---
kind: "section"
citation: "12 U.S.C. § 5581"
title: "12"
title_heading: "Banks and Banking"
number: "5581"
heading: "Transfer of consumer financial protection functions"
release: "119-102"
date: "2026-07-12"
url: "https://uscodex.org/usc/12/5581"
units:
  - "Chapter 53 — Wall Street Reform and Consumer Protection"
  - "Subchapter V — Bureau of Consumer Financial Protection"
  - "Part F — Transfer of Functions and Personnel; Transitional Provisions"
---

# §5581. Transfer of consumer financial protection functions

- (a) **Defined terms—** For purposes of this part—
  - (1) the term “[consumer](/usc/12/5481.md?p=4) financial protection functions” means—
    - (A) all authority to prescribe rules or issue orders or guidelines pursuant to any [Federal consumer financial law](/usc/12/5481.md?p=14), [including](/usc/12/5301.md?p=18-A) performing appropriate functions to promulgate and review such rules, orders, and guidelines; and
    - (B) the examination authority described in [subsection (c)(1)](#c-1), with respect to a [person](/usc/12/5481.md?p=19) described in [section 5515(a) of this title](/usc/12/5515.md?p=a); and
  - (2) the terms “transferor agency” and “transferor agencies” mean, respectively—
    - (A) the [Board of Governors](/usc/12/5301.md?p=3) (and any Federal reserve [bank](/usc/12/5301.md?p=18-A), as the context requires), the Federal [Deposit](/usc/12/5301.md?p=18-A) Insurance [Corporation](/usc/12/5301.md?p=7), the Federal Trade [Commission](/usc/12/5301.md?p=5), the National [Credit Union](/usc/12/5301.md?p=9) Administration, the [Office](/usc/12/5341.md?p=1) of the Comptroller of the Currency, the [Office](/usc/12/5341.md?p=1) of Thrift Supervision, and the Department of Housing and Urban Development, and the heads of those agencies; and
    - (B) the agencies listed in [subparagraph (A)](#a-2-A), collectively.
- (b) **In general—** Except as provided in [subsection (c)](#c), [consumer](/usc/12/5481.md?p=4) financial protection functions are transferred as follows:
  - (1) **Board of Governors—**
    - (A) **Transfer of functions—** All [consumer](/usc/12/5481.md?p=4) financial protection functions of the [Board of Governors](/usc/12/5301.md?p=3) are transferred to the [Bureau](/usc/12/5301.md?p=4).
    - (B) **Board of Governors authority—** The [Bureau](/usc/12/5301.md?p=4) shall have all powers and duties that were vested in the [Board of Governors](/usc/12/5301.md?p=3), relating to [consumer](/usc/12/5481.md?p=4) financial protection functions, on the day before the [designated transfer date](/usc/12/5481.md?p=9).
  - (2) **Comptroller of the Currency—**
    - (A) **Transfer of functions—** All [consumer](/usc/12/5481.md?p=4) financial protection functions of the Comptroller of the Currency are transferred to the [Bureau](/usc/12/5301.md?p=4).
    - (B) **Comptroller authority—** The [Bureau](/usc/12/5301.md?p=4) shall have all powers and duties that were vested in the Comptroller of the Currency, relating to [consumer](/usc/12/5481.md?p=4) financial protection functions, on the day before the [designated transfer date](/usc/12/5481.md?p=9).
  - (3) **Director of the Office of Thrift Supervision—**
    - (A) **Transfer of functions—** All [consumer](/usc/12/5481.md?p=4) financial protection functions of the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision are transferred to the [Bureau](/usc/12/5301.md?p=4).
    - (B) **Director authority—** The [Bureau](/usc/12/5301.md?p=4) shall have all powers and duties that were vested in the [Director](/usc/12/5341.md?p=1) of the [Office](/usc/12/5341.md?p=1) of Thrift Supervision, relating to [consumer](/usc/12/5481.md?p=4) financial protection functions, on the day before the [designated transfer date](/usc/12/5481.md?p=9).
  - (4) **Federal Deposit Insurance Corporation—**
    - (A) **Transfer of functions—** All [consumer](/usc/12/5481.md?p=4) financial protection functions of the Federal [Deposit](/usc/12/5301.md?p=18-A) Insurance [Corporation](/usc/12/5301.md?p=7) are transferred to the [Bureau](/usc/12/5301.md?p=4).
    - (B) **Corporation authority—** The [Bureau](/usc/12/5301.md?p=4) shall have all powers and duties that were vested in the Federal [Deposit](/usc/12/5301.md?p=18-A) Insurance [Corporation](/usc/12/5301.md?p=7), relating to [consumer](/usc/12/5481.md?p=4) financial protection functions, on the day before the [designated transfer date](/usc/12/5481.md?p=9).
  - (5) **Federal Trade Commission—**
    - (A) **Transfer of functions—** The authority of the Federal Trade [Commission](/usc/12/5301.md?p=5) under an enumerated [consumer](/usc/12/5481.md?p=4) law to prescribe rules, issue guidelines, or conduct a study or issue a report mandated under such law shall be transferred to the [Bureau](/usc/12/5301.md?p=4) on the [designated transfer date](/usc/12/5481.md?p=9). Nothing in this title[^1] shall be construed to require a mandatory transfer of any employee of the Federal Trade [Commission](/usc/12/5301.md?p=5).
