Results for

Consumer Financial Protection Bureau Accountability Act of2019 This bill changes the source of funding for the Consumer Financial Protection Bureau (CFPB) from Federal Reserve System transfers to annual appropriations. Under current law, the transfers from the Federal Reserve System permit the CFPB to be funded outside of the annual appropriations process.

Consumer Financial Protection Commission Act This bill removes the Consumer Financial Protection Bureau from the Federal Reserve System, converts the bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the positions of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.

Consumer Financial Education and Empowerment Act This bill establishes within the Consumer Financial Protection Bureau a program to award grants to certain nonprofit organizations, state governments, and local governments for financial literacy programs. Programs eligible for grants may include education regarding credit, student loan debt, homeownership, investments, retirement, or starting a business.

Financial Protection for Our Military Families Act This bill extends the supervisory authority of the Consumer Financial Protection Bureau to credit protections applicable to certain active duty members of the armed forces and their dependents.

Financial Protection for Our Military Families Act This bill extends the supervisory authority of the Consumer Financial Protection Bureau to credit protections applicable to certain active duty members of the armed forces and their dependents.

Financial Product Safety Commission Act of 2020 This bill removes the Consumer Financial Protection Bureau from the Federal Reserve System, converts the bureau into an independent commission, and modifies its leadership structure. Specifically, the bill eliminates the positions of director and deputy director and establishes a five-person commission appointed by the President and confirmed by the Senate.

Financial Compensation for CFPB Whistleblowers Act This bill requires the Consumer Financial Protection Bureau to provide rewards to whistleblowers who report information relating to a violation of consumer financial law resulting in certain monetary sanctions greater than or equal to $500,000. Specifically, the bureau must award compensation to whistleblowers for 10%-30% of the collected monetary sanctions. In cases where the bureau is unable to collect at least $1 million of the imposed sanctions, the bureau must award any single whistleblower 10% of the amount collected or $50,000, whichever is greater. The bill also sets forth requirements regarding the legal representation of a whistleblower and provides for confidentiality regarding the whistleblower's identity.

Financial Compensation for CFPB Whistleblowers Act This bill requires the Consumer Financial Protection Bureau to provide rewards to whistleblowers who report information relating to a violation of consumer financial law resulting in certain monetary sanctions exceeding $1 million. Specifically, the bureau must award compensation to whistleblowers for 10%-30% of the collected monetary sanctions. In cases where the bureau is unable to collect at least $1 million of the imposed sanctions, the bureau must award any single whistleblower 10% of the amount collected or $50,000, whichever is greater. The bill also sets forth requirements regarding the legal representation of a whistleblower and provides for confidentiality regarding the whistleblower's identity.

Consumers First Act This bill revises provisions related to the administration of the Consumer Financial Protection Bureau (CFPB). (Sec. 3) The bill amends all statutory references to the "Bureau of Consumer Financial Protection" to refer instead to the "Consumer Financial Protection Bureau." (Sec. 5) Specified units, offices, and boards of the CFPB must perform their assigned duties and may not be renamed or reorganized. The bill establishes requirements for staffing levels, political appointees, and the publication of consumer complaints regarding consumer financial products or services. The bill reinstates specified agreements between the CFPB and the Department of Education regarding the sharing of information and oversight related to federal student loans. The CFPB rule regarding the use of arbitration agreements in contracts for specific consumer financial products and services is reinstated. This rule prohibits the use of a predispute arbitration agreement to prevent a consumer from filing or participating in certain class action suits. The rule also requires consumer financial product and service providers to furnish the CFPB with particular information regarding arbitrations. (Sec. 6) The bill specifically states the duties of the Office of Fair Lending and Equal Opportunity (under current law, these are delegated by the CFPB Director). It also adds the duty to implement enforcement and supervisory authority regarding the fair lending laws. The Office of Students and Young Consumers is established in the CFPB. (Sec. 7) Membership requirements for the Consumer Advisory Board are revised, including by requiring representatives of service members and veterans. Board meeting requirements are also revised, including by requiring in person meetings and extending the terms of certain board members. (Sec. 8) The bill also decreases the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.) (Sec. 9) The bill revises the required public disclosures made by a depository institution or a credit union regarding mortgages and home equity lines of credit. Specifically, institutions originating fewer than 500 mortgage loans or open-end lines of credit are no longer exempt from certain financial reporting. (Sec. 10) The bill limits available exemptions from certain housing mortgage disclosures and prohibits the CFPB from modifying or discontinuing certain mortgage reporting tools. (Sec. 13) The CFPB must report monthly on fair lending investigations and enforcement actions. (Sec. 14) The CFPB must report quarterly on debt collection complaints and enforcement actions. (Sec. 15) The bill provides for free annual consumer credit scores. (Sec. 16) The CFPB must report annually on consumer complaints by senior consumers and provide recommendations to improve protections for these consumers. (Sec. 17) The CFPB must report quarterly on payday loan and car title loan investigations and enforcement actions.

