Federal - HR 1500

A bill to require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes.

Introduced

March 5, 2019

Description

A bill to require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes.

Our Position

Monitoring

Original Sponsor 1

Co-Sponsors 29

Latest Actions See More/Less

  • May 24, 2019Kinzinger, R-Ill., House speech: Personal explanation for roll call vote no.228, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Kinzinger, R-Ill., House speech: Personal explanation for roll call vote no.227, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Kinzinger, R-Ill., House speech: Personal explanation for roll call vote no.226, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Kinzinger, R-Ill., House speech: Personal explanation for roll call vote no.225, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Kinzinger, R-Ill., House speech: Personal explanation for roll call vote no.224, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Kinzinger, R-Ill., House speech: Personal explanation for roll call vote no.223, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Kinzinger, R-Ill., House speech: Personal explanation for roll call vote no.222, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.228, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.227, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.226, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.225, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.224, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.223, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.222, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.221, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Payne, D-N.J., House speech: Personal explanation for roll call vote no.220, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Swalwell, D-Calif., House speech: Personal explanation for roll call vote no.228, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Swalwell, D-Calif., House speech: Personal explanation for roll call vote no.227, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Swalwell, D-Calif., House speech: Personal explanation for roll call vote no.226, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Swalwell, D-Calif., House speech: Personal explanation for roll call vote no.225, and would have voted yea if present. Congressional Record p. E676

  • May 24, 2019Swalwell, D-Calif., House speech: Personal explanation for roll call vote no.224, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Swalwell, D-Calif., House speech: Personal explanation for roll call vote no.223, and would have voted nay if present. Congressional Record p. E676

  • May 24, 2019Swalwell, D-Calif., House speech: Personal explanation for roll call vote no.222, and would have voted nay if present. Congressional Record p. E676

  • May 23, 2019Hudson, R-N.C., House speech: Personal explanation for roll call vote no.228, and would have voted nay if present. Congressional Record p. E668

  • May 23, 2019Hudson, R-N.C., House speech: Personal explanation for roll call vote no.226, and would have voted nay if present. Congressional Record p. E668

  • May 23, 2019Hudson, R-N.C., House speech: Personal explanation for roll call vote no.227, and would have voted yea if present. Congressional Record p. E668

  • May 23, 2019Hudson, R-N.C., House speech: Personal explanation for roll call vote no.225, and would have voted yea if present. Congressional Record p. E668

  • May 23, 2019Hudson, R-N.C., House speech: Personal explanation for roll call vote no.224, and would have voted yea if present. Congressional Record p. E668

  • May 23, 2019Hudson, R-N.C., House speech: Personal explanation for roll call vote no.223, and would have voted yea if present. Congressional Record p. E668

  • May 23, 2019Hudson, R-N.C., House speech: Personal explanation for roll call vote no.222, and would have voted yea if present. Congressional Record p. E668

  • May 23, 2019Hartzler, R-Mo., House speech: Personal explanation for roll call vote no.222, and would have voted yea if present. Congressional Record p. E665

  • May 23, 2019Turner, R-Ohio, House speech: Personal explanation for roll call vote no.222, and would have voted yea if present. Congressional Record p. E663

  • May 23, 2019 — Received in the Senate and referred to the Senate Banking, Housing and Urban Affairs Committee. (In the legislative day that began on May 22, 2019.) Congressional Record p. S3102

  • May 22, 2019Huizenga, R-Mich., House speech: Personal explanation for roll call vote no.221, and would have voted nay if present. Congressional Record p. E656

  • May 22, 2019Huizenga, R-Mich., House speech: Personal explanation for roll call vote no.220, and would have voted yea if present. Congressional Record p. E656

