h 398 16 58972 1247025600 true 1256788800 29 3126 9101 This bill is a central element of Congress' overhaul of financial regulations. It would establish a Consumer Financial Protection Agency with the authority and accountability to supervise, examine, and enforce consumer financial protection laws. Financial transactions falling under the agency's jurisdiction would include mortgages, credit cards, student loans, auto loans, payday loans, and more. The agency would work in these areas to ban deceptive practices, ensure the safety and fairness of new consumer financial products that come on to the market and, generally, to promote transparency, simplicity, fairness, accountability, and access. It is scheduled to be voted on by the House Financial Services Committee on October 14, 2009.<br><br> More information about the bill's provisions can be found <a href="http://www.opencongress.org/articles/view/1287-House-to-Begin-Work-on-Consumer-Financial-Protections">at the OpenCongress blog</a>. 111 400140

7/8/2009--Introduced.Consumer Financial Protection Agency Act of 2009 - Establishes the Consumer Financial Protection Agency as an independent executive agency to regulate the provision of consumer financial products or services (products or services) under: (1) this Act; (2) consumer finance laws including the Electronic Funds Transfer Act, the Equal Credit Opportunity Act, provisions of the Fair Credit Reporting Act, the Fair Debt Collection Practices Act, the Home Mortgage Disclosure Act, the Real Estate Settlement Procedures Act, the Truth in Lending Act, and the Truth in Savings Act; and (3) transferred authorities concerning consumer financial protection functions of the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the Federal Deposit Insurance Corporation (FDIC), the Federal Trade Commission (FTC), and the National Credit Union Administration (NCUA). Requires the Agency to establish a Consumer Advisory Board to advise and consult with the Agency in the exercise of its functions and to provide information on emerging practices in the products or services industry. Requires collection of annual fees or assessments to recover amounts expended by the Agency. Establishes in the Treasury the Consumer Financial Protection Agency Civil Penalty Fund for deposit of any civil penalty obtained against a person in a judicial or administrative action under this Act. Requires the Agency to seek to promote transparency, simplicity, fairness, accountability, and access in the market for consumer financial products or services. Authorizes the Agency to take administrative actions to: (1) prevent a person from committing or engaging in an unfair, deceptive, or abusive act or practice under federal law in connection with any transaction with a consumer for a product or service; (2) ensure the appropriate and effective disclosure or communication to consumers of associated costs, benefits, and risks; (3) guide the manner, settings, and circumstances for the provision of products or services to ensure that their risks, costs, and benefits are fully and accurately represented to consumers; and (4) approve pilot disclosures to consumers. Encourages states to prescribe standards applicable to persons (other than insured depository institutions or credit unions) to deter and detect unfair, deceptive, abusive, fraudulent, or illegal transactions in the provision of products or services. Authorizes the Agency to prescribe regulations establishing minimum standards. Defines &quot;standard consumer financial product or services&quot; and allows the Agency to prescribe regulations or guidance concerning the offering of them at or before the time an alternative consumer financial product or service is offered. Sets forth prohibitions regarding marketing and advertising, agreement terms and fees, refusals to permit access to records, and providing assistance in unfair, deceptive, or abusive acts or practices. Describes the enforcement authorities of states under this Act. Describes the investigative and adjudicatory authorities and procedures of the Agency, including procedures for referral for the institution of criminal proceedings. Provides identification and availability requirements for the maintenance of records of the number and dollar amounts of deposit accounts for each branch, automated teller machine at which deposits are accepted, and other deposit-taking service facility with respect to any financial institution. Amends the Equal Credit Opportunity Act to require each financial institution, in the case of an application for credit for a small business, to: (1) inquire whether the business is a women- or minority-owned business; and (2) maintain a separate record of the responses to such inquiry. Restricts access to such information by loan underwriters or other employees of the financial institution. Requires such information to be compiled and maintained by each financial institution and submitted annually to the Agency, which shall make it available for public disclosure. Amends the Federal Trade Commission Act to require the FTC, in any investigation or proceeding in which it appears that an unfair or deceptive act or practice is being committed in connection with the marketing, sale, provision, or delivery of a product or service, to consult and coordinate with the Agency as the agencies deem appropriate. Makes it unlawful for any person, knowingly or recklessly, to provide substantial assistance to another in violating any provision of the Act or any other Act enforceable by the FTC that relates to unfair or deceptive acts or practices. Precludes FTC rulemaking authority with regard to the marketing, sale, provision, or delivery to an individual of a consumer financial product or service that is subject to the jurisdiction of the Agency. Revises other FTC rulemaking procedures regarding: (1) rule publication; (2) meetings with outside parties; (3) communications of investigative personnel outside the rulemaking record; and (4) judicial review.

