Bill Text: IL HR0156 | 2013-2014 | 98th General Assembly | Introduced
Bill Title: Urges the Consumer Protection and Financial Bureau to adopt regulations to implement Section 1071 of the Dodd-Frank Wall Street Reform and Consumer Protection Act as expeditiously as possible.
Spectrum: Partisan Bill (Democrat 2-0)
Status: (Failed) 2014-12-03 - Session Sine Die [HR0156 Detail]
Download: Illinois-2013-HR0156-Introduced.html
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1 | HOUSE RESOLUTION
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2 | WHEREAS, Section 1071 of the Dodd-Frank Wall Street Reform | ||||||
3 | and Consumer Protection Act was enacted into federal law on | ||||||
4 | July 21, 2010 and became effective on July 21, 2011, requiring | ||||||
5 | financial institutions to collect and report information | ||||||
6 | regarding credit applications from women-owned businesses, | ||||||
7 | minority-owned businesses, and small businesses; and
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8 | WHEREAS, Section 1071 of the Dodd-Frank Wall Street Reform | ||||||
9 | and Consumer Protection Act assigns the Consumer Protection and | ||||||
10 | Financial Bureau (CPFB) the responsibility to adopt and | ||||||
11 | implement regulations, and the CPFB issued a letter on April | ||||||
12 | 11, 2011 to the chief executive officers of financial | ||||||
13 | institutions covered under Section 1071 of the Dodd-Frank Wall | ||||||
14 | Street Reform and Consumer Protection Act advising them that | ||||||
15 | obligations do not arise under Section 1071 until the CPFB | ||||||
16 | adopts regulations and those regulations take effect; and
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17 | WHEREAS, The State of Illinois recognizes the importance of | ||||||
18 | data collection and reporting under Section 1071 of the | ||||||
19 | Dodd-Frank Wall Street Reform and Consumer Protection Act in | ||||||
20 | improving fair lending oversight and an understanding of the | ||||||
21 | extent to which the credit needs of women-owned businesses, | ||||||
22 | minority-owned businesses, and small businesses are being met | ||||||
23 | by our financial institutions; therefore, be it
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1 | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE | ||||||
2 | NINETY-EIGHTH GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | ||||||
3 | we urge the Consumer Protection and Financial Bureau to adopt | ||||||
4 | regulations to implement Section 1071 of the Dodd-Frank Wall | ||||||
5 | Street Reform and Consumer Protection Act as expeditiously as | ||||||
6 | possible; and be it further
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7 | RESOLVED, That suitable copies of this resolution be | ||||||
8 | delivered to the Illinois Attorney General, to the House | ||||||
9 | Majority Leader and House Minority Leader of the United States | ||||||
10 | Senate, to each member of the Illinois congressional | ||||||
11 | delegation, and to the Consumer Protection and Financial | ||||||
12 | Bureau.
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