< 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 May 25, 2011 (Reported by House Committee).

This is not the latest text of this bill.

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Union Calendar No. 49

112th CONGRESS

1st Session

H. R. 1315

[Report No. 112–89]

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

May 25, 2011

Additional sponsors: Mr. McKinley and Mr. Carter

May 25, 2011

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic


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.

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);

(D)

by redesignating paragraphs (6), (7), and (8) as paragraphs (5), (6), and (7), respectively; and

(E)

by adding at the end the following new paragraph:

(8)

Public meetings

Any time the Council meets pursuant to this section to decide whether to issue a stay of, or set aside, any regulation, every portion of such meeting shall be open to public observation.

.

May 25, 2011

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed