I 
118TH CONGRESS 
1ST SESSION H. R. 2798 
To make reforms to the Bureau of Consumer Financial Protection, and 
for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 24, 2023 
Mr. BARR introduced the following bill; which was referred to the Committee 
on Financial Services, and in addition to the Committees on Oversight 
and Accountability, the Judiciary, and Small Business, for a period to be 
subsequently determined by the Speaker, in each case for consideration 
of such provisions as fall within the jurisdiction of the committee con-
cerned 
A BILL 
To make reforms to the Bureau of Consumer Financial 
Protection, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘CFPB Transparency and Accountability Reform Act’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
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TITLE I—COMMISSION OF THE BUREAU OF CONSUMER 
FINANCIAL PROTECTION ACT 
Sec. 101. Short title. 
Sec. 102. Making the Bureau an independent agency led by a commission. 
Sec. 103. Deeming of name. 
Sec. 104. Conforming amendments. 
TITLE II—TABS ACT OF 2023 
Sec. 201. Short title. 
Sec. 202. Bringing the Bureau into the regular appropriations process. 
TITLE III—CFPB–IG REFORM ACT OF 2023 
Sec. 301. Short title. 
Sec. 302. Appointment of Inspector General. 
Sec. 303. Requirements for the Inspector General for the Bureau of Consumer 
Financial Protection. 
Sec. 304. Effective date. 
TITLE IV—CFPB DUAL MANDATE AND ECONOMIC ANALYSIS ACT 
Sec. 401. Short title. 
Sec. 402. Purpose. 
Sec. 403. Office of Economic Analysis. 
TITLE V—TRANSPARENCY IN CFPB COST-BENEFIT ANALYSIS ACT 
Sec. 501. Short title. 
Sec. 502. Transparency in cost-benefit analysis. 
TITLE VI—MAKING THE CFPB ACCOUNTABLE TO SMALL 
BUSINESSES ACT OF 2023 
Sec. 601. Short title. 
Sec. 602. Rulemaking under Dodd-Frank Wall Street Reform and Consumer 
Protection Act. 
Sec. 603. Initial regulatory flexibility analysis. 
Sec. 604. Final regulatory flexibility analysis. 
TITLE VII—CFPB WHISTLEBLOWER INCENTIVES AND 
PROTECTION ACT 
Sec. 701. Short title. 
Sec. 702. Bureau whistleblower incentives and protection. 
Sec. 703. Amendment to the Consumer Financial Civil Penalty Fund. 
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TITLE I—COMMISSION OF THE 
BUREAU OF CONSUMER FI-
NANCIAL PROTECTION ACT 
SEC. 101. SHORT TITLE. 
This Act may be cited as the ‘‘Commission of the Bu-
reau of Consumer Financial Protection Act’’ 
SEC. 102. MAKING THE BUREAU AN INDEPENDENT AGENCY 
LED BY A COMMISSION. 
The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended— 
(1) in section 1011— 
(A) in subsection (a)— 
(i) by striking ‘‘in the Federal Reserve 
System,’’; and 
(ii) by striking ‘‘independent bureau’’ 
and inserting ‘‘independent agency’’; 
(B) by striking subsections (b), (c), and 
(d); 
(C) by redesignating subsection (e) as sub-
section (j); 
(D) in subsection (j), as so redesignated, 
by striking ‘‘, including in cities in which the 
Federal reserve banks, or branches of such 
banks, are located,’’; and 
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(E) by inserting after subsection (a) the 
following new subsections: 
‘‘(b) AUTHORITY TO PRESCRIBE REGULATIONS.— 
The commission of the Bureau may prescribe such regula-
tions and issue such orders in accordance with this title 
as the Bureau may determine to be necessary for carrying 
out this title and all other laws within the Bureau’s juris-
diction and shall exercise any authorities granted under 
this title and all other laws within the Bureau’s jurisdic-
tion. 
‘‘(c) COMPOSITION OF THE COMMISSION.— 
‘‘(1) IN
GENERAL.—The management of the 
Bureau shall be vested in a commission, which shall 
be composed of 5 members who shall be appointed 
by the President, by and with the advice and consent 
of the Senate, and at least 2 of whom shall have pri-
vate sector experience in the provision of consumer 
financial products and services. 
‘‘(2) STAGGERING.—The members of the com-
mission shall serve staggered terms, which initially 
shall be established by the President for terms of 1, 
2, 3, 4, and 5 years, respectively. 
‘‘(3) TERMS.— 
‘‘(A) IN GENERAL.—Except with respect to 
the initial staggered terms described under 
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paragraph (2), each member of the commission, 
including the Chair, shall serve for a term of 5 
years. 
