Unfair or Deceptive Acts or Practices Uniformity Act
Bill: H.R.4548 | Sponsor: Rep. Williams, Roger (R-TX)
Policy area: Finance and Financial Sector

Summary:
Unfair or Deceptive Acts or Practices Uniformity Act
This bill eliminates the authority of the Consumer Financial Protection Bureau to take action against a person or service provider for an abusive act or practice in connection with a consumer financial product or service. Additionally, the bureau is prohibited from taking action against an unfair or deceptive act unless the bureau first consults with the primary financial regulatory agency of the person or service provider. Finally, any rulemaking made by the bureau regarding an unfair or deceptive act must comply with certain Federal Trade Commission rulemaking requirements.

To amend the Consumer Protection Act of 2010 to grant the Bureau of 
 Consumer Financial Protection the authority to regulate certain acts 
   and practices using processes and procedures consistent with and 
similar to those in place at the Federal Trade Commission, to encourage 
   greater communication amongst regulators, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Unfair or Deceptive Acts or 
Practices Uniformity Act''.

SEC. 2. BUREAU AUTHORITY OVER UNFAIR AND DECEPTIVE ACTS OR PRACTICES.

    (a) In General.--Section 1031 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5531) is amended--
            (1) in the heading of such section, by striking ``, 
        deceptive, or abusive'' and inserting ``or deceptive'';
            (2) in subsection (a)--
                    (A) by striking ``, deceptive, or abusive'' and 
                inserting ``or deceptive''; and
                    (B) by adding at the end the following: ``The 
                Bureau may not take any action described under this 
                subsection against a covered person or service provider 
                unless the Bureau first consults the covered person or 
                service provider's primary financial regulatory agency, 
                if any.'';
            (3) in subsection (b)--
                    (A) by striking ``, deceptive, or abusive'' and 
                inserting ``or deceptive''; and
                    (B) by inserting at the end the following: ``In 
                prescribing any rule under this subsection, the Bureau 
                shall comply with the requirements of section 18 of the 
                Federal Trade Commission Act (15 U.S.C. 57a) applicable 
                to the Federal Trade Commission when the Commission 
                prescribes rules and general statements of policy under 
                that section with respect to unfair or deceptive acts 
                or practices in or affecting commerce.'';
            (4) by striking subsection (d); and
            (5) by redesignating subsections (e) and (f) as subsections 
        (d) and (e), respectively.
    (b) Conforming Amendments.--
            (1) Consumer financial protection act of 2010.--The 
        Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et 
        seq.) is amended--
                    (A) by striking ``, deceptive, and abusive'' each 
                place such term appears and inserting ``and 
                deceptive''; and
                    (B) by striking ``, deceptive, or abusive'' each 
                place such term appears and inserting ``or deceptive''.
            (2) Dodd-frank wall street reform and consumer protection 
        act.--The table of contents in section 1(b) of the Dodd-Frank 
        Wall Street Reform and Consumer Protection Act is amended, in 
        the item relating to section 1031, by striking ``, DECEPTIVE, 
        OR ABUSIVE'' and inserting ``OR DECEPTIVE''.
            (3) Omnibus appropriations act, 2009.--Section 626(a)(1) of 
        the Omnibus Appropriations Act, 2009 (15 U.S.C. 1638 note) is 
        amended by striking ``, deceptive, or abusive'' and inserting 
        ``or deceptive''.
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