HR 1315 — Consumer Financial Protection Safety and Soundness Improvement Act of 2011

Summary

Title I: Consumer Financial Protection Safety and Soundness Improvement Act of 2011 - Consumer Financial Protection Safety and Soundness Improvement Act of 2011 - (Sec. 102) Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Chairperson of the Financial Stability Oversight Council to issue a stay of, or set aside, any regulation issued by the Consumer Financial Protection Bureau (CFPB) upon the affirmative vote of the majority (currently, two-thirds) of Council members, excluding the Chair of the Commission of the CFPB (as provided for in this Act).Applies to a petition by nonvoting members of the Council for review of a CFPB final regulation the procedures and requirements that apply to a petition by an agency represented by a member of the Council. Authorizes an agency or a nonvoting member of the Council to make petitions on any subject matter, regardless of their areas of particular expertise. Prohibits a Council member from voting on the decision to issue a stay of, or set aside, any regulation under Dodd-Frank if such member has, within the previous two-year period, been employed by any company or other entity that is subject to such regulation. (Sec. 103) Requires the Council, upon the petition of a member agency of the Council, to set aside a final regulation prescribed by the Bureau if the Council decides that such regulation is inconsistent with the safe and sound operations of U.S. financial institutions. (Currently the Council is merely authorized, upon petition, to set aside a final regulation, but only if the regulation would put the safety and soundness of the U.S. banking system or the stability of the U.S. financial system at risk.) Repeals: (1) the prohibition against Council set-aside of a regulation after expiration of a specified deadline (unless a stay is issued); and (2) mandatory dismissal of a petition if the Council has not issued a decision by such deadline. Requires Council meetings that are convened to issue a stay of, or set aside, any regulation to be open to public observation. Requires the Council to provide live online streaming or broadcasting of the meetings. (Sec. 104) Establishes a Commission to serve as head of the Bureau, in lieu of a single Director, and to prescribe regulations and issue orders. Prescribes the composition of the Commission as the Vice Chairman for Supervision of the Federal Reserve System and four additional members who shall be appointed by the President, by and with the advice and consent of the Senate. Requires such members to have strong competencies and experiences related to consumer financial protection. Recommends that they also should want to protect service members and their families who are sacrificing their lives for this country from abusive financial practices. Requires one member of the Commission to have as his or her primary responsibility the oversight of CFPB activities pertaining to protecting consumers, with a focus on consumers who are older, minorities, youth, or veterans, from unfair, deceptive, and abusive lending practices. Requires that no more than two members of the Commission be of the same political party. (Sec. 106) Designates the single calendar date for the transfer to the Bureau of the consumer financial protection functions of other specified agencies to be: (1) the date that would have been designated, but for the application of this Act, and (2) the date on which the Chair of the Commission of the Bureau is confirmed by the Senate. (Sec. 107) Directs the Inspector General of the Board of Governors of the Federal Reserve System and the CFPB (IGs) to report annually to Congress and make accessible to the public: (1) a list of all new rules, guidelines, and regulations prescribed by the CFPB within the previous fiscal year; (2) a detailed list of all authority which the IGs believe overlaps with the efforts of other federal departments and agencies; (3) all administrative expenses of the CFPB, including the amount spent on salaries, office supplies, and office space, and (4) the current amount in the CFPB Fund. (Sec. 108) Requires the CFPB, each time it proposes a new rule or regulation, to carry out: (1) an initial regulatory flexibility analysis, including the financial impact of the proposed rule or regulation on all financial entities, regardless of size; and (2) an analysis of whether the proposed rule or regulation will impair the ability of individuals and small business to access credit from financial institutions. Title II: FHA Refinance Program Termination Act - FHA Refinance Program Termination Act - (Sec. 202) Rescinds and permanently cancels all unexpended balances of certain amounts made available under the Emergency Economic Stabilization Act (EESA) that have been allocated for use under the FHA Refinance Program of the Making Home Affordable initiative of the Secretary of the Treasury. (Sec. 203) Declares null and void Mortgagee Letter 2010-23 of the Secretary of Housing and Urban Development (HUD). Prohibits HUD from: (1) issuing any regulation, order, notice, or mortgagee letter based on or substantially similar to such Mortgagee Letter; or (2) newly insuring any mortgage under the FHA Refinance Program except pursuant to a commitment to insure made before enactment of this Act. Directs HUD to: (1) terminate the FHA Refinance Program, and (2) study and report to Congress on the extent of its usage by and its impact upon, covered homeowners (members of the U.S. Armed Forces, veterans, members and veterans with service-connected disabilities [and their survivors and dependents], and persons eligible to receive a Gold Star lapel pin as a widow, parent, or next of kin of certain deceased members of the Armed Forces). (Sec. 204) Requires HUD to publish on its Website that: (1) the FHA Short Refinance Program has been terminated, and (2) individuals having trouble paying a mortgage and needing help contacting their lender or servicer to negotiate or acquire a loan modification should contact their Members of Congress to assist them.

