Bureau Examination Fairness Act

Bureau Examination Fairness Act - Amends the Consumer Financial Protection Act of 2010 to prohibit the Consumer Financial Protection Bureau (CFPB) from including enforcement attorneys when examining entities under its jurisdiction.

Requires the CFPB, when requesting data from such entities, to: (1) ensure that the different divisions of the CFPB coordinate with each other before the data is requested, (2) accompany each request with a written statement of its intended use, and (3) use peer-reviewed data sampling based upon limited data sets rather than requesting full data sets (unless the Director determines, in writing, that requesting full data sets is necessary).

Directs the CFPB also, with respect to a data request whose cost of compliance is anticipated to exceed $50,000 per company, to give the entity the Director's written approval for the request.

Requires the CFPB to: (1) complete examination field work and conduct an exit interview with the entity being examined within 60 days after the examination begins, and (2) produce a report of examination or supervisory letter within 120 days after the examination is completed.

Restricts the CFPB to performing only one limited-scope examination of an entity at any one time.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4804 Introduced in House (IH)]

113th CONGRESS
  2d Session
                                H. R. 4804

   To amend the Consumer Financial Protection Act of 2010 to provide 
requirements that must be followed by the Bureau of Consumer Financial 
           Protection when carrying out certain examinations.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              June 5, 2014

 Mr. Mulvaney introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
   To amend the Consumer Financial Protection Act of 2010 to provide 
requirements that must be followed by the Bureau of Consumer Financial 
           Protection when carrying out certain examinations.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau Examination Fairness Act''.

SEC. 2. EXAMINATION REQUIREMENTS.

    (a) In General.--The Consumer Financial Protection Act of 2010 is 
amended by inserting after section 1026 the following:

``SEC. 1026A. EXAMINATION REQUIREMENTS.

    ``(a) Non-Inclusion of Enforcement Attorneys.--The Bureau may not 
include enforcement attorneys when performing examinations pursuant to 
section 1024, 1025, or 1026.
    ``(b) Data Requests.--In any request for data from an entity 
supervised by the Bureau pursuant to section 1024, 1025, or 1026, the 
Bureau shall--
            ``(1) ensure that the different divisions of the Bureau 
        coordinate with each other before the data is requested;
            ``(2) accompany each request with a written statement of 
        intended use for the data being requested;
            ``(3) use peer-reviewed data sampling based on limited data 
        sets rather than requesting full data sets, unless the Director 
        determines, in writing, that requesting full data sets is 
        necessary; and
            ``(4) with respect to a data request with respect to which 
        the Bureau anticipates the cost of complying with such request 
        will exceed $50,000 per company, provide the entity with the 
        written approval of the Director for such request.
    ``(c) Examination Time Period.--When respect to an examination 
conducted by the Bureau, the Bureau shall--
            ``(1) complete the examination field work and conduct an 
        exit interview with the entity being examined not later than 
        the end of the 60-day period beginning on the date the 
        examination begins; and
            ``(2) produce a report of examination or supervisory 
        letter--
                    ``(A) not later than the end of the 120-day period 
                beginning on the date the examination is completed; or
                    ``(B) if the Director authorizes an extension and 
                provides a written justification for such extension, 
                not later than end of the 180-day period beginning on 
                the date the examination is completed.
    ``(d) Prohibition on Concurrent Examinations.--The Bureau may only 
perform one limited-scope examination of an entity at any one time.''.
    (b) Clerical Amendment.--The table of contents under section 1 of 
the Dodd-Frank Wall Street Reform and Consumer Protection Act is 
amended by inserting after the item relating to section 1026 the 
following:

``Sec. 1026A. Examination requirements.''.
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