ASSURE Act of 2013

Bill: 113-hr-3310
Sponsor: Rep. Cartwright, Matt [D-PA-17]
Introduced: 2013-10-23 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Banking and financial institutions regulation
Civil actions and liability
Consumer Financial Protection Bureau
Consumer credit
Financial services and investments
Government employee pay, benefits, personnel management
Government studies and investigations
Interest, dividends, interest rates
Legal fees and court costs
Veterans' pensions and compensation

Summary:
action_date: 2013-10-23
text: 
Annuity Safety and Security Under Reasonable Enforcement Act of 2013 or the ASSURE Act of 2013 - Amends the Truth in Lending Act to direct the Bureau of Consumer Financial Protection (CFPB) to issue regulations requiring any payment to a recipient of a federal or military pension (a benefit recipient) that diminishes the benefit recipient's ability to control payments from such pension to be treated as an extension of credit.
 
Requires financial institutions to include the terms of such credit in consumer information disclosures.
 
Prohibits the annual percentage rate of interest on such arrangements from exceeding the federal funds rate plus 6% or an equivalent aggregate amount of cash and property. 
 
Specifies conditions under which payment of consideration in exchange for the retired pay of enlisted military members is prohibited from assignment under veterans' benefits laws.
 
Prohibits individuals from making allotments or assignments from annuities under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS), including any agreement under which another person acquires for consideration the right to receive payment from such annuities as well as any arrangement for collateral for security for such an agreement. Exempts union dues or payments to employee organizations from such prohibitions.
 
Authorizes benefit recipients, individuals entitled to military retired pay, and annuity recipients to bring a private legal action in federal or state court against an assignee engaging in prohibited assignments.
 
Amends the Consumer Financial Protection Act of 2010 to direct the CFPB to issue regulations requiring persons offering federal or military pension-related products to provide additional disclosures when advertising or selling such products to allow consumers to understand how their pension relates to the product.


Legislative actions:
action_date: 2014-02-03
text: Referred to the Subcommittee on Disability Assistance and Memorial Affairs.
action_date: 2014-01-24
text: Referred to the Subcommittee on Military Personnel.
action_date: 2013-11-04
text: Referred to the Subcommittee on Economic Opportunity.
action_date: 2013-10-23
text: Referred to the Committee on Financial Services, and in addition to the Committees on Veterans' Affairs, Armed Services, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2013-10-23
text: Referred to the Committee on Financial Services, and in addition to the Committees on Veterans' Affairs, Armed Services, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2013-10-23
text: Referred to the Committee on Financial Services, and in addition to the Committees on Veterans' Affairs, Armed Services, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2013-10-23
text: Referred to the Committee on Financial Services, and in addition to the Committees on Veterans' Affairs, Armed Services, and Oversight and Government Reform, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2013-10-23
text: Introduced in House
action_date: 2013-10-23
text: Introduced in House