Text: H.R.6125 — 112th Congress (2011-2012)All Bill Information (Except Text)

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Introduced in House (07/12/2012)


112th CONGRESS
2d Session
H. R. 6125

To amend the Federal Deposit Insurance Act and the Federal Credit Union Act with respect to privilege of information provided to Federal and State agencies, and for other purposes.


IN THE HOUSE OF REPRESENTATIVES
July 12, 2012

Mr. Renacci (for himself and Mr. Perlmutter) introduced the following bill; which was referred to the Committee on Financial Services


A BILL

To amend the Federal Deposit Insurance Act and the Federal Credit Union Act with respect to privilege of information provided to Federal and State agencies, 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. Privilege and confidentiality of information provided to regulators.

(a) Federal Deposit Insurance Act.—The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—

(1) in section 11(t) (12 U.S.C. 1821(t))—

(A) in paragraph (1), by inserting “or confidentiality” after “privilege”;

(B) in paragraph (2)—

(i) in subparagraph (A)—

(I) by inserting after clause (v) the following:

“(vi) The Bureau of Consumer Financial Protection.”; and

(II) by adding at the end the following:

“(viii) State bank and financial company supervisors.

“(ix) Any licensing and registry system established under section 1502 or section 1509 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.).”; and

(ii) by adding at the end the following:

“(C) STATE BANK AND FINANCIAL COMPANY SUPERVISOR.—The term ‘State bank and financial company supervisor’ means—

“(i) a State bank supervisor; or

“(ii) any agency of a State which licenses, supervises, or examines the offering of consumer financial products or services provided by persons subject to the regulatory or supervisory authority of the Bureau of Consumer Financial Protection.”; and

(C) in paragraph (3), by inserting “or confidentiality” after “privilege”;

(2) in section 18(x)—

(A) in paragraph (1)—

(i) by inserting “the Bureau of Consumer Financial Protection,” before “any Federal banking agency”;

(ii) by striking “State bank supervisor” and inserting “State bank and financial company supervisor (as defined under section 11(t)(2)), licensing and registry system established under section 1502 or section 1509 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.)”; and

(iii) by striking “such agency” each place such term appears and inserting “such Bureau, agency, system”;

(iv) by inserting “or confidentiality” after “privilege”; and

(B) in paragraph (2)—

(i) by inserting “or confidentiality” after “privilege” each place such term appears; and

(ii) in subparagraph (B)—

(I) by inserting “the Bureau of Consumer Financial Protection,” before “any Federal banking agency”; and

(II) by striking “State bank supervisor” and inserting “State bank and financial company supervisor, licensing and registry system established under section 1502 or section 1509 of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.)”.

(b) Federal Credit Union Act.—Section 205(j) of the Federal Credit Union Act (12 U.S.C. 1785(j)) is amended—

(1) by inserting “or confidentiality” after “privilege” each place such term appears; and

(2) by inserting “the Bureau of Consumer Financial Protection,” before “the Administration” each place such term appears.