Section 1 Short title
This Act may be cited as the “Protecting Consumer Financial Information Act”.
Protecting Consumer Financial Information Act
A BILL
To amend the Consumer Financial Protection Act of 2010 to separate the market monitoring functions of the Bureau of Consumer Financial Protection from the Bureau’s supervisory functions.
Sec. 2 Separation of market monitoring functions and supervisory functions
The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended—
in section 1022(c)—
in paragraph (1), by striking “In order to support its rulemaking and other functions, the” and inserting “The”; and
in paragraph (4)—
in subparagraph (A), by inserting after “gather information” the following: “on a sampling basis”;
in subparagraph (B)—
in clause (i), by striking “a variety of sources, including examination reports concerning covered persons or service providers”; and
in clause (ii), by inserting after “require” the following: “, on a sampling basis,”; and
in subparagraph (C), by inserting before the period the following: “or for purposes of assessing such covered persons’ or service providers’ compliance with the requirements of Federal consumer financial law”;
in section 1024(b)(1)—
in subparagraph (A), by adding “and” at the end;
in subparagraph (B), by striking “; and” and inserting a period; and
by striking subparagraph (C);
in section 1025(b)(1)—
in subparagraph (A), by adding “and” at the end;
in subparagraph (B), by striking “; and” and inserting a period; and
by striking subparagraph (C); and
in section 1026(b), by striking “, and to assess and detect risks to consumers and consumer financial markets”.