A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Compliance Bulletin 2016-03: Detecting and Preventing Consumer Harm From Production Incentives".
Consumer Protection: Oversight of Bank Sales Targets
This bill is currently in the early stages of the legislative process. It has been sent to the Senate Committee on Banking, Housing, and Urban Affairs for review. There are no upcoming votes scheduled at this time.
Legislative Progress
This resolution faces a difficult path because it challenges a recent agency decision and would likely need support from both parties to succeed.
Key Points
- This resolution aims to restore federal guidance that protects people from aggressive sales tactics at banks and other financial companies.
- The goal is to prevent employees from being pressured into opening fake accounts or selling unnecessary products just to earn bonuses.
- It would overturn a recent decision by the Consumer Financial Protection Bureau that stopped using these specific oversight rules.
- Supporters believe these rules are necessary to keep big banks from putting profits ahead of fair treatment for their customers.
- If it becomes law, the government would once again have a clear set of standards to check if a company's bonus structure is hurting consumers.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Compliance Bulletin 2016-03: Detecting and Preventing Consumer Harm From Production Incentives".
Data Sources
Sponsor
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