II 

113TH CONGRESS 

2D SESSION H. R. 3193 

IN THE SENATE OF THE UNITED STATES 

MARCH 4, 2014 

Received 

AN ACT 

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. 

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


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1 SECTION 1. SHORT TITLE. 

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

3 Freedom and Washington Accountability Act’’. 

4 SEC. 2. FINANCIAL PRODUCT SAFETY COMMISSION. 

5 (a) ESTABLISHMENT.—Section 1011 of the Con6 sumer Financial Protection Act of 2010 (12 U.S.C. 5491) 

7 is amended to read as follows: 

8 ‘‘SEC. 1011. ESTABLISHMENT OF THE FINANCIAL PRODUCT 

9 SAFETY COMMISSION. 

10 ‘‘(a) ESTABLISHMENT.—There is established an inde11 pendent commission to be known as the ‘Financial Prod12 uct Safety Commission’ (hereinafter referred to in this 

13 section as the ‘Commission’), which shall regulate the of14 fering and provision of consumer financial products or 

15 services under the Federal consumer financial laws. The 

16 Commission shall be considered an Executive agency, as 

17 defined in section 105 of title 5, United States Code. Ex18 cept as otherwise provided expressly by law, all Federal 

19 laws dealing with public or Federal contracts, property, 

20 works, officers, employees, budgets, or funds, including 

21 the provisions of chapters 5 and 7 of title 5, shall apply 

22 to the exercise of the powers of the Commission. 

23 ‘‘(b) AUTHORITY TO PRESCRIBE REGULATIONS.— 

24 The Commission may prescribe such regulations and issue 

25 such orders in accordance with this title as the Commis26 sion may determine to be necessary for carrying out this 


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1 title and all other laws within the Commission’s jurisdic2 tion and shall exercise any authorities granted under this 

3 title and all other laws within the Commission’s jurisdic4 tion. 

5 ‘‘(c) COMPOSITION OF THE COMMISSION.— 

6 ‘‘(1) IN GENERAL.—The Commission shall be 

7 composed of the Vice Chairman for Supervision of 

8 the Federal Reserve System and 4 additional mem9 bers who shall be appointed by the President, by and 

10 with the advice and consent of the Senate, from 

11 among individuals who— 

12 ‘‘(A) are citizens of the United States; and 

13 ‘‘(B) have strong competencies and experi14 ences related to consumer financial protection. 

15 ‘‘(2) STAGGERING.—The members of the Com16 mission appointed under paragraph (1) shall serve 

17 staggered terms, which initially shall be established 

18 by the President for terms of 1, 2, 4, and 5 years, 

19 respectively. 

20 ‘‘(3) TERMS.— 

21 ‘‘(A) IN GENERAL.—Each member of the 

22 Commission appointed under paragraph (1), in23 cluding the Chair, shall serve for a term of 5 

24 years. 


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1 ‘‘(B) REMOVAL.—The President may re2 move any member of the Commission appointed 

3 under paragraph (1). 

4 ‘‘(C) VACANCIES.—Any member of the 

5 Commission appointed under paragraph (1) ap6 pointed to fill a vacancy occurring before the 

7 expiration of the term to which that member’s 

8 predecessor was appointed (including the Chair) 

9 shall be appointed only for the remainder of the 

10 term. 

11 ‘‘(D) CONTINUATION OF SERVICE.—Each 

12 member of the Commission appointed under 

13 paragraph (1) may continue to serve after the 

14 expiration of the term of office to which that 

15 member was appointed until a successor has 

16 been appointed by the President and confirmed 

17 by the Senate, except that a member may not 

18 continue to serve more than 1 year after the 

19 date on which that member’s term would other20 wise expire. 

21 ‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 

22 No member of the Commission appointed under 

23 paragraph (1) shall engage in any other busi24 ness, vocation, or employment. 


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1 ‘‘(d) AFFILIATION.—With respect to members ap2 pointed pursuant to subsection (c)(1), not more than 2 

3 shall be members of any one political party. 

4 ‘‘(e) CHAIR OF THE COMMISSION.— 

5 ‘‘(1) APPOINTMENT.—The Chair of the Com6 mission shall be appointed by the President from 

7 among the members of the Commission appointed 

8 under subsection (c)(1). 

