Protecting Consumer Financial Information Act

Bill: 114-hr-5455
Sponsor: full_name: Rep. Westmoreland, Lynn A. [R-GA-3]
Introduced: 2016-06-10
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Business records

Consumer Financial Protection Bureau

Consumer credit

Financial services and investments

Government information and archives

Government studies and investigations
Latest action: action_date: 2016-06-10
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-06-10
action_desc: Introduced in House
text: <p><b>Protecting Consumer Financial Information Act</b></p> <p>This bill amends the Consumer Financial Protection Act of 2010 to limit the authority of the Consumer Financial Protection Bureau (CFPB), in conducting any required monitoring or assessment, to gather information from time to time regarding the organization, business conduct, markets, and activities of covered persons and service providers. The CFPB may gather information only on a sampling basis.</p> <p>The bill repeals CFPB authority to gather and compile information from examination reports concerning covered persons or service providers. It also prohibits the CFPB from using its authorities to obtain records from covered persons and service providers participating in consumer financial services markets for purposes of assessing their compliance with the requirements of federal consumer financial law.</p> <p>The bill also repeals the CFPB:</p> <ul> <li>mandate to require reports and conduct periodic examinations of nondepository covered persons for purposes of detecting and assessing risks to consumers and to markets for consumer financial products and services,</li> <li>exclusive authority and mandate to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with over $10 billion in assets (and their affiliates), and </li> <li>authority to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with $10 billion or less in assets.</li> </ul>

tv_txt: I 114th CONGRESS 2d Session H. R. 5455 IN THE HOUSE OF REPRESENTATIVES June 10, 2016 Mr. Westmoreland introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Consumer Financial Protection Act of 2010 to separate the market monitoring functions of the Bureau of Consumer Financial Protection from the Bureau’s supervisory functions.

1. Short title This Act may be cited as the Protecting Consumer Financial Information Act . 2. Separation of market monitoring functions and supervisory functions The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq. ) is amended— (1) in section 1022(c)— (A) in paragraph (1), by striking In order to support its rulemaking and other functions, the and inserting The ; and (B) in paragraph (4)— (i) in subparagraph (A), by inserting after gather information the following: on a sampling basis ; (ii) in subparagraph (B)— (I) in clause (i), by striking a variety of sources, including examination reports concerning covered persons or service providers ; and (II) in clause (ii), by inserting after require the following: , on a sampling basis, ; and (iii) in subparagraph (C), by inserting before the period the following: or for purposes of assessing such covered persons’ or service providers’ compliance with the requirements of Federal consumer financial law ; (2) in section 1024(b)(1)— (A) in subparagraph (A), by adding and at the end; (B) in subparagraph (B), by striking ; and and inserting a period; and (C) by striking subparagraph (C); (3) in section 1025(b)(1)— (A) in subparagraph (A), by adding and at the end; (B) in subparagraph (B), by striking ; and and inserting a period; and (C) by striking subparagraph (C); and (4) in section 1026(b), by striking , and to assess and detect risks to consumers and consumer financial markets .