§ 1691b. Promulgation of regulations by the Bureau
959 words·~4 min read·
/usc/title-15/section-1691bA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)In general The Bureau shall prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.
(b)Exempt transactions Such regulations may exempt from the provisions of this subchapter any class of transactions that are not primarily for personal, family, or household purposes, or business or commercial loans made available by a financial institution, except that a particular type within a class of such transactions may be exempted if the Bureau determines, after making an express finding that the application of this subchapter or of any provision of this subchapter of such transaction would not contribute substantially to effecting the purposes of this subchapter.
(c)Limitation on exemptions An exemption granted pursuant to subsection
(b)shall be for no longer than five years and shall be extended only if the Bureau makes a subsequent determination, in the manner described by such paragraph,1 that such exemption remains appropriate.
(d)Maintenance of records Pursuant to Bureau regulations, entities making business or commercial loans shall maintain such records or other data relating to such loans as may be necessary to evidence compliance with this subsection 2 or enforce any action pursuant to the authority of this chapter. In no event shall such records or data be maintained for a period of less than one year. The Bureau shall promulgate regulations to implement this paragraph 3 in the manner prescribed by chapter 5 of title 5.
(e)Notice of denial of loan The Bureau shall provide in regulations that an applicant for a business or commercial loan shall be provided a written notice of such applicant’s right to receive a written statement of the reasons for the denial of such loan.
(f)Board authority Notwithstanding subsection (a), the Board shall prescribe regulations to carry out the purposes of this subchapter with respect to a person described in section 5519(a) of title 12. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion thereof, or to facilitate or substantiate compliance therewith.
(g)Deference Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to a Federal agency with respect to a determination made by such agency relating to the meaning or interpretation of any provision of this subchapter that is subject to the jurisdiction of such agency shall be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter 4
(Pub. L. 90–321, title VII, § 703, as added Pub. L. 93–495, title V, § 503, Oct. 28, 1974, 88 Stat. 1522; amended Pub. L. 94–239, § 3(a), Mar. 23, 1976, 90 Stat. 252; Pub. L. 100–533, title III, § 301, Oct. 25, 1988, 102 Stat. 2692; Pub. L. 111–203, title X, § 1085(1), (3), July 21, 2010, 124 Stat. 2083.)
Connections107 cite this · traces to 3
Cited by 107 sections · top 60
statutes-at-large
- Public Law 93–493
- Public Law 94–239To amend title VII of the Consumer Credit Protection Act to include discrimination on the basis of race, color, religion, national origin, and age, and for other purposes
- Public Law 111–203To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end “too big to fail”, to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes
register
- Proposed RulesNotice of proposed rulemaking; repeal of 12 CFR part 1293
- NoticesFinal rule
- NoticesBoard of Governors of the Federal Reserve System
- NoticesBoard of Governors of the Federal Reserve System
- Proposed RulesProposed rule
- NoticesBoard of Governors of the Federal Reserve System
- NoticesProposed rule with request for public comment
- Rules and RegulationsFEDERAL RESERVE SYSTEM
- NoticesBoard of Governors of the Federal Reserve System
- NoticesNotice for comment regarding the Federal Reserve proposal to extend without revision, the clearance under the Paperwork Reduction Act for the following information collection activity
- NoticesBoard of Governors of the Federal Reserve System
- Proposed RulesBoard of Governors of the Federal Reserve System
- Proposed RulesNotice of proposed rulemaking
- Rules and RegulationsFinal rule
- NoticesBoard of Governors of the Federal Reserve System
- Rules and RegulationsProposed rule; request for public comment
- NoticesFinal rule
- NoticesFinal rule
- Rules and RegulationsProposed rule with request for public comment
- UnknownFinal rule
- Presidential DocumentsProposed rule; request for public comment
- Proposed RulesBoard of Governors of the Federal Reserve System
- NoticesBoard of Governors of the Federal Reserve System
- NoticesNotice
- Rules and RegulationsFinal rule; official interpretation
- NoticesFinal rule
- NoticesFEDERAL RESERVE SYSTEM
- NoticesBoard of Governors of the Federal Reserve System
- UnknownFinal rule; correction
- NoticesNotice of matching fund submission dates and submission dates for statements of net outstanding campaign obligations for 2008 presidential candidates
- NoticesBoard of Governors of the Federal Reserve System
- Rules and RegulationsInterim final rule with request for public comment
- Presidential DocumentsFinal rule
- NoticesBoard of Governors of the Federal Reserve System
- Rules and RegulationsFinal rule
- Proposed RulesFinal rule
- Rules and RegulationsInterim final rule, request for public comment
- NoticesBoard of Governors of the Federal Reserve System
- UnknownFinal rule; official interpretations
- Rules and RegulationsProposed rule; request for public comment
- NoticesProposed rule; request for public comment
- Proposed RulesProposed rule; request for comments
- UnknownFinal rule; official staff interpretation
- NoticesInterim final rule with request for public comment
- NoticesBoard of Governors of the Federal Reserve System
- NoticesBoard of Governors of the Federal Reserve System
- NoticesNotice of streamlining project; request for information
- NoticesProposed rule; request for public comment
- NoticesBoard of Governors of the Federal Reserve System
- NoticesBoard of Governors of the Federal Reserve System
- NoticesNotice, request for comment
- NoticesBoard of Governors of the Federal Reserve System
- UnknownInterim final rule with request for public comment; correcting amendment
- NoticesFEDERAL RESERVE SYSTEM
- Rules and RegulationsNotice, request for comment
- Rules and RegulationsFinal rule; official interpretations
statute-compilations
Traces to 3 documents
22 references not yet in our index
- 1
- 2
- 3
- 4
- Pub. L. 90–321, title VII, § 703
- Pub. L. 93–495, title V, § 503
- 88 Stat. 1522
- Pub. L. 94–239, § 3(a)
- 90 Stat. 252
- Pub. L. 100–533, title III, § 301
- 102 Stat. 2692
- Pub. L. 111–203, title X, § 1085(1)
- 124 Stat. 2083
- Pub. L. 111–203, § 1085(3)(A)
- Pub. L. 111–203, § 1085(1)
- Pub. L. 111–203, § 1085(3)(B)
- Pub. L. 111–203, § 1085(3)(F)
- Pub. L. 100–533
- Pub. L. 94–239
- Pub. L. 111–203
- section 1100H of Pub. L. 111–203
- section 708 of Pub. L. 90–321
Citation graph
cites case law
§ 1691b
Promulgation of regulations by the Bureau
Fed. Reg.×96
Bills×7
Stat.×3
Stat. Comp.×1
Cite1
Cite2
Cite3
Cite4
Pub. L.Pub. L. 90–321, title VII, § 703
Cites 25 · showing 8Cited by 107 across 4 sources