‘‘(B) REMOVAL.—The President may re-
move any member of the commission for ineffi-
ciency, neglect of duty, or malfeasance in office. 
‘‘(C) VACANCIES.—Any member of the 
commission appointed to fill a vacancy occur-
ring before the expiration of the term to which 
that member’s predecessor was appointed (in-
cluding the Chair) shall be appointed only for 
the remainder of the term. 
‘‘(D) CONTINUATION OF SERVICE.—Each 
member of the commission may continue to 
serve after the expiration of the term of office 
to which that member was appointed until a 
successor has been appointed by the President 
and confirmed by the Senate, except that a 
member may not continue to serve more than 1 
year after the date on which that member’s 
term would otherwise expire. 
‘‘(E) OTHER EMPLOYMENT PROHIBITED.— 
No member of the commission shall engage in 
any other business, vocation, or employment. 
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‘‘(d) AFFILIATION.—Not more than 3 members of 
the commission shall be members of any one political 
party. 
‘‘(e) CHAIR OF THE COMMISSION.— 
‘‘(1) INITIAL
CHAIR.—The first member and 
Chair of the commission shall be the individual serv-
ing as Director of the Bureau of Consumer Finan-
cial Protection on the day before the date of the en-
actment of this subsection. Such individual shall 
serve until the President has appointed all 5 mem-
bers of the commission in accordance with sub-
section (c). 
‘‘(2) SUBSEQUENT CHAIR.—Of the 5 members 
appointed in accordance with subsection (c), the 
President shall appoint 1 member to serve as the 
subsequent Chair of the commission. 
‘‘(3) AUTHORITY.—The Chair shall be the prin-
cipal executive officer of the commission, and shall 
exercise all of the executive and administrative func-
tions of the commission, including with respect to— 
‘‘(A) the appointment and supervision of 
personnel employed under the commission 
(other than personnel employed regularly and 
full time in the immediate offices of members of 
the commission other than the Chair); 
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‘‘(B) the distribution of business among 
personnel appointed and supervised by the 
Chair and among administrative units of the 
commission; and 
‘‘(C) the use and expenditure of funds. 
‘‘(4) LIMITATION.—In carrying out any of the 
Chair’s functions under the provisions of this sub-
section, the Chair shall be governed by general poli-
cies of the commission and by such regulatory deci-
sions, findings, and determinations as the commis-
sion may by law be authorized to make. 
‘‘(5) REQUESTS
OR
ESTIMATES
RELATED
TO 
APPROPRIATIONS.—Requests or estimates for reg-
ular, supplemental, or deficiency appropriations on 
behalf of the commission may not be submitted by 
the Chair without the prior approval of the commis-
sion. 
‘‘(6) DESIGNATION.—The Chair shall be known 
as both the ‘Chair of the commission’ of the Bureau 
and the ‘Chair of the Bureau’. 
‘‘(f) INITIAL QUORUM ESTABLISHED.—For the 6 
month period beginning on the date of enactment of this 
subsection, the first member and Chair of the commission 
described under subsection (e)(1) shall constitute a 
quorum for the transaction of business until the President 
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has appointed all 5 members of the commission in accord-
ance with subsection (c). Following such appointment of 
5 members, the quorum requirements of subsection (g) 
shall apply. 
‘‘(g) NO IMPAIRMENT BY REASON OF VACANCIES.— 
No vacancy in the members of the commission after the 
establishment of an initial quorum under subsection (f) 
shall impair the right of the remaining members of the 
commission to exercise all the powers of the commission. 
Three members of the commission shall constitute a 
quorum for the transaction of business, except that if 
there are only 3 members serving on the commission be-
cause of vacancies in the commission, 2 members of the 
commission shall constitute a quorum for the transaction 
of business. If there are only 2 members serving on the 
commission because of vacancies in the commission, 2 
members shall constitute a quorum for the 6-month period 
beginning on the date of the vacancy which caused the 
number of commission members to decline to 2. 
‘‘(h) SEAL.—The Bureau shall have an official seal. 
‘‘(i) COMPENSATION.— 
‘‘(1) CHAIR.—The Chair shall receive com-
pensation at the rate prescribed for level I of the 
Executive Schedule under section 5313 of title 5, 
United States Code. 
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‘‘(2) OTHER MEMBERS OF THE COMMISSION.— 
The 4 other members of the commission shall each 
receive compensation at the rate prescribed for level 
II of the Executive Schedule under section 5314 of 
title 5, United States Code.’’; 
(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 rec-
ommendation of the regional Federal Reserve Bank 
Presidents, on a rotating basis.’’ and inserting ‘‘Not 
fewer than half of all members shall have private 
sector experience in the provision of consumer finan-
cial products and services.’’. 
