[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2212 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2212

 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.


_______________________________________________________________________


                   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.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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''.

SEC. 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.

SEC. 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;''.
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