text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Annuity Safety and Security Under 
  Reasonable Enforcement Act of 2013'' or the ``ASSURE Act of 2013''.
  
  SEC. 2. CONSIDERATION OF FEDERAL AND MILITARY PENSIONS IN EXTENSIONS OF 
                CREDIT.
  
      The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended--
              (1) in section 104(3), by inserting after ``other than'' 
          the following: ``payments described under section 126(a) and'';
              (2) by inserting after section 125 the following:
  ``Sec. 126. Payments in consideration of Federal and military pensions
      ``(a) Disclosure.--The Bureau shall issue regulations requiring any 
  payment to a benefit recipient, whether or not such payment is an 
  extension of credit, that diminishes the benefit recipient's ability to 
  control the payments from their Federal or military pension in any way, 
  to be treated as an extension of credit for purposes of the disclosures 
  required under this title.
      ``(b) Interest Rate Cap.--With respect to a payment to a benefit 
  recipient described under subsection (a)--
              ``(1) if such payment is an extension of consumer credit, a 
          creditor may not impose an annual percentage rate of interest 
          greater than the Federal funds rate plus 6 percent; and
              ``(2) if such payment is not an extension of consumer 
          credit, 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 (1).
      ``(c) Definitions.--For purposes of this section:
              ``(1) Benefit recipient.--The term `benefit recipient' 
          means a person who is entitled to payments under a Federal or 
          military pension.
              ``(2) Federal or military pension.--The term `Federal or 
          military pension' means--
                      ``(A) a benefit described under section 5301(a) of 
                  title 38, United States Code;
                      ``(B) retired pay to an enlisted member of the 
                  Army, Navy, Air Force, or Marine Corps; and
                      ``(C) an annuity described under section 8345 or 
                  8465 of title 5, United States Code.
              ``(3) Federal funds rate.--For purposes of this section, 
          the term `Federal funds rate' means the Federal funds rate 
          published in the Federal Reserve Statistical Release on 
          selected interest rates (daily or weekly), and commonly 
          referred to as the H.15 release (or any successor 
          publication).''; and
              (3) in the table of contents for chapter 2 of such Act, by 
          inserting after the item relating to section 125 the following:
  
  ``126. Consideration of Federal pensions in extensions of credit''.
  
  SEC. 3. CLARIFICATION OF ASSIGNMENTS; PRIVATE RIGHTS OF ACTIONS.
  
      (a) Veterans Benefits.--Section 5301 of title 38, United States 
  Code, is amended by adding at the end the following:
      ``(f) Private Right of Action.--
              ``(1) In general.--A benefit recipient may bring an action 
          against a pension assignee in the appropriate Federal or State 
          court and recover--
                      ``(A) three times the damages suffered due to the 
                  assignment made in violation of this section;
                      ``(B) court costs; and
                      ``(C) reasonable attorneys' fees and expenses.
              ``(2) Definitions.--For purposes of this subsection:
                      ``(A) 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 due.
                      ``(B) Pension assignee.--With respect to a benefit 
                  recipient, the term `pension assignee' means a person 
                  who has been assigned the benefits of the benefit 
                  recipient in violation of this section.''.
      (b) Military Retired Pay.--Section 701 of title 37, United States 
  Code, is amended by adding at the end the following:
      ``(f) Clarification on Non-Assignment of Retired Pay for Enlisted 
  Members.--
              ``(1) In general.--For purposes of this subsection (c), 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 pay, whether by 
          payment from the member to such other person, deposit into an 
          account from which such other person may make withdrawals, or 
          otherwise, such agreement shall be deemed to be an assignment 
          and is prohibited. Any agreement or arrangement for collateral 
          for security for an agreement that is prohibited under the 
          previous sentence is also prohibited.
              ``(2) Private right of action.--
                      ``(A) In general.--A retired pay recipient may 
                  bring an action against a retired pay assignee in the 
                  appropriate Federal or State court and recover--
                              ``(i) three times the damages suffered due 
                          to the assignment of retired pay made in 
                          violation of this section;
                              ``(ii) court costs; and
                              ``(iii) reasonable attorneys' fees and 
                          expenses.
                      ``(B) Definitions.--For purposes of this 
                  subsection:
                              ``(i) 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 due.
                              ``(ii) Retired pay assignee.--With respect 
                          to a retired pay recipient, 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 
                          section.''.
      (c) CSRS Annuities.--Section 8345(h) of title 5, United States 
  Code, is amended to read as follows:
      ``(h) Non-Assignment of Annuities.--
              ``(1) In general.--An individual entitled to an annuity 
          from the Fund may not make allotments or assignments of amounts 
          from such annuity.
              ``(2) Construction.--For purposes of this subsection--
                      ``(A) 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 annuity, whether by payment from the individual 
                  to such other person, deposit into an account from 
                  which such other person may make withdrawals, or 
                  otherwise, such agreement shall be deemed to be an 
                  assignment and is prohibited; and
                      ``(B) any agreement or arrangement for collateral 
                  for security for an agreement that is prohibited under 
                  subparagraph (A) is also prohibited.
              ``(3) Exception.--Paragraphs (1) and (2) shall not apply to 
          amounts used to pay dues to unions or other employee 
          organizations.
              ``(4) Private right of action.--
                      ``(A) In general.--An annuity recipient may bring 
                  an action against an annuity assignee in the 
                  appropriate Federal or State court and recover--
                              ``(i) three times the damages suffered due 
                          to the assignment made in violation of this 
                          subsection or the regulations issued pursuant 
                          to this subsection;
                              ``(ii) court costs; and
                              ``(iii) reasonable attorneys' fees and 
                          expenses.
                      ``(B) Definitions.--For purposes of this paragraph:
                              ``(i) Annuity assignee.--With respect to an 
                          annuity recipient, 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 subsection.
                              ``(ii) Annuity recipient.--The term 
                          `annuity recipient' means an individual 
                          entitled to an annuity from the Fund.''.
      (d) FERS Annuities.--Section 8465(b) of title 5, United States 
  Code, is amended to read as follows:
      ``(b) Non-Assignment of Annuities.--
              ``(1) In general.--An individual entitled to an annuity 
          from the Fund may not make allotments or assignments of amounts 
          from such annuity.
              ``(2) Construction.--For purposes of this subsection--
                      ``(A) 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 annuity, whether by payment from the individual 
                  to such other person, deposit into an account from 
                  which such other person may make withdrawals, or 
                  otherwise, such agreement shall be deemed to be an 
                  assignment and is prohibited; and
                      ``(B) any agreement or arrangement for collateral 
                  for security for an agreement that is prohibited under 
                  subparagraph (A) is also prohibited.
              ``(3) Exception.--Paragraphs (1) and (2) shall not apply to 
          amounts used to pay dues to unions or other employee 
          organizations.
              ``(4) Private right of action.--
                      ``(A) In general.--An annuity recipient may bring 
                  an action against an annuity assignee in the 
                  appropriate Federal or State court and recover--
                              ``(i) three times the damages suffered due 
                          to the assignment made in violation of this 
                          subsection or the regulations issued pursuant 
                          to this subsection;
                              ``(ii) court costs; and
                              ``(iii) reasonable attorneys' fees and 
                          expenses.
                      ``(B) Definitions.--For purposes of this paragraph:
                              ``(i) Annuity assignee.--With respect to an 
                          annuity recipient, 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 subsection.
                              ``(ii) Annuity recipient.--The term 
                          `annuity recipient' means an individual 
                          entitled to an annuity from the Fund.''.
  
