HR 3126 IH

111th CONGRESS

1st Session

H. R. 3126

To establish the Consumer Financial Protection Agency, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

July 8, 2009

Mr. FRANK of Massachusetts (for himself, Ms. WATERS, Mrs. MALONEY, Mr. GUTIERREZ, Mr. WATT, Mr. ACKERMAN, Mr. SHERMAN, Mr. CAPUANO, Mr. MILLER of North Carolina, Mr. AL GREEN of Texas, Mr. ELLISON, Ms. SPEIER, and Mr. GRAYSON) introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned


A BILL

To establish the Consumer Financial Protection Agency, and for other purposes.

SECTION 1. SHORT TITLE.

SEC. 2. TABLE OF CONTENTS.

TITLE I--CONSUMER FINANCIAL PROTECTION AGENCY

Subtitle A--Establishment of the Agency

Subtitle B--General Powers of the Agency

Subtitle C--Specific Authorities

Subtitle D--Preservation of State Law

Subtitle E--Enforcement Powers

Subtitle F--Transfer of Functions and Personnel; Transitional Provisions

Subtitle G--Regulatory Improvements

Subtitle H--Conforming Amendments

TITLE J--IMPROVEMENTS TO THE FEDERAL TRADE COMMISSION ACT

TITLE I--CONSUMER FINANCIAL PROTECTION AGENCY

SEC. 101. DEFINITIONS.

Subtitle A--Establishment of the Agency

SEC. 111. ESTABLISHMENT OF THE CONSUMER FINANCIAL PROTECTION AGENCY.

SEC. 112. BOARD.

SEC. 113. EXECUTIVE AND ADMINISTRATIVE POWERS.

SEC. 114. ADMINISTRATION.

SEC. 115. CONSUMER ADVISORY BOARD.

SEC. 116. COORDINATION.

SEC. 117. REPORTS TO THE CONGRESS.

SEC. 118. FUNDING; FEES AND ASSESSMENTS; PENALTIES AND FINES.

SEC. 119. EFFECTIVE DATE.

Subtitle B--General Powers of the Agency

SEC. 121. MANDATE AND OBJECTIVES.

SEC. 122. AUTHORITIES.

SEC. 123. COLLECTION OF INFORMATION; CONFIDENTIALITY RULES.

SEC. 124. MONITORING; ASSESSMENTS OF SIGNIFICANT RULES; REPORTS.

SEC. 125. AUTHORITY TO RESTRICT MANDATORY PRE-DISPUTE ARBITRATION.

SEC. 126. EFFECTIVE DATE.

Subtitle C--Specific Authorities

SEC. 131. PROHIBITING UNFAIR, DECEPTIVE, OR ABUSIVE ACTS OR PRACTICES.

SEC. 132. DISCLOSURES AND COMMUNICATIONS.

SEC. 133. SALES PRACTICES.

SEC. 134. PILOT DISCLOSURES.

SEC. 135. ADOPTING OPERATIONAL STANDARDS TO DETER UNFAIR, DECEPTIVE, OR ABUSIVE PRACTICES.

SEC. 136. STANDARD CONSUMER FINANCIAL PRODUCTS OR SERVICES.

SEC. 137. DUTIES.

SEC. 138. CONSUMER RIGHTS TO ACCESS INFORMATION.

SEC. 139. PROHIBITED ACTS.

SEC. 140. EFFECTIVE DATE.

Subtitle D--Preservation of State Law

SEC. 141. RELATION TO STATE LAW.

SEC. 142. PRESERVATION OF ENFORCEMENT POWERS OF STATES.

SEC. 143. STATE LAW PREEMPTION STANDARDS FOR NATIONAL BANKS AND SUBSIDIARIES CLARIFIED.

`SEC. 5136C. STATE LAW PREEMPTION STANDARDS FOR NATIONAL BANKS AND SUBSIDIARIES CLARIFIED.

SEC. 144. VISITORIAL STANDARDS.

