Section 1 Short title
This Act may be cited as the “Unfair or Deceptive Acts or Practices Uniformity Act”.
Unfair or Deceptive Acts or Practices Uniformity Act
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.
Sec. 2 Bureau authority over unfair and deceptive acts or practices
In general— Section 1031 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5531) is amended—
in the heading of such section, by striking “, DECEPTIVE, OR ABUSIVE” and inserting “OR DECEPTIVE”;
in subsection (a)—
by striking “, deceptive, or abusive” and inserting “or deceptive”; and
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.”;
in subsection (b)—
by striking “, deceptive, or abusive” and inserting “or deceptive”; and
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.”;
by striking subsection (d); and
by redesignating subsections (e) and (f) as subsections (d) and (e), respectively.
Conforming amendments—
Consumer Financial Protection Act of 2010— The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended—
by striking “, deceptive, and abusive” each place such term appears and inserting “and deceptive”; and
by striking “, deceptive, or abusive” each place such term appears and inserting “or deceptive”.
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”.
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”.