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Code · BILL · 115th Congress · H.R. 6972 (Introduced in House) — To require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes. · Sec. 6

Sec. 6. Offices of the Consumer Financial Protection Bureau

690 words·~3 min read·/bill/115/hr/6972/ih/section-6

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Section 1013(c)(2) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5493(c)(2) ) is amended— by striking Office of Fair Lending and Equal Opportunity shall have such powers and duties as the Director may delegate to the Office, including and inserting powers and duties of the Office of Fair Lending and Equal Opportunity shall include ; in subparagraph (C), by striking and at the end; in subparagraph (D), by striking the period and inserting a semicolon; and by adding at the end the following: implementing the Consumer Bureau’s enforcement and supervisory authority with respect to fair lending laws; and such additional powers and duties as the Director may determine appropriate. .
Section 1013 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5493 ) is amended— by redesignating subsection
(h)as subsection (i); and by inserting after subsection
(g)the following: The Director shall, not later than the end of the 60-day period beginning on the date of enactment of this section, establish an Office of Students and Young Consumers, which shall work to empower students, young people, and their families to make more informed financial decisions about saving and paying for college, accessing safer and more affordable financial products and services, all matters related to private education loans (as defined under section 1035(e)), and repaying student loan debt, including private education loans. The head of the Office of Students and Young Consumers shall be the Assistant Director and Student Loan Ombudsman, and the Assistant Director and Student Loan Ombudsman shall carry out all functions established under section 1035 through the Office of Students and Young Consumers. The Office of Students and Young Consumers shall assist in all supervisory, enforcement, and regulatory matters of the Consumer Bureau related to the functions of the Office. The Director shall enter into memoranda of understanding and similar agreements with the Department of Education and other Federal and State agencies, as appropriate, in order to carry out the business of the Office of Students and Young Consumers. . Section 1035 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5535 ) is amended— in the heading of the section by striking and inserting PRIVATE EDUCATION ; and ASSISTANT DIRECTOR AND STUDENT in subsection (a), by striking The Secretary, in consultation with the Director, shall designate a Private Education Loan Ombudsman and inserting The Director shall designate an individual as the Assistant Director and Student Loan Ombudsman ; in subsection (b), by striking The Secretary and the Director and inserting The Director ; and in subsection (d)(2), by inserting the Director, before the Secretary, . The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, in the item relating to section 1035, by striking PRIVATE EDUCATION and inserting ASSISTANT DIRECTOR AND STUDENT . Any reference in any law, regulation, document, record, or other paper of the United States to the Private Education Loan Ombudsman shall be deemed a reference to the Assistant Director and Student Loan Ombudsman . Section 1016(c) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5496(c) ), as amended by section 5(e)(3), is further amended by adding at the end the following: with respect to each of the specific functional units and offices established under section 1013— a detailed description of the activities of the unit or office since the last report was made under subsection (b); and an analysis of the efforts of the Consumer Bureau to achieve the duties of the unit or office; and with respect to each specific functional units and offices established under section 1013, as well as each other unit and office with supervisory and enforcement duties, a break down of the number of political and professional career staff assigned to and employed by each unit or office at the end of the reporting period. . Any unit or office established to conduct cost benefit analysis within the Consumer Financial Protection Bureau shall, as its sole function, carry out the considerations required by section 1022(b)(2)(A) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(b)(2)(A) ).
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Sec. 6
Offices of the Consumer Financial Protection Bureau
U.S.C.§ 5493
U.S.C.§ 5535
U.S.C.§ 5496
U.S.C.§ 5512
Cites 4Cited by 0 across 0 sources
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