SEC. 145. CLARIFICATION OF LAW APPLICABLE TO NONDEPOSITORY INSTITUTION SUBSIDIARIES.

SEC. 146. STATE LAW PREEMPTION STANDARDS FOR FEDERAL SAVINGS ASSOCIATIONS AND SUBSIDIARIES CLARIFIED.

`SEC. 6. STATE LAW PREEMPTION STANDARDS FOR FEDERAL SAVINGS ASSOCIATIONS CLARIFIED.

SEC. 147. VISITORIAL STANDARDS.

SEC. 148. CLARIFICATION OF LAW APPLICABLE TO NONDEPOSITORY INSTITUTION SUBSIDIARIES.

SEC. 149. EFFECTIVE DATE.

Subtitle E--Enforcement Powers

SEC. 151. DEFINITIONS.

SEC. 152. INVESTIGATIONS AND ADMINISTRATIVE DISCOVERY.

SEC. 153. HEARINGS AND ADJUDICATION PROCEEDINGS.

SEC. 154. LITIGATION AUTHORITY.

SEC. 155. RELIEF AVAILABLE.

SEC. 156. REFERRALS FOR CRIMINAL PROCEEDINGS.

SEC. 157. EMPLOYEE PROTECTION.

SEC. 158. EFFECTIVE DATE.

Subtitle F--Transfer of Functions and Personnel; Transitional Provisions

SEC. 161. TRANSFER OF CERTAIN FUNCTIONS.

SEC. 162. DESIGNATED TRANSFER DATE.

SEC. 163. SAVINGS PROVISIONS.

SEC. 164. TRANSFER OF CERTAIN PERSONNEL.

SEC. 165. INCIDENTAL TRANSFERS.

SEC. 166. INTERIM AUTHORITY OF THE SECRETARY.

Subtitle G--Regulatory Improvements

SEC. 171. COLLECTION OF DEPOSIT ACCOUNT DATA.

SEC. 172. SMALL BUSINESS DATA COLLECTION.

`Sec. 704B. Small business loan data collection

Subtitle H--Conforming Amendments

SEC. 181. AMENDMENTS TO THE INSPECTOR GENERAL ACT OF 1978.

SEC. 182. AMENDMENTS TO THE PRIVACY ACT OF 1974.

SEC. 183. AMENDMENTS TO THE ALTERNATIVE MORTGAGE TRANSACTION PARITY ACT OF 1982.

SEC. 184. AMENDMENTS TO THE CONSUMER CREDIT PROTECTION ACT.

SEC. 185. AMENDMENTS TO THE EXPEDITED FUNDS AVAILABILITY ACT.

SEC. 186. AMENDMENTS TO THE FEDERAL DEPOSIT INSURANCE ACT.

SEC. 187. AMENDMENTS TO THE GRAMM-LEACH-BLILEY ACT.

SEC. 188. AMENDMENTS TO THE HOME MORTGAGE DISCLOSURE ACT OF 1975.

`SEC. 307. RESEARCH AND IMPROVED METHODS.

SEC. 189. AMENDMENTS TO DIVISION D OF THE OMNIBUS APPROPRIATIONS ACT, 2009.

SEC. 190. AMENDMENTS TO THE REAL ESTATE SETTLEMENT PROCEDURES ACT OF 1974.

SEC. 191. AMENDMENTS TO THE RIGHT TO FINANCIAL PRIVACY ACT OF 1978.

SEC. 192. AMENDMENTS TO THE SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2008.

`SEC. 1510. FEES.

`SEC. 1513. LIABILITY PROVISIONS.

SEC. 193. AMENDMENTS TO THE TRUTH IN SAVINGS ACT.

SEC. 194. EFFECTIVE DATE.

TITLE J--IMPROVEMENTS TO THE FEDERAL TRADE COMMISSION ACT

SEC. 201. AMENDMENTS TO THE FEDERAL TRADE COMMISSION ACT.

END