113 S2212 IS: CFPB Improvement Act of 2014 U.S. Senate 2014-04-03 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.

II 113th CONGRESS 2d Session S. 2212 IN THE SENATE OF THE UNITED STATES April 3, 2014 Mrs. Fischer introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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.

1.

Short title

This Act may be cited as the CFPB Improvement Act of 2014.

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.

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 that 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; .