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Bureau of Consumer Financial Protection Advisory Boards Act

1/11/2023, 1:27 PM

Congressional Summary of HR 1195

Bureau of Consumer Financial Protection Advisory Boards Act

(Sec. 2) Amends the Consumer Financial Protection Act of 2010 to direct the Director of the Consumer Financial Protection Bureau (CFPB) to establish a Small Business Advisory Board to: (1) advise and consult with the CFPB in the exercise of its functions under the federal consumer financial laws regarding eligible financial products or services, and (2) provide information on evolving small business practices.

Requires Board members to be representatives of small business concerns that:

  • provide financial products or services for use by consumers primarily for personal, family, or household purposes,
  • are service providers to covered persons; and
  • use consumer financial products or services in financing the business activities of such small businesses.

Requires the Director, in making such Board appointments, to include members representing minority-, women-, and veteran-owned small business concerns and their interests, without regard to party affiliation.

Requires the Director to establish a Credit Union Advisory Council and a Community Bank Advisory Council to advise and consult with the CFPB on consumer financial products or services that impact credit unions and community banks, respectively.

Directs the Director, in making appointments to the Councils, to include members representing credit unions and community banks predominantly serving traditionally underserved communities and populations and their interests, without regard to party affiliation.

(Sec. 3) Prohibits the Director from requesting funds: (1) during FY 2020 in an amount that would exceed $655 million, and (2) during FY 2025 in an amount that would exceed $720 million.

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Current Status of Bill HR 1195

Bill HR 1195 is currently in the status of Bill Introduced since March 2, 2015. Bill HR 1195 was introduced during Congress 114 and was introduced to the House on March 2, 2015.  Bill HR 1195's most recent activity was Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of April 23, 2015

Bipartisan Support of Bill HR 1195

Total Number of Sponsors
1
Democrat Sponsors
0
Republican Sponsors
1
Unaffiliated Sponsors
0
Total Number of Cosponsors
19
Democrat Cosponsors
4
Republican Cosponsors
15
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 1195

Primary Policy Focus

Finance and Financial Sector

Potential Impact Areas

- Advisory bodies
- Consumer Financial Protection Bureau
- Consumer affairs
- Consumer credit
- Executive agency funding and structure
- Financial services and investments
- Small business

Alternate Title(s) of Bill HR 1195

Bureau of Consumer Financial Protection Advisory Boards Act
To amend the Consumer Financial Protection Act of 2010 to establish advisory boards, and for other purposes.
Bureau of Consumer Financial Protection Advisory Boards Act
Bureau of Consumer Financial Protection Advisory Boards Act
Bureau of Consumer Financial Protection Advisory Boards Act

Comments

Sponsors and Cosponsors of HR 1195

Robert Pittenger
Robert Pittenger
North CarolinaRepublican
Ann Wagner
Ann Wagner
MissouriRepublican
Scott R. Tipton
Scott R. Tipton
ColoradoRepublican
Kyrsten Sinema
Kyrsten Sinema
ArizonaIndependent
Brad Sherman
Brad Sherman
CaliforniaDemocrat

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