SEC. 103. DEEMING OF NAME. 
Any reference in a law, regulation, document, paper, 
or other record of the United States to the Director of 
the Bureau of Consumer Financial Protection, except in 
subsection (e)(1) of section 1011 of the Consumer Finan-
cial Protection Act of 2010 (12 U.S.C. 5491), as added 
by this Act, shall be deemed a reference to the commission 
leading and governing the Bureau of Consumer Financial 
Protection, as described under section 1011 of the Con-
sumer Financial Protection Act of 2010. 
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SEC. 104. CONFORMING AMENDMENTS. 
(a) CONSUMER FINANCIAL PROTECTION ACT
OF 
2010.— 
(1) IN GENERAL.—Except as provided under 
paragraph (2), the Consumer Financial Protection 
of 2010 (12 U.S.C. 5481 et seq.) is amended— 
(A) by striking ‘‘Director of the Bureau’’ 
each place such term appears, other than where 
such term is used to refer to a Director other 
than the Director of the Bureau of Consumer 
Financial Protection, and inserting ‘‘Bureau’’; 
(B) by striking ‘‘Director’’ each place such 
term appears and inserting ‘‘Bureau’’, other 
than where such term is used to refer to a Di-
rector other than the Director of the Bureau of 
Consumer Financial Protection; and 
(C) in section 1002, by striking paragraph 
(10). 
(2) EXCEPTIONS.— 
(A) IN GENERAL.—The Consumer Finan-
cial Protection Act of 2010 (12 U.S.C. 5481 et 
seq.) is amended— 
(i) in section 1013(c)(3)— 
(I) by striking ‘‘Assistant Direc-
tor of the Bureau for’’ and inserting 
‘‘Head of the Office of’’; and 
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(II) in subparagraph (B), by 
striking ‘‘Assistant Director’’ and in-
serting ‘‘Head of the Office’’; 
(ii) in section 1013(g)(2)— 
(I) by striking ‘‘ASSISTANT
DI-
RECTOR’’ and inserting ‘‘HEAD
OF 
THE OFFICE’’; and 
(II) by striking ‘‘an assistant di-
rector’’ and inserting ‘‘a Head of the 
Office of Financial Protection for 
Older Americans’’; 
(iii) in section 1016(a), by striking 
‘‘Director of the Bureau’’ and inserting 
‘‘Chair of the Bureau’’; and 
(iv) by striking section 1066. 
(B) CLERICAL AMENDMENT.—The table of 
contents for the Dodd-Frank Wall Street Re-
form and Consumer Protection Act is amended 
by striking the item relating to section 1066. 
(b) DODD-FRANK WALL STREET REFORM AND CON-
SUMER PROTECTION ACT.—The Dodd-Frank Wall Street 
Reform and Consumer Protection Act (12 U.S.C. 5301 
et seq.) is amended— 
(1) in section 111(b)(1)(D), by striking ‘‘Direc-
tor’’ and inserting ‘‘Chair’’; and 
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(2) in section 1447, by striking ‘‘Director of the 
Bureau’’ each place such term appears and inserting 
‘‘Chair of the Bureau’’. 
(c) ELECTRONIC FUND TRANSFER ACT.—Section 
920(a)(4)(C) of the Electronic Fund Transfer Act (15 
U.S.C. 1693o–2(a)(4)(C)), as added by section 1075(a)(2) 
of the Consumer Financial Protection Act of 2010, is 
amended by striking ‘‘Director of the Bureau of Consumer 
Financial Protection’’ and inserting ‘‘Chair of the Bureau 
of Consumer Financial Protection’’. 
(d) EXPEDITED FUNDS AVAILABILITY ACT.—The 
Expedited Funds Availability Act (12 U.S.C. 4001 et 
seq.), as amended by section 1086 of the Consumer Finan-
cial Protection Act of 2010, is amended by striking ‘‘Di-
rector of the Bureau’’ each place such term appears and 
inserting ‘‘Bureau’’. 
(e) FEDERAL DEPOSIT INSURANCE ACT.—Section 2 
of the Federal Deposit Insurance Act (12 U.S.C. 1812), 
as amended by section 336(a) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act, is amended 
by striking ‘‘Director of the Consumer Financial Protec-
tion Bureau’’ each place such term appears and inserting 
‘‘Chair of the Bureau of Consumer Financial Protection’’. 
