Vote Smart's Synopsis:

Vote to adopt an amendment to S Amdt 3739 to S 3217 that establishes the Division for Consumer Financial Protection within the Federal Deposit Insurance Corporation to regulate consumer financial products and services and enforce consumer protection statutes.

Highlights:

• Repeals Title X of S Amdt 3739, which establishes a Bureau of Consumer Financial Protection within the Federal Reserve System, and replaces it with the provisions of this amendment.

• Establishes the objectives of the Division as ensuring that, with respect to consumer financial products and services (Sec. 1021):
• Consumers are provided with information to make decisions regarding financial transactions;
• Consumers are protected from deception;
• "Burdensome" regulations are identified and addressed to reduce "unwarranted regulatory burdens"; and
• Enumerated consumer protection statutes are enforced consistently to ensure uniform consumer protection.

• Establishes the primary functions of the Division as (Sec. 1021):
• Implementing the enumerated consumer protection statutes;
• Collecting, investigating, and responding to consumer complaints;
• Identifying risks to consumers by studying and publishing information relevant to the functioning of markets;
• Supervising nondepository covered persons (certain mortgage loan originators and persons that exhibit a "pattern" of violations of consumer protection statutes) for compliance with the enumerated consumer protection statutes; and
• Conducting financial education programs.

• Prohibits rules or regulations of the Division of Consumer Financial Protection from taking effect without approval by a majority vote of the Board of Directors of the Federal Deposit Insurance Corporation (Sec. 1022).

• Transfers all of the consumer financial protection functions of the Board of Governors of the Federal Reserve System and the Federal Trade Commission to the Division of Consumer Financial Protection (Sec. 1041).

Full Bill Text

Full Bill Text