  SEC. 4. BUREAU OF CONSUMER FINANCIAL PROTECTION PROVISIONS.
  
      (a) Regulation of Federal or Military Pension-Related Products.--
  Section 1032(f) of the Consumer Financial Protection Act of 2010 (12 
  U.S.C. 5532(f)) is amended by adding at the end the following:
      ``(g) Regulation of Federal or Military Pension-Related Products.--
              ``(1) 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 product, sufficient to allow consumers to 
          understand how their pension relates to the product.
              ``(2) Definitions defined.--For purposes of this 
          subsection:
                      ``(A) Federal or military pension.--The term 
                  `Federal or military pension' means--
                              ``(i) a benefit described under section 
                          5301(a) of title 38, United States Code;
                              ``(ii) retired pay to an enlisted member of 
                          the Army, Navy, Air Force, or Marine Corps; and
                              ``(iii) an annuity described under section 
                          8345 or 8465 of title 5, United States Code.
                      ``(B) 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 pension, including any 
                  extension of credit if the creditor, when determining a 
                  consumer's ability to repay the extension of credit, 
                  takes the pension into consideration.''.
      (b) Study by the Bureau.--
              (1) 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 
          retirees.
              (2) Report.--Not later than the end of the 3-month period 
          beginning on the date of the enactment of this Act, the Bureau 
          shall issue a report to the Congress containing all findings 
          and determinations made in carrying out the study required 
          under this subsection.
target: Annuity Safety and Security Under Reasonable Enforcement Act of 2013 or the ASSURE Act of 2013 - Amends the Truth in Lending Act to direct the Bureau of Consumer Financial Protection (CFPB) to issue regulations requiring any payment to a recipient of a federal or military pension (a benefit recipient) that diminishes the benefit recipient's ability to control payments from such pension to be treated as an extension of credit. Requires financial institutions to include the terms of such credit in consumer information disclosures. Prohibits the annual percentage rate of interest on such arrangements from exceeding the federal funds rate plus 6% or an equivalent aggregate amount of cash and property.  Specifies conditions under which payment of consideration in exchange for the retired pay of enlisted military members is prohibited from assignment under veterans' benefits laws. Prohibits individuals from making allotments or assignments from annuities under the Civil Service Retirement System (CSRS) or the Federal Employees' Retirement System (FERS), including any agreement under which another person acquires for consideration the right to receive payment from such annuities as well as any arrangement for collateral for security for such an agreement. Exempts union dues or payments to employee organizations from such prohibitions. Authorizes benefit recipients, individuals entitled to military retired pay, and annuity recipients to bring a private legal action in federal or state court against an assignee engaging in prohibited assignments. Amends the Consumer Financial Protection Act of 2010 to direct the CFPB to issue regulations requiring persons offering federal or military pension-related products to provide additional disclosures when advertising or selling such products to allow consumers to understand how their pension relates to the product.
feat_title: ASSURE Act of 2013