< Back to H.R. 1315 (112th Congress, 2011–2013)

Text of the Consumer Financial Protection Safety and Soundness Improvement Act of 2011

This bill was introduced in a previous session of Congress and was passed by the House on July 21, 2011 but was never passed by the Senate. The text of the bill below is as of Apr 1, 2011 (Introduced).

This is not the latest text of this bill.

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Source: GPO

I

112th CONGRESS

1st Session

H. R. 1315

IN THE HOUSE OF REPRESENTATIVES

April 1, 2011

(for himself, Mrs. Capito, and Mr. Bachus) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Dodd-Frank Wall Street Reform and Consumer Protection Act to strengthen the review authority of the Financial Stability Oversight Council of regulations issued by the Bureau of Consumer Financial Protection.

1.

Short title

This Act may be cited as the Consumer Financial Protection Safety and Soundness Improvement Act of 2011.

2.

Council voting procedure

Section 1023(c)(3)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act 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.

3.

Review authority of the Council

Section 1023 of the Dodd-Frank Wall Street Reform and Consumer Protection Act 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.