Page:United States Statutes at Large Volume 124.djvu/2001

 124 STAT. 1975 PUBLIC LAW 111–203—JULY 21, 2010 (1) a discussion of the significant problems faced by con- sumers in shopping for or obtaining consumer financial products or services; (2) a justification of the budget request of the previous year; (3) a list of the significant rules and orders adopted by the Bureau, as well as other significant initiatives conducted by the Bureau, during the preceding year and the plan of the Bureau for rules, orders, or other initiatives to be under- taken during the upcoming period; (4) an analysis of complaints about consumer financial products or services that the Bureau has received and collected in its central database on complaints during the preceding year; (5) a list, with a brief statement of the issues, of the public supervisory and enforcement actions to which the Bureau was a party during the preceding year; (6) the actions taken regarding rules, orders, and super- visory actions with respect to covered persons which are not credit unions or depository institutions; (7) an assessment of significant actions by State attorneys general or State regulators relating to Federal consumer finan- cial law; (8) an analysis of the efforts of the Bureau to fulfill the fair lending mission of the Bureau; and (9) an analysis of the efforts of the Bureau to increase workforce and contracting diversity consistent with the proce- dures established by the Office of Minority and Women Inclu- sion. SEC. 1017. FUNDING; PENALTIES AND FINES. (a) TRANSFER OF FUNDS FROM BOARD OF GOVERNORS.— (1) IN GENERAL.—Each year (or quarter of such year), begin- ning on the designated transfer date, and each quarter there- after, the Board of Governors shall transfer to the Bureau from the combined earnings of the Federal Reserve System, the amount determined by the Director to be reasonably nec- essary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year). (2) FUNDING CAP.— (A) IN GENERAL.—Notwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to— (i) 10 percent of such expenses in fiscal year 2011; (ii) 11 percent of such expenses in fiscal year 2012; and (iii) 12 percent of such expenses in fiscal year 2013, and in each year thereafter. (B) ADJUSTMENT OF AMOUNT.—The dollar amount referred to in subparagraph (A)(iii) shall be adjusted Effective date. Deadlines. 12 USC 5497.