9 ‘‘(2) AUTHORITY.—The Chair shall be the prin10 cipal executive officer of the Commission, and shall 

11 exercise all of the executive and administrative func12 tions of the Commission, including with respect to— 

13 ‘‘(A) the appointment and supervision of 

14 personnel employed under the Commission 

15 (other than personnel employed regularly and 

16 full time in the immediate offices of members of 

17 the Commission other than the Chair); 

18 ‘‘(B) the distribution of business among 

19 personnel appointed and supervised by the 

20 Chair and among administrative units of the 

21 Commission; and 

22 ‘‘(C) the use and expenditure of funds. 

23 ‘‘(3) LIMITATION.—In carrying out any of the 

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1 cies of the Commission and by such regulatory deci2 sions, findings, and determinations as the Commis3 sion may by law be authorized to make. 

4 ‘‘(4) REQUESTS OR ESTIMATES RELATED TO

5 APPROPRIATIONS.—Requests or estimates for reg6 ular, supplemental, or deficiency appropriations on 

7 behalf of the Commission may not be submitted by 

8 the Chair without the prior approval of the Commis9 sion. 

10 ‘‘(f) NO IMPAIRMENT BY REASON OF VACANCIES.— 

11 No vacancy in the members of the Commission shall im12 pair the right of the remaining members of the Commis13 sion to exercise all the powers of the Commission. Three 

14 members of the Commission shall constitute a quorum for 

15 the transaction of business, except that if there are only 

16 3 members serving on the Commission because of vacan17 cies in the Commission, 2 members of the Commission 

18 shall constitute a quorum for the transaction of business. 

19 If there are only 2 members serving on the Commission 

20 because of vacancies in the Commission, 2 members shall 

21 constitute a quorum for the 6-month period beginning on 

22 the date of the vacancy which caused the number of Com23 mission members to decline to 2. 

24 ‘‘(g) SEAL.—The Commission shall have an official 

25 seal. 


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1 ‘‘(h) COMPENSATION.— 

2 ‘‘(1) CHAIR.—The Chair shall receive com3 pensation at the rate prescribed for level I of the 

4 Executive Schedule under section 5313 of title 5, 

5 United States Code. 

6 ‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 

7 The 3 other members of the Commission appointed 

8 under subsection (c)(1) shall each receive compensa9 tion at the rate prescribed for level II of the Execu10 tive Schedule under section 5314 of title 5, United 

11 States Code. 

12 ‘‘(i) INITIAL QUORUM ESTABLISHED.—During any 

13 time period prior to the confirmation of at least two mem14 bers of the Commission, one member of the Commission 

15 shall constitute a quorum for the transaction of business. 

16 Following the confirmation of at least 2 additional com17 missioners, the quorum requirements of subsection (f) 

18 shall apply. 

19 ‘‘(j) OFFICES.—The principal office of the Commis20 sion shall be in the District of Columbia. The Commission 

21 may establish regional offices of the Commission in order 

22 to carry out the responsibilities assigned to the Commis23 sion under the Federal consumer financial laws.’’. 

24 (b) BRINGING THE COMMISSION INTO THE REGULAR

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1 sumer Financial Protection Act of 2010 (12 U.S.C. 5497) 

2 is amended— 

3 (1) in subsection (a)— 

4 (A) by amending the heading of such sub5 section to read as follows: ‘‘BUDGET, FINAN6 CIAL MANAGEMENT, AND AUDIT.—’’; 

7 (B) by striking paragraphs (1), (2), and 

8 (3); 

9 (C) by redesignating paragraphs (4) and 

10 (5) as paragraphs (1) and (2), respectively; and 

11 (D) by striking subparagraphs (E) and (F) 

12 of paragraph (1), as so redesignated; 

13 (2) by striking subsections (b) and (c); 

14 (3) by redesignating subsections (d) and (e) as 

15 subsections (b) and (c), respectively; and 

16 (4) in subsection (c), as so redesignated— 

17 (A) by striking paragraphs (1), (2), and 

18 (3) and inserting the following: 

19 ‘‘(1) AUTHORIZATION OF APPROPRIATIONS.— 

20 There is authorized to be appropriated to carry out 

21 this title $300,000,000 for each of fiscal years 2014 

22 and 2015.’’; and 

23 (B) by redesignating paragraph (4) as 

24 paragraph (2). 


