Consumers First Act

Bill: 116-hr-1500
Sponsor: Rep. Waters, Maxine [D-CA-43]
Introduced: 2019-03-05 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Advisory bodies
Aging
Alternative dispute resolution, mediation, arbitration
Bank accounts, deposits, capital
Banking and financial institutions regulation
Community life and organization
Congressional oversight
Consumer Financial Protection Bureau
Consumer affairs
Consumer credit
Debt collection
Executive agency funding and structure
Federal Reserve System
Federal officials
Financial literacy
Government employee pay, benefits, personnel management
Government information and archives
Government studies and investigations
Higher education
Housing finance and home ownership
Military personnel and dependents
Minority and disadvantaged businesses
Motor vehicles
Student aid and college costs
Veterans' loans, housing, homeless programs
Women in business

Summary:
action_date: 2019-03-05
text: 

Consumers First Act 

 
This bill revises provisions related to the administration of the Consumer Financial Protection Bureau (CFPB), including establishing requirements for staffing levels, political appointees, and the publication of consumer complaints regarding consumer financial products or services. 
 
The bill specifically states the duties of the Office of Fair Lending and Equal Opportunity (under current law, these are delegated by the CFPB Director). It also adds the duty to implement enforcement and supervisory authority regarding the fair lending laws.
 
Specified units, offices, and boards of the CFPB must perform their assigned duties and may not be renamed or reorganized. 
 
The bill amends all statutory references to the &quot;Bureau of Consumer Financial Protection&quot; to refer instead to the &quot;Consumer Financial Protection Bureau.&quot; 
 
Membership and meeting requirements for the Consumer Advisory Board are also revised. 

action_date: 2019-05-10
text: 

Consumers First Act 

 
This bill revises provisions related to the administration of the Consumer Financial Protection Bureau (CFPB), including establishing requirements for staffing levels, political appointees, and the publication of consumer complaints regarding consumer financial products or services. 
 
The bill specifically states the duties of the Office of Fair Lending and Equal Opportunity (under current law, these are delegated by the CFPB Director). It also adds the duty to implement enforcement and supervisory authority regarding the fair lending laws.
 
Specified units, offices, and boards of the CFPB must perform their assigned duties and may not be renamed or reorganized. 
 
The bill amends all statutory references to the &quot;Bureau of Consumer Financial Protection&quot; to refer instead to the &quot;Consumer Financial Protection Bureau.&quot; 
 
Membership and meeting requirements for the Consumer Advisory Board are also revised. 

action_date: 2019-05-22
text: 

Consumers First Act 

 
This bill revises provisions related to the administration of the Consumer Financial Protection Bureau (CFPB). 
 
(Sec. 3) The bill amends all statutory references to the &quot;Bureau of Consumer Financial Protection&quot; to refer instead to the &quot;Consumer Financial Protection Bureau.&quot; 
 
(Sec. 5) Specified units, offices, and boards of the CFPB must perform their assigned duties and may not be renamed or reorganized. The bill establishes requirements for staffing levels, political appointees, and the publication of consumer complaints regarding consumer financial products or services. 
 
The bill reinstates specified agreements between the CFPB and the Department of Education regarding the sharing of information and oversight related to federal student loans. 
 
The CFPB rule regarding the use of arbitration agreements in contracts for specific consumer financial products and services is reinstated. This rule prohibits the use of a predispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits. The rule also requires consumer financial product and service providers to furnish the CFPB with particular information regarding arbitrations. 
 
(Sec. 6) The bill specifically states the duties of the Office of Fair Lending and Equal Opportunity (under current law, these are delegated by the CFPB Director). It also adds the duty to implement enforcement and supervisory authority regarding the fair lending laws. 
 
The Office of Students and Young Consumers is established in the CFPB. 
 
(Sec. 7) Membership requirements for the Consumer Advisory Board are revised, including by requiring representatives of service members and veterans. Board meeting requirements are also revised, including by requiring in person meetings and extending the terms of certain board members. 
 
(Sec. 8) The bill also decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.) 
 
(Sec. 9) The bill revises the required public disclosures made by a depository institution or a credit union regarding mortgages and home equity lines of credit. Specifically, institutions originating fewer than 500 mortgage loans or open-end lines of credit are no longer exempt from certain financial reporting. 
 
(Sec. 10) The bill limits available exemptions from certain housing mortgage disclosures and prohibits the CFPB from modifying or discontinuing certain mortgage reporting tools. 
 
(Sec. 13) The CFPB must report monthly on fair lending investigations and enforcement actions. 
 
(Sec. 14) The CFPB must report quarterly on debt collection complaints and enforcement actions. 
 
(Sec. 15) The bill provides for free annual consumer credit scores. 
 