    - (B) **Bureau authority—**
      - (i) **In general—** The [Bureau](/usc/12/5301.md?p=4) shall have all powers and duties under the [enumerated consumer laws](/usc/12/5481.md?p=12) to prescribe rules, issue guidelines, or to conduct studies or issue reports mandated by such laws, that were vested in the Federal Trade [Commission](/usc/12/5301.md?p=5) on the day before the [designated transfer date](/usc/12/5481.md?p=9).
      - (ii) **Federal Trade Commission Act—** Subject to part B, the [Bureau](/usc/12/5301.md?p=4) may enforce a rule prescribed under the Federal Trade Commission Act [[15 U.S.C. 41](/usc/15/41.md) et seq.] by the Federal Trade [Commission](/usc/12/5301.md?p=5) with respect to an unfair or deceptive act or practice to the extent that such rule applies to a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) with respect to the offering or provision of a [consumer financial product or service](/usc/12/5481.md?p=5) as if it were a rule prescribed under [section 5531 of this title](/usc/12/5531.md).
    - (C) **Authority of the Federal Trade Commission—**
      - (i) **In general—** No provision of this title[^1] shall be construed as modifying, limiting, or otherwise affecting the authority of the Federal Trade [Commission](/usc/12/5301.md?p=5) ([including](/usc/12/5301.md?p=18-A) its authority with respect to [affiliates](/usc/12/5301.md?p=1) described in [section 5515(a)(1) of this title](/usc/12/5515.md?p=a-1)) under the Federal Trade Commission Act or any other law, other than the authority under an enumerated [consumer](/usc/12/5481.md?p=4) law to prescribe rules, issue official guidelines, or conduct a study or issue a report mandated under such law.
      - (ii) **Commission authority relating to rules prescribed by the Bureau—** Subject to part B, the Federal Trade [Commission](/usc/12/5301.md?p=5) shall have authority to enforce under the Federal Trade Commission Act ([15 U.S.C. 41](/usc/15/41.md) et seq.) a rule prescribed by the [Bureau](/usc/12/5301.md?p=4) under this title[^1] with respect to a [covered person](/usc/12/5481.md?p=6) subject to the jurisdiction of the Federal Trade [Commission](/usc/12/5301.md?p=5) under that Act, and a [violation](/usc/12/5561.md?p=5) of such a rule by such a [person](/usc/12/5481.md?p=19) shall be treated as a [violation](/usc/12/5561.md?p=5) of a rule issued under [section 18](/usc/15/18.md) of that Act ([15 U.S.C. 57a](/usc/15/57a.md)) with respect to unfair or deceptive acts or practices.
    - (D) **Coordination—** To avoid duplication of or conflict between rules prescribed by the [Bureau](/usc/12/5301.md?p=4) under [section 5531 of this title](/usc/12/5531.md) and the Federal Trade [Commission](/usc/12/5301.md?p=5) under section 18(a)(1)(B) of the Federal Trade Commission Act [[15 U.S.C. 57a(a)(1)(B)](/usc/15/57a.md?p=a-1-B)] that apply to a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) with respect to the offering or provision of [consumer](/usc/12/5481.md?p=4) financial products or services, the agencies shall negotiate an agreement with respect to rulemaking by each agency, [including](/usc/12/5301.md?p=18-A) consultation with the other agency prior to proposing a rule and during the comment period.
    - (E) **Deference—** No provision of this title[^1] shall be construed as altering, limiting, expanding, or otherwise affecting the deference that a [court](/usc/12/5381.md?p=a-6) affords to the—
      - (i) Federal Trade [Commission](/usc/12/5301.md?p=5) in making determinations regarding the meaning or interpretation of any provision of the Federal Trade Commission Act, or of any other Federal law for which the [Commission](/usc/12/5301.md?p=5) has authority to prescribe rules; or
      - (ii) [Bureau](/usc/12/5301.md?p=4) in making determinations regarding the meaning or interpretation of any provision of a [Federal consumer financial law](/usc/12/5481.md?p=14) (other than any law described in [clause (i)](#b-5-E-i)).
  - (6) **National Credit Union Administration—**
    - (A) **Transfer of functions—** All [consumer](/usc/12/5481.md?p=4) financial protection functions of the National [Credit Union](/usc/12/5301.md?p=9) Administration are transferred to the [Bureau](/usc/12/5301.md?p=4).
    - (B) **National Credit Union Administration authority—** The [Bureau](/usc/12/5301.md?p=4) shall have all powers and duties that were vested in the National [Credit Union](/usc/12/5301.md?p=9) Administration, relating to [consumer](/usc/12/5481.md?p=4) financial protection functions, on the day before the [designated transfer date](/usc/12/5481.md?p=9).
  - (7) **Department of Housing and Urban Development—**
