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Title: Amending State Authority to Enforce Consumer Financial Regulations
Vote Smart's Synopsis:
Vote to adopt an amendment to S Amdt 3739 to S 3217 that amends the authority of state attorney generals, or the equivalent thereof, to file civil action against national banks and federal savings associations for violations of consumer financial regulations.
- Authorizes state attorney generals, or the equivalent thereof, to bring civil action against national banks or federal savings associations to enforce regulations established by the Bureau of Consumer Financial Protection, provided that a copy of the complaint has been "timely" submitted to the Bureau and prudential regulator, if any, or the designee thereof (Sec. 1042).
- Prohibits state attorney generals, or the equivalent thereof, from bringing civil action against a national bank or federal savings association for any act or omission that would be a violation of Title X of this Act (Consumer Financial Protection Act of 2010) (Sec. 1042).