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S. 2212 113th Congress Senate

CFPB Improvement Act of 2014

Official title: A bill to amend the Consumer Financial Protection Act of 2010 to strengthen the review authority of the Financial Stability Oversight Council of regulations is… Show full official titleShow less

Official title: 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.

Introduced: April 3, 2014 Introduced by: Deb Fischer Republican · Nebraska See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresBank accounts, deposits, capitalBanking and financial institutions regulationConsumer Financial Protection Bureau
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Department of the TreasuryFinancial Stability Oversight CouncilFinancial services and investments
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This bill died when the 113th Congress ended
It never became law before the 113th Congress (2013–2014) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 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
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 Latest action April 3, 2014

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

 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.

 Related & companion bills 1
  • HR 3193 Consumer Financial Freedom and Washington Accountability Act
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Republican 2
R
Barrasso, John
Wyoming · Apr 7, 2014
 R
Scott, Tim
South Carolina · Apr 7, 2014
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2212: CFPB Improvement Act of 2014. 113th Congress. Open America. https://openamerica.io/bill/113-S-2212/
MLA
"S. 2212: CFPB Improvement Act of 2014." 113th Congress, 2026, Open America, https://openamerica.io/bill/113-S-2212/.
Bluebook (legal)
S. 2212, 113th Cong. (2026), https://openamerica.io/bill/113-S-2212/.
Markdown link
[S. 2212: CFPB Improvement Act of 2014](https://openamerica.io/bill/113-S-2212/)
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