Page:United States Statutes at Large Volume 124.djvu/1994

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.

124 STAT. 1968 PUBLIC LAW 111–203—JULY 21, 2010 (C) EMPLOYER CONTRIBUTION.—The Bureau shall pay an employer contribution to the Federal Reserve System Retirement Plan, in the amount established as an employer contribution under the Federal Employees Retirement System, as established under chapter 84 of title 5, United States Code, for each Bureau employee who elects to participate in the Federal Reserve System Retirement Plan. The Bureau shall pay an employer contribution to the Federal Reserve System Thrift Plan for each Bureau employee who elects to participate in such plan, as required under the terms of such plan. (D) CONTROLLED GROUP STATUS.—The Bureau is the same employer as the Federal Reserve System (as com- prised of the Board of Governors and each of the 12 Federal reserve banks prior to the date of enactment of this Act) for purposes of subsections (b), (c), (m), and (o) of section 414 of the Internal Revenue Code of 1986, (26 U.S.C. 414). (4) LABOR-MANAGEMENT RELATIONS.—Chapter 71 of title 5, United States Code, shall apply to the Bureau and the employees of the Bureau. (5) AGENCY OMBUDSMAN.— (A) ESTABLISHMENT REQUIRED.—Not later than 180 days after the designated transfer date, the Bureau shall appoint an ombudsman. (B) DUTIES OF OMBUDSMAN.—The ombudsman appointed in accordance with subparagraph (A) shall— (i) act as a liaison between the Bureau and any affected person with respect to any problem that such party may have in dealing with the Bureau, resulting from the regulatory activities of the Bureau; and (ii) assure that safeguards exist to encourage complainants to come forward and preserve confiden- tiality. (b) SPECIFIC FUNCTIONAL UNITS.— (1) RESEARCH.—The Director shall establish a unit whose functions shall include researching, analyzing, and reporting on— (A) developments in markets for consumer financial products or services, including market areas of alternative consumer financial products or services with high growth rates and areas of risk to consumers; (B) access to fair and affordable credit for traditionally underserved communities; (C) consumer awareness, understanding, and use of disclosures and communications regarding consumer finan- cial products or services; (D) consumer awareness and understanding of costs, risks, and benefits of consumer financial products or serv- ices; (E) consumer behavior with respect to consumer finan- cial products or services, including performance on mort- gage loans; and (F) experiences of traditionally underserved consumers, including un-banked and under-banked consumers. Establishment. Deadline. Appointment. Applicability. Payments.