(f) FEDERAL FINANCIAL INSTITUTIONS EXAMINA-
TION COUNCIL ACT OF 1978.—Section 1004(a)(4) of the 
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Federal Financial Institutions Examination Council Act of 
1978 (12 U.S.C. 3303(a)(4)), as amended by section 1091 
of the Consumer Financial Protection Act of 2010, is 
amended by striking ‘‘Director of the Consumer Financial 
Protection Bureau’’ and inserting ‘‘Chair of the Bureau 
of Consumer Financial Protection’’. 
(g) FINANCIAL
LITERACY
AND
EDUCATION
IM-
PROVEMENT ACT.—Section 513 of the Financial Literacy 
and Education Improvement Act (20 U.S.C. 9702), as 
amended by section 1013(d)(5) of the Consumer Financial 
Protection Act of 2010, is amended by striking ‘‘Director’’ 
each place such term appears and inserting ‘‘Chair’’. 
(h) HOME MORTGAGE DISCLOSURE ACT OF 1975.— 
Section 307 of the Home Mortgage Disclosure Act of 1975 
(12 U.S.C. 2806 et seq), as amended by section 1094(6) 
of the Consumer Financial Protection Act of 2010, is 
amended by striking ‘‘Director of the Bureau of Consumer 
Financial Protection’’ each place such term appears and 
inserting ‘‘Bureau of Consumer Financial Protection’’. 
(i) INTERSTATE LAND SALES FULL DISCLOSURE 
ACT.—The Interstate Land Sales Full Disclosure Act (15 
U.S.C. 1701 et seq), as amended by section 1098A of the 
Consumer Financial Protection Act of 2010, is amended— 
(1) in section 1402— 
(A) by striking paragraph (1); and 
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(B) 
by 
redesignating 
paragraphs 
(2) 
through (12) as paragraphs (1) through (11), 
respectively; 
(2) in section 1403(c)— 
(A) by striking ‘‘him’’ and inserting ‘‘the 
Bureau’’; and 
(B) by striking ‘‘he’’ and inserting ‘‘the 
Bureau’’; 
(3) in section 1407— 
(A) in subsection (c), by striking ‘‘he’’ and 
inserting ‘‘the Bureau’’; and 
(B) in subsection (e), by striking ‘‘Director 
or anyone designated by him’’ and inserting 
‘‘Bureau’’; 
(4) in section 1411(a)— 
(A) by striking ‘‘his findings’’ and insert-
ing ‘‘the findings of the Bureau’’; and 
(B) by striking ‘‘his recommendation’’ and 
inserting ‘‘the recommendation of the Bureau’’; 
(5) in section 1415— 
(A) in subsection (a), by striking ‘‘he may, 
in his discretion,’’ and inserting ‘‘the Bureau 
may, in the discretion of the Bureau,’’; 
(B) in subsection (b)— 
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(i) by striking ‘‘in his discretion’’ each 
place such term appears and inserting ‘‘in 
the discretion of the Bureau’’; 
(ii) by striking ‘‘he deems’’ and insert-
ing ‘‘the Bureau determines’’; and 
(iii) by striking ‘‘he may deem’’ and 
inserting ‘‘the Bureau may determine’’; 
and 
(C) in subsection (c), by striking ‘‘the Di-
rector, or any officer designated by him,’’ and 
inserting ‘‘the Bureau’’; 
(6) in section 1416(a)— 
(A) by striking ‘‘Director of the Bureau of 
Consumer Financial Protection who may dele-
gate any of his’’ and inserting ‘‘Bureau of Con-
sumer Financial Protection, which may delegate 
any’’; 
(B) by striking ‘‘his administrative’’ and 
inserting ‘‘administrative’’; and 
(C) by striking ‘‘himself’’ and inserting 
‘‘the commission of the Bureau’’; 
(7) in section 1418a(b)(4), by striking ‘‘Sec-
retary’s determination’’ and inserting ‘‘determina-
tion of the Bureau’’; and 
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(8) by striking ‘‘Director’’ each place such term 
appears and inserting ‘‘Bureau’’. 
(j) REAL ESTATE SETTLEMENT PROCEDURES ACT 
OF 1974.—Section 5 of the Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2604), as amended by sec-
tion 1450 of the Dodd-Frank Wall Street Reform and 
Consumer Protection Act, is amended— 
(1) by striking ‘‘The Director of the Bureau of 
Consumer Financial Protection (hereafter in this 
section referred to as the ‘Director’)’’ and inserting 
‘‘The Bureau of Consumer Financial Protection 
(hereafter in this section referred to as the ‘Bu-
reau’)’’; and 
(2) by striking ‘‘Director’’ each place such term 
appears and inserting ‘‘Bureau’’. 