Bill Text

Action History

1. July 22, 2011

   Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

2. July 21, 2011

   The Clerk was authorized to correct section numbers, punctuation, and cross references, and to make other necessary technical and conforming corrections in the engrossment of H.R. 1315.

3. July 21, 2011

   The text of H.R. 830, as passed by the House, was appended to the end of H.R. 1315 as new matter.

4. July 21, 2011

   Motion to reconsider laid on the table Agreed to without objection.

5. July 21, 2011

   On passage Passed by recorded vote: 241 - 173 (Roll no. 621).

6. July 21, 2011

   On motion to recommit with instructions Failed by recorded vote: 183 - 232 (Roll no. 620). (consideration: CR H5347)

7. July 21, 2011

   The previous question on the motion to recommit with instructions was ordered without objection. (consideration: CR H5347)

8. July 21, 2011

   DEBATE - The House proceeded with 10 minutes of debate on the Michaud motion to recommit with instructions, pending reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to add a new section retaining the current two-thirds majority vote requirement for the Financial Stability Oversight Council to set aside a Consumer Financial Protection Bureau regulation designed to safeguard seniors from fraud relating to their Social Security and Medicare benefits, foreclosure, robosigning, reverse mortgages, and pensions or other retirement savings. Subsequently, the point of order was withdrawn.

9. July 21, 2011

   Mr. Michaud moved to recommit with instructions to Financial Services. (consideration: CR H5345-5346; text: CR H5345-5346)

10. July 21, 2011

    The previous question was ordered pursuant to the rule. (consideration: CR H5345)

11. July 21, 2011

    The House adopted the amendments en gross as agreed to by the Committee of the Whole House on the state of the Union. (text of amendment in the nature of a substitute: CR H5328-5329)

12. July 21, 2011

    The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1315.

13. July 21, 2011

    H.AMDT.696 On agreeing to the Rigell amendment (A011) Agreed to by recorded vote: 246 - 167 (Roll no. 619).

14. July 21, 2011

    H.AMDT.694 On agreeing to the Maloney amendment (A009) Failed by recorded vote: 168 - 244 (Roll no. 618).

15. July 21, 2011

    H.AMDT.691 On agreeing to the Jackson Lee (TX) amendment (A006) Failed by recorded vote: 175 - 240 (Roll no. 617).

16. July 21, 2011

    H.AMDT.690 On agreeing to the Miller (NC) amendment (A005) Failed by recorded vote: 175 - 238 (Roll no. 616).

17. July 21, 2011

    H.AMDT.687 On agreeing to the Jackson Lee (TX) amendment (A002) Failed by recorded vote: 170 - 239 (Roll no. 615).

18. July 21, 2011

    UNFINISHED BUSINESS - The Chair announced that the unfinished business was on the question of adoption of amendments which had been debated earlier and on which further proceedings were postponed.

19. July 21, 2011

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Rigell amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. Miller (NC) demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.

20. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Rigell amendment.

21. July 21, 2011

    H.AMDT.696 Amendment (A011) offered by Mr. Rigell. (consideration: CR H5341-5342, H5345; text: CR H5341)Amendment requires the Consumer Financial Protection Bureau to (1) submit an analysis on the impact of its proposed rule or regulation on the financial industry, and (2) submit an analysis of consumer and small business access to credit as a result of the regulation, to the Financial Stability Oversight Council for the purposes of public review.

