H.R. 5112 · 114th Congress
Unfair or Deceptive Acts or Practices Uniformity Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
LuetkemeyerSponsor5 cosponsors · 5 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau (CFPB) to take action to prevent a covered person or service provider from committing or engaging in an abusive act or practice under federal law in connection with any transaction with a consumer for a consumer financial…
What it does: CRS summary · Introduced in House · Apr 28, 2016
Unfair or Deceptive Acts or Practices Uniformity Act
This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau (CFPB) to take action to prevent a covered person or service provider from committing or engaging in an abusive act or practice under federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of one.
Regarding CFPB authority over deceptive acts, the bill prohibits the CFPB from taking any action against a covered person or service provider without first consulting with such person's primary financial regulatory agency.
The CFPB must comply with the same rules as govern the Federal Trade Commission (FTC) regarding unfair or deceptive acts or practices in or affecting commerce. (The FTC may prescribe interpretive rules, general policy statements, and definitions regarding unfair or deceptive acts or practices, but has no authority to prescribe any other kind of rule with respect to such acts or practices.)
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Unfair or Deceptive Acts or Practices Uniformity Act
Latest action (Apr 28, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 28, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.