I 
114TH CONGRESS 
1ST SESSION H. R. 1263 
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 
MARCH 4, 2015 
Mr. DUFFY (for himself, Mr. NEUGEBAUER, and Mr. BARR) introduced the 
following bill; which was referred to the Committee on Financial Services 
A BILL 
To amend the Consumer Financial Protection Act of 2010 
to strengthen the review authority of the Financial Sta-
bility Oversight Council of regulations issued by the Bu-
reau of Consumer Financial Protection, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Consumer Financial 
Protection Safety and Soundness Improvement Act of 
2015’’. 
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SEC. 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)) is 
amended— 
(1) by striking ‘‘2⁄3’’ and inserting ‘‘a major-
ity’’; and 
(2) by inserting before the period the following: 
‘‘, excluding the Director of the Bureau’’. 
SEC. 3. REVIEW AUTHORITY OF THE COUNCIL. 
Section 1023 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5513) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘may’’ and inserting 
‘‘shall’’; and 
(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’’ and inserting ‘‘regulation which is the 
subject of the petition is inconsistent with the 
safe and sound operations of United States fi-
nancial institutions’’; and 
(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 
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the financial system of the United States at 
risk’’ and inserting ‘‘is inconsistent with the 
safe and sound operations of United States fi-
nancial 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), respec-
tively. 
SEC. 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)) is 
amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by adding ‘‘and’’ at the end; 
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;’’. 
Æ 
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