(Sec. 16) The CFPB must report annually on consumer complaints by senior consumers and provide recommendations to improve protections for these consumers. 
 
(Sec. 17) The CFPB must report quarterly on payday loan and car title loan investigations and enforcement actions. 


Legislative actions:
action_date: 2019-05-23
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
action_date: 2019-05-22
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2019-05-22
text: On passage Passed by recorded vote: 231 - 191 (Roll no. 228).
action_date: 2019-05-22
text: Passed/agreed to in House: On passage Passed by recorded vote: 231 - 191 (Roll no. 228).
action_date: 2019-05-22
text: On motion to recommit with instructions Failed by recorded vote: 191 - 231 (Roll no. 227).
action_date: 2019-05-22
text: The previous question on the motion to recommit with instructions was ordered without objection.
action_date: 2019-05-22
text: DEBATE - The House proceeded with 10 minutes of debate on the Steil 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 prohibit the use of funds from the Civil Penalty Fund to be used for any purpose other than compensating actual victims of activities for which civil penalties have been imposed under Federal consumer financial laws.
action_date: 2019-05-22
text: Mr. Steil moved to recommit with instructions to the Committee on Financial Services. (text: CR H4108)
action_date: 2019-05-22
text: The previous question was ordered pursuant to the rule.
action_date: 2019-05-22
text: The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1500.
action_date: 2019-05-22
text: UNFINISHED BUSINESS - The Chair announced that the unfinished business was on adoption of amendments, which had been debated earlier an on which further proceedings had been postponed.
action_date: 2019-05-22
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Green (TX) amendment No. 17.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Tlaib amendment No. 16.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the DeSaulnier amendment No. 15.
action_date: 2019-05-22
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Stevens amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Ms. Stevens demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Stevens amendment No. 14.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Neguse amendment No. 13.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Escobar amendment No. 12.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Golden amendment No. 11.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Case amendment No. 10.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Bonamici amendment No. 9.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Cohen amendment No. 8.
action_date: 2019-05-22
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Burgess amendment, the Chair put the question on the amendment and by voice vote, announced that the noes had prevailed. Mr. Burgess demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Burgess amendment No. 7.
action_date: 2019-05-22
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Burgess amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Ms. Waters demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Burgess amendment No. 6.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Pressley amendment No. 5.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Lawson (FL) amendment No. 4.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Adams amendment No. 3.
action_date: 2019-05-22
text: POSTPONED PROCEEDINGS - At the conclusion of debate on the Steil amendment, the Chair put the question on the amendment and by voice vote, announced that the noes had prevailed. Mr. Steil demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Steil amendment No. 2.
action_date: 2019-05-22
text: DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Velazquez amendment No. 1.
action_date: 2019-05-22
text: GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1500.
action_date: 2019-05-22
text: The Speaker designated the Honorable Ami Bera to act as Chairman of the Committee.
action_date: 2019-05-22
text: House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 389 and Rule XVIII.
action_date: 2019-05-22
text: Rule provides for consideration of H.R. 1500 and H.R. 1994. The resolution provides for one hour of debate on H.R. 1500, under a structured rule, and provides for one hour of debate on H.R. 1994, under a closed rule. The resolution provides for proceedings during the period from May 24, 2019, through May 31, 2019, and provides for motions to suspend the rules on the legislative day of May 23, 2019.
action_date: 2019-05-22
text: Considered under the provisions of rule H. Res. 389. (consideration: CR H4075-4110)
action_date: 2019-05-20
text: Rules Committee Resolution H. Res. 389 Reported to House. Rule provides for consideration of H.R. 1500 and H.R. 1994. The resolution provides for one hour of debate on H.R. 1500, under a structured rule, and provides for one hour of debate on H.R. 1994, under a closed rule. The resolution provides for proceedings during the period from May 24, 2019, through May 31, 2019, and provides for motions to suspend the rules on the legislative day of May 23, 2019.
action_date: 2019-05-10
text: Placed on the Union Calendar, Calendar No. 35.
action_date: 2019-05-10
text: Committee on Education and Labor discharged.
action_date: 2019-05-10
text: Committee on Education and Labor discharged.
action_date: 2019-05-10
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 116-57, Part I.
action_date: 2019-05-10
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 116-57, Part I.
action_date: 2019-03-28
text: Ordered to be Reported (Amended) by the Yeas and Nays: 34 - 26.
action_date: 2019-03-28
text: Committee Consideration and Mark-up Session Held.
action_date: 2019-03-05
text: Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, 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: 2019-03-05
text: Referred to the Committee on Financial Services, and in addition to the Committee on Education and Labor, 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: 2019-03-05
text: Introduced in House
action_date: 2019-03-05
text: Introduced in House