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1 (c) ENSURING THE INDEPENDENCE OF THE COMMIS2 SION.—The Consumer Financial Protection Act of 2010 

3 is amended— 

4 (1) in section 1012(c) (12 U.S.C. 5492(c)), by 

5 striking paragraphs (2), (3), (4), and (5); and 

6 (2) in section 1014(b) (12 U.S.C. 5494(b)), by 

7 striking ‘‘Not fewer than 6 members shall be ap8 pointed upon the recommendation of the regional 

9 Federal Reserve Bank Presidents, on a rotating 

10 basis.’’. 

11 (d) CONFORMING AMENDMENTS.— 

12 (1) CONSUMER FINANCIAL PROTECTION ACT OF

13 2010.— 

14 (A) IN GENERAL.—Except as provided 

15 under subparagraph (B), the Consumer Finan16 cial Protection Act of 2010 (12 U.S.C. 5481 et 

17 seq.) is amended— 

18 (i) by striking ‘‘Director of the’’ each 

19 place such term appears, other than where 

20 such term is used to refer to a Director 

21 other than the Director of the Bureau of 

22 Consumer Financial Protection; 

23 (ii) by striking ‘‘Director’’ each place 

24 such term appears and inserting ‘‘Finan25 cial Product Safety Commission’’, other 


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1 than where such term is used to refer to 

2 a Director other than the Director of the 

3 Bureau of Consumer Financial Protection; 

4 and 

5 (iii) in section 1002 (12 U.S.C. 5481), 

6 by striking paragraph (10). 

7 (B) EXCEPTIONS.—The Consumer Finan8 cial Protection Act of 2010 is amended— 

9 (i) in section 1012(c)(4) (12 U.S.C. 

10 5492(c)(4)), by striking ‘‘Director’’ each 

11 place such term appears and inserting ‘‘Fi12 nancial Product Safety Commission’’; 

13 (ii) in section 1013(c)(3) (12 U.S.C. 

14 5493(c)(3))— 

15 (I) by striking ‘‘Assistant Direc16 tor of the Bureau for’’ and inserting 

17 ‘‘Head of the Office of’’; and 

18 (II) in subparagraph (B), by 

19 striking ‘‘Assistant Director’’ and in20 serting ‘‘Head of the Office’’; 

21 (iii) in section 1013(g)(2) (12 U.S.C. 

22 5493(g)(2))— 

23 (I) by striking ‘‘ASSISTANT DI24 RECTOR’’ and inserting ‘‘HEAD OF

25 THE OFFICE’’; and 


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1 (II) by striking ‘‘an assistant di2 rector’’ and inserting ‘‘a Head of the 

3 Office of Financial Protection for 

4 Older Americans’’; 

5 (iv) in section 1016(a) (12 U.S.C. 

6 5496(a)), by striking ‘‘Director of the Bu7 reau’’ and inserting ‘‘Chair of the Commis8 sion’’; and 

9 (v) in section 1066(a) (12 U.S.C. 

10 5586(a)), by striking ‘‘Director of the Bu11 reau is’’ and inserting ‘‘first member of the 

12 Commission is’’. 

13 (2) DODD-FRANK WALL STREET REFORM AND

14 CONSUMER PROTECTION ACT.—The Dodd-Frank 

15 Wall Street Reform and Consumer Protection Act 

16 (12 U.S.C. 5301 et seq.) is amended— 

17 (A) in the table of contents for such Act 

18 by amending the item relating to section 1011 

19 to read as follows: 

‘‘Sec. 1011. Establishment of the Financial Product Safety Commission.’’; 

20 (B) in section 111(b)(1)(D) (12 U.S.C. 

21 5321(b)(1)(D)), by striking ‘‘Director’’ and in22 serting ‘‘Chair of the Financial Product Safety 

23 Commission’’; and 

24 (C) in section 1447 (12 U.S.C. 1701p–2), 

25 by striking ‘‘Director of the Bureau’’ each place 


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1 such term appears and inserting ‘‘Financial 

2 Product Safety Commission’’. 

3 (3) ELECTRONIC FUND TRANSFER ACT.—Sec4 tion 920(a)(4)(C) of the Electronic Fund Transfer 

5 Act (15 U.S.C. 1693o–2(a)(4)(C)), as added by sec6 tion 1075(a)(2) of the Consumer Financial Protec7 tion Act of 2010, is amended by striking ‘‘Director 

8 of the Bureau of Consumer Financial Protection’’ 

9 and inserting ‘‘Financial Product Safety Commis10 sion’’. 