1256788800 2009-10-29 Fri Nov 13 22:28:44 -0600 2009 introduced 58972 'act':5 '2009':7 'agenc':4 'consum':1 'financi':2 'protect':3 75932 false short introduced 58972 'agenc':7 'consum':4 'purpos':11 'financi':5 'protect':6 'establish':2 75469 false official action 58972 Sat Nov 07 06:58:10 -0600 2009 1256788800 Thu Oct 29 00:00:00 -0500 2009 215970 Subcommittee on Commerce, Trade and Consumer Protection Discharged. F000339 1940-03-31 15320 2252 Rayburn House Office Building http://www.house.gov/writerep 4 202-225-0182 Barney 'd':4 '-4':6 'ma':5 'rep':1 'frank':3,8,10 'barney':2,7,9 M 400140 Frank Barney_Frank Rep. Barney Frank [D, MA-4] 7567 N00000275 17961 Democrat 202-225-5931 Jewish MA Barney Frank 2.60402684563758 http://www.house.gov/frank/ A000022 1942-11-19 4002 2243 Rayburn House Office Building http://www.house.gov/writerep 5 202-225-1589 Gary 'd':4 '-5':6 'ny':5 'rep':1 'gari':2,7,9 'ackerman':3,8,10 M 400003 Ackerman Gary_L._Ackerman L. Rep. Gary Ackerman [D, NY-5] 1758 N00001143 7494 Democrat 202-225-2601 Jewish NY Gary Ackerman 2.27272727272727 http://www.house.gov/ackerman/ C001037 1952-01-09 2483 1530 Longworth House Office Building http://www.house.gov/capuano/contact/email.shtml 8 202-225-9322 Michael 'd':4 '-8':6 'ma':5 'rep':1 'capuano':3,8,10 'michael':2,7,9 M 400063 Capuano Michael_E._Capuano E. Rep. Michael Capuano [D, MA-8] 937 N00000267 6965 Democrat 202-225-5111 Roman Catholic MA Mike Michael Capuano 3.83333333333333 http://www.house.gov/capuano/ C001080 1953-07-07 404 32 Judy 'd':4 'ca':5 '-32':6 'chu':3,8,10 'rep':1 'judi':2,7,9 F 412379 Chu M. Rep. Judy Chu [D, CA-32] 140 N00030600 832 Democrat CA Judy Chu 5.0 D000096 1941-09-06 3386 2159 Rayburn House Office Building https://forms.house.gov/davis/webforms/issue_subscribe.htm 7 202-225-5641 Danny 'd':4 '-7':6 'il':5 'rep':1 'davi':3,8,10 'danni':2,7,9 M 400093 Davis Danny_K._Davis K. Rep. Danny Davis [D, IL-7] 1354 N00004884 8292 Democrat 202-225-5006 Baptist IL Danny Davis 2.07692307692308 http://www.house.gov/davis/ E000288 1963-08-04 7050 1130 Longworth House Office Building http://ellison.house.gov/index.php?option=com_content&task=view&id=87 5 202-225-4886 Keith 'd':4 '-5':6 'mn':5 'rep':1 'keith':2,7,9 'ellison':3,8,10 M 412215 Ellison Keith_Ellison Rep. Keith Ellison [D, MN-5] 2078 N00028257 8993 Democrat 202-225-4755 MN Keith Ellison 6.05882352941176 http://ww3.house.leg.state.mn.us/members/members.asp?district=58B RepKeithEllison G000556 1958-03-13 3091 1605 Longworth House Office Building https://forms.house.gov/grayson/contact-form.shtml 8 202-225-0999 Alan 'd':4 '-8':6 'fl':5 'rep':1 'alan':2,7,9 'grayson':3,8,10 M 412276 Grayson Rep. Alan Grayson [D, FL-8] 1053 N00028418 5839 Democrat 202-225-2176 FL Alan Grayson 4.56603773584906 http://grayson.house.gov/ G000553 1947-09-01 3191 425 Cannon House Office Building http://www.house.gov/writerep 9 202-225-2947 Al 'd':4 '-9':6 'al':2,7,9 'tx':5 'rep':1 'green':3,8,10 M 400653 Green Al_Green Rep. Al Green [D, TX-9] 729 N00026686 8152 Democrat 202-225-7508 Unknown TX Al Green 1.35714285714286 http://www.house.gov/algreen/ G000535 1953-12-10 2959 2266 Rayburn House Office Building http://www.house.gov/writerep 4 202-225-7810 Luis 'd':4 '-4':6 'il':5 'lui':2,7,9 'rep':1 'gutierrez':10 'gutiérrez':3,8 M 400163 Gutiérrez Luis_V._Gutierrez V. Rep. Luis Gutiérrez [D, IL-4] 1137 N00004874 8670 Democrat 202-225-8203 Roman Catholic IL Luis Gutierrez 1.84615384615385 http://luisgutierrez.house.gov/ J000283 1965-03-11 8722 2419 Rayburn House Office Building http://www.house.gov/jackson/ContactByEMail.shtml 2 202-225-0899 Jesse 'd':4 '-2':6 'il':5 'rep':1 'jess':2,7,9 'jackson':3,8,10 M 400198 Jackson Jesse_L._Jr.Jackson Louis Rep. Jesse Jackson [D, IL-2] 3519 N00012457 9891 Democrat 202-225-0773 Baptist IL Jesse Jackson 1.91666666666667 http://www.house.gov/jackson/ J000032 1950-01-12 4369 2435 Rayburn House Office Building http://www.jacksonlee.house.gov/contact-form.shtml 18 202-225-3317 Sheila 'd':6 'tx':7 '-18':8 'lee':5,12,16 'rep':1 'sheila':2,9,13 'jackson':4,11,15 'jackson-le':3,10,14 F 400199 Jackson-Lee Sheila_Jackson-Lee Rep. Sheila Jackson-Lee [D, TX-18] 1872 N00005818 12557 Democrat 202-225-3816 Seventh Day Adventist TX Sheila Jackson-Lee 1.86046511627907 http://www.jacksonlee.house.gov/ J000288 1995 1133 Longworth House Office Building http://hankjohnson.house.gov/contact_hank_write.shtml 4 202-226-0691 Henry 'd':4 '-4':6 'ga':5 'rep':1 'hank':9 'henri':2,7,10 'johnson':3,8,11 M 412199 Johnson Hank_Johnson C. Rep. Henry Johnson [D, GA-4] 563 Hank N00027848 6750 Democrat 202-225-1605 GA Hank Henry Johnson 5.07142857142857 http://hankjohnson.house.gov/ RepHankJohnson M000087 1948-02-19 6044 2331 Rayburn House Office Building http://maloney.house.gov/index.php?option=com_email_form&Itemid=73 14 202-225-4709 Carolyn 'd':4 'ny':5 '-14':6 'rep':1 'carolyn':2,7,9 'maloney':3,8,10 F 400251 Maloney Carolyn_B._Maloney B. Rep. Carolyn Maloney [D, NY-14] 2956 N00000078 7707 Democrat 202-225-7944 Presbyterian NY Carolyn Maloney 2.2 http://maloney.house.gov/ M001154 1953-05-19 1892 1722 Longworth House Office Building http://bradmiller.house.gov/?sectionid=17&sectiontree=9,17 13 202-225-0181 R. 'd':4 'r':7,10 'nc':5 '-13':6 'rep':1 'brad':9 'miller':3,8,11 'bradley':2 M 400280 Miller Brad_Miller Bradley Rep. Bradley Miller [D, NC-13] 584 Brad N00025093 7103 Democrat 202-225-3032 NC Brad R. Miller 2.875 http://www.house.gov/bradmiller/ MillerNC13 S000344 1954-10-24 3417 2242 Rayburn House Office Building http://www.house.gov/sherman/contact/ 27 202-225-5879 Brad 'd':4 'ca':5 '-27':6 'rep':1 'brad':2,7,9 'sherman':3,8,10 M 400371 Sherman Brad_Sherman J. Rep. Brad Sherman [D, CA-27] 1154 N00006897 7060 Democrat 202-225-5911 Jewish CA Brad Sherman 1.77777777777778 http://bradsherman.house.gov/ S000480 1929-08-14 3901 2469 Rayburn House Office Building http://www.louise.house.gov/index.php?option=com_content&task=view&id=506&Itemid=150 28 202-225-7822 Louise 