  • May 22, 2019House Vote 228 Consumer Financial Protection Reevaluation — Passage
    Passage of the bill, as amended, that would statutorily clarify and establish certain objectives, authorities, and offices of the Consumer Financial Protection Bureau. Among provisions related to CFPB organization and authorities, the bill would require the CFPB director to ensure each statutorily established functional unit of the agency performs its assigned duties and functions; require the director to provide "adequate staff" to each unit to carry out these functions; and prohibit the director from reorganizing or renaming such units. It would statutorily reestablish a CFPB Office of Students and Young Consumers to inform students and young people about education-related savings, loans, and debt. It would statutorily authorize the CFPB Office of Fair Lending and Equal Opportunity to carry out any supervisory and enforcement activities regarding fair lending laws. It would statutorily designate the CFPB as the Consumer Financial Protection Bureau, replacing any references in federal laws and documents to the "Bureau of Consumer Financial Protection." Among other provisions, the bill would require the CFPB director to ensure the number and duties of political appointees on staff match those of such appointees at other federal financial regulatory agencies. It would add certain qualifications for CFPB consumer advisory board members, urging the CFPB director to appoint certain experts and representatives, including experts in consumer protection, community development, and fair lending, and representatives of communities "significantly impacted" by higher-priced mortgage loans. It would require the CFPB database of consumer complaints to remain publicly available on the CFPB website. As an offset for its provisions, the bill, as amended, would reduce by a total of $38 million the amount of discretionary surplus funds that may be held by the Federal Reserve. As amended, the bill would require the Consumer Financial Protection Bureau to reissue a 2017 rule prohibiting arbitration agreements between consumers and providers of consumer financial products, such as credit card companies, that bar consumers from participating in class action lawsuits against providers. It would reinstate memoranda of understanding between the CFPB and Education Department regarding coordination of oversight related to federal student loans. Passed 231-191. Note: A "nay" was a vote in support of the president's position. Congressional Record p. H4110

  • May 22, 2019House Vote 227 Consumer Financial Protection Reevaluation — Recommit
    Steil, R-Wis., motion to recommit the bill to the House Financial Services Committee with instructions to report it back immediately with an amendment that would clarify that no funds from civil penalties collected by the Consumer Financial Protection Bureau could be used for purposes other than compensating "actual victims" of activities for which civil penalties have been imposed under federal consumer financial laws. Under existing law, the CFPB may use such funds for the purpose of consumer education and financial literacy programs. Motion rejected 191-231. Congressional Record p. H4108-H4110

  • May 22, 2019House Vote 226 Consumer Financial Protection Reevaluation — Prohibiting Arbitration Agreements
    Green, D-Texas, amendment that would require the Consumer Financial Protection Bureau to reissue a 2017 rule prohibiting arbitration agreements between consumers and providers of consumer financial products, such as credit card companies, that bar consumers from participating in class action lawsuits against providers. It would repeal a joint resolution that overturned the 2017 rule. It would also reduce by $10 million surplus discretionary funds that may be held by the Federal Reserve. Adopted in Committee of the Whole 235-193. Congressional Record p. H4103-H4104, H4107-H4108

  • May 22, 2019 — Tlaib, D-Mich., amendment no. 16 that would require the Consumer Financial Protection Bureau to submit a quarterly report to Congress containing information related to payday loans and car-title loans, including the number of investigations and enforcement actions related to such loans, estimates of the amount of customer fees related to such loans, frequency of "rolled over" payday loans, and frequency of car-title loan customers losing their cars in the previous 12 months, adopted by voice vote. Amendment text. Congressional Record p. H4102-H4103

  • May 22, 2019 — DeSaulnier, D-Calif., amendment no. 15 that would direct the Consumer Financial Protection Bureau to require each student loan servicer to submit an annual report to the CFPB on the servicer's loan portfolio, including information on repayment status of unique accounts, borrower-initiated and servicer-initiated contacts, and income-driver repayment applications and recertifications. It would also require the CFPB to issue guidance to student loan servicers to facilitate such data collection, adopted by voice vote. Amendment text. Congressional Record p. H4101-H4102

  • May 22, 2019House Vote 225 Consumer Financial Protection Reevaluation — Advisory Board Appointments
    Stevens, D-Mich., amendment that would require the Consumer Financial Protection Bureau to consider appointing experts in U.S. economic growth and jobs and individuals representing industries affected by the CFPB, including community banks, credit unions, and small business owners, to CFPB consumer advisory board. Adopted in Committee of the Whole 418-10. Congressional Record p. H4100-H4101, H4107

  • May 22, 2019 — Neguse, D-Colo., amendment no. 13 that would require the Consumer Financial Protection Bureau to submit a report to Congress analyzing consumer complaints from individuals aged 62 years or older, including a breakdown by state, and making legislative or regulatory recommendations to improve consumer protections for such individuals, adopted by voice vote. Amendment text. Congressional Record p. H4099-H4100

  • May 22, 2019 — Escobar, D-Texas, amendment no. 12 that would require the Consumer Financial Protection Bureau to consider appointing individuals who represent financial institutions serving military servicemembers and veterans to all advisory committees, adopted by voice vote. Amendment text. Congressional Record p. H4099

