US Congress House Bill 5112 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 6-0)
Status: Introduced on April 28 2016 - 25% progression, died in committee
Action: 2016-04-28 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

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.)

Unfair or Deceptive Acts or Practices Uniformity Act

Rep. Blaine Luetkemeyer [R-MO]	Rep. Garland Barr [R-KY]	Rep. Mick Mulvaney [R-SC]	Rep. Mark Amodei [R-NV]
Rep. Pete Sessions [R-TX]	Rep. Dennis Ross [R-FL]

Date	Chamber	Action
2016-04-28	House	Referred to the House Committee on Financial Services.
2016-04-28	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5112/all-info
Text	https://www.congress.gov/114/bills/hr5112/BILLS-114hr5112ih.pdf