Bureau Advisory Opinion Act
Latest action · Jun 11, 2014 Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.
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.
- IntroducedMay 15, 2014
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Bureau Advisory Opinion Act - Amends the Consumer Financial Protection Act of 2010 to require the Director of the Consumer Financial Protection Bureau (CFPB) to: (1) establish a procedure to respond to specific inquiries by a covered person concerning conformance of prospective conduct with federal consumer financial law, and (2) issue an opinion in response to the inquiry within 90 days (with a single allowable extension of another 45 days).
(A "covered person" under the Act is: (1) any person that engages in offering or providing a consumer financial product or service, and (2) any affiliate of that person if the affiliate acts as a service provider to the person.)
Creates a rebuttable presumption in any action brought under federal consumer financial law that any conduct for which the Director has issued an opinion that it is in conformity with the opinion is indeed in compliance with federal consumer financial law.
Exempts such inquiries and advisory opinions from disclosure under the Freedom of Information Act.
Cosponsors 1
Members who signed on, in the order they did. All signed on May 19, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-MO | Ann Wagner | May 19, 2014 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred May 15, 2014Markup Jun 11, 2014 |
| Consumer Protection and Financial Institutions Subcommittee | Hearings May 21, 2014 |
Actions 5
Everything that happened, newest first.
- Jun 11, 2014Committee Consideration and Mark-up Session Held.
- Jun 11, 2014Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 27.
- May 21, 2014Hearings Held by the Subcommittee on Financial Institutions and Consumer Credit Prior to Referral.
- May 15, 2014Introduced in House
- May 15, 2014Referred to the House Committee on Financial Services.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Congressional Budget Office cost estimate
- Dec 2, 2014H.R. 4662, Bureau Advisory Opinion ActAs ordered reported by the House Committee on Financial Services on June 11, 2014
Constitutional authority
The sponsor’s statement, as printed in the page H4434.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 113-82 | LEGISLATIVE PROPOSALS TO IMPROVE TRANSPARENCY AND ACCOUNTABILITY AT THE CFPB222 pages | Financial Services Committee | May 21, 2014 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R43837 | An Overview of Selected Legislation in the 113th Congress Related to the Consumer Financial Protection Bureau (CFPB) Archived | Report | Dec 29, 2014 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Consumer Financial Protection Act of 2010 to establish an advisory opinion process for the Bureau of Consumer Financial Protection, and for other purposes.
- Short Titles as Introduced
- Bureau Advisory Opinion Act
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
Text 1
Each version as it was printed, newest first.
- May 15, 2014Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