  • May 22, 2019 — Golden, D-Maine, amendment no. 11 that would require the Consumer Financial Protection Bureau to consider appointing individuals who represent servicemembers, veterans, and their families to the CFPB consumer advisory board, adopted by voice vote. Amendment text. Congressional Record p. H4098-H4099

  • May 22, 2019 — Case, D-Hawaii, amendment no. 10 that would require that at least one member on the Consumer Financial Protection Bureau consumer advisory board be an expert in consumer privacy, adopted by voice vote. Amendment text. Congressional Record p. H4097-H4098

  • May 22, 2019 — Bonamici, D-Ore., amendment no. 9 that would require the Consumer Financial Protection Bureau student loan ombudsman to submit an annual report to Congress analyzing complaints submitted to the CFPB by young consumers and student borrowers and evaluating marketplace risks to such individuals, adopted by voice vote. Amendment text. Congressional Record p. H4096-H4097

  • May 22, 2019 — Cohen, D-Tenn., amendment no. 8 that would direct the Consumer Financial Protection Bureau to maintain consumer credit and risk scores for one year and to disclose free credit scores and other consumer information on file, upon consumers' request, adopted by voice vote. Amendment text. Congressional Record p. H4094-H4096

  • May 22, 2019House Vote 224 Consumer Financial Protection Reevaluation — CFPB Funding
    Burgess, R-Texas, amendment that would subject Consumer Financial Protection Bureau funding to congressional appropriations and authorize fiscal 2020 funding for the CFPB equal to the aggregate funds transferred to the agency by the Federal Reserve Board in fiscal 2019. Rejected in Committee of the Whole 192-235. Congressional Record p. H4093-H4094, H4106-H4107

  • May 22, 2019House Vote 223 Consumer Financial Protection Reevaluation — Consumer Complaints
    Burgess, R-Texas, amendment that would remove from the bill a section that would require all consumer complaints to be made publicly available on the Consumer Financial Protection Bureau website. Rejected in Committee of the Whole 191-236. Congressional Record p. H4092-H4093, H4105-H4106

  • May 22, 2019 — Pressley, D-Mass., amendment no. 5 that would require the Consumer Financial Protection Bureau to submit a quarterly report to Congress analyzing consumer complaints regarding debt collection and providing a list of enforcement actions taken against debt collectors in the previous year, adopted by voice vote. Amendment text. Congressional Record p. H4091-H4092

  • May 22, 2019 — Lawson, D-Fla., amendment no. 4 that would require the Consumer Financial Protection Bureau to submit a monthly report to Congress on agency investigations and actions related to potential fair lending violations, including the number of investigations opened and closed, enforcement actions taken, and analysis of consumer complaints related to such violations, adopted by voice vote. Amendment text. Congressional Record p. H4090-H4091

  • May 22, 2019 — Adams, D-N.C., amendment no. 3 that would reestablish October 2011 and January 2014 interagency memoranda of understanding between the Consumer Financial Protection Bureau and the Department of Education regarding information sharing and coordination of oversight related to federal student loans, adopted by voice vote. Amendment text. Congressional Record p. H4088-H4090

  • May 22, 2019House Vote 222 Consumer Financial Protection Reevaluation — CFPB Effectiveness Study
    Steil, R-Wis., amendment that would require the Government Accountability Office to submit a report to Congress on the effectiveness and efficiency of the Consumer Financial Protection Bureau, the prevalence of discriminatory lending practices, and workplace rights of CFPB staff. Rejected in Committee of the Whole 190-234. Congressional Record p. H4087-H4088, H4104-H4105

  • May 22, 2019 — Velazquez, D-N.Y., amendment no. 1 that would remove certain existing statutory exemptions to home mortgage disclosure reporting requirements for banks. It would also prohibit the Consumer Financial Protection Bureau from providing any new exemptions to home mortgage disclosure reporting requirements without Congressional approval, adopted by voice vote. Amendment text. Congressional Record p. H4086-H4087

  • May 22, 2019 — Considered by the House. Congressional Record p. H4075-H4110

  • May 21, 2019Upton, R-Mich., House speech: Personal explanation for roll call vote no.221, and would have voted nay if present. Congressional Record p. H4031

  • May 21, 2019Sherman, D-Calif., House speech: Personal explanation for roll call vote no.220, and would have voted yea if present. Congressional Record p. H4031

