IB 

Union Calendar No. 256 

113TH CONGRESS 

2D SESSION H. R. 3193 

[Report No. 113–346] 

To amend the Consumer Financial Protection Act of 2010 to strengthen 

the review authority of the Financial Stability Oversight Council of 

regulations issued by the Bureau of Consumer Financial Protection, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

SEPTEMBER 26, 2013 

Mr. DUFFY introduced the following bill; which was referred to the Committee 

on Financial Services 

FEBRUARY 6, 2014 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


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•HR 3193 RH

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to strengthen the review authority of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection, and for other 

purposes. 


emcdonald on DSK67QTVN1PROD with BILLS
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•HR 3193 RH

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Consumer Financial 

5 Protection Safety and Soundness Improvement Act of 

6 2013’’. 

7 SEC. 2. COUNCIL VOTING PROCEDURE. 

8 Section 1023(c)(3)(A) of the Consumer Financial 

9 Protection Act of 2010 (12 U.S.C. 5513(c)(3)(A)) is 

10 amended— 

(1) by striking ‘‘2 11 ⁄3’’ and inserting ‘‘a major12 ity’’; and 

13 (2) by inserting before the period the following: 

14 ‘‘, excluding the Director of the Bureau’’. 

15 SEC. 3. REVIEW AUTHORITY OF THE COUNCIL. 

16 Section 1023 of the Consumer Financial Protection 

17 Act of 2010 (12 U.S.C. 5513) is amended— 

18 (1) in subsection (a)— 

19 (A) by striking ‘‘may’’ and inserting 

20 ‘‘shall’’; and 

21 (B) by striking ‘‘regulation or provision 

22 would put the safety and soundness of the 

23 United States banking system or the stability of 

24 the financial system of the United States at 

25 risk’’ and inserting ‘‘regulation which is the 


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•HR 3193 RH

1 subject of the petition is inconsistent with the 

2 safe and sound operations of United States fi3 nancial institutions’’; and 

4 (2) in subsection (c)— 

5 (A) in paragraph (3)(B)(ii), by striking 

6 ‘‘would put the safety and soundness of the 

7 United States banking system or the stability of 

8 the financial system of the United States at 

9 risk’’ and inserting ‘‘is inconsistent with the 

10 safe and sound operations of United States fi11 nancial institutions’’; 

12 (B) in paragraph (4)— 

13 (i) by striking subparagraph (B); and 

14 (ii) by redesignating subparagraph 

15 (C) as subparagraph (B); 

16 (C) by striking paragraph (5); and 

17 (D) by redesignating paragraphs (6), (7), 

18 and (8) as paragraphs (5), (6), and (7), respec19 tively. 

20 SEC. 4. SAFETY AND SOUNDNESS CHECK. 

21 Section 1022(b)(2)(A) of the Consumer Financial 

22 Protection Act of 2010 (12 U.S.C. 5512(b)(2)(A)) is 

23 amended— 

24 (1) in clause (i), by striking ‘‘and’’ at the end; 


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•HR 3193 RH

1 (2) in clause (ii), by adding ‘‘and’’ at the end; 

2 and 

3 (3) by adding at the end the following: 

4 ‘‘(iii) the impact of such rule on the 

5 financial safety or soundness of an insured 

6 depository institution;’’. 


emcdonald on DSK67QTVN1PROD with BILLS
Union Calendar No. 256 

113TH CONGRESS 

2D SESSION H. R. 3193 

[Report No. 113–346] 

A BILL 

To amend the Consumer Financial Protection Act 

cial Protection, and for other purposes. tions issued by the Bureau of Consumer FinanFinancial Stability Oversight Council of regulaof 2010 to strengthen the review authority of the 

FEBRUARY 6, 2014 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


emcdonald on DSK67QTVN1PROD with BILLS