(k) S.A.F.E. MORTGAGE LICENSING ACT OF 2008.— 
The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 
5101 et seq.), as amended by section 1100 of the Con-
sumer Financial Protection Act of 2010, is amended— 
(1) by striking ‘‘Director’’ each place such term 
appears in headings and text and inserting ‘‘Bureau 
of Consumer Financial Protection’’; and 
(2) in section 1503, by striking paragraph (10). 
(l) TITLE
44, UNITED
STATES
CODE.—Section 
3513(c) of title 44, United States Code, as amended by 
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section 1100D(b) of the Consumer Financial Protection 
Act of 2010, is amended by striking ‘‘Director of the Bu-
reau’’ and inserting ‘‘Bureau of Consumer Financial Pro-
tection’’. 
TITLE II—TABS ACT OF 2023 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘Taking Account of 
Bureaucrats’ Spending Act of 2023’’ or the ‘‘TABS Act 
of 2023’’. 
SEC. 202. BRINGING THE BUREAU INTO THE REGULAR AP-
PROPRIATIONS PROCESS. 
Section 1017 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5497) is amended— 
(1) in subsection (a)— 
(A) by amending the heading of such sub-
section to read as follows: ‘‘BUDGET, FINAN-
CIAL 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); 
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(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 is authorized to be appropriated to the Bu-
reau from unobligated amounts contained in the 
Consumer 
Financial 
Civil 
Penalty 
Fund 
$650,000,000 for fiscal year 2024 to carry out the 
authorities of the Bureau.’’; and 
(B) by redesignating paragraph (4) as 
paragraph (2). 
TITLE III—CFPB–IG REFORM 
ACT OF 2023 
SEC. 301. SHORT TITLE. 
This title may be cited as the ‘‘Bureau of Consumer 
Financial Protection-Inspector General Reform Act of 
2023’’ or the ‘‘CFPB–IG Reform Act of 2023’’. 
SEC. 302. APPOINTMENT OF INSPECTOR GENERAL. 
Chapter 4 of title 5, United States Code, is amend-
ed— 
(1) in section 401— 
(A) in paragraph (1), by inserting ‘‘the 
Bureau of Consumer Financial Protection,’’ 
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(C) in subsection (g)(3), by striking ‘‘and 
the Bureau of Consumer Financial Protection’’. 
SEC. 303. REQUIREMENTS FOR THE INSPECTOR GENERAL 
FOR THE BUREAU OF CONSUMER FINANCIAL 
PROTECTION. 
(a) ESTABLISHMENT.—Section 1011 of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5491), as amended by section 102(1), is fur-
ther amended by adding at the end the following: 
‘‘(k) INSPECTOR GENERAL.—There is established the 
position of the Inspector General.’’. 
(b) HEARINGS.—Section 1016 of such Act is amend-
ed by inserting after subsection (c) the following: 
‘‘(d) ADDITIONAL REQUIREMENT
FOR INSPECTOR 
GENERAL.—On a separate occasion from that described 
in subsection (a), the Inspector General of the Bureau 
shall appear before the Committee on Banking, Housing, 
and Urban Affairs of the Senate and the Committee on 
Financial Services of the House of Representatives at 
semiannual hearings regarding the reports required under 
subsection (b) and the reports required under section 405 
of title 5, United States Code.’’. 
(c) PARTICIPATION IN THE COUNCIL OF INSPECTORS 
GENERAL
ON
FINANCIAL
OVERSIGHT.—Section 
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TITLE IV—CFPB DUAL MANDATE 
AND ECONOMIC ANALYSIS ACT 
SEC. 401. SHORT TITLE. 
This title may be cited as the ‘‘CFPB Dual Mandate 
and Economic Analysis Act’’. 
SEC. 402. PURPOSE. 
Section 1021(a) of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5511(a)) is amended— 
(1) by striking ‘‘fair, transparent, and competi-
tive’’ and inserting: ‘‘fair and transparent’’; and 
(2) by adding at the end the following: ‘‘In ad-
dition, the Bureau shall seek to implement and, 
where applicable, enforce Federal consumer financial 
law consistently for the purpose of strengthening 
private sector participation in markets, without Gov-
ernment interference or subsidies, to increase com-
petition and enhance consumer choice.’’. 
SEC. 403. OFFICE OF ECONOMIC ANALYSIS. 
(a) IN GENERAL.—Section 1013 of the Consumer Fi-
nancial Protection Act of 2010 (12 U.S.C. 5493) is 
amended by adding at the end the following: 
‘‘(i) OFFICE OF ECONOMIC ANALYSIS.— 
‘‘(1) ESTABLISHMENT.—The Bureau shall es-
tablish an Office of Economic Analysis. 
