Sec. 927. Elimination of supervision authority
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The Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 et seq.) is amended— in section 1002(15)(B)(ii)(I), by striking examination or ; in section 1013(a)(1)(B), by striking compliance examiners, compliance supervision analysts, ; in section 1016(c)— in paragraph (5), by striking supervisory and ; and in paragraph (6), by striking orders, and supervisory actions and inserting and orders ; in section 1024— in the heading, by striking and inserting SUPERVISION OF ; AUTHORITY WITH RESPECT TO CERTAIN in subsection (a)— in paragraph (1)(B), by striking as defined by rule in accordance with paragraph
(2)and inserting as of the date of the enactment of the Financial CHOICE Act of 2017 ; by striking paragraph (2); by redesignating paragraph
(3)as paragraph (2); and in subparagraph
(A)of paragraph (2), as so redesignated, by striking 1025(a) or ; by striking subsection (b); by redesignating subsections (c), (d), (e), and
(f)as subsections (b), (c), (d), and (e), respectively; in subsection (c), as so redesignated— in the heading, by striking ; and and Examination Authority by striking , conduct examinations, each place such term appears; in subsection (d), as so redesignated— by inserting rulemaking and enforcement, but not supervisory, before authority of the Bureau ; and by striking conducting any examination or requiring any report from a service provider subject to this subsection and inserting carrying out any authority pursuant to this subsection with respect to a service provider ; by striking section 1025; in section 1026— by amending subsection
(a)to read as follows: This section shall apply to any covered person that is an insured depository institution or an insured credit union. ; in subsection (b)(3), by striking report of examination or related ; by striking subsection (c); by redesignating subsections
(d)and
(e)as subsections
(c)and (d), respectively; in subsection (c), as so redesignated, by adding at the end the following: Notwithstanding paragraph (1), to the extent that the Bureau and another Federal agency are authorized to enforce a Federal consumer financial law, the Bureau shall have primary authority to enforce that Federal consumer financial law with respect to an insured depository institution or insured credit union, if such depository institution or credit union has total assets of more than $10,000,000,000, and any affiliate thereof. Any Federal agency, other than the Federal Trade Commission, that is authorized to enforce a Federal consumer financial law may recommend, in writing, to the Bureau that the Bureau initiate an enforcement proceeding with respect to a person described in subparagraph (A), as the Bureau is authorized to do by that Federal consumer financial law. If the Bureau does not, before the end of the 120-day period beginning on the date on which the Bureau receives a recommendation under subparagraph (B), initiate an enforcement proceeding, the other agency referred to in subparagraph
(B)may initiate an enforcement proceeding. ; and in subsection (d), as so redesignated— by inserting after subsection
(a)the following: , or to any person described under subsection (c)(3)(A), ; by striking section 1025 and inserting this section ; and by striking When conducting any examination or requiring any report from a service provider subject to this subsection and inserting In carrying out any authority pursuant to this subsection with respect to a service provider ; in section 1027— by striking supervisory, each place such term appears; in subsection (e)(1), by striking supervisory or ; and in subsection (p), by striking section 1024(c)(1) and inserting section 1024(b)(1) ; in section 1034— by striking subsections
(b)and (c); and by redesignating subsection
(d)as subsection (b); in section 1053— in subsection (b)(1)(A), by striking sections 1024, 1025, and 1026 and inserting sections 1024 and 1026 ; and in subsection (c)(3)(B)(ii)(II), by striking , by examination or otherwise, ; in section 1054(a), by striking sections 1024, 1025, and 1026 and inserting sections 1024 and 1026 ; in section 1061— in subsection (a)(1)— in subparagraph (A), by striking ; and at the end and inserting a period; by striking means— and all that follows through
(A)all and inserting means all ; and by striking subparagraph (B); and in subsection (c)— by amending paragraph
(1)to read as follows: A transferor agency that is a prudential regulator shall have exclusive authority (relative to the Bureau) to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in section 1026(a). ; and in paragraph (2)— by striking subparagraph (A); and by redesignating subparagraphs
(B)and
(C)as subparagraphs
(A)and (B), respectively; in section 1063, by striking sections 1024, 1025, and 1026 each place such term appears and inserting sections 1024 and 1026 ; and in section 1067, by striking subsection (e). Section 305(d) of the Home Mortgage Disclosure Act of 1975 ( 12 U.S.C. 2804(d) ) is amended by striking examine and . Section 626 of the Omnibus Appropriations Act, 2009 ( 15 U.S.C. 1638 note) is repealed. 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 1024, by striking SUPERVISION OF and inserting AUTHORITY WITH RESPECT TO CERTAIN ; and by striking the item relating to section 1025.
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