Summary and text of Amendments Submitted to the Rules Committee for H.R. 1315 - Consumer Financial Protection Safety and Soundness Improvement Act of 2011

Summaries Derived from Information Provided by Sponsors

Chu (CA)

#9

Would give additional responsibility to the Commissioner responsible for oversight of the Bureau’s activities pertaining to the protection of older consumers, minorities, youth, and veterans. The commissioner would be required to research how language barriers can lead to unfair and abusive lending practices, and report to full Commission ways to protect consumers from these unfair and deceptive practices.

Clarke (MI)

#13

WITHDRAWN Would ensure that GAO's recommendation that the Consumer Financial Protection Bureau (CFPB) make mortgage servicing standards a priority becomes a reality by forcing the CFPB to report to Congress on the issue of mortgage fraud and subsequent fraudulent foreclosure.

DeFazio (OR)

#8

Would eliminate potential conflicts of interest by providing that no Member of the Financial Stability Oversight Council may participate in a vote to issue a stay of, or set aside, a regulation issued by the Bureau of Consumer Financial Protection if said regulation would affect an institution for which that individual was employed in the preceding 2 years.

Ellison (MN)

#7

Would strike Section 1023 of the Dodd-Frank Act giving the Financial Stability Oversight Council the ability to override Consumer Financial Protection Bureau rules.

Jackson Lee (TX)

#3

Would restore time limits in which the Financial Stability Oversight Council must review and make a determination on regulations issued by the Consumer Financial Protection Bureau.

Jackson Lee (TX)

#4

Would restore a 2/3 majority vote in order for the Financial Stability Oversight Council to overrule Consumer Financial Protection Bureau regulation.

Jackson Lee (TX)

#6

REVISED Would add a Sense of Congress that the Bureau of Consumer Financial Protection’s should protect consumers and should alert consumers of unfair regulations regarding home buying and access to credit.

Lankford (OK)

#10

REVISED Would require the Inspector General of the Board of Governors of the Federal Reserve System / CFPB to submit an annual report to Congress no later than February 1, 2012, and every year thereafter, which identifies 1) all new guidance/regulation/ rules prescribed by the Bureau, 2) any Bureau authority which overlaps with other federal agencies/departments, 3) Bureau administrative expenses, and 4) Bureau unobligated balances. Would require that the Report be posted online and published using existing funds.

Maloney (NY)

#2

Would transfer all authority that the Consumer Financial Protection Bureau would receive to the Secretary of the Treasury if no Commission Chair is in place by July 21st until such time as a Chair has been confirmed by the Senate.

Miller, Brad (NC)

#11

Would require specific disclosure of information related to filing agency petitions to the Financial Stability Oversight Council to overturn Consumer Financial Protection Bureau rulemaking.

Miller, Brad (NC)

#12

Would allow for transfer of powers to the Consumer Financial Protection Bureau upon Confirmation of a Director or upon a vote on a procedural motion in the Senate which prevents a vote on confirmation.

Paulsen (MN)

#1

Would clarify that the nonvoting members of the council are allowed to petition against any rule made by the Consumer Financial Protection Bureau (CFPB), even if they represent an industry the CFPB is not permitted to regulate.

Quigley (IL)

#5

Would require the Financial Stability Oversight Council to provide live online streaming or broadcasting of Council meetings pertaining to review of Consumer Financial Protection Bureau regulations.

Rigell (VA)

#14

Would require the Consumer Financial Protection Bureau to 1) submit an analysis on the impact of its proposed rule or regulation on the financial industry, and 2) an analysis of consumers and small businesses’ access to credit as a result of the regulation, to the Financial Stability Oversight Council for the purposes of public review.