This bill revises requirements related to credit reporting agencies and the reporting of adverse credit information. Credit reporting agencies are prohibited from using social security numbers in credit reports and as a method of verifying a consumer's identity. The Consumer Financial Protection Bureau must supervise and examine the cybersecurity of certain credit reporting agencies. The bill prohibits a credit reporting agency from reporting paid, medically-necessary debt if the debt was paid over a year prior. A credit reporting agency is also prohibited from reporting certain adverse credit information related to financial abuse, unfair or fraudulent mortgage lending, or fraudulent private student lending. The bill extends the time credit reporting agencies have to place a credit security freeze when receiving such a request by phone or through electronic means from one to three business days. It also extends the time agencies have to remove a freeze from one hour to three days.

Students and Young Consumers Empowerment Act This bill establishes the Office for Students and Young Consumers within the Consumer Financial Protection Bureau and eliminates the position of Private Education Loan Ombudsman. Currently, the Private Education Loan Ombudsman provides assistance to borrowers of private education loans. The Office for Students and Young Consumers must provide assistance to borrowers of private or federal student loans and enter into an information-sharing agreement with the Department of Education. The office must also report annually regarding campus banking and the student loan marketplace.

Bureau of Consumer Financial Protection-Inspector General Reform Act or CFPB-IG Act This bill repeals the authority of the Federal Reserve Board to appoint the Inspector General of the Consumer Financial Protection Bureau (CFPB). The CFPB Inspector General shall be appointed by the President, by and with the advice and consent of the Senate.

Coronavirus Guidance for Financial Institutions Act This bill directs the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to report on the effectiveness of the joint release issued by federal and state financial regulators on March 9, 2020, encouraging financial institutions to meet the needs of customers affected by the coronavirus (i.e., the virus that causes COVID-19).

Financial Inclusion in Banking Act of 2019 This bill expands the duties of the Office of Community Affairs within the Consumer Financial Protection Bureau regarding under-banked, un-banked, and underserved consumers. The office must, in part (1) report on impeding factors for individuals and families that do not participate in the banking system, and (2) develop strategies to increase such participation. The bill also decreases, beginning September 30, 2029, the cap on the surplus funds of the Federal Reserve banks. (Amounts exceeding this cap are deposited in the general fund of the Treasury.)

Repeal CFPB Act This bill repeals the Consumer Financial Protection Act of 2010, which established the Consumer Financial Protection Bureau.

Shutdown Guidance for Financial Institutions Act This bill directs financial regulators—including the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration—to issue guidance relating to a government shutdown. Among other things, financial regulators must issue guidance encouraging financial institutions * to modify loan terms and to extend credit to consumers and businesses affected by a shutdown, and * to take steps to prevent the reporting of adverse credit information related to a shutdown. Financial regulators must also notify the public of this guidance in the event of a government shutdown, and complete a report after a government shutdown regarding the guidance's effectiveness.

Shutdown Guidance for Financial Institutions Act This bill directs financial regulators—including the Federal Reserve Board, the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration—to issue guidance relating to a government shutdown. Among other things, financial regulators must issue guidance encouraging financial institutions * to modify loan terms and to extend credit to consumers and businesses affected by a shutdown, and * to take steps to prevent the reporting of adverse credit information related to a shutdown. Financial regulators must also notify the public of this guidance in the event of a government shutdown, and complete a report after a government shutdown regarding the guidance's effectiveness.

Financial Institutions Examination Fairness and Reform Act This bill (1) sets deadlines for final examination reports and exit interviews of a financial institution by a federal financial regulatory agency, and (2) establishes the Office of Independent Examination Review to adjudicate appeals and investigate complaints from financial institutions concerning examination reports. The bill also requires the establishment of an independent internal agency appellate process at the Consumer Financial Protection Bureau (CFPB) for the review of supervisory determinations made at institutions supervised by the CFPB.

Examining Educational Redlining in Lending Act This bill requires the Consumer Financial Protection Bureau to annually assess and report on the use of educational data in determining a consumer's creditworthiness by an individual offering a consumer financial product or service.

Protections in Consumer Lending Act This bill requires creditors to collect specified demographic information regarding applicants for certain credit transactions (e.g., automobile loans, credit cards, and payday loans) and the outcomes of these applications. The creditor must report this information to the Consumer Financial Protection Bureau (CFPB). The CFPB must use this information to determine whether a creditor is engaging in discriminatory practices and may take enforcement action.

Protections in Consumer Lending Act This bill requires creditors to collect specified demographic information regarding applicants for certain credit transactions (e.g., automobile loans, credit cards, and payday loans) and the outcomes of these applications. The creditor must report this information to the Consumer Financial Protection Bureau (CFPB). The CFPB must use this information to determine whether a creditor is engaging in discriminatory practices and may take enforcement action.