[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1263 Introduced in House (IH)]

114th CONGRESS
  1st Session
                                H. R. 1263

 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 HOUSE OF REPRESENTATIVES

                             March 4, 2015

 Mr. Duffy (for himself, Mr. Neugebauer, and Mr. Barr) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 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 ``Consumer Financial Protection Safety 
and Soundness Improvement Act of 2015''.

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 of the Bureau''.

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 
                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.

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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