22. July 21, 2011

    H.AMDT.695 On agreeing to the Lankford amendment (A010) Agreed to by voice vote.

23. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Lankford amendment.

24. July 21, 2011

    H.AMDT.695 Amendment (A010) offered by Mr. Lankford. (consideration: CR H5340-5341; text: CR H5340)Amendment requires the Inspector General of the Board of Governors of the Federal Reserve System/CFPB to submit an annual report to Congress no later than February 1, 2012, and every year thereafter, which identifies (1) all new guidance/regulation/rules prescribed by the Bureau; (2) any Bureau authority which overlaps with other federal agencies/departments; (3) Bureau administrative expenses; and (4) Bureau unobligated balances. Such a report would also be posted online and published using existing funds.

25. July 21, 2011

    H.AMDT.688 On agreeing to the DeFazio amendment (A003) Agreed to by voice vote.

26. July 21, 2011

    VACATING PROCEEDINGS - Mr. DeFazio asked unanimous consent to vacate the proceedings by which a recorded vote was ordered on the adoption of amendment no. 3 to the end that the amendment be agreed to by the voice vote.

27. July 21, 2011

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Maloney amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mrs. Capito demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.

28. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Maloney amendment.

29. July 21, 2011

    H.AMDT.694 Amendment (A009) offered by Mrs. Maloney. (consideration: CR H5338-5340, H5344-5345; text: CR H5338-5339)Amendment sought to immediately transfer all authority that the Consumer Financial Protection Bureau would receive to the Secretary of the Treasury if no Commission Chair is in place by the single calendar date designated for the transfer, until such time as a Chair has been confirmed by the Senate.

30. July 21, 2011

    H.AMDT.693 On agreeing to the Chu amendment (A008) Agreed to by voice vote.

31. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Chu amendment.

32. July 21, 2011

    H.AMDT.693 Amendment (A008) offered by Ms. Chu. (consideration: CR H5338; text: CR H5338)Amendment requires the commissioner to research how language barriers can lead to unfair and abusive lending practices and to report to the full Commission on ways to protect consumers from such unfair and deceptive practices.

33. July 21, 2011

    H.AMDT.692 On agreeing to the Quigley amendment (A007) Agreed to by voice vote.

34. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Quigley amendment.

35. July 21, 2011

    H.AMDT.692 Amendment (A007) offered by Mr. Quigley. (consideration: CR H5337-5338; text: CR H5337)Amendment requires the Financial Stability Oversight Council to provide live online streaming or broadcasting of Council meetings pertaining to review of Consumer Financial Protection Bureau regulations.

36. July 21, 2011

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Jackson Lee amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mrs. Capito demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.

37. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Jackson Lee amendment No. 6.

38. July 21, 2011

    H.AMDT.691 Amendment (A006) offered by Ms. Jackson Lee (TX). (consideration: CR H5336-5337, H5343-5344; text: CR H5336)Amendment sought to restore time limits in which the Financial Stability Oversight Council must review and make a determination on regulations issued by the Consumer Financial Protection Bureau.

39. July 21, 2011

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Miller (NC) amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Mr. Miller (NC) demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.

40. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Miller (NC) amendment.

41. July 21, 2011

    H.AMDT.690 Amendment (A005) offered by Mr. Miller (NC). (consideration: CR H5335-5336, H5343; text: CR H5335)Amendment sought to require specific disclosure of information related to filing agency petitions to the Financial Stability Oversight Council to overturn Consumer Financial Protection Bureau rulemaking.

42. July 21, 2011

    H.AMDT.689 On agreeing to the Paulsen amendment (A004) Agreed to by voice vote.

43. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Paulsen amendment.

44. July 21, 2011

    H.AMDT.689 Amendment (A004) offered by Mr. Paulsen. (consideration: CR H5334-5335; text: CR H5334)Amendment clarifies that the nonvoting members of the council are allowed to petition against any rule made by the Consumer Financial Protection Bureau (CFPB), even if they represent an industry the CFPB is not permitted to regulate.

