To require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes.
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.
Referred to the House Committee on Financial Services.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Referred to the House Committee on Financial Services.
Motion to reconsider laid on the table Agreed to without objection.
DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Golden amendment No. 11.
DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Escobar amendment No. 12.
DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Neguse amendment No. 13.
DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Stevens amendment No. 14.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Stevens amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Ms. Stevens demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the DeSaulnier amendment No. 15.
DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Tlaib amendment No. 16.
DEBATE - Pursuant to the provisions of H. Res. 389, the Committee of the Whole proceeded with 10 minutes of debate on the Green (TX) amendment No. 17.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Green (TX) amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Mr. McHenry demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
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UNFINISHED BUSINESS - The Chair announced that the unfinished business was on adoption of amendments, which had been debated earlier an on which further proceedings had been postponed.
The House rose from the Committee of the Whole House on the state of the Union to report H.R. 1500.
The previous question was ordered pursuant to the rule.
Mr. Steil moved to recommit with instructions to the Committee on Financial Services. (text: CR H4108)
DEBATE - The House proceeded with 10 minutes of debate on the Steil motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to prohibit the use of funds from the Civil Penalty Fund to be used for any purpose other than compensating actual victims of activities for which civil penalties have been imposed under Federal consumer financial laws.
The previous question on the motion to recommit with instructions was ordered without objection.
On motion to recommit with instructions Failed by recorded vote: 191 - 231 (Roll no. 227).
Roll Call #227 (House)Passed/agreed to in House: On passage Passed by recorded vote: 231 - 191 (Roll no. 228).
Roll Call #228 (House)On passage Passed by recorded vote: 231 - 191 (Roll no. 228).
Roll Call #228 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.