11 (4) EXPEDITED FUNDS AVAILABILITY ACT.— 

12 The Expedited Funds Availability Act (12 U.S.C. 

13 4001 et seq.), as amended by section 1086 of the 

14 Consumer Financial Protection Act of 2010, is 

15 amended by striking ‘‘Director of the Bureau’’ each 

16 place such term appears and inserting ‘‘Financial 

17 Product Safety Commission’’. 

18 (5) FEDERAL DEPOSIT INSURANCE ACT.—Sec19 tion 2 of the Federal Deposit Insurance Act (12 

20 U.S.C. 1812), as amended by section 336(a) of the 

21 Dodd-Frank Wall Street Reform and Consumer Pro22 tection Act, is amended by striking ‘‘Director of the 

23 Consumer Financial Protection Bureau’’ each place 

24 such term appears and inserting ‘‘Chair of the Fi25 nancial Product Safety Commission’’. 


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1 (6) FEDERAL FINANCIAL INSTITUTIONS EXAM2 INATION COUNCIL ACT OF 1978.—Section 1004(a)(4) 

3 of the Federal Financial Institutions Examination 

4 Council Act of 1978 (12 U.S.C. 3303(a)(4)), as 

5 amended by section 1091 of the Consumer Financial 

6 Protection Act of 2010, is amended by striking ‘‘Di7 rector of the Consumer Financial Protection Bu8 reau’’ and inserting ‘‘Chair of the Financial Product 

9 Safety Commission’’. 

10 (7) FINANCIAL LITERACY AND EDUCATION IM11 PROVEMENT ACT.—Section 513 of the Financial Lit12 eracy and Education Improvement Act (20 U.S.C. 

13 9702), as amended by section 1013(d)(5) of the 

14 Consumer Financial Protection Act of 2010, is 

15 amended by striking ‘‘Director’’ each place such 

16 term appears and inserting ‘‘Chair of the Commis17 sion’’. 

18 (8) HOME MORTGAGE DISCLOSURE ACT OF

19 1975.—Section 307 of the Home Mortgage Disclo20 sure Act of 1975 (12 U.S.C. 2806), as amended by 

21 section 1094(6) of the Consumer Financial Protec22 tion Act of 2010, is amended by striking ‘‘Director 

23 of the Bureau of Consumer Financial Protection’’ 

24 each place such term appears and inserting ‘‘Finan25 cial Product Safety Commission’’. 


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1 (9) INTERSTATE LAND SALES FULL DISCLO2 SURE ACT.—The Interstate Land Sales Full Disclo3 sure Act (15 U.S.C. 1701 et seq.), as amended by 

4 section 1098A of the Consumer Financial Protection 

5 Act of 2010, is amended— 

6 (A) by amending section 1402(1) (15 

7 U.S.C. 1701(1)) to read as follows: 

8 ‘‘(1) ‘Chair’ means the Chair of the Finan9 cial Product Safety Commission;’’; and 

10 (B) in section 1416(a) (15 U.S.C. 

11 1715(a)), by striking ‘‘Director of the Bureau 

12 of Consumer Financial Protection’’ and insert13 ing ‘‘Chair’’. 

14 (10) REAL ESTATE SETTLEMENT PROCEDURES

15 ACT OF 1974.—Section 5 of the Real Estate Settle16 ment Procedures Act of 1974 (12 U.S.C. 2604), as 

17 amended by section 1450 of the Dodd-Frank Wall 

18 Street Reform and Consumer Protection Act, is 

19 amended— 

20 (A) by striking ‘‘The Director of the Bu21 reau of Consumer Financial Protection (here22 after in this section referred to as the ‘Direc23 tor’)’’ and inserting ‘‘The Financial Product 

24 Safety Commission’’; and 


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1 (B) by striking ‘‘Director’’ each place such 

2 term appears and inserting ‘‘Financial Product 

3 Safety Commission’’. 

4 (11) S.A.F.E. MORTGAGE LICENSING ACT OF

5 2008.—The S.A.F.E. Mortgage Licensing Act of 

6 2008 (12 U.S.C. 5101 et seq.), as amended by sec7 tion 1100 of the Consumer Financial Protection Act 

8 of 2010, is amended— 

9 (A) by striking ‘‘Director’’ each place such 

10 term appears in headings and text, other than 

11 where such term is used in the context of the 

12 Director of the Office of Thrift Supervision, 

13 and inserting ‘‘Financial Product Safety Com14 mission’’; and 

15 (B) in section 1503 (12 U.S.C. 5102), by 

16 striking paragraph (10). 

