Unfair or Deceptive Acts or Practices Uniformity Act

Summary

Unfair or Deceptive Acts or Practices Uniformity Act This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau (CFPB) to take action to prevent a covered person or service provider from committing or engaging in an abusive act or practice under federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of one. Regarding CFPB authority over deceptive acts, the bill prohibits the CFPB from taking any action against a covered person or service provider without first consulting with such person's primary financial regulatory agency. The CFPB must comply with the same rules as govern the Federal Trade Commission (FTC) regarding unfair or deceptive acts or practices in or affecting commerce. (The FTC may prescribe interpretive rules, general policy statements, and definitions regarding unfair or deceptive acts or practices, but has no authority to prescribe any other kind of rule with respect to such acts or practices.)

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 28 April 2016

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• Introduced in House (PDF)

  Introduced in House · EN · 28 April 2016

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• Introduced in House

  summary · EN · 28 April 2016

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