legislation: 114-hr-5455

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
114-hr-5455 114 hr 5455 Protecting Consumer Financial Information Act Finance and Financial Sector 2016-06-10 2016-06-10 Referred to the House Committee on Financial Services. House Rep. Westmoreland, Lynn A. [R-GA-3] GA R W000796 1 Protecting Consumer Financial Information Act This bill amends the Consumer Financial Protection Act of 2010 to limit the authority of the Consumer Financial Protection Bureau (CFPB), in conducting any required monitoring or assessment, to gather information from time to time regarding the organization, business conduct, markets, and activities of covered persons and service providers. The CFPB may gather information only on a sampling basis. The bill repeals CFPB authority to gather and compile information from examination reports concerning covered persons or service providers. It also prohibits the CFPB from using its authorities to obtain records from covered persons and service providers participating in consumer financial services markets for purposes of assessing their compliance with the requirements of federal consumer financial law. The bill also repeals the CFPB: mandate to require reports and conduct periodic examinations of nondepository covered persons for purposes of detecting and assessing risks to consumers and to markets for consumer financial products and services, exclusive authority and mandate to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with over $10 billion in assets (and their affiliates), and authority to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with $10 billion or less in assets. 2023-01-11T13:32:48Z  

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