Unfair or Deceptive Acts or Practices Uniformity Act

Bill: 117-hr-4548
Sponsor: full_name: Rep. Williams, Roger [R-TX-25]
Introduced: 2021-07-20
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-07-20
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2021-07-20
action_desc: Introduced in House
text: <p><strong>Unfair or Deceptive Acts or Practices Uniformity Act </strong></p> <p>This bill eliminates the authority of the Consumer Financial Protection Bureau to take action against a person or service provider for an abusive act or practice in connection with a consumer financial product or service. Additionally, the bureau is prohibited from taking action against an unfair or deceptive act unless the bureau first consults with the primary financial regulatory agency of the person or service provider. Finally, any rulemaking made by the bureau regarding an unfair or deceptive act must comply with certain Federal Trade Commission rulemaking requirements.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 4548 IN THE HOUSE OF REPRESENTATIVES July 20, 2021 Mr. Williams of Texas (for himself, Mr. McHenry , Mr. Luetkemeyer , Mr. Barr , Mr. Huizenga , Mr. Budd , Mr. Timmons , Mr. Kustoff , Mr. Sessions , Mr. Mooney , and Mr. Gooden of Texas ) 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 .