HR 1483 · 113th Congress · Finance and Financial Sector

Stop Outsourcing Banking Enforcement and Examination Act

Introduced 2013-04-11· Sponsored by Rep. Waters, Maxine [D-CA-43]· House

Bill Progress

Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to the House Committee on Financial Services.(2013-04-11)

Plain Language Summary

[AI summary unavailable — showing source text] Stop Outsourcing Banking Enforcement and Examination Act - Amends the Federal Deposit Insurance Act to prescribe requirements with which a federal banking agency must comply in order to use an independent consultant in implementing a consent order with a person it regulates. Requires the agency to: (1) make specified information about the consent agreement and the independent consultant available to the public, (2) send Congress a quarterly status report, and (3) hire and pay the consultant directly (and receive reimbursement by the entity subject to the consent agreement). Declares that any remediation or penalties under the consent order will not apply to, or be settled in conjunction with, any other consent order, settlement, or enforcement action. Permits a private right of action by any person or class of persons aggrieved by the failure of an independent consultant to comply with the contract under which the consultant assists the agency if the consent order requires financial remediation to such person or class. Requires a repayment (clawback) of fees to the agency from the independent consultant upon court determination that the consultant has violated either the terms of t…

Summarized by Claude AI · Non-partisan · For informational purposes only

Cosponsors (3)

3 Democrats