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H.R. 5455 · 114th CongressIn committee

Protecting Consumer Financial Information Act

Latest action. Referred to the House Committee on Financial Services. · June 10, 2016

Live record from Congress.gov, updated as the official record changes.
What this bill would do
Official summary · Congressional Research Service

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.

Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in House" stage on June 10, 2016. It describes the bill, it is not the legal text.

Status
Introduced
June 10, 2016
In committee
June 10, 2016
Passed a chamber
Cleared Congress
Enacted
Where this sits in the process
Common questions
Composed from the official record
Where is it in the process, and what happens next?

4 steps remain before this bill could become law.

The record's latest action, on June 10, 2016: Referred to the House Committee on Financial Services.

  1. Clearing the committees it was referred to, and being scheduled for a floor vote
  2. Passage by the House
  3. Passage by the Senate
  4. The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?

Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.

In the 114th Congress (2015-16), 329 of the 10,233 bills and joint resolutions introduced became law, about 3.2 percent. That count covers every measure at every stage, including the many that never left committee.

This one is not there yet: 4 steps are still outstanding, listed above.

Has anyone actually voted on it?

No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.

A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.

Who is behind it?

Lynn Westmoreland (R-GA) introduced it on June 10, 2016, and 1 member has since signed on as a cosponsor.

They are 1 Republican.

Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.

How long has it been in play?

It was introduced on June 10, 2016, 3791 days ago. The most recent recorded action was 3791 days ago, on June 10, 2016.

Measures do not carry over. Anything the 114th Congress has not finished by January 3, 2017 dies when the term ends, and has to be introduced again from the start in the next Congress.

Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.

Vote history

  1. House
    In committee, no floor vote yet
  2. Senate
    Awaits House passage
  3. President
    Awaits both chambers
No recorded votes yet
No roll call in this Congress cites this bill. Most bills die in committee without ever reaching a recorded floor vote.