|WEDNESDAY, MAY 22, 2019
Floor Schedule and Procedures
Under a Rule (1 bill):
H.R. 1500 – Consumers First Act (Rep. Waters – Financial Services)
This bill restores and protects the supervisory and enforcement powers of the Consumer Financial Protection Bureau and returns the nonpartisan agency to its essential role of protecting consumers in the financial marketplace.
Click here for a fact sheet from the Speaker’s office.
The Rule, which was adopted yesterday, provides for one hour of general debate and makes in order the following amendments:
Velazquez Amendment (10 minutes of debate)
Reinstitutes Home Mortgage Disclosure Act of 1975 reporting requirements, which are used to identify mortgage discrimination, and prevents further action by the CFPB to weaken reporting.
Steil Amendment (10 minutes of debate)
Strikes all of the findings in the bill that document the numerous harms Trump’s appointees have done to the Consumer Bureau and language directing the Consumer Bureau to protect servicemembers and their families by examining banks for compliance with the Military Lending Act. The amendment also inserts language requiring the Comptroller General to conduct a study of the effectiveness and efficiency of the Consumer Financial Protection Bureau (CFPB) in meeting its statutorily mandated obligations, the prevalence of discriminatory practices in lending, and the workplace rights of CFPB staff.
Adams Amendment (10 minutes of debate)
Reestablishes an interagency memorandum of understanding between the CFPB and the Department of Education concerning the sharing of student borrower complaints to allow for cooperative supervision and oversight of student loan servicers.
Lawson Amendment (10 minutes of debate)
Adds a monthly reporting requirement that CFPB provide Congress with the number of investigations opened and closed relating to potential fair lending violations, how many fair lending enforcement actions taken or referred, analysis of consumer complaints relating to potential fair lending violations, and stats on how many Office of Fair Lending and Equal Opportunity staff are dedicated to supervision and enforcement.
Pressley Amendment (10 minutes of debate)
Requires the Director of the Consumer Financial Protection Bureau to issue a quarterly report on debt collection complaints and enforcement actions.
Burgess Amendment #6 (10 minutes of debate)
Strikes the section requiring all consumer complaints to be made available to the public on a CFPB website, effectively preventing consumers from seeing how others have been harmed and deterring financial institutions from providing redress to consumers.
Burgess Amendment #7 (10 minutes of debate)
Permanently subjects funding for the CFPB to Congressional appropriation, unlike all other bank regulators, and caps the budget for FY2020 to an amount equal to the FY2019 budget.
Cohen Amendment (10 minutes of debate)
Directs the Consumer Financial Protection Bureau to require consumer reporting agencies to disclose to a consumer their credit scores for free, if requested. Also directs the CFPB to develop regulations establishing a mandatory consistent format and to determine if agencies should disclose any other consumer information appropriate with respect to consumer financial education.
Bonamici Amendment (10 minutes of debate)
Requires the Assistant Director and Student Loan Ombudsman to issue an annual report to Congress on risks to young consumers and student borrowers.
Case Amendment (10 minutes of debate)
Adds expertise in consumer privacy to the membership of the Consumer Advisory Board.
Golden Amendment (10 minutes of debate)
Adds representatives of service members, veterans, and their families to the list of individuals who qualify for appointment to the Consumer Advisory Board.
Escobar Amendment (10 minutes of debate)
Directs the CFPB to appoint representatives of military-and veteran-serving financial institutions to advisory committees other than the Consumer Advisory Board.
Neguse Amendment (10 minutes of debate)
Requires the Director of the Consumer Financial Protection Bureau to issue an annual report to Congress of consumer complaints from older Americans, including a state-by-state breakdown of complaints by type of consumer financial product or service and any legislative or regulatory recommendations by the Director.
Stevens Amendment (10 minutes of debate)
When identifying industry representatives to serve on advisory boards, the amendment directs the CFPB to identify representatives of community banks, credit unions, small businesses, and experts in U.S. economic growth.
DeSaulnier Amendment (10 minutes of debate)
Requires CFPB to collect additional data from student loan servicers to provide a comprehensive view of loan portfolio performance, and to include findings from this information in an annual report.
Tlaib Amendment (10 minutes of debate)
Adds a quarterly reporting requirement that CFPB provide Congress with the number of investigations opened and closed relating to payday/car-title lenders, how many enforcement actions taken, an estimate of how much in fees payday/car-title customers paid, how many times in the previous 12 months a payday customer rolled over their loan, and how many car title loan borrowers lost their car in the previous 12 months.
Green (TX) Amendment (10 minutes of debate)
Reinstates the Consumer Financial Protection Bureau’s final rule governing forced arbitration in consumer financial contracts, which was overturned last Congress, within 60 days of enactment.
|QUOTE OF THE DAY:
“I would like to be remembered as a person who wanted to be free… so other people would be also free.”