S.Amdt. 2244

Mr. Durbin, alongside Mr. Warnock, submitted amendment SA 2244 to the bill S. 1582. The purpose of this amendment is to add a Federal Consumer Financial Law savings clause to the bill.

The amendment aims to ensure that no authority given to primary Federal payment stablecoin regulators or State payment stablecoin regulators under the Act can limit or abridge the authority of the Director of the Consumer Financial Protection Bureau. Specifically, it makes clear that the Consumer Financial Protection Bureau has jurisdiction over permitted payment stablecoin issuers to enforce consumer financial laws, and that all enumerated consumer protection provisions under the Consumer Financial Protection Act of 2010 apply to payment stablecoins.