ASSURE Act of 2013
Latest action · Feb 3, 2014 Referred to the Subcommittee on Disability Assistance and Memorial Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedOct 23, 2013
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Annuity Safety and Security Under Reasonable Enforcement Act of 2013 or the ASSURE Act of 2013 - Amends the Truth in Lending Act to direct the Bureau of Consumer Financial Protection (CFPB) to issue regulations requiring any payment to a recipient of a federal or military pension (a benefit recipient) that diminishes the benefit recipient's ability to control payments from such pension to be treated as an extension of credit.
Requires financial institutions to include the terms of such credit in consumer information disclosures.
Prohibits the annual percentage rate of interest on such arrangements from exceeding the federal funds rate plus 6% or an equivalent aggregate amount of cash and property.
Specifies conditions under which payment of consideration in exchange for the retired pay of enlisted military members is prohibited from assignment under veterans' benefits laws.
Prohibits individuals from making allotments or assignments from annuities under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS), including any agreement under which another person acquires for consideration the right to receive payment from such annuities as well as any arrangement for collateral for security for such an agreement. Exempts union dues or payments to employee organizations from such prohibitions.
Authorizes benefit recipients, individuals entitled to military retired pay, and annuity recipients to bring a private legal action in federal or state court against an assignee engaging in prohibited assignments.
Amends the Consumer Financial Protection Act of 2010 to direct the CFPB to issue regulations requiring persons offering federal or military pension-related products to provide additional disclosures when advertising or selling such products to allow consumers to understand how their pension relates to the product.
Cosponsors 54
Members who signed on, in the order they did. Signatures ran from Oct 23, 2013 to Jul 14, 2014, with 39 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-FL | Alan Grayson | Original | Oct 23, 2013 |
| D-CA | Alan S. Lowenthal | Original | Oct 23, 2013 |
| D-AZ | Ann Kirkpatrick | Original | Oct 23, 2013 |
| D-CA | Barbara Lee | Original | Oct 23, 2013 |
| D-MS | Bennie G. Thompson | Original | Oct 23, 2013 |
| D-MN | Betty McCollum | Original | Oct 23, 2013 |
| D-NH | Carol Shea-Porter | Original | Oct 23, 2013 |
| D-OR | Earl Blumenauer | Original | Oct 23, 2013 |
| D-TX | Eddie Bernice Johnson | Original | Oct 23, 2013 |
| D-DC | Eleanor Holmes Norton | Original | Oct 23, 2013 |
| D-MD | Elijah E. Cummings | Original | Oct 23, 2013 |
| D-TX | Gene Green | Original | Oct 23, 2013 |
| D-CA | George Miller | Original | Oct 23, 2013 |
| D-VA | Gerald E. Connolly | Original | Oct 23, 2013 |
| D-CA | Gloria Negrete McLeod | Original | Oct 23, 2013 |
Actions 5
Everything that happened, newest first.
- Feb 3, 2014Referred to the Subcommittee on Disability Assistance and Memorial Affairs.
- Jan 24, 2014Referred to the Subcommittee on Military Personnel.
- Nov 4, 2013Referred to the Subcommittee on Economic Opportunity.
- Oct 23, 2013Introduced in House
- Oct 23, 2013Referred to the Committee on Financial Services, and in addition to the Committees on Veterans' Affairs, Armed Services, and Oversight and Government Reform, 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.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Civil actions and liability
- Consumer credit
- Consumer Financial Protection Bureau
- Finance and Financial Sector
- Financial services and investments
- Government employee pay, benefits, personnel management
- Government studies and investigations
- Interest, dividends, interest rates
- Legal fees and court costs
- Veterans' pensions and compensation
Text 1
Each version as it was printed, newest first.
- Oct 23, 2013Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.