    - (A) **Transfer of functions—** All [consumer](/usc/12/5481.md?p=4) protection functions of the [Secretary](/usc/12/5301.md?p=14) of the Department of Housing and Urban Development relating 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.), the Secure and Fair Enforcement for [Mortgage](/usc/12/1707.md?p=a) Licensing Act of 2008 ([12 U.S.C. 5102](/usc/12/5102.md) [5101] et seq.), and the Interstate Land Sales Full Disclosure Act ([15 U.S.C. 1701](/usc/15/1701.md) et seq.) are transferred to the [Bureau](/usc/12/5301.md?p=4).
    - (B) **Authority of the Department of Housing and Urban Development—** The [Bureau](/usc/12/5301.md?p=4) shall have all powers and duties that were vested in the [Secretary](/usc/12/5301.md?p=14) of the Department of Housing and Urban Development relating 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.), the Secure and Fair Enforcement for [Mortgage](/usc/12/1707.md?p=a) Licensing Act of 2008 ([12 U.S.C. 5101](/usc/12/5101.md) et seq.), and the Interstate Land Sales Full Disclosure Act ([15 U.S.C. 1701](/usc/15/1701.md) et seq.), on the day before the [designated transfer date](/usc/12/5481.md?p=9).
- (c) **Authorities of the prudential regulators—**
  - (1) **Examination—** A transferor agency that is a [prudential regulator](/usc/12/5481.md?p=24) shall have—
    - (A) authority to require reports from and conduct examinations for compliance with [Federal consumer financial laws](/usc/12/5481.md?p=14) with respect to a [person](/usc/12/5481.md?p=19) described in [section 5515(a) of this title](/usc/12/5515.md?p=a), that is incidental to the backup and enforcement procedures provided to the regulator under [section 5515(c) of this title](/usc/12/5515.md?p=c); and
    - (B) exclusive authority (relative to the [Bureau](/usc/12/5301.md?p=4)) to require reports from and conduct examinations for compliance with [Federal consumer financial laws](/usc/12/5481.md?p=14) with respect to a [person](/usc/12/5481.md?p=19) described in [section 5516(a) of this title](/usc/12/5516.md?p=a), except as provided to the [Bureau](/usc/12/5301.md?p=4) under subsections (b) and (c) of [section 5516 of this title](/usc/12/5516.md).
  - (2) **Enforcement—**
    - (A) **Limitation—** The authority of a transferor agency that is a [prudential regulator](/usc/12/5481.md?p=24) to enforce compliance with [Federal consumer financial laws](/usc/12/5481.md?p=14) with respect to a [person](/usc/12/5481.md?p=19) described in [section 5515(a) of this title](/usc/12/5515.md?p=a), shall be limited to the backup and enforcement procedures in[^2] described in [section 5515(c) of this title](/usc/12/5515.md?p=c).
    - (B) **Exclusive authority—** A transferor agency that is a [prudential regulator](/usc/12/5481.md?p=24) shall have exclusive authority (relative to the [Bureau](/usc/12/5301.md?p=4)) to enforce compliance with [Federal consumer financial laws](/usc/12/5481.md?p=14) with respect to a [person](/usc/12/5481.md?p=19) described in [section 5516(a) of this title](/usc/12/5516.md?p=a), except as provided to the [Bureau](/usc/12/5301.md?p=4) under subsections (b) and (c) of [section 5516 of this title](/usc/12/5516.md).
    - (C) **Statutory enforcement—** For purposes of carrying out the authorities under, and subject to the limitations of, part B, each [prudential regulator](/usc/12/5481.md?p=24) may enforce compliance with the requirements imposed under this title,[^1] and any rule or order prescribed by the [Bureau](/usc/12/5301.md?p=4) under this title,[^1] under—
      - (i) the Federal Credit Union Act ([12 U.S.C. 1751](/usc/12/1751.md) et seq.), by the National [Credit Union](/usc/12/5301.md?p=9) Administration [Board](/usc/12/1861.md?p=b-3) with respect to any [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) that is an [insured credit union](/usc/12/5481.md?p=17), or [service provider](/usc/12/5481.md?p=26-A) thereto, or any [affiliate](/usc/12/5301.md?p=1) of an [insured credit union](/usc/12/5481.md?p=17), who is subject to the jurisdiction of the [Board](/usc/12/1861.md?p=b-3) under that Act; and
      - (ii) [section 1818 of this title](/usc/12/1818.md), by the [appropriate Federal banking agency](/usc/12/5301.md?p=2), as defined in [section 1813(q) of this title](/usc/12/1813.md?p=q), with respect to a [covered person](/usc/12/5481.md?p=6) or [service provider](/usc/12/5481.md?p=26-A) that is a [person](/usc/12/5481.md?p=19) described in [section 1813(q) of this title](/usc/12/1813.md?p=q) and who is subject to the jurisdiction of that agency, as set forth in sections [1813(q)](/usc/12/1813.md?p=q) and [1818](/usc/12/1818.md) of this title; or
      - (iii) the Bank Service Company Act ([12 U.S.C. 1861](/usc/12/1861.md) et seq.).
- (d) **Effective date—** Subsections [(b)](#b) and [(c)](#c) shall become effective on the [designated transfer date](/usc/12/5481.md?p=9).

