[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5455 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 5455

To amend the Consumer Financial Protection Act of 2010 to separate the 
    market monitoring functions of the Bureau of Consumer Financial 
          Protection from the Bureau's supervisory functions.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 10, 2016

 Mr. Westmoreland 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 separate the 
    market monitoring functions of the Bureau of Consumer Financial 
          Protection from the Bureau's supervisory functions.

    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 ``Protecting Consumer Financial 
Information Act''.

SEC. 2. SEPARATION OF MARKET MONITORING FUNCTIONS AND SUPERVISORY 
              FUNCTIONS.

    The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et 
seq.) is amended--
            (1) in section 1022(c)--
                    (A) in paragraph (1), by striking ``In order to 
                support its rulemaking and other functions, the'' and 
                inserting ``The''; and
                    (B) in paragraph (4)--
                            (i) in subparagraph (A), by inserting after 
                        ``gather information'' the following: ``on a 
                        sampling basis'';
                            (ii) in subparagraph (B)--
                                    (I) in clause (i), by striking ``a 
                                variety of sources, including 
                                examination reports concerning covered 
                                persons or service providers''; and
                                    (II) in clause (ii), by inserting 
                                after ``require'' the following: ``, on 
                                a sampling basis,''; and
                            (iii) in subparagraph (C), by inserting 
                        before the period the following: ``or for 
                        purposes of assessing such covered persons' or 
                        service providers' compliance with the 
                        requirements of Federal consumer financial 
                        law'';
            (2) in section 1024(b)(1)--
                    (A) in subparagraph (A), by adding ``and'' at the 
                end;
                    (B) in subparagraph (B), by striking ``; and'' and 
                inserting a period; and
                    (C) by striking subparagraph (C);
            (3) in section 1025(b)(1)--
                    (A) in subparagraph (A), by adding ``and'' at the 
                end;
                    (B) in subparagraph (B), by striking ``; and'' and 
                inserting a period; and
                    (C) by striking subparagraph (C); and
            (4) in section 1026(b), by striking ``, and to assess and 
        detect risks to consumers and consumer financial markets''.
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