---
kind: "section"
citation: "12 U.S.C. § 5532"
title: "12"
title_heading: "Banks and Banking"
number: "5532"
heading: "Disclosures"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5532"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter V — Bureau of Consumer Financial Protection"
  - "Part C — Specific Bureau Authorities"
---

# §5532. Disclosures

- (a) **In general—** The [Bureau](/usc/12/5301.md?p=4) may prescribe rules to ensure that the features of any [consumer financial product or service](/usc/12/5481.md?p=5), both initially and over the term of the product or service, are fully, accurately, and effectively disclosed to [consumers](/usc/12/5481.md?p=4) in a manner that permits [consumers](/usc/12/5481.md?p=4) to understand the costs, benefits, and risks associated with the product or service, in light of the facts and circumstances.
- (b) **Model disclosures—**
  - (1) **In general—** Any final rule prescribed by the [Bureau](/usc/12/5301.md?p=4) under this section requiring disclosures may include a model form that may be used at the option of the [covered person](/usc/12/5481.md?p=6) for provision of the required disclosures.
  - (2) **Format—** A model form issued pursuant to [paragraph (1)](#b-1) shall contain a clear and conspicuous disclosure that, at a minimum—
    - (A) uses plain language comprehensible to [consumers](/usc/12/5481.md?p=4);
    - (B) contains a clear format and design, such as an easily readable type font; and
    - (C) succinctly explains the information that must be communicated to the [consumer](/usc/12/5481.md?p=4).
  - (3) **Consumer testing—** Any model form issued pursuant to this subsection shall be validated through [consumer](/usc/12/5481.md?p=4) testing.
- (c) **Basis for rulemaking—** In prescribing rules under this section, the [Bureau](/usc/12/5301.md?p=4) shall consider available evidence about [consumer](/usc/12/5481.md?p=4) awareness, understanding of, and responses to disclosures or communications about the risks, costs, and benefits of [consumer](/usc/12/5481.md?p=4) financial products or services.
- (d) **Safe harbor—** Any [covered person](/usc/12/5481.md?p=6) that uses a model form included with a rule issued under this section shall be deemed to be in compliance with the disclosure requirements of this section with respect to such model form.
- (e) **Trial disclosure programs—**
  - (1) **In general—** The [Bureau](/usc/12/5301.md?p=4) may permit a [covered person](/usc/12/5481.md?p=6) to conduct a trial program that is limited in time and scope, subject to specified standards and procedures, for the purpose of providing trial disclosures to [consumers](/usc/12/5481.md?p=4) that are designed to improve upon any model form issued pursuant to [subsection (b)(1)](#b-1), or any other model form issued to implement an enumerated statute, as applicable.
  - (2) **Safe harbor—** The standards and procedures issued by the [Bureau](/usc/12/5301.md?p=4) shall be designed to encourage [covered persons](/usc/12/5481.md?p=6) to conduct trial disclosure programs. For the purposes of administering this subsection, the [Bureau](/usc/12/5301.md?p=4) may establish a limited period during which a [covered person](/usc/12/5481.md?p=6) conducting a trial disclosure program shall be deemed to be in compliance with, or may be exempted from, a requirement of a rule or an enumerated [consumer](/usc/12/5481.md?p=4) law.
  - (3) **Public disclosure—** The rules of the [Bureau](/usc/12/5301.md?p=4) shall provide for public disclosure of trial disclosure programs, which public disclosure may be limited, to the extent necessary to encourage [covered persons](/usc/12/5481.md?p=6) to conduct effective trials.
- (f) **Combined mortgage loan disclosure—** Not later than 1 year after the [designated transfer date](/usc/12/5481.md?p=9), the [Bureau](/usc/12/5301.md?p=4) shall propose for public comment rules and model disclosures that combine the disclosures required under the Truth in Lending Act [[15 U.S.C. 1601](/usc/15/1601.md) et seq.] and sections [2603](/usc/12/2603.md) and [2604](/usc/12/2604.md) of this title, into a single, integrated disclosure for [mortgage](/usc/12/1707.md?p=a) loan transactions covered by those laws, unless the [Bureau](/usc/12/5301.md?p=4) determines that any proposal issued by the [Board of Governors](/usc/12/5301.md?p=3) and the [Secretary](/usc/12/5301.md?p=14) of Housing and Urban Development carries out the same purpose.

## Source credit

(Pub. L. 111–203, title X, § 1032, July 21, 2010, 124 Stat. 2006.)

## Notes

### Editorial Notes

### References in Text

The Truth in Lending Act, referred to in subsec. (f), is title I of Pub. L. 90–321, May 29, 1968, 82 Stat. 146, which is classified generally to subchapter I (§ 1601 et seq.) of chapter 41 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see Short Title note set out under section 1601 of Title 15 and Tables.

### Statutory Notes and Related Subsidiaries

### Effective Date

Section effective on the designated transfer date, see section 1037 of Pub. L. 111–203, set out as a note under section 5531 of this title.