17 (12) TITLE 44, UNITED STATES CODE.—Section 

18 3513(c) of title 44, United States Code, as amended 

19 by section 1100D(b) of the Consumer Financial Pro20 tection Act of 2010, is amended by striking ‘‘Direc21 tor of the Bureau’’ and inserting ‘‘Financial Product 

22 Safety Commission’’. 

23 (e) DEEMING OF NAMES.— 

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1 ment, paper, or other record of the United States to 

2 the Bureau of Consumer Financial Protection shall 

3 be deemed a reference to the Financial Product 

4 Safety Commission. 

5 (2) DIRECTOR.—Any reference in a law, regula6 tion, document, paper, or other record of the United 

7 States to the Director of the Bureau of Consumer 

8 Financial Protection shall be deemed a reference to 

9 the Chair of the Financial Product Safety Commis10 sion. 

11 SEC. 3. RATE OF PAY FOR EMPLOYEES OF THE FINANCIAL 

12 PRODUCT SAFETY COMMISSION. 

13 (a) IN GENERAL.—Section 1013(a)(2) of the Dodd14 Frank Wall Street Reform and Consumer Protection Act 

15 (12 U.S.C. 5493(a)(2)) is amended to read as follows: 

16 ‘‘(2) COMPENSATION.—The rates of basic pay 

17 for all employees of the Financial Product Safety 

18 Commission shall be set and adjusted in accordance 

19 with the General Schedule set forth in section 5332 

20 of title 5, United States Code.’’. 

21 (b) EFFECTIVE DATE.—The amendment made by 

22 subsection (a) shall apply to service by an employee of the 

23 Financial Product Safety Commission following the 90- 

24 day period beginning on the date of enactment of this Act. 


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1 SEC. 4. CONSUMER RIGHT TO FINANCIAL PRIVACY. 

2 (a) REQUIREMENT OF THE FINANCIAL PRODUCT

3 SAFETY COMMISSION TO OBTAIN PERMISSION BEFORE

4 COLLECTING NONPUBLIC PERSONAL INFORMATION.— 

5 (1) REQUIRED NOTIFICATION AND PERMIS6 SION.—Section 1022(c)(9)(A) of the Dodd-Frank 

7 Wall Street Reform and Consumer Protection Act 

8 (12 U.S.C. 5512(c)(9)(A)) is amended— 

9 (A) by striking ‘‘may not obtain from a 

10 covered person or service provider’’ and insert11 ing ‘‘may not request, obtain, access, collect, 

12 use, retain, or disclose’’; 

13 (B) by striking ‘‘personally identifiable fi14 nancial’’ and inserting ‘‘nonpublic personal’’; 

15 and 

16 (C) by striking ‘‘from the financial 

17 records’’ and all that follows through the period 

18 at the end and inserting ‘‘unless— 

19 ‘‘(i) the Financial Product Safety 

20 Commission clearly and conspicuously dis21 closes to the consumer, in writing or in an 

22 electronic form, what information will be 

23 requested, obtained, accessed, collected, 

24 used, retained, or disclosed; and 

25 ‘‘(ii) before such information is re26 quested, obtained, accessed, collected, used, 


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1 retained, or disclosed, the consumer in2 forms the Financial Product Safety Com3 mission that such information may be re4 quested, obtained, accessed, collected, used, 

5 retained, or disclosed.’’. 

6 (2) APPLICATION OF REQUIREMENT TO CON7 TRACTORS OF THE FINANCIAL PRODUCT SAFETY

8 COMMISSION.—Section 1022(c)(9)(B) of such Act 

9 (12 U.S.C. 5512(c)(9)(B)) is amended to read as 

10 follows: 

11 ‘‘(B) APPLICATION OF REQUIREMENT TO

12 CONTRACTORS OF THE FINANCIAL PRODUCT

13 SAFETY COMMISSION.—Subparagraph (A) shall 

14 apply to any person directed or engaged by the 

15 Financial Product Safety Commission to collect 

16 information to the extent such information is 

17 being collected on behalf of the Financial Prod18 uct Safety Commission.’’. 

