Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013

To amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent agency. 1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 2. Making the Bureau an independent agency The Consumer Financial Protection Act of 2010 is amended— (1) in section 1011— (A) in subsection (a), by striking in the Federal Reserve System, (B) in subsection (e), by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located, (2) in section 1012(c), by striking paragraphs (2), (3), (4), and (5); and (3) in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis. 3. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 is amended— (1) in subsection (a)— (A) by amending the heading of such subsection to read as follows: Budget, financial management, and audit.— (B) by striking paragraphs (1), (2), and (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated; (2) by striking subsections (b) and (c); (3) by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and (4) in subsection (c), as so redesignated— (A) by striking paragraphs (1), (2), and (3) and inserting the following: (1) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to carry out this title for each of fiscal years 2014 and 2015. ; and (B) by redesignating paragraph (4) as paragraph (2). 1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 2. Making the Bureau an independent agency The Consumer Financial Protection Act of 2010 is amended— (1) in section 1011— (A) in subsection (a)— (i) by striking in the Federal Reserve System, (ii) by striking Bureau of Consumer Financial Protection Financial Product Safety Commission (B) in subsection (e), by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located, (2) in section 1012(c), by striking paragraphs (2), (3), (4), and (5); and (3) in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis. 3. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 is amended— (1) in subsection (a)— (A) by amending the heading of such subsection to read as follows: Budget, financial management, and audit.— (B) by striking paragraphs (1), (2), and (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated; (2) by striking subsections (b) and (c); (3) by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and (4) in subsection (c), as so redesignated— (A) by striking paragraphs (1), (2), and (3) and inserting the following: (1) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to carry out this title for each of fiscal years 2014 and 2015. ; and (B) by redesignating paragraph (4) as paragraph (2). 4. Deeming of name Any reference in a law, regulation, document, paper, or other record of the United States to the Bureau of Consumer Financial Protection shall be deemed a reference to the Financial Product Safety Commission. February 6, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Summary: Bureau of Consumer Financial Protection Accountability Act and Transparency Act of 2013 - (Sec. 2) Amends the Consumer Financial Protection Act of 2010 to: (1) rename the Consumer Financial Protection Bureau (CFPB) the Financial Product Safety Commission (FPSC) , (2) remove it from the Federal Reserve System, and (3) repeal the authority of the FPSC Director to establish regional offices in cities in which either Federal Reserve Banks or their branches are located. Repeals the requirement that not fewer than six members of the Consumer Advisory Board be appointed to it by the FPSC Director on a rotating basis upon the recommendation of the regional Federal Reserve Bank Presidents. (Sec. 3) Repeals the mandatory annual transfer of funds to the CFPB from the Board of Governors of the Federal Reserve System. Subjects the FPSC to the regular authorization, budget, and appropriations process of the Department of the Treasury. Eliminates the Consumer Financial Protection Fund. Authorizes appropriations for each of FY2014 and FY2015. (Sec. 4) Deems any reference in any record of the United States to the CFPB to be a reference to the FPSC.