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‘‘(2) REVIEW AND ASSESSMENT OF PROPOSED 
GUIDANCE, ORDERS, RULES, AND REGULATIONS.— 
The Office of Economic Analysis shall— 
‘‘(A) review all proposed guidance, orders, 
rules, and regulations of the Bureau, including 
carrying out the determinations and assess-
ments with respect to notices of proposed rule-
making described under section 1022(b)(7); 
‘‘(B) assess the impact of such guidance, 
orders, rules, and regulations on consumer 
choice, price, and access to credit products; and 
‘‘(C) publish a report on such reviews and 
assessments in the Federal Register. 
‘‘(3) MEASURING EXISTING GUIDANCE, ORDERS, 
RULES, AND
REGULATIONS.—The Office of Eco-
nomic Analysis shall— 
‘‘(A) review each guidance, order, rule, and 
regulation issued by the Bureau after 1, 2, 5, 
and 10 years; 
‘‘(B) measure each such guidance, order, 
rule, or regulation’s success in solving the prob-
lem that the guidance, order, rule, or regulation 
was intended to solve when issued; and 
‘‘(C) publish a report on such review and 
measurement in the Federal Register.’’. 
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(b) CONSIDERATION OF REVIEW AND ASSESSMENT; 
RULEMAKING REQUIREMENTS.—Section 1022(b) of the 
Consumer Financial Protection Act of 2010 (12 U.S.C. 
5512(b)) is amended by adding at the end the following: 
‘‘(5) CONSIDERATION OF REVIEW AND ASSESS-
MENT BY THE OFFICE OF ECONOMIC ANALYSIS.— 
‘‘(A) IN
GENERAL.—Before issuing any 
guidance, order, rule, or regulation, the com-
missioners of the Bureau shall consider the re-
view and assessment of such guidance, order, 
rule, or regulation carried out by the Office of 
Economic Analysis. 
‘‘(B) NOTICE OF DISAGREEMENT.—If any 
commissioner of the Bureau disagrees with any 
part of a review and assessment described 
under subparagraph (A) with respect to any 
guidance, order, rule, or regulation, the com-
missioner shall accompany any such guidance, 
order, rule, or regulation with a statement ex-
plaining why the commissioner so disagrees. 
‘‘(6) IDENTIFICATION
OF
PROBLEMS
AND 
METRICS FOR JUDGING SUCCESS.— 
‘‘(A) IN GENERAL.—The Bureau shall, in 
each proposed rulemaking of the Bureau— 
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‘‘(i) identify the problem that the par-
ticular rule or regulations is seeking to 
solve; and 
‘‘(ii) specify the metrics by which the 
Bureau will measure the success of the 
rule or regulation in solving such problem. 
‘‘(B) REQUIRED
METRICS.—The metrics 
specified under subparagraph (A)(ii) shall in-
clude a measurement of changes to consumer 
access to, and cost of, consumer financial prod-
ucts and services.’’. 
TITLE 
V—TRANSPARENCY 
IN 
CFPB 
COST-BENEFIT 
ANAL-
YSIS ACT 
SEC. 501. SHORT TITLE. 
This title may be cited as the ‘‘Transparency in 
CFPB Cost-Benefit Analysis Act’’. 
SEC. 502. TRANSPARENCY IN COST-BENEFIT ANALYSIS. 
