Bureau of Consumer Financial Protection Advisory Boards Act

Bill: 114-hr-1195
Sponsor: Rep. Pittenger, Robert [R-NC-9]
Introduced: 2015-03-02 in the House
Policy area: Finance and Financial Sector
Subjects: Advisory bodies
Consumer Financial Protection Bureau
Consumer affairs
Consumer credit
Executive agency funding and structure
Financial services and investments
Small business

Summary:
action_date: 2015-03-02
text: 

Bureau of Consumer Financial Protection Advisory Boards Act
 
 
 Amends the Consumer Financial Protection Act of 2010 to direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Small Business Advisory Board to: (1) advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding eligible financial products or services, and (2) provide information on evolving small business practices.
 
Requires such Board members to be representatives of small business concerns that:
 
 
 provide financial products or services for use by consumers primarily for personal, family, or household purposes, 
 
 are service providers to covered persons; and 
 
 use consumer financial products or services in financing the business activities of such small businesses.
 
 
Encourages the Director, in making such Board appointments, to ensure the participation of minority- and women-owned small business concerns and their interests, without regard to party affiliation. 
 
Instructs the Director to establish a Credit Union Advisory Council and a Community Bank Advisory Council to advise and consult with the CFPB on consumer financial products or services that impact credit unions and community banks, respectively.
 
Encourages the Director, in making appointments to such Councils, to ensure the participation of credit unions and community banks predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation.
 

action_date: 2015-04-06
text: 
(This measure has not been amended since it was introduced. The summary of that version is repeated here.)
 

Bureau of Consumer Financial Protection Advisory Boards Act
 
 
 Amends the Consumer Financial Protection Act of 2010 to direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Small Business Advisory Board to: (1) advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding eligible financial products or services, and (2) provide information on evolving small business practices.
 
Requires such Board members to be representatives of small business concerns that:
 
 
 provide financial products or services for use by consumers primarily for personal, family, or household purposes, 
 
 are service providers to covered persons; and 
 
 use consumer financial products or services in financing the business activities of such small businesses.
 
 
Encourages the Director, in making such Board appointments, to ensure the participation of minority- and women-owned small business concerns and their interests, without regard to party affiliation. 
 
Instructs the Director to establish a Credit Union Advisory Council and a Community Bank Advisory Council to advise and consult with the CFPB on consumer financial products or services that impact credit unions and community banks, respectively.
 
Encourages the Director, in making appointments to such Councils, to ensure the participation of credit unions and community banks predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation.
 

action_date: 2015-04-22
text: 

Bureau of Consumer Financial Protection Advisory Boards Act
 
 
 (Sec. 2) Amends the Consumer Financial Protection Act of 2010 to direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Small Business Advisory Board to: (1) advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding eligible financial products or services, and (2) provide information on evolving small business practices.
 
Requires Board members to be representatives of small business concerns that:
 
 
 provide financial products or services for use by consumers primarily for personal, family, or household purposes, 
 
 are service providers to covered persons; and 
 
 use consumer financial products or services in financing the business activities of such small businesses.
 
 
Requires the Director, in making such Board appointments, to include members representing minority-, women-, and veteran-owned small business concerns and their interests, without regard to party affiliation. 
 
Requires the Director to establish a Credit Union Advisory Council and a Community Bank Advisory Council to advise and consult with the CFPB on consumer financial products or services that impact credit unions and community banks, respectively.
 
 Directs the Director, in making appointments to the Councils, to include members representing credit unions and community banks predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation.
 
(Sec. 3) Prohibits the Director from requesting funds: (1) during FY 2020 in an amount that would exceed $655 million, and (2) during FY 2025 in an amount that would exceed $720 million.
 


Legislative actions:
action_date: 2015-04-23
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2015-04-22
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2015-04-22
text: On passage Passed by the Yeas and Nays: 235 - 183 (Roll no. 167).
action_date: 2015-04-22
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 235 - 183 (Roll no. 167).
action_date: 2015-04-22
text: On motion to recommit with instructions Failed by recorded vote: 184 - 234 (Roll no. 166).
action_date: 2015-04-22
text: The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H2380)
action_date: 2015-04-22
text: DEBATE - The House proceeded with 10 minutes of debate on the Kuster motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add at the end of the bill a section on prohibition against participation by persons employed by companies engaged in predatory practices related to servicemembers pending reservation of a point of order. Subsequently, the reservation was removed.
action_date: 2015-04-22
text: Ms. Kuster moved to recommit with instructions to the Committee on Financial Services. (consideration: CR H2379-2380; text: CR H2379)
action_date: 2015-04-22
text: The House adopted the amendment as agreed to by the Committee of the Whole House on the state of the Union. (text of measure as amended in House: CR H2341-2342)
action_date: 2015-04-22
text: The previous question was ordered pursuant to the rule. (consideration: CR H2379)
action_date: 2015-04-22
text: The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1195.
action_date: 2015-04-22
text: UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question of adoption of the Kuster (NH) amendment No. 1 printed in part D of House Report 114-74.
action_date: 2015-04-22
text: The House resolved into Committee of the Whole House on the state of the Union for further consideration.
action_date: 2015-04-22
text: Considered as unfinished business. (consideration: CR H2378-2381)
action_date: 2015-04-21
text: Committee of the Whole House on the state of the Union rises leaving H.R. 1195 as unfinished business.
action_date: 2015-04-21
text: On motion that the Committee rise Agreed to by voice vote.
action_date: 2015-04-21
text: Mr. Neugebauer moved that the Committee rise.
action_date: 2015-04-21
text: DEBATE - Pursuant to the provisions of H. Res. 200, the Committee of the Whole proceeded with 10 minutes of debate on the Kuster (NH) part D amendment No. 2.
action_date: 2015-04-21
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Kuster (NH) part D No. 1 amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Maxine Waters demanded a recorded vote and the Chair postponed further proceedings on the question of adoption of the amendment until a time to be announced.
action_date: 2015-04-21
text: DEBATE - Pursuant to the provisions of H. Res. 200, the Committee of the Whole proceeded with 10 minutes of debate on the Kuster (NH) part D amendment No. 1.
action_date: 2015-04-21
text: At the conclusion of debate, the Chair announced that pursuant to the provisions of H. Res. 200, the amendment printed in part C of House Report 114-74 is adopted.
action_date: 2015-04-21
text: GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1195.
action_date: 2015-04-21
text: The Speaker designated the Honorable John J. Duncan, Jr. to act as Chairman of the Committee.
action_date: 2015-04-21
text: House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 200 and Rule XVIII.
action_date: 2015-04-21
text: Considered under the provisions of rule H. Res. 200. (consideration: CR H2335-2343)
action_date: 2015-04-06
text: Placed on the Union Calendar, Calendar No. 36.
action_date: 2015-04-06
text: Reported by the Committee on Financial Services. H. Rept. 114-55.
action_date: 2015-04-06
text: Reported by the Committee on Financial Services. H. Rept. 114-55.
action_date: 2015-03-26
text: Ordered to be Reported by the Yeas and Nays: 53 - 5.
action_date: 2015-03-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-03-25
text: Committee Consideration and Mark-up Session Held.
action_date: 2015-03-02
text: Referred to the House Committee on Financial Services.
action_date: 2015-03-02
text: Introduced in House
action_date: 2015-03-02
text: Introduced in House