113 HR 3193 RH: Consumer Financial Protection Safety and Soundness Improvement Act of 2013 U.S. House of Representatives 2013-09-26 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

IBUnion Calendar No. 256113th CONGRESS2d SessionH. R. 3193[Report No. 113–346]IN THE HOUSE OF REPRESENTATIVESSeptember 26, 2013Mr. Duffy introduced the following bill; which was referred to the Committee on Financial ServicesFebruary 6, 2014Committed to the Committee of the Whole House on the State of the Union and ordered to be printedA BILLTo 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.

1.

Short title

This Act may be cited as the Consumer Financial Protection Safety and Soundness Improvement Act of 2013.

2.

Council voting procedure

Section 1023(c)(3)(A) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5513(c)(3)(A)) is amended—(1)by striking 2/3 and inserting a majority; and(2)by inserting before the period the following: , excluding the Director of the Bureau.

3.

Review authority of the Council

Section 1023 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5513) is amended—(1)in subsection (a)—(A)by striking may and inserting shall; and(B)by striking regulation or provision would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk and inserting regulation which is the subject of the petition is inconsistent with the safe and sound operations of United States financial institutions; and(2)in subsection (c)—(A)in paragraph (3)(B)(ii), by striking would put the safety and soundness of the United States banking system or the stability of the financial system of the United States at risk and inserting is inconsistent with the safe and sound operations of United States financial institutions;(B)in paragraph (4)—(i)by striking subparagraph (B); and(ii)by redesignating subparagraph (C) as subparagraph (B);(C)by striking paragraph (5); and(D)by redesignating paragraphs (6), (7), and (8) as paragraphs (5), (6), and (7), respectively.

4.

Safety and soundness check

Section 1022(b)(2)(A) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)(2)(A)) is amended—(1)in clause (i), by striking and at the end;(2)in clause (ii), by adding and at the end; and(3)by adding at the end the following:(iii)the impact of such rule on the financial safety or soundness of an insured depository institution;.

February 6, 2014Committed to the Committee of the Whole House on the State of the Union and ordered to be printed