A bill to amend the Consumer Financial Protection Act of 2010 to remove the funding cap relating to the transfer of funds from the Board of Governors of the Federal Reserve System to the Bureau of Consumer Financial Protection, and for other purposes.
This bill amends the Consumer Financial Protection Act of 2010 to eliminate funding for the Consumer Financial Protection Bureau (CFPB). Under current law, amounts from civil penalties obtained by the CFPB must be used for payments to the victims of the activities for which the civil penalties were imposed; to the extent that such payments are impracticable, the CFPB may instead use those amounts for the purpose of consumer education and financial literacy programs. The bill eliminates these requirements and instead specifies that such amounts must be credited to the Treasury.
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Timeline
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Banking and financial institutions regulationCivil actions and liabilityConsumer creditConsumer Financial Protection BureauExecutive agency funding and structureFederal Reserve SystemGovernment trust funds
A bill to amend the Consumer Financial Protection Act of 2010 to remove the funding cap relating to the transfer of funds from the Board of Governors of the Federal Reserve System to the Bureau of Consumer Financial Protection, and for other purposes.
USA115th CongressS-365| Senate
| Updated: 2/13/2017
This bill amends the Consumer Financial Protection Act of 2010 to eliminate funding for the Consumer Financial Protection Bureau (CFPB). Under current law, amounts from civil penalties obtained by the CFPB must be used for payments to the victims of the activities for which the civil penalties were imposed; to the extent that such payments are impracticable, the CFPB may instead use those amounts for the purpose of consumer education and financial literacy programs. The bill eliminates these requirements and instead specifies that such amounts must be credited to the Treasury.