45. July 21, 2011

    POSTPONED PROCEEDINGS - At the conclusion of debate on the DeFazio amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the ayes had prevailed. Mr. DeFazio demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.

46. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the DeFazio amendment.

47. July 21, 2011

    H.AMDT.688 Amendment (A003) offered by Mr. DeFazio. (consideration: CR H5333-5334, H5340; text: CR H5333)Amendment provides that no Member of the Financial Stability Oversight Council may participate in a vote to issue a stay of, or set aside, a regulation issued by the Bureau of Consumer Financial Protection if said regulation would affect an institution for which that individual was employed in the preceding 2 years.

48. July 21, 2011

    POSTPONED PROCEEDINGS - At the conclusion of debate on the Jackson Lee amendment, the Chair put the question on adoption of the amendment and by voice vote, announced that the noes had prevailed. Ms. Jackson Lee demanded a recorded vote and the Chair postponed proceedings on the question of adoption of the amendment until a time to be announced.

49. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Jackson Lee amendment.

50. July 21, 2011

    H.AMDT.687 Amendment (A002) offered by Ms. Jackson Lee (TX). (consideration: CR H5330-5333, H5342-5343; text: CR H5330)Amendment sought to restore the requirement for a 2/3 majority vote in order for the Financial Stability Oversight Council to overrule a Consumer Financial Protection Bureau regulation.

51. July 21, 2011

    H.AMDT.686 On agreeing to the Maloney amendment (A001) Failed by voice vote.

52. July 21, 2011

    DEBATE - Pursuant to the provisions of H.Res. 358, the Committee of the Whole proceeded with 10 minutes of debate on the Maloney amendment.

53. July 21, 2011

    H.AMDT.686 Amendment (A001) offered by Mrs. Maloney. (consideration: CR H5329-5330; text: CR H5329)Amendment sought to strike Section 1023 of the Dodd-Frank Act giving the Financial Stability Oversight Council the ability to override Consumer Financial Protection Bureau rules.

54. July 21, 2011

    GENERAL DEBATE - The Committee of the Whole proceeded with one hour of general debate on H.R. 1315.

55. July 21, 2011

    The Speaker designated the Honorable Ted Poe to act as Chairman of the Committee.

56. July 21, 2011

    House resolved itself into the Committee of the Whole House on the state of the Union pursuant to H. Res. 358 and Rule XVIII.

57. July 21, 2011

    Rule provides for consideration of H.R. 1315 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. In lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of the Rules Committee Print dated July 14, 2011.

58. July 21, 2011

    Considered under the provisions of rule H. Res. 358. (consideration: CR H5317-5348)

59. July 21, 2011

    Rule H. Res. 358 passed House.

60. July 20, 2011

    Rules Committee Resolution H. Res. 358 Reported to House. Rule provides for consideration of H.R. 1315 with 1 hour of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. Measure will be considered read. Specified amendments are in order. In lieu of the amendment in the nature of a substitute recommended by the Committee on Financial Services now printed in the bill, it shall be in order to consider as an original bill for the purpose of amendment under the five-minute rule an amendment in the nature of a substitute consisting of the text of the Rules Committee Print dated July 14, 2011.

61. July 19, 2011

    Supplemental report filed by the Committee on Financial Services, H. Rept. 112-89, Part II.

62. May 25, 2011

    Placed on the Union Calendar, Calendar No. 49.

63. May 25, 2011

    Reported (Amended) by the Committee on Financial Services. H. Rept. 112-89.

64. May 12, 2011

    Ordered to be Reported by the Yeas and Nays: 35 - 22.

65. May 12, 2011

    Committee Consideration and Mark-up Session Held.

66. May 04, 2011

    Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 9 .

67. May 04, 2011

    Subcommittee Consideration and Mark-up Session Held.

68. May 02, 2011

    Referred to the Subcommittee on Financial Institutions and Consumer Credit.

69. April 06, 2011

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.

70. April 01, 2011

    Referred to the House Committee on Financial Services.

71. March 16, 2011

    Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Introduction and Referral.

Sponsors

• Sean Duffy · Primary

Subjects