Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2015

Bill: 114-s-482
Sponsor: full_name: Sen. Toomey, Patrick [R-PA]
Introduced: 2015-02-12
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Consumer Financial Protection Bureau

Government information and archives
Latest action: action_date: 2015-02-12
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2015-02-12
action_desc: Introduced in Senate
text: <p><b>Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2015</b></p> <p> Amends the Consumer Financial Protection Act of 2010 to raise the examination threshold that brings an insured depository institution or insured credit union within its supervisory purview from assets of $10 billion or more to assets of $50 billion or more.</p> <p>Increases from assets of $10 billion or less to assets of $50 billion or less the size of an insured depository institution or insured credit union that is subject to the Act's reporting requirements.</p>

tv_txt: II 114th CONGRESS 1st Session S. 482 IN THE SENATE OF THE UNITED STATES February 12, 2015 Mr. Toomey (for himself and Mr. Donnelly ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To increase from $10,000,000,000 to $50,000,000,000 the threshold figure at which regulated depository institutions are subject to direct examination and reporting requirements of the Bureau of Consumer Financial Protection, and for other purposes.

1. Short title This Act may be cited as the Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2015 . 2. Increase in the examination threshold Section 1025(a) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5515(a) ) is amended by striking $10,000,000,000 each place that term appears and inserting $50,000,000,000 . 3. Increase in the reporting threshold Section 1026(a) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5516(a) ) is amended by striking $10,000,000,000 each place that term appears and inserting $50,000,000,000 . 4. Effective date This Act and the amendments made by this Act shall take effect on the date that is 45 days after the date of enactment of this Act.