ACCESS Act of 2016

Bill: 114-hr-5552
Sponsor: full_name: Rep. Tipton, Scott  R. [R-CO-3]
Introduced: 2016-06-21
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Consumer Financial Protection Bureau

Consumer credit

Federal-Indian relations

Intergovernmental relations

Motor vehicles

State and local government operations
Latest action: action_date: 2016-06-21
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2016-06-21
action_desc: Introduced in House
text: <p><strong>Accounting for Consumer Credit and Encouraging State Solutions Act of 2016 or the ACCESS Act of 2016</strong></p> <p>This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to grant to a state or federally recognized Indian tribe that submits a written request a five-year waiver from a final rule or regulation issued by the CFPB to regulate payday loans, vehicle title loans, or other similar loans.</p> <p> The state or tribe receiving a waiver shall have the right to an unlimited number of five-year extensions of such waiver. </p>

tv_txt: I 114th CONGRESS 2d Session H. R. 5552 IN THE HOUSE OF REPRESENTATIVES June 21, 2016 Mr. Tipton 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 establish an exemption from a rule or regulation to regulate payday loans, vehicle title loans, or other similar loans for certain States and Indian tribes, and for other purposes.

1. Short title This Act may be cited as the Accounting for Consumer Credit and Encouraging State Solutions Act of 2016 or the ACCESS Act of 2016 . 2. State and tribal payday loan regulation 5-year exemption 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) State and tribal payday loan regulation 5-Year exemption (1) In general With respect to a final rule or regulation issued by the Bureau of Consumer Financial Protection to regulate payday loans, vehicle title loans, or other similar loans, if a State or a federally recognized Indian tribe requests, in writing, for the Bureau to provide the State or tribe with a waiver from such rule or regulation, the Bureau shall grant a 5-year waiver to such State or tribe, during which such rule or regulation shall not apply within such State or land held in trust for the benefit of such federally recognized Indian tribe. (2) Extension of waiver A State or a federally recognized Indian tribe receiving a waiver under paragraph (1) shall have the right to an unlimited number of 5-year extensions of such waiver, which shall be granted upon the request, in writing, for such waiver by the State or tribe. .