Unfair or Deceptive Acts or Practices Uniformity Act

Bill: 114-hr-5112
Sponsor: full_name: Rep. Luetkemeyer, Blaine [R-MO-3]
Introduced: 2016-04-28
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Banking and financial institutions regulation

Consumer Financial Protection Bureau

Consumer credit
Latest action: action_date: 2016-04-28
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-04-28
action_desc: Introduced in House
text: <p><b>Unfair or Deceptive Acts or Practices Uniformity Act </b></p> <p>This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau (CFPB) to take action to prevent a covered person or service provider from committing or engaging in an abusive act or practice under federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of one.</p> <p>Regarding CFPB authority over deceptive acts, the bill prohibits the CFPB from taking any action against a covered person or service provider without first consulting with such person's primary financial regulatory agency.</p> <p>The CFPB must comply with the same rules as govern the Federal Trade Commission (FTC) regarding unfair or deceptive acts or practices in or affecting commerce. (The FTC may prescribe interpretive rules, general policy statements, and definitions regarding unfair or deceptive acts or practices, but has no authority to prescribe any other kind of rule with respect to such acts or practices.)</p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5112 IN THE HOUSE OF REPRESENTATIVES April 28, 2016 Mr. Luetkemeyer introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Consumer Protection Act of 2010 to grant the Bureau of Consumer Financial Protection the authority to regulate certain acts and practices using processes and procedures consistent with and similar to those in place at the Federal Trade Commission, to encourage greater communication amongst regulators, and for other purposes.

1. Short title This Act may be cited as the Unfair or Deceptive Acts or Practices Uniformity Act . 2. Bureau authority over unfair and deceptive acts or practices (a) In general Section 1031 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5531 ) is amended— (1) in the heading of such section, by striking , DECEPTIVE, OR ABUSIVE and inserting OR DECEPTIVE ; (2) in subsection (a)— (A) by striking , deceptive, or abusive and inserting or deceptive ; and (B) by adding at the end the following: The Bureau may not take any action described under this subsection against a covered person or service provider unless the Bureau first consults the covered person or service provider’s primary financial regulatory agency, if any. ; (3) in subsection (b)— (A) by striking , deceptive, or abusive and inserting or deceptive ; and (B) by inserting at the end the following: In prescribing any rule under this subsection, the Bureau shall comply with the requirements of section 18 of the Federal Trade Commission Act ( 15 U.S.C. 57a ) applicable to the Federal Trade Commission when the Commission prescribes rules and general statements of policy under that section with respect to unfair or deceptive acts or practices in or affecting commerce. ; (4) by striking subsection (d); and (5) by redesignating subsections (e) and (f) as subsections (d) and (e), respectively. (b) Conforming amendments (1) Consumer Financial Protection Act of 2010 The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq. ) is amended— (A) by striking , deceptive, and abusive each place such term appears and inserting and deceptive ; and (B) by striking , deceptive, or abusive each place such term appears and inserting or deceptive . (2) Dodd-Frank Wall Street Reform and Consumer Protection Act The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, in the item relating to section 1031, by striking , DECEPTIVE, OR ABUSIVE and inserting OR DECEPTIVE . (3) Omnibus Appropriations Act, 2009 Section 626(a)(1) of the Omnibus Appropriations Act, 2009 ( 15 U.S.C. 1638 note) is amended by striking , deceptive, or abusive and inserting or deceptive .