,i #aacth ,,congress #ast ,session ,h4 ,r4 #ccaj ,,in ,,the ,,house ,,of ,,representatives ,october #bc1 #bjac,mr4 ,cartwright 7for himself1 ,mr4 ,connolly1 ,mr4 ,grayson1 ,mr4 ,conyers1 ,mr4 ,grijalva1 ,ms4 ,kaptur1 ,ms4 ,kelly of ,illinois1 ,ms4 ,lee of ,california1 ,mr4 ,takano1 ,ms4 ,slaughter1 ,ms4 ,eddie ,bernice ,johnson of ,texas1 ,mr4 ,mc,govern1 ,ms4 ,shea-,porter1 ,mr4 ,moran1 ,mr4 ,farr1 ,mr4 ,cummings1 ,mr4 ,hinojosa1 ,mr4 ,lewis1 ,mrs4 ,negrete ,mc,leod1 ,ms4 ,speier1 ,mr4 ,thompson of ,mississippi1 ,mr4 ,langevin1 ,mr4 ,blumenauer1 ,ms4 ,fudge1 ,mr4 ,george ,miller of ,california1 ,mr4 ,cohen1 ,mr4 ,gene ,green of ,texas1 ,ms4 ,de,lauro1 ,mr4 ,enyart1 ,mr4 ,pocan1 ,mr4 ,lynch1 ,ms4 ,hahn1 ,ms4 ,mc,collum1 ,mr4 ,waxman1 ,mr4 ,delaney1 ,mr4 ,nadler1 ,ms4 ,michelle ,lujan ,grisham of ,new ,mexico1 ,ms4 ,norton1 ,mrs4 ,kirkpatrick1 and ,mr4 ,lowenthal7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on ,veterans' ,affairs1 ,armed ,services1 and ,oversight and ,government ,reform1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to provide for additional protections and disclosures to consumers when financial products or services are related to the consumers' military or ,federal pensions1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,annuity ,safety and ,security ,under ,reasonable ,enforcement ,act of #bjac or the ,,assure ,act of #bjac4 #b4 ,consideration of ,federal and military pensions in extensions of credit ,the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afja et seq47 is amended-- 7#a7 in section #ajd7c71 by inserting after other than the following3 payments described under section #abf7;a7 and2 7#b7 by inserting after section #abe the following3 #abf4 ,payments in consideration of ,federal and military pensions 7a7 ,disclosure ,the ,bureau shall issue regulations requiring any payment to a benefit recipient1 whether or not such payment is an extension of credit1 that diminishes the benefit recipient's ability to control the payments from their ,federal or military pension in any way1 to be treated as an extension of credit for purposes of the disclosures required under this title4 7b7 ,interest rate cap ,with respect to a payment to a benefit recipient described under subsection 7a7-- 7#a7 if such payment is an extension of consumer credit1 a creditor may not impose an annual percentage rate of interest greater than the ,federal funds rate plus #f percent2 and 7#b7 if such payment is not an extension of consumer credit1 the ,bureau shall issue regulations requiring that the aggregate amount of cash and property paid in exchange for such payment may not exceed an amount that is equivalent to the interest rate described under paragraph 7#a74 7c7 ,definitions ,for purposes of this section3 7#a7 ,benefit recipient ,the term benefit recipient means a person who is entitled to payments under a ,federal or military pension4 7#b7 ,federal or military pension ,the term ,federal or military pension means-- 7,a7 a benefit described under section #ecja7;a7 of title #ch1 ,united ,states ,code2 7,b7 retired pay to an enlisted member of the ,army1 ,navy1 ,air ,force1 or ,marine ,corps2 and 7,c7 an annuity described under section #hcde or #hdfe of title #e1 ,united ,states ,code4 7#c7 ,federal funds rate ,for purposes of this section1 the term ,federal funds rate means the ,federal funds rate published in the ,federal ,reserve ,statistical ,release on selected interest rates 7daily or weekly71 and commonly referred to as the ,h4#ae release 7or any successor publication74 2 and 7#c7 in the table of contents for chapter #b of such ,act1 by inserting after the item relating to section #abe the following3 #abf4 ,consideration of ,federal pensions in extensions of credit 4 #c4 ,clarification of assignments2 private rights of actions 7a7 ,veterans benefits ,section #ecja of title #ch1 ,united ,states ,code1 is amended by adding at the end the following3 7f7 ,private right of action 7#a7 ,in general ,a benefit recipient may bring an action against a pension assignee in the appropriate ,federal or ,state court and recover-- 7,a7 three times the damages suffered due to the assignment made in violation of this section2 7,b7 court costs2 and 7,c7 reasonable attorneys' fees and expenses4 7#b7 ,definitions ,for purposes of this subsection3 7,a7 ,benefit recipient ,the term benefit recipient means a person with respect to which payments of benefits described under this section are due or are to become due4 7,b7 ,pension assignee ,with respect to a benefit recipient1 the term pension assignee means a person who has been assigned the benefits of the benefit recipient in violation of this section4 4 7b7 ,military retired pay ,section #gja of title #cg1 ,united ,states ,code1 is amended by adding at the end the following3 7f7 ,clarification on non-,assignment of retired pay for enlisted members 7#a7 ,in general ,for purposes of this subsection 7c71 in any case where an enlisted member is entitled to retired pay and enters into an agreement with another person under which agreement such other person acquires for consideration the right to receive payment of such retired pay1 whether by payment from the member to such other person1 deposit into an account from which such other person may make withdrawals1 or otherwise1 such agreement shall be deemed to be an assignment and is prohibited4 ,any agreement or arrangement for collateral for security for an agreement that is prohibited under the previous sentence is also prohibited4 7#b7 ,private right of action 7,a7 ,in general ,a retired pay recipient may bring an action against a retired pay assignee in the appropriate ,federal or ,state court and recover-- 7i7 three times the damages suffered due to the assignment of retired pay made in violation of this section2 7ii7 court costs2 and 7iii7 reasonable attorneys' fees and expenses4 7,b7 ,definitions ,for purposes of this subsection3 7i7 ,retired pay recipient ,the