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10.2 What are the Duties of the Bureau

<< Title X Overview

10.2 What are the Duties of the Bureau

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10.2.     What are the Duties of the Bureau.  The primary functions of the Bureau are: (i) supervising certain Covered Persons (any person that engages in offering or providing a consumer financial product or service, and any affiliate thereof, if the affiliate acts as a service provider to the person) for compliance with Federal consumer financial laws, and taking appropriate enforcement action to address violations; (ii) issuing rules, orders, and guidance implementing Federal consumer financial laws; (iii) conducting financial education programs; (iv) collecting, investigating, and reporting consumer complaints; and (v) collecting, researching, monitoring, and publishing information relevant to the functioning of markets for consumer financial products to identify risks to consumers and the proper functioning of such markets. [§ 1021]

10.2.1.              Consumer Financial Product or Service.  The term "consumer financial product or service" means certain financial products or services that are offered for use by consumers primarily for personal, family, or household purposes.  These products and services include: (i) extending credit and servicing loans; (ii) providing real estate settlement services; (iii) engaging in deposit-taking activities, transmitting or exchanging funds, or otherwise acting as a custodian of funds or any financial instrument for use by or on behalf of a customer; (iv) selling or providing stored value or payment instruments, subject to certain exceptions; (v) providing payments or other financial data processing products or services, subject to certain exceptions; (vi) providing investment advisory services; (vii) providing consumer reports; (viii) collecting consumer debt; and (ix) other products or services as may be defined by the Bureau by regulation, if the Bureau finds that the product or service (a) is done with the purpose to evade any Federal consumer financial law, or (b) is permissible for a bank or BHC to offer to or provide under Federal law or a regulation that has, or is likely to have, a material impact on consumers.[§ 1002]