[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1195 Referred in Senate (RFS)]
114th CONGRESS
1st Session
H. R. 1195
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 23, 2015
Received; read twice and referred to the Committee on Banking, Housing,
and Urban Affairs
_______________________________________________________________________
AN ACT
To amend the Consumer Financial Protection Act of 2010 to establish
advisory boards, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Bureau of Consumer Financial
Protection Advisory Boards Act''.
SEC. 2. ESTABLISHMENT OF ADVISORY BOARDS WITHIN THE BUREAU OF CONSUMER
FINANCIAL PROTECTION.
(a) In General.--The Consumer Financial Protection Act of 2010 is
amended by inserting after section 1014 (12 U.S.C. 5494) the following
new section:
``SEC. 1014A. ADVISORY BOARDS.
``(a) Small Business Advisory Board.--
``(1) Establishment.--The Director shall establish a Small
Business Advisory Board--
``(A) to advise and consult with the Bureau in the
exercise of the Bureau's functions under the Federal
consumer financial laws applicable to eligible
financial products or services; and
``(B) to provide information on emerging practices
of small business concerns that provide eligible
financial products or services, including regional
trends, concerns, and other relevant information.
``(2) Membership.--
``(A) Number.--The Director shall appoint no fewer
than 15 and no more than 20 members to the Small
Business Advisory Board.
``(B) Qualification.--Members appointed pursuant to
subparagraph (A) shall be representatives of small
business concerns that--
``(i) provide eligible financial products
or services;
``(ii) are service providers to covered
persons; and
``(iii) use consumer financial products or
services in financing the business activities
of such concern.
``(C) Additional considerations.--In appointing
members pursuant to subparagraph (A), the Director
shall include members representing minority-, women-,
and veteran-owned small business concerns and their
interests, without regard to party affiliation.
``(3) Meetings.--The Small Business Advisory Board--
``(A) shall meet from time to time at the call of
the Director; and
``(B) shall meet at least twice each year.
``(b) Credit Union Advisory Council.--
``(1) Establishment.--The Director shall establish a Credit
Union Advisory Council to advise and consult with the Bureau on
consumer financial products or services that impact credit
unions.
``(2) Membership.--The Director shall appoint no fewer than
15 and no more than 20 members to the Credit Union Advisory
Council. In appointing such members, the Director shall include
members representing credit unions predominantly serving
traditionally underserved communities and populations and their
interests, without regard to party affiliation.
``(3) Meetings.--The Credit Union Advisory Council--
``(A) shall meet from time to time at the call of
the Director; and
``(B) shall meet at least twice each year.
``(c) Community Bank Advisory Council.--
``(1) Establishment.--The Director shall establish a
Community Bank Advisory Council to advise and consult with the
Bureau on consumer financial products or services that impact
community banks.
``(2) Membership.--The Director shall appoint no fewer than
15 and no more than 20 members to the Community Bank Advisory
Council. In appointing such members, the Director shall include
members representing community banks predominantly serving
traditionally underserved communities and populations and their
interests, without regard to party affiliation.
``(3) Meetings.--The Community Bank Advisory Council--
``(A) shall meet from time to time at the call of
the Director; and
``(B) shall meet at least twice each year.
``(d) Compensation and Travel Expenses.--Members of the Small
Business Advisory Board, the Credit Union Advisory Council, or the
Community Bank Advisory Council who are not full-time employees of the
United States shall--
``(1) be entitled to receive compensation at a rate fixed
by the Director while attending meetings of the Small Business
Advisory Board, the Credit Union Advisory Council, or the
Community Bank Advisory Council, including travel time; and
``(2) be allowed travel expenses, including transportation
and subsistence, while away from their homes or regular places
of business.
``(e) Definitions.--In this section--
``(1) the term `eligible financial product or service'
means a financial product or service that is offered or
provided for use by consumers primarily for personal, family,
or household purposes as described in clause (i), (iii), (v),
(vi), or (ix) of section 1002(15)(A); and
``(2) the term `small business concern' has the meaning
given such term in section 3 of the Small Business Act (15
U.S.C. 632).''.
(b) Table of Contents Amendment.--The table of contents in section
1 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12
U.S.C. 5301 et seq.) is amended by inserting after the item relating to
section 1014 the following new item:
``Sec. 1014A. Advisory Boards.''.
SEC. 3. BUREAU FUNDING AUTHORITY.
The Director of the Bureau of Consumer Financial Protection, under
section 1017 of the Consumer Financial Protection Act of 2010, may not
request--
(1) during fiscal year 2020, an amount that would result in
the total amount requested by the Director during that fiscal
year to exceed $655,000,000; and
(2) during fiscal year 2025, an amount that would result in
the total amount requested by the Director during that fiscal
year to exceed $720,000,000.
Passed the House of Representatives April 22, 2015.
Attest:
KAREN L. HAAS,
Clerk.