Financial Regulatory Improvement Act of 2015
Latest action. Committee on Banking, Housing, and Urban Affairs. Hearings held.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Financial Regulatory Improvement Act of 2015
TITLE I--REGULATORY RELIEF AND PROTECTION OF CONSUMER ACCESS TO CREDIT
(Sec. 101) This bill amends the Gramm-Leach-Bliley Act to exempt from the requirement to provide consumers with an annual written disclosure of their privacy policy certain financial institutions that provide nonpublic personal information to a nonaffiliated third party to perform services for or functions on behalf of the financial institution.
(Sec. 102) The Federal Home Loan Bank Act is amended to set requirements for a credit union that has applied for membership in a Federal Home Loan Bank, but whose member accounts are not federally insured, to be treated nonetheless as an insured depository institution.
(Sec. 103) The Consumer Financial Protection Bureau (CFPB) shall establish a process under which a person who lives or does business in an area not CFPB-designated as rural may apply to the CFPB for a rural area designation. Evaluation criteria which the CFPB must consider are set forth.
(Sec. 104) The Federal Financial Institutions Examination Council Act of 1978 is amended to establish in the Financial Institutions Examination Council an Office of Independent Examination Review to investigate complaints concerning examinations, examination practices, or examination reports, as well as to conduct a continuing and regular program of examination quality assurance for all types of examinations conducted, by the federal financial institutions regulatory agencies.
The Riegle Community Development and Regulatory Improvement Act of 1994 is amended to require the CFPB to establish an independent intra-agency appellate process to ensure that safeguards exist to protect the insured depository institution or insured credit union from retaliation by a federal banking agency for exercising its rights.
The principle of retaliation is expanded to include delaying consideration of, or withholding approval of, any request, notice, or application that would have been approved but for the exercise of its rights by the insured depository institution or credit union.
The summary continues for 87 more paragraphs. Read it in full on Congress.gov
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Reported to Senate without amendment" stage on June 2, 2015. It describes the bill, it is not the legal text.
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 July 23, 2015: Committee on Banking, Housing, and Urban Affairs. Hearings held.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- 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?
Richard Shelby (R-AL) introduced it on June 2, 2015. No cosponsors are recorded.
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 2, 2015, 4118 days ago. The most recent recorded action was 4067 days ago, on July 23, 2015.
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
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers