Latest Action
Placed on the Union Calendar, Calendar No. 693.
12/20/2016 • House
Summary
Financial CHOICE Act of 2016
This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:
- repeal the "Volcker Rule" (which restricts banks from making certain speculative investments);
- with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and
- repeal the "Durbin Amendment" (which limits the fees that may be charged to retailers for debit card processing).
Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.
The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed.
The bill also amends the Consumer Financial Protection Act of 2010 to:
- restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission;
- subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and
- limit the commission's authority to take action against entities for "abusive" practices.
In addition, the bill:
- modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority;
- eliminates the Office of Financial Research within the Department of the Treasury; and
- revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.
Reported to House amended, Part I • 12/20/2016
Topics & Subjects
Congressional Votes (0)
No recorded votes yet
Roll call votes will appear here as the bill moves through Congress
Related Federal Spending
Sponsor & Cosponsors (6)
Party Breakdown
Sponsor
Cosponsors (5)
Bill Journey
Originated in the House
Introduced
September 9, 2016
Committee Review
September 13, 2016
Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 26.
Floor Debate
Passed Chamber
Other Chamber
President
Enacted into Law
Text Versions (2)
Committee Reports (1)
Related Bills (76)
H.R. 5991
Risk-Based Credit Examination Act
S. 3453
Crowdfunding Enhancement Act
H.R. 24
Federal Reserve Transparency Act of 2015
H.R. 427
Regulations from the Executive in Need of Scrutiny Act of 2015
H.R. 650
Preserving Access to Manufactured Housing Act of 2015
H.R. 686
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015
H.R. 766
Financial Institution Customer Protection Act of 2016
H.R. 1090
Retail Investor Protection Act
H.R. 1113
Portfolio Lending and Mortgage Access Act
H.R. 1210
Portfolio Lending and Mortgage Access Act
H.R. 1266
Financial Product Safety Commission Act of 2015
H.R. 1529
Community Institution Mortgage Relief Act of 2015
H.R. 1675
Capital Markets Improvement Act of 2016
H.R. 1766
Right to Lend Act of 2015
H.R. 1941
Financial Institutions Examination Fairness and Reform Act
H.R. 1965
Small Company Disclosure Simplification Act
H.R. 1975
Securities and Exchange Commission Overpayment Credit Act
H.R. 2121
SAFE Transitional Licensing Act of 2015
H.R. 2187
Fair Investment Opportunities for Professional Experts Act
H.R. 2287
National Credit Union Administration Budget Transparency Act
H.R. 2356
Fair Access to Investment Research Act of 2015
H.R. 2357
Accelerating Access to Capital Act of 2016
H.R. 2778
Sunset Act of 2015
H.R. 2912
Centennial Monetary Commission Act of 2015
H.R. 2947
Financial Institution Bankruptcy Act of 2016
H.R. 3056
Stop the EPA Act of 2015
H.R. 3189
FORM Act of 2015
H.R. 3557
FSOC Transparency and Accountability Act
H.R. 3784
SEC Small Business Advocate Act of 2016
H.R. 3868
Small Business Credit Availability Act
H.R. 4139
Fostering Innovation Act of 2015
H.R. 4498
HALOS Act
H.R. 4538
Senior Safe Act of 2016
H.R. 4638
Main Street Growth Act
H.R. 4781
FDIC Accountability Act of 2016
H.R. 4850
Micro Offering Safe Harbor Act
H.R. 4852
Private Placement Improvement Act of 2016
H.R. 4854
Supporting America's Innovators Act of 2016
H.R. 4855
Fix Crowdfunding Act
H.R. 4997
Home Mortgage Disclosure Adjustment Act
H.R. 5019
Fair Access to Investment Research Act of 2016
H.R. 5211
CFPB Dual Mandate and Economic Analysis Act
H.R. 5311
Corporate Governance Reform and Transparency Act of 2016
H.R. 5419
Credit Union Examination Reform Act of 2016
H.R. 5453
Bureau Advisory Opinion Act of 2016
H.R. 5455
Protecting Consumer Financial Information Act
H.R. 5505
GSE Review and Reform Act of 2016
H.R. 5521
RIGHTS at the CFPB Act of 2016
H.R. 5522
To amend the Consumer Financial Protection Act of 2010 to require that civil investigative demands be appealed to courts, and for other purposes.
H.R. 5527
CFPB Rule Accountability Act of 2016
H.R. 5869
To amend the Federal Credit Union Act to require the National Credit Union Administration Board to provide a rationale for any amounts the Board proposes to use from the National Credit Union Share Insurance Fund, and for other purposes.
H.R. 5941
Keep Taxpayer Dollars Safe from Terrorists Act of 2016
S. 226
Regulations From the Executive in Need of Scrutiny Act of 2015
S. 576
Encouraging Employee Ownership Act
S. 682
Preserving Access to Manufactured Housing Act of 2015
S. 924
National Credit Union Administration Budget Transparency Act
S. 1010
Small Business Mergers, Acquisitions, Sales, and Brokerage Simplification Act of 2015
S. 1730
Stronger Enforcement of Civil Penalties Act of 2015
S. 1786
Centennial Monetary Commission Act of 2015
S. 1840
Taxpayer Protection and Responsible Resolution Act
S. 1841
Taxpayer Protection and Responsible Resolution Act
S. 2187
FDA Regulatory Efficiency Act
S. 2663
Reforming CFPB Indirect Auto Financing Guidance Act
S. 2722
Federal Savings Association Charter Flexibility Act of 2016
S. 2790
Financial Institution Customer Protection Act of 2016
S. 2867
SEC Small Business Advocate Act of 2016
S. 2995
Portfolio Lending and Mortgage Access Act
S. 3092
Fair Access to Investment Research Act of 2016
S. 3196
Consumer Financial Protection Board Act of 2016
H.R. 1195
Bureau of Consumer Financial Protection Advisory Boards Act
H.R. 1262
Consumer Right to Financial Privacy Act of 2015
H.R. 1737
Reforming CFPB Indirect Auto Financing Guidance Act
H.R. 4168
Small Business Capital Formation Enhancement Act
H.R. 4894
To repeal title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
H.R. 5596
Municipal Advisor Choice Act
H.R. 6427
Creating Financial Prosperity for Businesses and Investors Act
Committees
Education and Workforce Committee
House
Budget Committee
House
Rules Committee
House
Transportation and Infrastructure Committee
House
Oversight and Government Reform Committee
House
Judiciary Committee
House
Ways and Means Committee
House
Agriculture Committee
House
Financial Services Committee
House