CFPB Improvement Act of 2014

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. Short title This Act may be cited as the CFPB Improvement Act of 2014 2. Council voting procedure Section 1023(c)(3)(A) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5513(c)(3)(A) (1) by striking 2/3 a majority (2) by inserting before the period the following: , excluding the Director 3. Review authority of the Council Section 1023 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5513 (1) in subsection (a)— (A) by striking may shall (B) by striking regulation or provision would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk regulation that is the subject of the petition is inconsistent with the safe and sound operations of United States financial institutions (2) in subsection (c)— (A) in paragraph (3)(B)(ii), by striking would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk is inconsistent with the safe and sound operations of United States financial institutions (B) in paragraph (4)— (i) by striking subparagraph (B); and (ii) by redesignating subparagraph (C) as subparagraph (B); (C) by striking paragraph (5); and (D) by redesignating paragraphs (6), (7), and (8) as paragraphs (5), (6), and (7), respectively. 4. Safety and soundness check Section 1022(b)(2)(A) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(b)(2)(A) (1) in clause (i), by striking and (2) in clause (ii), by adding and (3) by adding at the end the following: (iii) the impact of such rule on the financial safety or soundness of an insured depository institution; .

Summary: CFPB Improvement Act of 2014 - Amends the Consumer Financial Protection Act of 2010 to authorize the Chairperson of the Financial Stability Oversight Council to issue a stay of, or set aside, any regulation issued by the Consumer Financial Protection Bureau (CFPB) upon the affirmative vote of the majority of Council members (currently, two-thirds), excluding the Director. . Requires the Council, upon the petition of a member agency of the Council, to set aside a final regulation prescribed by the CFPB if the Council decides that such regulation is inconsistent with the safe and sound operations of U.S. financial institutions. (Currently the Council is merely authorized, upon petition, to set aside a final regulation if it would put the safety and soundness of the U.S. banking system or the stability of the U.S. financial system at risk.) Repeals: (1) the prohibition against Council set-aside of a regulation after expiration of a specified time period, and (2) mandatory dismissal of a petition if the Council has not issued a decision within such time period. Requires the CFPB Director, when prescribing a rule under federal consumer financial laws, to consider its impact upon the financial safety or soundness of an insured depository institution.