Section 1022(b) of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5512(b)), as amended by sec-
tion 403, is further amended by adding at the end the 
following: 
‘‘(7) 
ADDITIONAL
RULEMAKING
REQUIRE-
MENTS.— 
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‘‘(A) IN GENERAL.—Each notice of pro-
posed rulemaking issued by the Bureau shall be 
published in its entirety in the Federal Register 
and shall include— 
‘‘(i) a statement of the need for the 
proposed regulation; 
‘‘(ii) an examination of why the Bu-
reau must undertake the proposed regula-
tion and why the private market, State, 
local, or tribal authorities cannot ade-
quately address the problem; 
‘‘(iii) an examination by the Office of 
Economic Analysis of whether the pro-
posed regulation is duplicative, incon-
sistent, or incompatible with other Federal 
regulations and orders; 
‘‘(iv) if the proposed regulation is 
found by the Office of Economic Analysis 
to be duplicative, inconsistent, or incom-
patible with other Federal regulations and 
orders, a discussion of— 
‘‘(I) why the proposed regulation 
is justified; 
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‘‘(II) how the proposed regulation 
can coexist with the existing regula-
tions; and 
‘‘(III) how the Bureau plans to 
reduce the regulatory burden associ-
ated with the duplicative, inconsistent, 
or incompatible proposed regulation; 
‘‘(v) a quantitative and qualitative as-
sessment by the Office of Economic Anal-
ysis of all anticipated direct and indirect 
costs and benefits of the proposed regula-
tion, including— 
‘‘(I) compliance costs for all reg-
ulated entities, including small busi-
nesses; 
‘‘(II) effects on economic activity, 
efficiency, competition, and capital 
formation; 
‘‘(III) regulatory and administra-
tive costs of implementation; and 
‘‘(IV) costs imposed on State, 
local, and tribal entities; 
‘‘(vi) an identification of reasonable 
alternatives to the regulation, including 
modification of an existing regulation; 
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‘‘(vii) an analysis by the Office of 
Economic Analysis of the costs and bene-
fits, both quantitative and qualitative, of 
any alternative identified pursuant to 
clause (vi); 
‘‘(viii) if the Office of Economic Anal-
ysis determines the proposed regulation 
would increase costs for small businesses, 
then the Bureau shall consult the Office of 
Advocacy within the Small Business Ad-
ministration to determine ways to minimize 
the effect of direct and indirect costs im-
posed on small businesses by the proposed 
regulation; 
‘‘(ix) if the Office of Economic Anal-
ysis determines that quantified net benefits 
of the proposed action do not outweigh the 
quantified net benefits of the alternatives, 
a justification of the regulation; 
‘‘(x) if quantified benefits identified 
pursuant to clause (v) by the Office of 
Economic Analysis do not outweigh the 
quantified costs of the regulation, a jus-
tification of the regulation; 
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‘‘(xi) an assessment by the Office of 
Economic Analysis of how the burden im-
posed by the regulation will be distributed, 
including whether consumers or small busi-
nesses will be disproportionately burdened; 
and 
‘‘(xii) when feasible, and using appro-
priate statistical techniques, a probability 
distribution prepared by the Office of Eco-
nomic Analysis of the relevant outcomes of 
the proposed regulation. 
‘‘(B) ASSUMPTIONS AND STUDIES USED.— 
With respect to the information required to be 
included under subparagraph (A) in a notice of 
proposed rulemaking, the Bureau shall include 
in such notice— 
‘‘(i) a discussion of underlying as-
sumptions used as a basis for such infor-
mation; and 
‘‘(ii) a description of any studies or 
data used in preparing such information, 
and whether such studies were peer-re-
viewed.’’. 
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TITLE VI—MAKING THE CFPB 
ACCOUNTABLE 
TO 
SMALL 
BUSINESSES ACT OF 2023 
SEC. 601. SHORT TITLE. 
This title may be cited as the ‘‘Making the CFPB 
Accountable to Small Businesses Act of 2023’’. 
SEC. 602. RULEMAKING UNDER DODD-FRANK WALL STREET 
REFORM AND CONSUMER PROTECTION ACT. 
Section 1022(b)(2)(A) of the Dodd-Frank Wall 
Street Reform and Consumer Protection Act (12 U.S.C. 
5512(b)(2)(A)) is amended— 
(1) in clause (i), by striking ‘‘and’’ at the end; 
(2) in clause (ii), by striking the semicolon at 
the end and inserting ‘‘; and’’; and 
(3) by adding at the end the following: 
‘‘(iii) the impact of proposed rules on 
small entities, in accordance with section 
609 of title 5, United States Code;’’. 
SEC. 603. INITIAL REGULATORY FLEXIBILITY ANALYSIS. 
Section 603(d)(1) of title 5, United States Code, is 
amended— 
(1) in subparagraph (B), by striking ‘‘and’’ at 
the end; 
(2) in subparagraph (C), by striking the period 
and inserting ‘‘; and’’; and 
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(3) by adding at the end the following: 
‘‘(D) with respect to the Bureau of Con-
sumer Financial Protection, if the Bureau does 
not adopt any alternatives described in para-
graphs (1) through (4) of subsection (c), a de-
tailed justification of the Bureau’s determina-
tion that the relative size and resources of small 
entities should have no bearing on the rule, 
supported by factual, policy and legal reasons.’’. 
SEC. 604. FINAL REGULATORY FLEXIBILITY ANALYSIS. 
Section 604(a) of title 5, United States Code, is 
amended by amending the second paragraph (6) to read 
as follows: 
‘‘(7) with respect to the Bureau of Consumer 
Financial Protection, a description of the steps the 
Bureau has taken to minimize any additional cost of 
credit for small entities and, where no significant al-
ternatives for small entities was adopted, a detailed 
justification of the Bureau’s determination that the 
relative size and resources of small entities should 
have no bearing on the rule, supported by factual, 
policy and legal reasons.’’. 
