To amend the Consumer Financial Protection Act of 2010 to require that no deference be given to the interpretation of consumer financial law by the Bureau of Consumer Financial Protection, to define the scope of judicial review of Bureau actions, and for other purposes.

Bill: 114-hr-5490
Sponsor: full_name: Rep. Love, Mia B. [R-UT-4]
Introduced: 2016-06-15
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Civil actions and liability

Constitution and constitutional amendments

Consumer Financial Protection Bureau

Consumer credit

Financial services and investments

Judicial review and appeals
Latest action: action_date: 2016-07-20
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

Summaries:
action_date: 2016-06-15
action_desc: Introduced in House
text: <p>This bill amends the Consumer Financial Protection Act of 2010 to repeal the declaration that the deference that a court affords to the Consumer Financial Protection Bureau (CFPB) regarding its determination of the meaning or interpretation of any provision of a federal consumer financial law shall be applied as if the CFPB were the only agency authorized to apply, enforce, interpret, or administer the provisions of that law.</p> <p>In any judicial review of a CFPB agency action, the reviewing court shall determine the meaning or applicability of the terms of a CFPB agency action and decide <i>de novo </i>all relevant questions of law, including the interpretation of constitutional and statutory provisions, as well as CFPB rules. No law may exempt any civil action for judicial review from the application of this bill except by specific reference to it.</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5490 IN THE HOUSE OF REPRESENTATIVES June 15, 2016 Mrs. Love introduced the following bill; which was referred to the Committee on Financial Services , and in addition to the Committee on the Judiciary , 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 A BILL To amend the Consumer Financial Protection Act of 2010 to require that no deference be given to the interpretation of consumer financial law by the Bureau of Consumer Financial Protection, to define the scope of judicial review of Bureau actions, and for other purposes.

1. No deference to the interpretation of consumer financial law by the Bureau of Consumer Financial Protection (a) No deference to Bureau interpretation over the interpretation of another agency The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq. ) is amended— (1) in section 1022(b)(4)— (A) by striking (A) In general.— ; and (B) by striking subparagraph (B); and (2) in section 1061(b)(5)(E)— (A) by striking affords the— and all that follows through (i) Federal Trade Commission and inserting affords the Federal Trade Commission ; (B) by striking ; or and inserting a period; and (C) by striking clause (ii). 2. Scope of judicial review of Bureau actions Section 1022 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512 ) is amended by adding at the end the following: (e) Scope of judicial review of agency actions Notwithstanding any other provision of law, in any judicial review of an agency action of the Bureau pursuant to chapter 7 of title 5, United States Code, to the extent necessary to decision and when presented, the reviewing court shall determine the meaning or applicability of the terms of an agency action of the Bureau and decide de novo all relevant questions of law, including the interpretation of constitutional and statutory provisions, and rules made by the Bureau. Notwithstanding any other provision of law, this subsection shall apply in any action for judicial review of an agency action of the Bureau authorized under any provision of law. No law may exempt any such civil action from the application of this subsection except by specific reference to this subsection. .