CFPA Bill Out of Committee

Comment by Gina McNaughton on December 11, 2009 at 3:37pm

Update: H.R. 4173 has passed the House, 223-202.
All Repubs and 27 Dems vote "no." today.

Roll call:
http://clerk.house.gov/evs/2009/roll968.xml

As you may know H.R. 3126 has morphed
into H.R.4173--The Wall Street Reform and Consumer Protection Act of 2009

Full text found here: (WARNING) very large document)
http://www.govtrack.us/congres...ext.xpd?bill=h111-4173

You may track this bill here:
http://www.govtrack.us/congress/bill.xpd?bill=h111-4173

Comment by Gina McNaughton on December 11, 2009 at 4:44pm

Of Note:

(8) SECTION 707- Section 707 of the Equal Credit Opportunity Act (15 U.S.C. 1691f) is amended by striking `Board' each place such term appears and inserting `Agency'.
(d) Fair Debt Collection Practices Act-
(1) SECTION 803- Section 803 of the Fair Debt Collection Practices Act (15 U.S.C. 1692a) is amended--
(A) by redesignating paragraphs (1), (2), (3), (4), (5), (6), (7), and (8) as paragraphs (2), (3), (4), (5), (6), (7), (8), and (9), respectively; and
(B) by inserting before paragraph (2) (as so redesignated) the following new paragraph:
`(1) The term `Agency' means the Consumer Financial Protection Agency.'.
(2) SECTION 813- Section 813(e) of the Fair Debt Collection Practices Act (15 U.S.C. 1692k(e)) is amended by striking `Commission' and inserting `Agency'.
(3) SECTION 814- Section 814 of the Fair Debt Collection Practices Act (15 U.S.C. 1692l) is amended--
(A) by striking subsection (a) and inserting the following new subsection:
`(a) Federal Trade Commission- Subject to section 4202 of the Consumer Financial Protection Agency Act of 2009, compliance with this title shall be
enforced by the Commission, except to the extent that enforcement of the requirements imposed under this title is specifically committed to another agency under subsection (b). For purpose of the exercise by the Commission of its functions and powers under the Federal Trade Commission Act, a violation of this title shall be deemed an unfair or deceptive act or practice in violation of that Act. All of the functions and powers of the Commission under the Federal Trade Commission Act are available to the Commission to enforce compliance by any person with this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests in the Federal Trade Commission Act, including the power to enforce the provisions of this title in the same manner as if the violation had been a violation of a Federal Trade Commission trade regulation rule.';


and

(3) SECTION 814- Section 814 of the Fair Debt Collection Practices Act (15 U.S.C. 1692l) is amended--
(A) by striking subsection (a) and inserting the following new subsection:
`(a) Federal Trade Commission- Subject to section 4202 of the Consumer Financial Protection Agency Act of 2009, compliance with this title shall be
enforced by the Commission, except to the extent that enforcement of the requirements imposed under this title is specifically committed to another agency under subsection (b). For purpose of the exercise by the Commission of its functions and powers under the Federal Trade Commission Act, a violation of this title shall be deemed an unfair or deceptive act or practice in violation of that Act. All of the functions and powers of the Commission under the Federal Trade Commission Act are available to the Commission to enforce compliance by any person with this title, irrespective of whether that person is engaged in commerce or meets any other jurisdictional tests in the Federal Trade Commission Act, including the power to enforce the provisions of this title in the same manner as if the violation had been a violation of a Federal Trade Commission trade regulation rule.';
(B) in subsection (b)--
(i) in the matter preceding paragraph (1), by striking `Compliance' and inserting `Enforcement by Other Agency- Subject to section 4202 of the Consumer Financial Protection Agency Act of 2009, compliance'.
(ii) in paragraph (1)(A), by striking `Office of the Comptroller of the Currency;' and inserting `head of the agency responsible for chartering and regulating national banks;';
(iii) in paragraph (1)(B), by striking `and' after the semicolon;
(iv) in paragraph (1)(C), by inserting `and' after the semicolon;
(v) by inserting after subparagraph (C) of paragraph (1) the following new subparagraph:
`(D) savings associations and savings and loan holding companies by the Director of the Office of Thrift Supervision;'; and
(vi) by striking paragraph (2) and inserting the following new paragraph:
`(2) subtitle E of the Consumer Financial Protection Agency Act of 2009, by the Agency;'; and
(C) by striking subsection (d) and inserting the following new subsection:.
`(d) Regulations- The Agency may prescribe regulations with respect to the collection of debts by any debt collector.'

Comment by Jack Gordon on December 11, 2009 at 4:55pm

You know, as long as they are going in and tampering with FDCPA....

Oh, never mind.

Comment