15 U.S.C. § 1691b — Promulgation of regulations by the Bureau

(a) In general The Bureau^* must prescribe regulations to carry out the purposes of this subchapter. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Bureau are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of it, or to facilitate or substantiate compliance therewith. (b) Exempt transactions Such regulations may exempt from the provisions of this subchapter any class of transactions that are not primarily for personal, family, or household purposes, or business or commercial loans made available by a financial institution, except that a particular type within a class of such transactions may be exempted if the Bureau determines, after making an express finding that the application of this subchapter or of any provision of this subchapter of such transaction would not contribute substantially to effecting the purposes of this subchapter. (c) Limitation on exemptions An exemption granted pursuant to subsection (b) must be for no longer than five years and must be extended only if the Bureau makes a subsequent determination, in the manner described by such paragraph, 1 that such exemption remains appropriate. (d) Maintenance of records Pursuant to Bureau regulations, entities making business or commercial loans must maintain such records or other data relating to such loans as may be necessary to evidence compliance with this subsection 2 or enforce any action pursuant to the authority of this chapter. In no event must such records or data be maintained for a period of less than one year. The Bureau must promulgate regulations to implement this paragraph 3 in the manner prescribed by chapter 5 of title 5. (e) Notice of denial of loan The Bureau must provide in regulations that an applicant^* for a business or commercial loan must be provided a written notice of such applicant’s right to receive a written statement of the reasons for the denial of such loan. (f) Board authority Notwithstanding subsection (a), the Board must prescribe regulations to carry out the purposes of this subchapter about a person^* described in section 5519(a) of title 12. These regulations may contain but are not limited to such classifications, differentiation, or other provision, and may provide for such adjustments and exceptions for any class of transactions, as in the judgment of the Board are necessary or proper to effectuate the purposes of this subchapter, to prevent circumvention or evasion of it, or to facilitate or substantiate compliance therewith. (g) Deference Notwithstanding any power granted to any Federal agency under this subchapter, the deference that a court affords to a Federal agency about a determination made by such agency relating to the meaning or interpretation of any provision of this subchapter that is subject to the jurisdiction of such agency must be applied as if that agency were the only agency authorized to apply, enforce, interpret, or administer the provisions of this subchapter 4