Sec. 6. Bureau Authority Over Unfair and Deceptive Acts or Practices
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Section 1031 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5531 ) is amended— in the heading of such section, by striking and inserting , deceptive, or abusive ; or deceptive in subsection (a)— by striking , deceptive, or abusive and inserting or deceptive ; and by adding at the end the following: The Bureau may not take any action described under this subsection against a covered person or service provider unless the Bureau first consults the covered person or service provider’s primary financial regulatory agency, if any. ; in subsection (b)— by striking , deceptive, or abusive and inserting or deceptive ; and by inserting at the end the following:
In prescribing any rule under this subsection, the Bureau shall comply with the requirements of section 18 of the Federal Trade Commission Act ( ; 15 U.S.C. 57a ) applicable to the Federal Trade Commission when the Commission prescribes rules and general statements of policy under that section with respect to unfair or deceptive acts or practices in or affecting commerce. by striking subsection (d); and by redesignating subsections
(e)and
(f)as subsections
(d)and (e), respectively. The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq.) is amended— by striking , deceptive, and abusive each place such term appears and inserting and deceptive ; and by striking , deceptive, or abusive each place such term appears and inserting or deceptive . The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended, in the item relating to section 1031, by striking and inserting , deceptive, or abusive . or deceptive Section 626(a)(1) of the Omnibus Appropriations Act, 2009 ( 15 U.S.C. 1638 note) is amended by striking , deceptive, or abusive and inserting or deceptive .
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Sec. 6
Bureau Authority Over Unfair and Deceptive Acts or Practices
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