial products or services resulting from such rule; and
      - (ii) the impact of proposed rules on [covered persons](/usc/12/5481.md?p=6), as described in [section 5516 of this title](/usc/12/5516.md), and the impact on [consumers](/usc/12/5481.md?p=4) in rural areas;
    - (B) the [Bureau](/usc/12/5301.md?p=4) shall consult with the appropriate [prudential regulators](/usc/12/5481.md?p=24) or other Federal agencies prior to proposing a rule and during the comment process regarding consistency with prudential, market, or systemic objectives administered by such agencies; and
    - (C) if, during the consultation process described in [subparagraph (B)](#b-2-B), a [prudential regulator](/usc/12/5481.md?p=24) provides the [Bureau](/usc/12/5301.md?p=4) with a written objection to the proposed rule of the [Bureau](/usc/12/5301.md?p=4) or a portion thereof, the [Bureau](/usc/12/5301.md?p=4) shall include in the adopting release a description of the objection and the basis for the [Bureau](/usc/12/5301.md?p=4) decision, if any, regarding such objection, except that nothing in this clause shall be construed as altering or limiting the procedures under [section 5513 of this title](/usc/12/5513.md) that may apply to any rule prescribed by the [Bureau](/usc/12/5301.md?p=4).
  - (3) **Exemptions—**
    - (A) **In general—** The [Bureau](/usc/12/5301.md?p=4), by rule, may conditionally or unconditionally exempt any class of [covered persons](/usc/12/5481.md?p=6), [service providers](/usc/12/5481.md?p=26-A), or [consumer](/usc/12/5481.md?p=4) financial products or services, from any provision of this title,[^1] or from any rule issued under this title,[^1] as the [Bureau](/usc/12/5301.md?p=4) determines necessary or appropriate to carry out the purposes and objectives of this title,[^1] taking into consideration the factors in [subparagraph (B)](#b-3-B).
    - (B) **Factors—** In issuing an exemption, as permitted under [subparagraph (A)](#b-3-A), the [Bureau](/usc/12/5301.md?p=4) shall, as appropriate, take into consideration—
      - (i) the total assets of the class of [covered persons](/usc/12/5481.md?p=6);
      - (ii) the volume of transactions involving [consumer](/usc/12/5481.md?p=4) financial products or services in which the class of [covered persons](/usc/12/5481.md?p=6) engages; and
      - (iii) existing provisions of law which are applicable to the [consumer financial product or service](/usc/12/5481.md?p=5) and the extent to which such provisions provide [consumers](/usc/12/5481.md?p=4) with adequate protections.
  - (4) **Exclusive rulemaking authority—**
    - (A) **In general—** Notwithstanding any other provisions of Federal law and except as provided in [section 5581(b)(5) of this title](/usc/12/5581.md?p=b-5), to the extent that a provision of [Federal consumer financial law](/usc/12/5481.md?p=14) authorizes the [Bureau](/usc/12/5301.md?p=4) and another Federal agency to issue regulations under that provision of law for purposes of assuring compliance with [Federal consumer financial law](/usc/12/5481.md?p=14) and any regulations thereunder, the [Bureau](/usc/12/5301.md?p=4) shall have the exclusive authority to prescribe rules subject to those provisions of law.
    - (B) **Deference—** Notwithstanding any power granted to any Federal agency or to the [Council](/usc/12/5301.md?p=8) under this title,[^1] and subject to [section 5581(b)(5)(E) of this title](/usc/12/5581.md?p=b-5-E), the deference that a [court](/usc/12/5381.md?p=a-6) affords to the [Bureau](/usc/12/5301.md?p=4) with respect to a determination by the [Bureau](/usc/12/5301.md?p=4) regarding the meaning or interpretation of any provision of a [Federal consumer financial law](/usc/12/5481.md?p=14) shall be applied as if the [Bureau](/usc/12/5301.md?p=4) were the only agency authorized to apply, enforce, interpret, or administer the provisions of such [Federal consumer financial law](/usc/12/5481.md?p=14).
- (c) **Monitoring—**
  - (1) **In general—** In order to support its rulemaking and other functions, the [Bureau](/usc/12/5301.md?p=4) shall monitor for risks to [consumers](/usc/12/5481.md?p=4) in the offering or provision of [consumer](/usc/12/5481.md?p=4) financial products or services, [including](/usc/12/5301.md?p=18-A) developments in markets for such products or services.
  - (2) **Considerations—** In allocating its resources to perform the monitoring required by this section, the [Bureau](/usc/12/5301.md?p=4) may consider, among other factors—
    - (A) likely risks and costs to [consumers](/usc/12/5481.md?p=4) associated with buying or using a type of [consumer financial product or service](/usc/12/5481.md?p=5);
    - (B) understanding by [consumers](/usc/12/5481.md?p=4) of the risks of a type of [consumer financial product or service](/usc/12/5481.md?p=5);
    - (C) the legal protections applicable to the offering or provision of a [consumer financial product or service](/usc/12/5481.md?p=5), [including](/usc/12/5301.md?p=18-A) the extent to which the law is likely to adequately protect [consumers](/usc/12/5481.md?p=4);
    - (D) rates of growth in the offering or provision of a [consumer financial product or service](/usc/12/5481.md?p=5);
