United States 114th Congress Status: Died 1 R cosponsors

HR 5453 — Bureau Advisory Opinion Act of 2016

Last action — Referred to the House Committee on Financial Services.

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. Died in session

This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Bureau Advisory Opinion Act of 2016 This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to establish a procedure and promulgate rules to provide written opinions in response to inquiries concerning conformance of specific proposed or prospective conduct by a covered person with federal consumer financial law. A "covered person" under the Act is: (1) any person that engages in offering or providing a consumer financial product or service, and (2) any affiliate of that person if the affiliate acts as a service provider to the person. The CFPB, within 90 days of receiving such a request for an opinion, shall: issue an opinion stating whether the described conduct would violate federal consumer financial law, deny the request, or explain why it is not feasible to issue an opinion. The CFPB shall not issue an opinion on a general question of interpretation, a hypothetical situation, conduct of someone other than the requester, or past conduct the covered person doesn't plan to continue. A request may be withdrawn at any time prior to the CFPB issuing a response. An issued advisory opinion may be amended or revoked at any time. An opinion rendered pursuant to this bill shall be placed in the CFPB's public record 90 days after the requesting party has received the advice, subject to specified limitations on public disclosure. Any person may rely on an opinion issued by the CFPB that has not been amended or withdrawn and liability shall not attach to conduct consistent with such opinion. The CFPB shall implement a system to charge a fee for such inquiries sufficient to pay the costs of carrying out this bill.

Bill Text

We don't have the full text on file for this bill yet.

Read HR 5453 on the official United States source →

Action History

  1. Referred to the House Committee on Financial Services.

  2. Introduced in House

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 546 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (546)

546 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

finance
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does HR 5453 do?
Bureau Advisory Opinion Act of 2016 This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to establish a procedure and promulgate rules to provide written opinions in response to inquiries concerning conformance of specific proposed or prospective conduct by a covered person with federal consumer financial law. A "covered person" under the Act is: (1) any person that engages in offering or providing a consumer financial product or service, and (2) any affiliate of that person if the affiliate acts as a service provider to the person. The CFPB, within 90 days of receiving such a request for an opinion, shall: issue an opinion stating whether the described conduct would violate federal consumer financial law, deny the request, or explain why it is not feasible to issue an opinion. The CFPB shall not issue an opinion on a general question of interpretation, a hypothetical situation, conduct of someone other than the requester, or past conduct the covered person doesn't plan to continue. A request may be withdrawn at any time prior to the CFPB issuing a response. An issued advisory opinion may be amended or revoked at any time. An opinion rendered pursuant to this bill shall be placed in the CFPB's public record 90 days after the requesting party has received the advice, subject to specified limitations on public disclosure. Any person may rely on an opinion issued by the CFPB that has not been amended or withdrawn and liability shall not attach to conduct consistent with such opinion. The CFPB shall implement a system to charge a fee for such inquiries sufficient to pay the costs of carrying out this bill.
Who sponsors HR 5453?
HR 5453 is sponsored by Bill Posey (R).
What is the current status of HR 5453?
This bill died with 114th Congress. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HR 5453?
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