Sec. 5. Duty to provide adequate staffing; Memoranda of understanding
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Section 1013(a)(1) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5493(a)(1) ) is amended by adding at the end the following: Notwithstanding subparagraph (A), the Director shall ensure that each specific functional unit and office described under subsections (b), (c), (d), (e), and
(g)and any other unit and office with supervisory and enforcement duties, is provided with sufficient staff to carry out the functions, duties, and coordination of that unit or office, as applicable. . The memoranda of understanding between the Bureau of Consumer Financial Protection and the Department of Education entitled Memorandum of Understanding Between the Bureau of Consumer Financial Protection and the U.S. Department of Education Concerning the Sharing of Information (October 19, 2011) and Memorandum of Understanding Concerning Supervisory and Oversight Cooperation and Related Information Sharing Between the U.S. Department of Education and the Consumer Financial Protection Bureau (January 9, 2014)— shall remain in effect and may not be terminated by any party to such memoranda; and may only be amended or revised if the parties to the memoranda determine that such amendment or revision would promote better interagency coordination to the benefit of consumers. Not later than the end of the 30-day period beginning on the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report listing— each memorandum of understanding in effect on November 24, 2017, to which the Bureau of Consumer Financial Protection was a party; any changes made to a memorandum described in subparagraph
(A)after November 24, 2017, including any memorandum of understanding rescinded since that date; and a justification for each change or rescission described in subparagraph (B). Section 1016(c) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5496(c) ) is amended— in paragraph (8), by striking and at the end; in paragraph (9), by striking the period at the end and inserting a semicolon; and by adding at the end the following: a list of each memorandum of understanding in effect, as of the date on which the report is submitted, to which the Bureau is a party; any changes made to a memorandum of understanding to which the Bureau is a party after the date on which the previous report required under subsection
(b)was submitted; and a justification for each change described in paragraph (11). .
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