    - (E) the extent, if any, to which the risks of a [consumer financial product or service](/usc/12/5481.md?p=5) may disproportionately affect traditionally underserved [consumers](/usc/12/5481.md?p=4); or
    - (F) the types, number, and other pertinent characteristics of [covered persons](/usc/12/5481.md?p=6) that offer or provide the [consumer financial product or service](/usc/12/5481.md?p=5).
  - (3) **Significant findings—**
    - (A) **In general—** The [Bureau](/usc/12/5301.md?p=4) shall publish not fewer than 1 report of significant findings of its monitoring required by this subsection in each calendar year, beginning with the first calendar year that begins at least 1 year after the [designated transfer date](/usc/12/5481.md?p=9).
    - (B) **Confidential information—** The [Bureau](/usc/12/5301.md?p=4) may make public such information obtained by the [Bureau](/usc/12/5301.md?p=4) under this section as is in the public interest, through aggregated reports or other appropriate formats designed to protect confidential information in accordance with paragraphs [(4)](#c-4), [(6)](#c-6), [(8)](#c-8), and [(9)](#c-9).
  - (4) **Collection of information—**
    - (A) **In general—** In conducting any monitoring or assessment required by this section, the [Bureau](/usc/12/5301.md?p=4) shall have the authority to gather information from time to time regarding the organization, business conduct, markets, and activities of [covered persons](/usc/12/5481.md?p=6) and [service providers](/usc/12/5481.md?p=26-A).
    - (B) **Methodology—** In order to gather information described in [subparagraph (A)](#c-4-A), the [Bureau](/usc/12/5301.md?p=4) may—
      - (i) gather and compile information from a variety of sources, [including](/usc/12/5301.md?p=18-A) examination reports concerning [covered persons](/usc/12/5481.md?p=6) or [service providers](/usc/12/5481.md?p=26-A), [consumer](/usc/12/5481.md?p=4) complaints, voluntary surveys and voluntary interviews of [consumers](/usc/12/5481.md?p=4), surveys and interviews with [covered persons](/usc/12/5481.md?p=6) and [service providers](/usc/12/5481.md?p=26-A), and review of available databases; and
      - (ii) require [covered persons](/usc/12/5481.md?p=6) and [service providers](/usc/12/5481.md?p=26-A) participating in [consumer](/usc/12/5481.md?p=4) financial services markets to file with the [Bureau](/usc/12/5301.md?p=4), under oath or otherwise, in such form and within such reasonable period of time as the [Bureau](/usc/12/5301.md?p=4) may prescribe by rule or order, annual or special reports, or answers in writing to specific questions, furnishing information described in [paragraph (4)](#c-4), as necessary for the [Bureau](/usc/12/5301.md?p=4) to fulfill the monitoring, assessment, and reporting responsibilities imposed by Congress.
    - (C) **Limitation—** The [Bureau](/usc/12/5301.md?p=4) may not use its authorities under this paragraph to obtain records from [covered persons](/usc/12/5481.md?p=6) and [service providers](/usc/12/5481.md?p=26-A) participating in [consumer](/usc/12/5481.md?p=4) financial services markets for purposes of gathering or analyzing the personally identifiable financial information of [consumers](/usc/12/5481.md?p=4).
  - (5) **Limited information gathering—** In order to assess whether a nondepository is a [covered person](/usc/12/5481.md?p=6), as defined in [section 5481 of this title](/usc/12/5481.md), the [Bureau](/usc/12/5301.md?p=4) may require such nondepository to file with the [Bureau](/usc/12/5301.md?p=4), under oath or otherwise, in such form and within such reasonable period of time as the [Bureau](/usc/12/5301.md?p=4) may prescribe by rule or order, annual or special reports, or answers in writing to specific questions.
  - (6) **Confidentiality rules—**
    - (A) **Rulemaking—** The [Bureau](/usc/12/5301.md?p=4) shall prescribe rules regarding the confidential treatment of information obtained from [persons](/usc/12/5481.md?p=19) in connection with the exercise of its authorities under [Federal consumer financial law](/usc/12/5481.md?p=14).
    - (B) **Access by the Bureau to reports of other regulators—**
      - (i) **Examination and financial condition reports—** Upon providing reasonable assurances of confidentiality, the [Bureau](/usc/12/5301.md?p=4) shall have access to any report of examination or financial condition made by a [prudential regulator](/usc/12/5481.md?p=24) or other Federal agency having jurisdiction over a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A), and to all revisions made to any such report.
      - (ii) **Provision of other reports to the Bureau—** In addition to the reports described in [clause (i)](#c-6-B-i), a [prudential regulator](/usc/12/5481.md?p=24) or other Federal agency having jurisdiction over a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) may, in its discretion, furnish to the [Bureau](/usc/12/5301.md?p=4) any other report or other confidential supervisory information concerning any [insured depository institution](/usc/12/5301.md?p=18-A), [credit union](/usc/12/5301.md?p=9), or other entity examined by such agency under authority of any provision of Federal law.
