The Bill “Consumers First Act” Has Passed

Bill Passed: To require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes.

This bill passed the House on May 22, 2019. The sponsor was (D) Representative Maxine Waters from CA.

This bill mainly concerns itself with these subjects; Congressional oversight, Higher education, Government ethics and transparency, public corruption, Government employee pay, benefits, personnel management, Government information and archives, Student aid and college costs, Executive agency funding and structure, Consumer affairs, Banking and financial institutions regulation, Advisory bodies, Financial literacy, Financial crises and stabilization, Consumer Financial Protection Bureau and Finance and Financial Sector.

Bill amendments

  • An amendment numbered 17 printed in Part A of House Report 116-79 to reinstate the Consumer Financial Protection Bureau’s final rule governing forced arbitration, within 60 days of enactment.
  • An amendment numbered 16 printed in Part A of House Report 116-79 to add 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.
  • An amendment numbered 15 printed in Part A of House Report 116-79 to require the Bureau 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 the annual Ombudsman report.
  • An amendment numbered 14 printed in Part A of House Report 116-79 to ensure that the Consumer Advisory Board is comprised of individuals who represent community banks, credit unions, small business owners, or economic growth experts.
  • An amendment numbered 13 printed in Part A of House Report 116-79 to require 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.
  • An amendment numbered 12 printed in Part A of House Report 116-79 to direct CFPB to seek to appoint representatives of military- and veteran-serving financial institutions in Advisory Committees (excludes Consumer Advisory Board).
  • An amendment numbered 11 printed in Part A of House Report 116-79 to add representatives of service members, veterans, and their families to the list of individuals who qualify for appointment to the Consumer Advisory Board.
  • An amendment numbered 10 printed in Part A of House Report 116-79 to add expertise in consumer privacy to the membership of the Consumer Advisory Board.
  • An amendment numbered 9 printed in Part A of House Report 116-79 to require the Assistant Director and Student Loan Ombudsman to issue an annual report to Congress on risks to young consumers and student borrowers.
  • An amendment numbered 8 printed in Part A of House Report 116-79 to direct the Consumer Financial Protection Bureau (CFPB) to require consumer reporting agencies to disclose free credit scores, 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.
  • An amendment numbered 7 printed in Part A of House Report 116-79 to permanently subject funding for the CFPB to Congressional appropriation and authorizes for FY2020 an amount equal to the aggregate amount of funds transferred by the Board of Governors to the CFPB during FY2019.
  • An amendment numbered 6 printed in Part A of House Report 116-79 to strike the section requiring all consumer complaints to be made available to the public on a CFPB website.
  • An amendment numbered 5 printed in Part A of House Report 116-79 to require the Director of the Consumer Financial Protection Bureau to issue a quarterly report on debt collection complaints and enforcement actions.
  • An amendment numbered 4 printed in Part A of House Report 116-79 to add 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.
  • An amendment numbered 3 printed in Part A of House Report 116-79 to reestablish 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.
  • An amendment numbered 2 printed in Part A of House Report 116-79 to strike the findings in the bill and insert 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.
  • An amendment numbered 1 printed in Part A of House Report 116-79 to reinstate Home Mortgage Disclosure Act of 1975 reporting requirements and prevents further action by the CFPB without congressional approval.

Cosponsors

  • (D) Rep. Carolyn B. Maloney from NY
  • (D) Rep. Nydia M. Velázquez from NY
  • (D) Rep. Brad Sherman from CA
  • (D) Rep. Gregory W. Meeks from NY
  • (D) Rep. William Lacy Clay from MO
  • (D) Rep. David Scott from GA
  • (D) Rep. Al Green from TX
  • (D) Rep. Emanuel Cleaver II from MO
  • (D) Rep. Ed Perlmutter from CO
  • (D) Rep. Jim Himes from CT
  • (D) Rep. Bill Foster from IL
  • (D) Rep. Joyce Beatty from OH
  • (D) Rep. Denny Heck from WA
  • (D) Rep. Juan Vargas from CA
  • (D) Rep. Vicente Gonzalez from TX
  • (D) Rep. Al Lawson from FL
  • (D) Del. Michael San Nicolas from GU
  • (D) Rep. Rashida Tlaib from MI
  • (D) Rep. Katie Porter from CA
  • (D) Rep. Cynthia Axne from IA
  • (D) Rep. Ayanna Pressley from MA
  • (D) Rep. Alexandria Ocasio-Cortez from NY
  • (D) Rep. Jennifer Wexton from VA
  • (D) Rep. Stephen F. Lynch from MA
  • (D) Rep. Tulsi Gabbard from HI
  • (D) Rep. Alma Adams from NC
  • (D) Rep. Madeleine Dean from PA
  • (D) Rep. Jesús García from IL
  • (D) Rep. Sylvia Garcia from TX