H.R. 5522 – Reading Mode

114th CONGRESS

2d Session

H. R. 5522

IN THE HOUSE OF REPRESENTATIVES

June 16, 2016

Mr. Pearce 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 require that civil investigative demands be appealed to courts, and for other purposes.

Civil investigative demands to be appealed to courts

Section 1052 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5562) is amended—

(1)

in subsection (c)—

(A)

in paragraph (2), by inserting after shall state the following: with specificity; and

(B)

by adding at the end the following:

(14)

Meeting requirement

The recipient of a civil investigative demand shall meet and confer with a Bureau investigator within 30 calendar days after receipt of the demand to discuss and attempt to resolve all issues regarding compliance with the civil investigative demand, unless the Bureau grants an extension requested by such recipient.

;

(2)

in subsection (f)—

(A)

by amending paragraph (1) to read as follows:

(1)

In general

Not later than 45 days after the service of any civil investigative demand upon any person under subsection (c), or at any time before the return date specified in the demand, whichever period is shorter, or within such period exceeding 45 days after service or in excess of such return date as may be prescribed in writing, subsequent to service, by any Bureau investigator named in the demand, such person may file, in the district court of the United States for any judicial district in which such person resides, is found, or transacts business, a petition for an order modifying or setting aside the demand.

; and

(B)

in paragraph (2), by striking at the Bureau; and

(3)

in subsection (h)—

(A)

by striking (1) In general.— ; and

(B)

by striking paragraph (2).