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S 2212 113th Congress Senate Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Banking and financial institutions regulation Consumer Financial Protection Bureau Department of the Treasury Financial Stability Oversight Council Financial services and investments

CFPB Improvement Act of 2014

Introduced: April 3, 2014 Introduced by: Fischer, Deb Republican · Nebraska See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 3, 2014
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Apr 3, 2014
Introduced in Senate
 Plain-English summary Congressional Research Service

CFPB Improvement Act of 2014 - Amends the Consumer Financial Protection Act of 2010 to authorize the Chairperson of the Financial Stability Oversight Council to issue a stay of, or set aside, any regulation issued by the Consumer Financial Protection Bureau (CFPB) upon the affirmative vote of the majority of Council members (currently, two-thirds), excluding the Director. .

Requires the Council, upon the petition of a member agency of the Council, to set aside a final regulation prescribed by the CFPB if the Council decides that such regulation is inconsistent with the safe and sound operations of U.S. financial institutions. (Currently the Council is merely authorized, upon petition, to set aside a final regulation if it would put the safety and soundness of the U.S. banking system or the stability of the U.S. financial system at risk.)

Repeals: (1) the prohibition against Council set-aside of a regulation after expiration of a specified time period, and (2) mandatory dismissal of a petition if the Council has not issued a decision within such time period.

Requires the CFPB Director, when prescribing a rule under federal consumer financial laws, to consider its impact upon the financial safety or soundness of an insured depository institution.

What's happening now April 3, 2014

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2