term retired pay recipient means a person with respect to which retired pay described under this section is due or is to become due4 7ii7 ,retired pay assignee ,with respect to a retired pay recipient1 the term retired pay assignee means a person who has been assigned or allotted the retired pay of the retired pay recipient in violation of this section4 4 7c7 ,,csrs annuities ,section #hcde7;h7 of title #e1 ,united ,states ,code1 is amended to read as follows3 7h7 ,non-,assignment of annuities 7#a7 ,in general ,an individual entitled to an annuity from the ,fund may not make allotments or assignments of amounts from such annuity4 7#b7 ,construction ,for purposes of this subsection-- 7,a7 in any case where an individual entitled to an annuity from the ,fund enters into an agreement with another person under which agreement such other person acquires for consideration the right to receive payment of such annuity1 whether by payment from the individual to such other person1 deposit into an account from which such other person may make withdrawals1 or otherwise1 such agreement shall be deemed to be an assignment and is prohibited2 and 7,b7 any agreement or arrangement for collateral for security for an agreement that is prohibited under subparagraph 7,a7 is also prohibited4 7#c7 ,exception ,paragraphs 7#a7 and 7#b7 shall not apply to amounts used to pay dues to unions or other employee organizations4 7#d7 ,private right of action 7,a7 ,in general ,an annuity recipient may bring an action against an annuity assignee in the appropriate ,federal or ,state court and recover-- 7i7 three times the damages suffered due to the assignment made in violation of this subsection or the regulations issued pursuant to this subsection2 7ii7 court costs2 and 7iii7 reasonable attorneys' fees and expenses4 7,b7 ,definitions ,for purposes of this paragraph3 7i7 ,annuity assignee ,with respect to an annuity recipient1 the term annuity assignee means a person who has been assigned or allotted all or part of an annuity from the ,fund in violation of this subsection or the regulations issued pursuant to this subsection4 7ii7 ,annuity recipient ,the term annuity recipient means an individual entitled to an annuity from the ,fund4 4 7d7 ,,fers annuities ,section #hdfe7;b7 of title #e1 ,united ,states ,code1 is amended to read as follows3 7b7 ,non-,assignment of annuities 7#a7 ,in general ,an individual entitled to an annuity from the ,fund may not make allotments or assignments of amounts from such annuity4 7#b7 ,construction ,for purposes of this subsection-- 7,a7 in any case where an individual entitled to an annuity from the ,fund enters into an agreement with another person under which agreement such other person acquires for consideration the right to receive payment of such annuity1 whether by payment from the individual to such other person1 deposit into an account from which such other person may make withdrawals1 or otherwise1 such agreement shall be deemed to be an assignment and is prohibited2 and 7,b7 any agreement or arrangement for collateral for security for an agreement that is prohibited under subparagraph 7,a7 is also prohibited4 7#c7 ,exception ,paragraphs 7#a7 and 7#b7 shall not apply to amounts used to pay dues to unions or other employee organizations4 7#d7 ,private right of action 7,a7 ,in general ,an annuity recipient may bring an action against an annuity assignee in the appropriate ,federal or ,state court and recover-- 7i7 three times the damages suffered due to the assignment made in violation of this subsection or the regulations issued pursuant to this subsection2 7ii7 court costs2 and 7iii7 reasonable attorneys' fees and expenses4 7,b7 ,definitions ,for purposes of this paragraph3 7i7 ,annuity assignee ,with respect to an annuity recipient1 the term annuity assignee means a person who has been assigned or allotted all or part of an annuity from the ,fund in violation of this subsection or the regulations issued pursuant to this subsection4 7ii7 ,annuity recipient ,the term annuity recipient means an individual entitled to an annuity from the ,fund4 4 #d4 ,bureau of ,consumer ,financial ,protection provisions 7a7 ,regulation of ,federal or military pension-,related products ,section #ajcb7;f7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eecb7;f77 is amended by adding at the end the following3 7g7 ,regulation of ,federal or military pension-,related products 7#a7 ,in general ,the ,bureau shall issue regulations to require a person offering a ,federal or military pension-related product to provide additional disclosures when advertising or selling such product1 sufficient to allow consumers to understand how their pension relates to the product4 7#b7 ,definitions defined ,for purposes of this subsection3 7,a7 ,federal or military pension ,the term ,federal or military pension means-- 7i7 a benefit described under section #ecja7;a7 of title #ch1 ,united ,states ,code2 7ii7 retired pay to an enlisted member of the ,army1 ,navy1 ,air ,force1 or ,marine ,corps2 and 7iii7 an annuity described under section #hcde or #hdfe of title #e1 ,united ,states ,code4 7,b7 ,federal or military pension-related product ,the term ,federal or military pension-related product means a financial product or service related to a ,federal or military pension1 including any extension of credit if the creditor1 when determining a consumer's ability to repay the extension of credit1 takes the pension into consideration4 4 7b7 ,study by the ,bureau 7#a7 ,in general ,the ,bureau of ,consumer ,financial ,protection shall carry out a study of financial products and services that target military retirees and ,federal employee retirees4 7#b7 ,report ,not later than the end of the #c-month period beginning on the date of the enactment of this ,act1 the ,bureau shall issue a report to the ,congress containing all findings and determinations made in carrying out the study required under this subsection4