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for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive. (b) OBJECTIVES.—The Bureau is authorized to exercise its authorities under Federal consumer financial law for the purposes of ensuring that, with respect to consumer financial products and services— (1) consumers are provided with timely and understandable information to make responsible decisions about financial trans- actions; (2) consumers are protected from unfair, deceptive, or abu- sive acts and practices and from discrimination; (3) outdated, unnecessary, or unduly burdensome regula- tions are regularly identified and addressed in order to reduce unwarranted regulatory burdens; (4) Federal consumer financial law is enforced consistently, without regard to the status of a person as a depository institu- tion, in order to promote fair competition; and (5) markets for consumer financial products and services operate transparently and efficiently to facilitate access and innovation. (c) FUNCTIONS.—The primary functions of the Bureau are— (1) conducting financial education programs; (2) collecting, investigating, and responding to consumer complaints; (3) collecting, researching, monitoring, and publishing information relevant to the functioning of markets for consumer financial products and services to identify risks to consumers and the proper functioning of such markets; (4) subject to sections 1024 through 1026, supervising cov- ered persons for compliance with Federal consumer financial law, and taking appropriate enforcement action to address vio- lations of Federal consumer financial law; (5) issuing rules, orders, and guidance implementing Fed- eral consumer financial law; and (6) performing such support activities as may be necessary or useful to facilitate the other functions of the Bureau.

12 USC 5512. SEC. 1022. RULEMAKING AUTHORITY.
(a) IN GENERAL.—The Bureau is authorized to exercise its
authorities under Federal consumer financial law to administer,
enforce, and otherwise implement the provisions of Federal con-
sumer financial law.
(b) RULEMAKING, ORDERS, AND GUIDANCE.—
(1) GENERAL AUTHORITY.—The Director may prescribe rules
and issue orders and guidance, as may be necessary or appro-
priate to enable the Bureau to administer and carry out the
purposes and objectives of the Federal consumer financial laws,
and to prevent evasions thereof.
(2) STANDARDS FOR RULEMAKING.—In prescribing a rule
under the Federal consumer financial laws—
(A) the Bureau shall consider—
(i) the potential benefits and costs to consumers

LAWS and covered persons, including the potential reduction of access by consumers to consumer financial products or services resulting from such rule; andPUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00606 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203