19 (3) DEFINITION OF NONPUBLIC PERSONAL IN20 FORMATION.—Section 1022(c)(9) of such Act (12 

21 U.S.C. 5512(c)(9)) is amended by adding at the end 

22 the following: 

23 ‘‘(C) DEFINITION OF NONPUBLIC PER24 SONAL INFORMATION.—In this paragraph, the 

25 term ‘nonpublic personal information’ has the 


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1 meaning given the term in section 509 of the 

2 Gramm-Leach-Bliley Act (15 U.S.C. 6809).’’. 

3 (b) REMOVAL OF EXEMPTION FOR THE FINANCIAL

4 PRODUCT SAFETY COMMISSION FROM THE RIGHT TO FI5 NANCIAL PRIVACY ACT.—Section 1113 of the Right to Fi6 nancial Privacy Act of 1978 (12 U.S.C. 3413) is amended 

7 by striking subsection (r). 

8 SEC. 5. CONSUMER FINANCIAL PROTECTION SAFETY AND 

9 SOUNDNESS IMPROVEMENTS. 

10 (a) COUNCIL VOTING PROCEDURE.—Section 

11 1023(c)(3)(A) of the Consumer Financial Protection Act 

12 of 2010 (12 U.S.C. 5513(c)(3)(A)) is amended— 

(1) by striking ‘‘2 13 ⁄3’’ and inserting ‘‘a major14 ity’’; and 

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

16 ‘‘, excluding the Chair of the Financial Product 

17 Safety Commission’’. 

18 (b) REVIEW AUTHORITY OF THE COUNCIL.—Section 

19 1023 of the Consumer Financial Protection Act of 2010 

20 (12 U.S.C. 5513) is amended— 

21 (1) in subsection (a)— 

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

23 ‘‘shall’’; and 

24 (B) by striking ‘‘regulation or provision 

25 would put the safety and soundness of the 


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1 United States banking system or the stability of 

2 the financial system of the United States at 

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

4 subject of the petition is inconsistent with the 

5 safe and sound operations of United States fi6 nancial institutions’’; and 

7 (2) in subsection (c)— 

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

9 ‘‘would put the safety and soundness of the 

10 United States banking system or the stability of 

11 the financial system of the United States at 

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

13 safe and sound operations of United States fi14 nancial institutions’’; 

15 (B) in paragraph (4)— 

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

17 (ii) by redesignating subparagraph 

18 (C) as subparagraph (B); 

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

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

21 and (8) as paragraphs (5), (6), and (7), respec22 tively. 

23 (c) SAFETY AND SOUNDNESS CHECK.—Section 

24 1022(b)(2)(A) of the Consumer Financial Protection Act 

25 of 2010 (12 U.S.C. 5512(b)(2)(A)) is amended— 


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

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

3 and 

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

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

6 financial safety or soundness of an insured 

7 depository institution;’’. 

8 SEC. 6. ANALYSIS OF REGULATIONS. 

9 Section 1022 of the Consumer Financial Protection 

10 Act of 2010 (12 U.S.C. 5512) is amended by adding at 

11 the end the following new subsection: 

12 ‘‘(e) ANALYSIS OF REGULATIONS.— 

13 ‘‘(1) IN GENERAL.—Each time the Commission 

14 proposes a new rule or regulation, the Commission 

15 shall— 

16 ‘‘(A) carry out an initial regulatory flexi17 bility analysis for such proposed rule or regula18 tion, which shall be carried out as closely as 

19 possible to those initial regulatory flexibility 

20 analyses required under section 603 of title 5, 

21 United States Code, but which shall analyze the 

22 financial impact of the proposed rule or regula23 tion on covered persons, regardless of size; and 

24 ‘‘(B) carry out an analysis of whether the 

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1 ity of individuals and small businesses to have 

2 access to credit. 

3 ‘‘(2) REPORT.—The Commission shall issue a 

4 report to the Council on each analysis carried out 

5 under paragraph (1), and make such analysis avail6 able to the public. 

7 ‘‘(3) USE OF EXISTING RESOURCES.—The Com8 mission shall use existing resources to carry out the 

9 requirements of this subsection.’’. 

10 SEC. 7. REPEAL OF EXCLUSIVE RULEMAKING AUTHORITY. 

11 Section 1022(b) of the Consumer Financial Protec12 tion Act of 2010 (12 U.S.C. 5512(b)) is amended by strik13 ing paragraph (4). 

Passed the House of Representatives February 27, 

2014. 

Attest: KAREN L. HAAS, 

Clerk. 


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