To protect State and Tribal sovereignty from unwarranted infringement by an independent agency of the Federal Government by requiring the Bureau of Consumer Financial Protection to justify certain proposals to preempt State and Tribal law, and for other purposes.
State and Tribal Government Sovereignty Protection Act of 2016
This bill establishes a moratorium period during which the Consumer Financial Protection Bureau (CFPB) may not issue or enforce any rule or regulation governing payday loans, vehicle title loans, or other similar loans.
The Consumer Financial Protection Act of 2010 is amended to prohibit the CFPB from issuing any final rule or regulation to regulate payday loans, vehicle title loans, or other similar loans, unless it first: (1) consults with appropriate state, tribal, and local officials in each jurisdiction that may be affected by the rule; (2) conducts specified studies; and (3) issues a public report regarding study findings.
The CPFB shall grant a five-year waiver from such a rule or regulation if a state or federally recognized Indian tribe requests one. The waiver may be renewed at the expiration of each five-year waiver period.
Introduced in House
Introduced in House
Referred to the House Committee on Financial Services.
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