Page:United States Statutes at Large Volume 124.djvu/2062

 124 STAT. 2036 PUBLIC LAW 111–203—JULY 21, 2010 (1) the term ‘‘consumer financial protection functions’’ means— (A) all authority to prescribe rules or issue orders or guidelines pursuant to any Federal consumer financial law, including performing appropriate functions to promul- gate and review such rules, orders, and guidelines; and (B) the examination authority described in subsection (c)(1), with respect to a person described in subsection 1025(a); and (2) the terms ‘‘transferor agency’’ and ‘‘transferor agencies’’ mean, respectively— (A) the Board of Governors (and any Federal reserve bank, as the context requires), the Federal Deposit Insur- ance Corporation, the Federal Trade Commission, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Office of Thrift Super- vision, and the Department of Housing and Urban Develop- ment, and the heads of those agencies; and (B) the agencies listed in subparagraph (A), collectively. (b) IN GENERAL.—Except as provided in subsection (c), con- sumer financial protection functions are transferred as follows: (1) BOARD OF GOVERNORS.— (A) TRANSFER OF FUNCTIONS.—All consumer financial protection functions of the Board of Governors are trans- ferred to the Bureau. (B) BOARD OF GOVERNORS AUTHORITY.—The Bureau shall have all powers and duties that were vested in the Board of Governors, relating to consumer financial protec- tion functions, on the day before the designated transfer date. (2) COMPTROLLER OF THE CURRENCY.— (A) TRANSFER OF FUNCTIONS.—All consumer financial protection functions of the Comptroller of the Currency are transferred to the Bureau. (B) COMPTROLLER AUTHORITY.—The Bureau shall have all powers and duties that were vested in the Comptroller of the Currency, relating to consumer financial protection functions, on the day before the designated transfer date. (3) DIRECTOR OF THE OFFICE OF THRIFT SUPERVISION.— (A) TRANSFER OF FUNCTIONS.—All consumer financial protection functions of the Director of the Office of Thrift Supervision are transferred to the Bureau. (B) DIRECTOR AUTHORITY.—The Bureau shall have all powers and duties that were vested in the Director of the Office of Thrift Supervision, relating to consumer finan- cial protection functions, on the day before the designated transfer date. (4) FEDERAL DEPOSIT INSURANCE CORPORATION.— (A) TRANSFER OF FUNCTIONS.—All consumer financial protection functions of the Federal Deposit Insurance Cor- poration are transferred to the Bureau. (B) CORPORATION AUTHORITY.—The Bureau shall have all powers and duties that were vested in the Federal Deposit Insurance Corporation, relating to consumer finan- cial protection functions, on the day before the designated transfer date. (5) FEDERAL TRADE COMMISSION.—