3.0.0 1263 2023-01-11T13:27:19Z 2023-01-11T13:27:19Z House HR 2015-03-04 114 [Congressional Record Volume 161, Number 37 (Wednesday, March 4, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. DUFFY:H.R. 1263.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8To make all Laws which shall be necessary and proper forcarrying into Execution the foregoing Powers, and all otherPowers vested by this Constitution in the Government of theUnited States, or in any Department or Officer thereof.[Page H1615]]]> hsba00 Financial Services Committee House Standing Referred to 2015-03-04T15:12:30Z 2015-03-04 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2015-03-04 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-03-04 Introduced in House IntroReferral 1000 9 Library of Congress D000614 Rep. Duffy, Sean P. [R-WI-7] Sean Duffy R WI P. 7 N N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2015-03-04 True B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2015-03-04 True T000475 Rep. Trott, David A. [R-MI-11] David Trott R MI A. 11 2015-04-21 False Finance and Financial Sector Administrative law and regulatory procedures Administrative remedies Bank accounts, deposits, capital Banking and financial institutions regulation Consumer Financial Protection Bureau Consumer affairs Financial Stability Oversight Council Finance and Financial Sector 00 2015-03-04 Introduced in House 2015-03-24T14:37:56Z Consumer Financial Protection Safety and Soundness Improvement Act of 2015

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 of the Bureau.

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.

]]> Consumer Financial Protection Safety and Soundness Improvement Act of 2015 Display Title Consumer Financial Protection Safety and Soundness Improvement Act of 2015 Official Title as Introduced 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 in House IH Short Titles as Introduced Consumer Financial Protection Safety and Soundness Improvement Act of 2015 Introduced in House 2015-03-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr1263ih/xml/BILLS-114hr1263ih.xml 2015-03-04 Referred to the House Committee on Financial Services. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.