    - (C) **Access by other regulators to reports of the Bureau—**
      - (i) **Examination reports—** Upon providing reasonable assurances of confidentiality, a [prudential regulator](/usc/12/5481.md?p=24), a [State](/usc/12/5301.md?p=16) regulator, or any other Federal agency having jurisdiction over a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) shall have access to any report of examination made by the [Bureau](/usc/12/5301.md?p=4) with respect to such [person](/usc/12/5481.md?p=19), and to all revisions made to any such report.
      - (ii) **Provision of other reports to other regulators—** In addition to the reports described in [clause (i)](#c-6-C-i), the [Bureau](/usc/12/5301.md?p=4) may, in its discretion, furnish to a [prudential regulator](/usc/12/5481.md?p=24) or other agency having jurisdiction over a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) any other report or other confidential supervisory information concerning such [person](/usc/12/5481.md?p=19) examined by the [Bureau](/usc/12/5301.md?p=4) under the authority of any other provision of Federal law.
  - (7) **Registration—**
    - (A) **In general—** The [Bureau](/usc/12/5301.md?p=4) may prescribe rules regarding registration requirements applicable to a [covered person](/usc/12/5481.md?p=6), other than an [insured depository institution](/usc/12/5301.md?p=18-A), [insured credit union](/usc/12/5481.md?p=17), or [related person](/usc/12/5481.md?p=25).
    - (B) **Registration information—** Subject to rules prescribed by the [Bureau](/usc/12/5301.md?p=4), the [Bureau](/usc/12/5301.md?p=4) may publicly disclose registration information to facilitate the ability of [consumers](/usc/12/5481.md?p=4) to identify [covered persons](/usc/12/5481.md?p=6) that are registered with the [Bureau](/usc/12/5301.md?p=4).
    - (C) **Consultation with State agencies—** In developing and implementing registration requirements under this paragraph, the [Bureau](/usc/12/5301.md?p=4) shall consult with [State](/usc/12/5301.md?p=16) agencies regarding requirements or systems ([including](/usc/12/5301.md?p=18-A) coordinated or combined systems for registration), where appropriate.
  - (8) **Privacy considerations—** In collecting information from any [person](/usc/12/5481.md?p=19), publicly releasing information held by the [Bureau](/usc/12/5301.md?p=4), or requiring [covered persons](/usc/12/5481.md?p=6) to publicly report information, the [Bureau](/usc/12/5301.md?p=4) shall take steps to ensure that proprietary, personal, or confidential [consumer](/usc/12/5481.md?p=4) information that is protected from public disclosure under section [552(b)](/usc/5/552.md?p=b) or [552a](/usc/5/552a.md) of title 5 or any other provision of law, is not made public under this title.[^1]
  - (9) **Consumer privacy—**
    - (A) **In general—** The [Bureau](/usc/12/5301.md?p=4) may not obtain from a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) any personally identifiable financial information about a [consumer](/usc/12/5481.md?p=4) from the financial records of the [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A), except—
      - (i) if the financial records are reasonably described in a request by the [Bureau](/usc/12/5301.md?p=4) and the [consumer](/usc/12/5481.md?p=4) provides written permission for the disclosure of such information by the [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) to the [Bureau](/usc/12/5301.md?p=4); or
      - (ii) as may be specifically permitted or required under other applicable provisions of law and in accordance with the Right to Financial Privacy Act of 1978 ([12 U.S.C. 3401](/usc/12/3401.md) et seq.).
    - (B) **Treatment of covered person or service provider—** With respect to the application of any provision of the Right to Financial Privacy Act of 1978,[^2] to a disclosure by a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) subject to this subsection, the [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) shall be treated as if it were a “financial institution”, as defined in [section 1101](/usc/12/1101.md) of that Act ([12 U.S.C. 3401](/usc/12/3401.md)).
- (d) **Assessment of significant rules—**
  - (1) **In general—** The [Bureau](/usc/12/5301.md?p=4) shall conduct an assessment of each significant rule or order adopted by the [Bureau](/usc/12/5301.md?p=4) under [Federal consumer financial law](/usc/12/5481.md?p=14). The assessment shall address, among other relevant factors, the effectiveness of the rule or order in meeting the purposes and objectives of this title[^1] and the specific goals stated by the [Bureau](/usc/12/5301.md?p=4). The assessment shall reflect available evidence and any data that the [Bureau](/usc/12/5301.md?p=4) reasonably may collect.
  - (2) **Reports—** The [Bureau](/usc/12/5301.md?p=4) shall publish a report of its assessment under this subsection not later than 5 years after the effective date of the subject rule or order.
  - (3) **Public comment required—** Before publishing a report of its assessment, the [Bureau](/usc/12/5301.md?p=4) shall invite public comment on recommendations for modifying, expanding, or eliminating the newly adopted significant rule or order.

