US Codex
Bill
Notes

CFPB Improvement Act of 2014

S. 2212 · 113th Congress · Apr 3, 2014 · Lineage

A BILL

To amend the Consumer Financial Protection Act of 2010 to strengthen the review authority of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection, and for other purposes.

1. Short title

This Act may be cited as the “CFPB Improvement Act of 2014”.

2. Council voting procedure

Section 1023(c)(3)(A) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5513(c)(3)(A)) is amended—
(1)
by striking “2/3” and inserting “a majority”; and
(2)
by inserting before the period the following: “, excluding the Director”.

3. Review authority of the Council

Section 1023 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5513) is amended—
(1)
in subsection (a)—
(A)
by striking “may” and inserting “shall”; and
(B)
by striking “regulation or provision would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk” and inserting “regulation that is the subject of the petition is inconsistent with the safe and sound operations of United States financial institutions”; and
(2)
in subsection (c)—
(A)
in paragraph (3)(B)(ii), by striking “would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk” and inserting “is inconsistent with the safe and sound operations of United States financial institutions”;
(B)
in paragraph (4)—
(i)
by striking subparagraph (B); and
(ii)
by redesignating subparagraph (C) as subparagraph (B);
(C)
by striking paragraph (5); and
(D)
by redesignating paragraphs (6), (7), and (8) as paragraphs (5), (6), and (7), respectively.

4. Safety and soundness check

Section 1022(b)(2)(A) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)(2)(A)) is amended—
(1)
in clause (i), by striking “and” at the end;
(2)
in clause (ii), by adding “and” at the end; and
(3)
by adding at the end the following:

“(iii) the impact of such rule on the financial safety or soundness of an insured depository institution;”