Unfair or Deceptive Acts or Practices Uniformity Act This bill eliminates the authority of the Consumer Financial Protection Bureau to take action against a person or service provider for an abusive act or practice in connection with a consumer financial product or service. Additionally, the bureau is prohibited from taking action against an unfair or deceptive act unless the bureau first consults with the primary financial regulatory agency of the person or service provider. Finally, any rulemaking made by the bureau regarding an unfair or deceptive act must comply with certain Federal Trade Commission rulemaking requirements.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Introduced in House
Referred to the House Committee on Financial Services.
Finance and Financial Sector
Unfair or Deceptive Acts or Practices Uniformity Act
USA117th CongressHR-4548| House
| Updated: 7/20/2021
Unfair or Deceptive Acts or Practices Uniformity Act This bill eliminates the authority of the Consumer Financial Protection Bureau to take action against a person or service provider for an abusive act or practice in connection with a consumer financial product or service. Additionally, the bureau is prohibited from taking action against an unfair or deceptive act unless the bureau first consults with the primary financial regulatory agency of the person or service provider. Finally, any rulemaking made by the bureau regarding an unfair or deceptive act must comply with certain Federal Trade Commission rulemaking requirements.