112TH CONGRESS 
1ST SESSION H. R. 1315 
AN ACT 
To amend the Dodd-Frank Wall Street Reform and Con-
sumer Protection Act to strengthen the review authority 
of the Financial Stability Oversight Council of regula-
tions issued by the Bureau of Consumer Financial Pro-
tection, to rescind the unobligated funding for the FHA 
Refinance Program and to terminate the program, 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. TABLE OF CONTENTS. 
The table of contents for this Act is as follows: 
Sec. 1. Table of contents. 
TITLE I—CONSUMER FINANCIAL PROTECTION SAFETY AND 
SOUNDNESS IMPROVEMENT ACT 
Sec. 101. Short title. 
Sec. 102. Council voting procedure. 
Sec. 103. Review authority of the Council. 
Sec. 104. Establishment of the Commission. 
Sec. 105. Conforming amendments. 
Sec. 106. Chair of the Commission required before transfer. 
Sec. 107. Inspector General report. 
Sec. 108. Analysis of regulations. 
TITLE II—FHA REFINANCE PROGRAM TERMINATION ACT 
Sec. 201. Short title. 
Sec. 202. Rescission of funding for FHA Refinance Program. 
Sec. 203. Termination of FHA Refinance Program. 
Sec. 204. Publication of Member Availability for Assistance. 
TITLE I—CONSUMER FINANCIAL 
PROTECTION 
SAFETY 
AND 
SOUNDNESS 
IMPROVEMENT 
ACT 
SEC. 101. SHORT TITLE. 
This title may be cited as the ‘‘Consumer Financial 
Protection Safety and Soundness Improvement Act of 
2011’’. 
SEC. 102. COUNCIL VOTING PROCEDURE. 
(a) IN GENERAL.—Section 1023(c)(3)(A) of the 
Dodd-Frank Wall Street Reform and Consumer Protec-
tion Act is amended—
(1) by striking ‘‘2⁄3’’ and inserting ‘‘a major-
ity’’; and 
(2) by inserting before the period the following: 
‘‘, excluding the Chair of the Commission of the Bu-
reau’’. 
(b) PETITION BY NONVOTING MEMBERS; NO RE-
STRICTIONS ON PETITION SUBJECT MATTER.—Section 
1023 of the Dodd-Frank Wall Street Reform and Con-
sumer Protection act is amended by adding at the end the 
following new subsection: 
‘‘(g) PETITION BY NONVOTING MEMBERS.—Notwith-
standing any other subsection of this section, the provi-
sions of this section shall apply to a petition by a non-
voting member of the Council to the same extent that they 
apply to a petition by an agency represented by a member 
of the Council. 
‘‘(h) NO RESTRICTIONS ON PETITION SUBJECT MAT-
TER.—Petitions made under this section may be made by 
an agency or a nonvoting member of the Council on any 
subject matter, regardless of the areas of particular exper-
tise of such agency or nonvoting member.’’. 
(c) CONFLICT OF INTEREST.—Section 1023(c)(3) of 
the Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act is amended by adding at the end the following 
new subparagraph:
‘‘(C) CONFLICT OF INTEREST.—No mem-
ber of the Council may vote on the decision to 
issue a stay of, or set aside, any regulation 
under this section, if such member has, within 
the previous 2-year period, been employed by 
any company or other entity that is subject to 
such regulation.’’. 
SEC. 103. REVIEW AUTHORITY OF THE COUNCIL. 
Section 1023 of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act 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
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); 
(D) by redesignating paragraphs (6), (7), 
and (8) as paragraphs (5), (6), and (7), respec-
tively; and 
(E) by adding at the end the following new 
paragraph: 
‘‘(8) PUBLIC MEETINGS.—Any time the Council 
meets pursuant to this section to decide whether to 
issue a stay of, or set aside, any regulation, every 
portion of such meeting shall be open to public ob-
servation. The Council shall provide live online 
streaming or broadcasting of the meetings.’’. 
SEC. 104. ESTABLISHMENT OF THE COMMISSION. 
Section 1011 of the Consumer Financial Protection 
Act of 2010 is amended— 
(1) by striking subsections (b), (c), and (d);