## Footnotes

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

## Source credit

(Pub. L. 111–203, title X, § 1061, July 21, 2010, 124 Stat. 2035.)

## Notes

### Editorial Notes

### References in Text

This title, where footnoted in subsecs. (b)(5)(A), (C), (E) and (c)(2)(C), 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 Federal Trade Commission Act, referred to in subsec. (b)(5)(B)(ii), (C), (E)(i), is act Sept. 26, 1914, ch. 311, 38 Stat. 717, which is classified generally to subchapter I (§ 41 et seq.) of chapter 2 of Title 15, Commerce and Trade. For complete classification of this Act to the Code, see section 58 of Title 15 and Tables.

The Real Estate Settlement Procedures Act of 1974, referred to in subsec. (b)(7), 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.

The Secure and Fair Enforcement for Mortgage Licensing Act of 2008, referred to in subsec. (b)(7), is title V of div. A of Pub. L. 110–289, July 30, 2008, 122 Stat. 2810, also known as the S.A.F.E. Mortgage Licensing Act of 2008, which is classified generally to chapter 51 (§ 5101 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 5101 of this title and Tables.

The Interstate Land Sales Full Disclosure Act, referred to in subsec. (b)(7), is title XIV of Pub. L. 90–448, Aug. 1, 1968, 82 Stat. 590, which is classified generally to chapter 42 (§ 1701 et seq.) of Title 15, Commerce and Trade. For complete classification of this title to the Code, see Short Title note set out under section 1701 of Title 15 and Tables.

The Federal Credit Union Act, referred to in subsec. (c)(2)(C)(i), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified principally to chapter 14 (§ 1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables.

The Bank Service Company Act, referred to in subsec. (c)(2)(C)(iii), is Pub. L. 87–856, Oct. 23, 1962, 76 Stat. 1132, which is classified generally to chapter 18 (§ 1861 et seq.) of this title. For complete classification of this Act to the Code, see section 1861 of this title and Tables.

### Statutory Notes and Related Subsidiaries

### Effective Date

Part effective 1 day after July 21, 2010, except as otherwise provided, see section 4 of Pub. L. 111–203, set out as a note under section 5301 of this title.