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of Consumer Financial Protection for federally chartered housing creditors, in accordance with the rulemaking authority granted to the Bureau of Consumer Financial Protection with regard to federally chartered housing creditors under provisions of law other than this section.’’; (B) by striking subsection (c) and inserting the fol- lowing: ‘‘(c) PREEMPTION OF STATE LAW.—An alternative mortgage transaction may be made by a housing creditor in accordance with this section, notwithstanding any State constitution, law, or regula- tion that prohibits an alternative mortgage transaction. For pur- poses of this subsection, a State constitution, law, or regulation that prohibits an alternative mortgage transaction does not include any State constitution, law, or regulation that regulates mortgage transactions generally, including any restriction on prepayment penalties or late charges.’’; and (C) by adding at the end the following: ‘‘(d) BUREAU ACTIONS.—The Bureau of Consumer Financial Protection shall— ‘‘(1) review the regulations identified by the Comptroller Review. of the Currency and the National Credit Union Administration, (as those rules exist on the designated transfer date), as applicable under paragraphs (1) through (3) of subsection (a); ‘‘(2) determine whether such regulations are fair and not Determination. deceptive and otherwise meet the objectives of the Consumer Financial Protection Act of 2010; and ‘‘(3) promulgate regulations under subsection (a)(4) after Regulations. the designated transfer date. ‘‘(e) DESIGNATED TRANSFER DATE.—As used in this section, Definition. the term ‘designated transfer date’ means the date determined under section 1062 of the Consumer Financial Protection Act of 2010.’’. (b) EFFECTIVE DATE.—This section and the amendments made 12 USC 3802 by this section shall become effective on the designated transfer note. date. (c) RULE OF CONSTRUCTION.—The amendments made by sub- 12 USC 3802 section (a) shall not affect any transaction covered by the Alter- note. native Mortgage Transaction Parity Act of l982 (12 U.S.C. 3801 et seq.) and entered into on or before the designated transfer date.

SEC. 1084. AMENDMENTS TO THE ELECTRONIC FUND TRANSFER ACT.
The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) 15 USC 1693a et
is amended— seq.
(1) by striking ‘‘Board’’ each place that term appears and
inserting ‘‘Bureau’’, except in subsections (a) and (e) of section
904 (as amended in paragraph (3) of this section) and in 918
(15 U.S.C. 1693o) (as so designated by the Credit Card Act
of 2009) and section 920 (as added by section 1076);
(2) in section 903 (15 U.S.C. 1693a)—
(A) by redesignating paragraphs (3) through (11) as
paragraphs (4) through (12), respectively; and
(B) by inserting after paragraph (3) the following:

LAWS ‘‘(4) the term ‘Bureau’ means the Bureau of Consumer Definition. Financial Protection;’’; (3) in section 904 (15 U.S.C. 1693b)—PUBLIC with on anorris VerDate Nov 24 2008 22:28 Sep 03, 2010 Jkt 089139 PO 00203 Frm 00707 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 PUBL203