  • May 21, 2019House Vote 221 Consumer Financial Protection, Retirement Security — Rule
    Adoption of the rule (H Res 389) that would provide for House floor consideration of the bill (HR 1500) that includes a number of provisions related to Consumer Financial Protection Bureau programs and operations; provide for House floor consideration of the bill (HR 1994) that would modify requirements for retirement plans and retirement accounts; and provide for proceedings during the period from May 24, 2019, through May 31, 2019. The rule would also provide for the automatic adoption of a Neal, D-Mass., manager's amendment to HR 1994 that would make adjustments to taxes on certain military survivor benefits for children of a parent killed in action and would remove from the bill provisions that would have allowed for up to $10,000 of section 529 funding to be used toward homeschool expenses and non-tuition expenses of private or religious schools. Adopted 230-190. Congressional Record p. H4031

  • May 21, 2019House Vote 220 Consumer Financial Protection, Retirement Security — Previous Question
    Perlmutter, D-Colo., motion to order the previous question (thus ending debate and possibility of amendment) on the rule (H Res 389) that would provide for House floor consideration of the bill (HR 1500) that includes a number of provisions related to Consumer Financial Protection Bureau programs and operations; provide for House floor consideration of the bill (HR 1994) that would modify requirements for retirement plans and retirement accounts; and provide for proceedings during the period from May 24, 2019, through May 31, 2019. Motion agreed to 227-191. Congressional Record p. H4030-H4031

  • May 20, 2019 — Rules Committee resolution, H Res 389, reported to the House as a rule for HR 1500.

  • May 20, 2019Statement of Administration Policy issued by Office of Management and Budget.

  • May 20, 2019 — House Rules Committee granted a structured rule providing for consideration of the bill. Congressional Record p. H4005-H4006, H4009

  • May 20, 2019 — Full committee proceeding held by the House Rules Committee.

  • May 10, 2019 — House Education and Labor Committee discharged pursuant to clause 2 of Rule XIII. Congressional Record p. H3726

  • May 10, 2019 — Reported to the House amended by the House Financial Services Committee and placed on the Union Calendar. H Rept 116-57, Pt. 1Congressional Record p. H3726

  • March 28, 2019 — Full committee consideration and markup held by the House Financial Services Committee.

    March 28, 2019 — Committee Vote: CFPB Decisions — Inspector General
      Stivers, R-Ohio —

    Amendment to the Waters, D-Calif., substitute amendment that would establish an inspector general of the Consumer Financial Protection Bureau to be appointed by, and report to, the director of the bureau.

    Amendment to the Waters, D-Calif., substitute amendment that would establish an inspector general of the Consumer Financial Protection Bureau to be appointed by, and report to, the director of the bureau.

    Rejected 26-34.

    March 28, 2019 — Committee Vote: CFPB Decisions — GAO Study
      Steil, R-Wis. —

    Amendment to the Waters, D-Calif., substitute amendment that would strike findings language in the bill and replace it with a provision to require the Government Accountability Office to study the effectiveness and efficiency of the Consumer Financial Protection Bureau in meeting the bureau's statutorily mandated obligations; the prevalence of discriminatory practices in lending; and the workplace rights of the bureau's staff since its establishment. It also would require the GAO, within six months of the bill's enactment, to issue a report to the CFPB and the House Financial Services and Senate Banking, Housing and Urban Affairs committees on the findings and determinations made in carrying out the study.

    Amendment to the Waters, D-Calif., substitute amendment that would strike findings language in the bill and replace it with a provision to require the Government Accountability Office to study the effectiveness and efficiency of the Consumer Financial Protection Bureau in meeting the bureau's statutorily mandated obligations; the prevalence of discriminatory practices in lending; and the workplace rights of the bureau's staff since its establishment. It also would require the GAO, within six months of the bill's enactment, to issue a report to the CFPB and the House Financial Services and Senate Banking, Housing and Urban Affairs committees on the findings and determinations made in carrying out the study.

    Rejected 26-34.

    March 28, 2019 — Committee Vote: CFPB Decisions — Congressional Appropriations
      Barr, R-Ky. —

    Amendment to the Waters, D-Calif., substitute amendment that would subject the Consumer Financial Protection Bureau to the congressional appropriations process. It also would authorize "such funds as may be necessary" in fiscal 2020 to carry out the bill's provisions.

