Bill > S2212

This bill, titled the CFPB Improvement Act of 2014, aims to enhance the oversight of regulations issued by the Bureau of Consumer Financial Protection (CFPB). It proposes changes to the Consumer Financial Protection Act of 2010, specifically by altering the voting procedure within the Financial Stability Oversight Council (FSOC), a body responsible for identifying and responding to emerging threats to U.S. financial stability, to require a majority vote excluding the CFPB Director. The bill also strengthens the FSOC's review authority by mandating that the council *shall* review regulations if a petition is filed, rather than *may*, and changes the criteria for review from whether a regulation would risk the safety and soundness of the U.S. banking system or financial stability to whether it is inconsistent with the safe and sound operations of U.S. financial institutions. Furthermore, it introduces a "safety and soundness check" for rules, requiring consideration of their impact on the financial safety or soundness of insured depository institutions, which are banks that accept deposits and are insured by the Federal Deposit Insurance Corporation (FDIC).