usc 12 § 5587
Transition oversight (BANKS AND BANKING (12 U.S.C.))
Operative Text
The purpose of this section is to ensure that the Bureau— has an orderly and organized startup; attracts and retains a qualified workforce; and establishes comprehensive employee training and benefits programs. The Bureau shall submit an annual report to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives that includes the plans described in paragraph (2). The plans described in this paragraph are as follows: The Bureau shall submit a training and workforce development plan that includes, to the extent practicable— identification of skill and technical expertise needs and actions taken to meet those requirements; steps taken to foster innovation and creativity; leadership development and succession planning; and effective use of technology by employees. The Bureau shall submit a workforce flexibility plan that includes, to the extent practicable— telework; flexible work schedules; phased retirement; reemployed annuitants; part-time work; job sharing; parental leave benefits and childcare assistance; domestic partner benefits; other workplace flexibilities; or any combination of the items described in clauses (i) through (ix). The Bureau shall submit a recruitment and retention plan that includes, to the extent practicable, provisions relating to— the steps necessary to target highly qualified applicant pools with diverse backgrounds; streamlined employment application processes; the provision of timely notification of the status of employment applications to applicants; and the collection of information to measure indicators of hiring effectiveness. The reporting requirement under subsection (b) shall terminate 5 years after . Nothing in this section may be construed to affect— a collective bargaining agreement, as that term is defined in , that is in effect on ; or the rights of employees under chapter 71 of title 5. In order to prepare the Bureau to conduct examinations under upon the designated transfer date, the Bureau and the applicable prudential regulator may agree to include, on a sampling basis, examiners on examinations of the compliance with Federal consumer financial law of institutions described in conducted by the prudential regulators prior to the designated transfer date.
12 U.S.C. § 5587 establishes a framework for overseeing the Consumer Financial Protection Bureau's early operational development. It requires the Bureau to submit annual reports to designated congressional committees covering three core plans: workforce training and development, workplace flexibility options, and recruitment and retention strategies. This reporting obligation runs for five years from a specified start date, after which it terminates. The provision also allows the Bureau and prudential regulators to coordinate on joint examinations before the Bureau formally assumes its supervisory responsibilities.
Plain English — not legal advice.
Although 12 U.S.C. § 5587 is not a landlord-tenant regulation in the traditional sense, it shapes the institutional capacity of the Consumer Financial Protection Bureau, which oversees federal consumer financial laws that can intersect with mortgage lending and housing finance. Property owners and managers who engage with federally regulated financial products—such as mortgage servicers or lenders—operate within a regulatory environment that this provision helped structure. Understanding that the Bureau was built with mandated workforce and training standards under § 5587 provides context for the agency's examination and enforcement capabilities that may affect housing-related financial transactions.
General guidance for property managers — not legal advice for your specific situation. Consult an attorney for advice on your case.
12 U.S.C. § 5587 is an organizational provision that governed how the Consumer Financial Protection Bureau was built and staffed during its early years, rather than a rule that directly grants or restricts tenant rights. However, the Bureau's capacity to examine and enforce federal consumer financial laws—developed in part through the framework established by § 5587—can be relevant to tenants who encounter issues with mortgage servicers, housing-related financial products, or consumer credit. Tenants or homeowners who believe a federally regulated financial institution has violated consumer financial law may explore filing a complaint with the CFPB directly or consulting a tenant-rights or housing counseling organization for guidance on available options.
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.
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