usc 12 § 5582
Designated transfer date (BANKS AND BANKING (12 U.S.C.))
Operative Text
Not later than 60 days after , the Secretary shall— in consultation with the Chairman of the Board of Governors, the Chairperson of the Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, designate a single calendar date for the transfer of functions to the Bureau under ; and publish notice of that designated date in the Federal Register. The Secretary— may, in consultation with the Chairman of the Board of Governors, the Chairperson of the Federal Deposit Insurance Corporation, the Chairman of the Federal Trade Commission, the Chairman of the National Credit Union Administration Board, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Secretary of the Department of Housing and Urban Development, and the Director of the Office of Management and Budget, change the date designated under subsection (a); and shall publish notice of any changed designated date in the Federal Register. Except as provided in paragraph (2), any date designated under this section shall be not earlier than 180 days, nor later than 12 months, after . The Secretary may designate a date that is later than 12 months after , if the Secretary transmits to appropriate committees of Congress— a written determination that orderly implementation of this title is not feasible before the date that is 12 months after ; an explanation of why an extension is necessary for the orderly implementation of this title; and 2 a description of the steps that will be taken to effect an orderly and timely implementation of this title within the extended time period. 2 In no case may any date designated under this section be later than 18 months after .
Section 12 U.S.C. § 5582 established a process by which the Secretary of the Treasury was required to set a specific calendar date—known as the 'designated transfer date'—for the transfer of consumer financial protection functions to the Consumer Financial Protection Bureau (CFPB). That date had to fall within a window of no earlier than 180 days and no later than 12 months after the enactment of the Dodd-Frank Act, with a possible extension up to 18 months if the Secretary provided Congress with a written justification. Any designated or changed date was required to be published in the Federal Register, ensuring public notice of when the Bureau would assume its regulatory responsibilities.
Plain English — not legal advice.
While 12 U.S.C. § 5582 is a structural provision governing the federal transfer of regulatory authority to the CFPB rather than a direct operational rule for property owners, landlords and property managers who offer consumer financial products—such as certain lease-to-own arrangements or affiliated mortgage services—should be aware that this section determined when CFPB oversight formally began. Compliant operators in the consumer financial space generally tracked the designated transfer date published in the Federal Register under § 5582 to understand which agency held supervisory authority over their activities at any given time. Awareness of that transition timeline helps operators maintain accurate records of which regulatory framework applied to their practices during the changeover period.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
Under 12 U.S.C. § 5582, the formal transfer of consumer financial protection authority to the CFPB was governed by a publicly noticed timeline, meaning tenants and consumers can look to the Federal Register notices issued under this section to understand when the CFPB became the responsible oversight body for consumer financial complaints. If a tenant believes a landlord's affiliated financial product or service—such as a rent-to-own agreement—falls under CFPB jurisdiction, knowing the transfer date established by § 5582 can help clarify which agency to approach with a concern. Tenant-rights organizations and housing counselors can help individuals understand how the CFPB's authority, as established through this transition, may relate to their particular financial interactions with housing providers.
General guidance for tenants — not legal advice for your specific situation. Consult a tenant-rights organization or attorney for advice on your case.
Generated September 13, 2026 — auto-generated, not yet human-reviewed. See /transparency for methodology.
Effective Timeline
References Out
No outbound references recorded yet for this provision.
References In
No inbound references recorded yet for this provision.