'd':4 'ny':5 '-28':6 'rep':1 'louis':2,7,9 'slaughter':3,8,10 F 400378 Slaughter Louise_McIntosh_Slaughter McIntosh Rep. Louise Slaughter [D, NY-28] 1908 N00001311 9741 Democrat 202-225-3615 Episcopalian NY Louise Slaughter 1.75 http://www.louise.house.gov louiseslaughter S001175 1950-05-14 1923 2413 Rayburn House Office Building http://speier.house.gov/IMA/issue_subscribe.htm 12 202-347-0956 Jackie 'd':4 'ca':5 '-12':6 'rep':1 'jacki':2,7,9 'speier':3,8,10 F 412259 Speier Jackie_Speier Rep. Jackie Speier [D, CA-12] 662 N00029649 2937 Democrat 202-225-3531 CA Jackie Jackie Speier 5.0 http://speier.house.gov/index.shtml W000187 1938-08-15 5657 2344 Rayburn House Office Building http://www.house.gov/waters/IMA/issue.htm 35 202-225-7854 Maxine 'd':4 'ca':5 '-35':6 'rep':1 'maxin':2,7,9 'water':3,8,10 F 400422 Waters Maxine_Waters Rep. Maxine Waters [D, CA-35] 2265 N00006690 8392 Democrat 202-225-2201 Christian CA Maxine Waters 1.75 http://www.house.gov/waters/ MaxineWaters W000207 1945-08-26 1624 2236 Rayburn House Office Building http://www.house.gov/formwatt/IMA/issue_subscribe.htm 12 202-225-1512 Melvin 'd':4 'nc':5 '-12':6 'mel':9 'rep':1 'watt':3,8,11 'melvin':2,7,10 M 400424 Watt Melvin_L._Watt Luther Rep. Melvin Watt [D, NC-12] 395 Mel N00002328 5755 Democrat 202-225-1510 Presbyterian NC Mel Melvin Watt 0.473684210526316 http://www.house.gov/watt/ calendar 58972 Fri Oct 30 06:58:57 -0500 2009 1256788800 Thu Oct 29 00:00:00 -0500 2009 213645 Ordered to be Reported (Amended) by the Yeas and Nays: 33 - 19. action 58972 Sat Nov 07 06:58:10 -0600 2009 1256788800 Thu Oct 29 00:00:00 -0500 2009 215970 Subcommittee on Commerce, Trade and Consumer Protection Discharged. action 58972 Fri Oct 30 06:58:57 -0500 2009 1256788800 Thu Oct 29 00:00:00 -0500 2009 213644 Committee Consideration and Mark-up Session Held. calendar 58972 Sat Oct 24 06:58:10 -0500 2009 1256184000 Thu Oct 22 00:00:00 -0500 2009 212592 Ordered to be Reported (Amended) by Voice Vote. calendar 58972 Fri Oct 30 06:58:57 -0500 2009 1256184000 Thu Oct 22 00:00:00 -0500 2009 213643 Ordered to be Reported (Amended) by the Yeas and Nays: 39 - 29. action 58972 Sat Oct 24 06:58:10 -0500 2009 1256184000 Thu Oct 22 00:00:00 -0500 2009 212591 Committee Consideration and Mark-up Session Held. action 58972 Thu Oct 29 18:52:26 -0500 2009 1247025600 Wed Jul 08 00:00:00 -0500 2009 213371 Subcommittee Hearings Held. introduced 58972 1247025600 Wed Jul 08 00:00:00 -0500 2009 201917 action 58972 1247025600 Wed Jul 08 00:00:00 -0500 2009 201920 Referred to House Energy and Commerce action 58972 1247025600 Wed Jul 08 00:00:00 -0500 2009 201919 Referred to House Financial Services action 58972 1247025600 Wed Jul 08 00:00:00 -0500 2009 201918 Referred to the Committee on Financial Services, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. action 58972 Thu Oct 29 18:52:26 -0500 2009 1247025600 Wed Jul 08 00:00:00 -0500 2009 213370 Referred to the Subcommittee on Commerce, Trade and Consumer Protection.