    Amendment to the Waters, D-Calif., substitute amendment that would subject the Consumer Financial Protection Bureau to the congressional appropriations process. It also would authorize "such funds as may be necessary" in fiscal 2020 to carry out the bill's provisions.

    Rejected 26-34.

    March 28, 2019 — Committee Vote: CFPB Decisions — Substitute Amendment
      Maxine Waters, D-Calif. —

    Substitute amendment that would make technical changes.

    Substitute amendment that would make technical changes.

    Adopted by voice vote.

    March 28, 2019 — Committee Vote: CFPB Decisions — Vote to Report

    Express the sense of Congress that the Consumer Financial Protection Bureau should "fully" carry out the agency's statutory purpose, objectives and functions and be "transparent, timely, and responsive to all requests from Congress."

    The bill would:

    • Restore supervisory and enforcement powers of the CFPB's Office of Fair Lending and Equal Opportunity.
    • Re-establish a dedicated student loan office.
    • Require adequate agency staffing, including for supervision and enforcement.
    • Direct the agency to immediately resume Military Lending Act examinations.
    • Limit the number of political appointees at the CFPB.
    • Mandate that the consumer complaint database remain transparent and publicly accessible.

    Express the sense of Congress that the Consumer Financial Protection Bureau should "fully" carry out the agency's statutory purpose, objectives and functions and be "transparent, timely, and responsive to all requests from Congress."

    The bill would:

    • Restore supervisory and enforcement powers of the CFPB's Office of Fair Lending and Equal Opportunity.
    • Re-establish a dedicated student loan office.
    • Require adequate agency staffing, including for supervision and enforcement.
    • Direct the agency to immediately resume Military Lending Act examinations.
    • Limit the number of political appointees at the CFPB.
    • Mandate that the consumer complaint database remain transparent and publicly accessible.
    • Ordered reported favorably to the full House (as amended) 34-26.

  • March 27, 2019 — Full committee consideration and markup held by the House Financial Services Committee.

    March 27, 2019 — Committee Vote: CFPB Decisions — Inspector General
    Stivers, R-Ohio —

    Amendment to the Waters, D-Calif., substitute amendment that would create an independent inspector general at the Consumer Financial Protection Bureau.

    Amendment to the Waters, D-Calif., substitute amendment that would create an independent inspector general at the Consumer Financial Protection Bureau.

    Withdrawn.

    March 27, 2019 — Committee Vote: CFPB Decisions — CFPB Governance
    Luetkemeyer, R-Mo. —

    Amendment to the Waters, D-Calif., substitute amendment that would establish a five-member Consumer Financial Protection Bureau Commission to replace the bureau's director. It would limit each member of the commission, including the chairman, to a five-year term, but would allow members to serve for up to one additional year after their term if a successor has not been confirmed by the Senate. It also would limit to three the number of commissioners that can be members of the same political party.

    Amendment to the Waters, D-Calif., substitute amendment that would establish a five-member Consumer Financial Protection Bureau Commission to replace the bureau's director. It would limit each member of the commission, including the chairman, to a five-year term, but would allow members to serve for up to one additional year after their term if a successor has not been confirmed by the Senate. It also would limit to three the number of commissioners that can be members of the same political party.

    Withdrawn.
  • March 26, 2019 — Full committee consideration and markup held by the House Financial Services Committee.

  • March 5, 2019 — Original cosponsor(s): 29

    Adams, (D-N.C.)Gonzalez, (D-Texas)Porter, (D-Calif.)
    Axne, (D-Iowa)Green, A. (D-Texas)Pressley, (D-Mass.)
    Beatty, (D-Ohio)Heck, (D-Wash.)San Nicolas, (D-Guam)
    Clay, (D-Mo.)Himes, (D-Conn.)Scott, D. (D-Ga.)
    Cleaver (D-Mo.)Lawson, (D-Fla.)Sherman, (D-Calif.)
    Dean, (D-Pa.)Lynch, (D-Mass.)Tlaib, (D-Mich.)
    Foster, (D-Ill.)Maloney, C. (D-N.Y.)Vargas, (D-Calif.)
    Gabbard, (D-Hawaii)Meeks, (D-N.Y.)Velazquez, (D-N.Y.)
    Garcia, (D-Ill.)Ocasio-Cortez, (D-N.Y.)Wexton, (D-Va.)
    Garcia, (D-Texas)Perlmutter, (D-Colo.)
  • March 5, 2019 — Read twice and referred to: House Education and Labor, House Financial Services.Congressional Record p. H2366