## Footnotes

[^1]: See References in Text note below.
[^2]: So in original. The comma probably should not appear.

## Source credit

(Pub. L. 111–203, title X, § 1022, July 21, 2010, 124 Stat. 1980.)

## Notes

### Editorial Notes

### References in Text

This title, where footnoted in subsecs. (b)(3)(A), (4)(B), (c)(8), and (d)(1), is title X of Pub. L. 111–203, July 21, 2010, 124 Stat. 1955, known as the Consumer Financial Protection Act of 2010, which enacted this subchapter and enacted, amended, and repealed numerous other sections and notes in the Code. For complete classification of title X to the Code, see Short Title note set out under section 5301 of this title and Tables.

The Right to Financial Privacy Act of 1978, referred to in subsec. (c)(9)(A)(ii), (B), is title XI of Pub. L. 95–630, Nov. 10, 1978, 92 Stat. 3697, which is classified generally to chapter 35 (§ 3401 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 3401 of this title and Tables.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective July 21, 2010, see section 1029A of Pub. L. 111–203, set out as a note under section 5511 of this title.

### Designation of Rural Area

Pub. L. 114–94, div. G, title LXXXIX, § 89002, Dec. 4, 2015, 129 Stat. 1799, provided that: Application.—Not later than 90 days after the date of the enactment of this Act [Dec. 4, 2015], the Bureau of Consumer Financial Protection shall establish an application process under which a person who lives or does business in a State may, with respect to an area identified by the person in such State that has not been designated by the Bureau as a rural area for purposes of a Federal consumer financial law (as defined under section 1002 of the Consumer Financial Protection Act of 2010 [12 U.S.C. 5481]), apply for such area to be so designated. Evaluation Criteria.—When evaluating an application submitted under subsection (a), the Bureau shall take into consideration the following factors: Criteria used by the Director of the Bureau of the Census for classifying geographical areas as rural or urban. Criteria used by the Director of the Office of Management and Budget to designate counties as metropolitan or micropolitan or neither. Criteria used by the Secretary of Agriculture to determine property eligibility for rural development programs. The Department of Agriculture rural-urban commuting area codes. A written opinion provided by the State’s bank supervisor, as defined under section 3(r) of the Federal Deposit Insurance Act (12 U.S.C. 1813(r)). Population density. Rule of Construction.—If, at any time prior to the submission of an application under subsection (a), the area subject to review has been designated as nonrural by any Federal agency described under subsection (b) using any of the criteria described under subsection (b), the Bureau shall not be required to consider such designation in its evaluation.Public Comment Period.— In general.—Not later than 60 days after receiving an application submitted under subsection (a), the Bureau shall— publish such application in the Federal Register; and make such application available for public comment for not fewer than 90 days. Limitation on additional applications.—Nothing in this section shall be construed to require the Bureau, during the public comment period with respect to an application submitted under subsection (a), to accept an additional application with respect to the area that is the subject of the initial application. Decision on Designation.—Not later than 90 days after the end of the public comment period under subsection (d)(1) for an application, the Bureau shall— grant or deny such application, in whole or in part; and publish such grant or denial in the Federal Register, along with an explanation of what factors the Bureau relied on in making such determination. Subsequent Applications.—A decision by the Bureau under subsection (e) to deny an application for an area to be designated as a rural area shall not preclude the Bureau from accepting a subsequent application submitted under subsection (a) for such area to be so designated, so long as such subsequent application is made after the end of the 90-day period beginning on the date that the Bureau denies the application under subsection (e). Sunset.—This section shall cease to have any force or effect after the end of the 2-year period beginning on the date of the enactment of this Act.”