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TITLE 
VII—CFPB 
WHISTLE-
BLOWER 
INCENTIVES 
AND 
PROTECTION ACT 
SEC. 701. SHORT TITLE. 
This title may be cited as the ‘‘CFPB Whistleblower 
Incentives and Protection Act’’. 
SEC. 702. BUREAU WHISTLEBLOWER INCENTIVES AND PRO-
TECTION. 
(a) IN GENERAL.—The Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended by 
inserting after section 1017 the following: 
‘‘SEC. 1017A. WHISTLEBLOWER INCENTIVES AND PROTEC-
TION. 
‘‘(a) DEFINITIONS.—In this section: 
‘‘(1) ADMINISTRATIVE PROCEEDING OR COURT 
ACTION.—The term ‘administrative proceeding or 
court action’ means any judicial or administrative 
action brought by the Bureau that results in mone-
tary sanctions exceeding $1,000,000. 
‘‘(2) FUND.—The term ‘Fund’ means the ‘Con-
sumer Financial Civil Penalty Fund’ established 
under section 1017(b)(1). 
‘‘(3) MONETARY SANCTIONS.—The term ‘mone-
tary sanctions’, when used with respect to any ad-
ministrative proceeding or court action means any 
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monies, including penalties, disgorgement, restitu-
tion, or interest, ordered to be paid or other 
amounts of relief obtained under section 1055(a)(2). 
‘‘(4) 
ORIGINAL
INFORMATION.—The 
term 
‘original information’ means information that— 
‘‘(A) is derived from the independent 
knowledge or analysis of a whistleblower; 
‘‘(B) is not known to the Bureau from any 
other source, unless the whistleblower is the 
original source of the information; 
‘‘(C) is not exclusively derived from an al-
legation made in a judicial or administrative 
hearing, in a governmental report, hearing, or 
from the news media, unless the whistleblower 
is a source of the information; and 
‘‘(D) is not exclusively derived from an al-
legation made in an audit, examination, or in-
vestigation. 
‘‘(5) SUCCESSFUL
ENFORCEMENT.—The term 
‘successful enforcement’, when used with respect to 
any administrative proceeding or court action, in-
cludes any settlement of such action. 
‘‘(6) WHISTLEBLOWER.—The term ‘whistle-
blower’ means any individual, or 2 or more individ-
uals acting jointly, who provides original information 
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relating to a violation of Federal consumer financial 
law, consistent with any rule issued by the Bureau 
under this section. 
‘‘(b) AWARDS.— 
‘‘(1) IN GENERAL.—In any administrative pro-
ceeding or court action the Bureau, subject to rules 
prescribed by the Bureau and subject to subsection 
(c), shall pay an award or awards to 1 or more whis-
tleblowers who voluntarily provided original informa-
tion that led to the successful enforcement of the ad-
ministrative proceeding or court action in an aggre-
gate amount equal to— 
‘‘(A) not less than the greater of— 
‘‘(i) 10 percent, in total, of monetary 
sanctions imposed and collected in the ad-
ministrative proceeding or court action; or 
‘‘(ii) $50,000; and 
‘‘(B) not more than 30 percent, in total, of 
such monetary sanctions. 
‘‘(2) PAYMENT OF AWARDS.—Any amount paid 
under paragraph (1) shall be paid from the Fund. 
‘‘(3) AWARD MAXIMUM.—Notwithstanding any 
other provision in this section, the maximum award 
to any single whistleblower is limited to $5,000,000. 
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‘‘(c) DETERMINATION OF AMOUNT OF AWARD; DE-
NIAL OF AWARD.— 
‘‘(1) 
DETERMINATION
OF
AMOUNT
OF 
AWARD.— 
‘‘(A) DISCRETION.—The determination of 
the percentage amount of an award made under 
subsection (b) shall be in the discretion of the 
Bureau. 
‘‘(B) CRITERIA.—In determining the per-
centage amount of an award made under sub-
section (b), the Bureau shall take into consider-
ation— 
‘‘(i) the significance of the informa-
tion provided by the whistleblower to the 
successful enforcement of the administra-
tive proceeding or court action; 
‘‘(ii) the degree of assistance provided 
by the whistleblower and any legal rep-
resentative of the whistleblower in an ad-
ministrative proceeding or court action; 
‘‘(iii) the programmatic interest of the 
Bureau in deterring violations of Federal 
consumer financial law (including applica-
ble rules) by making awards to whistle-
blowers who provide information that leads 
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to the successful enforcement of such laws; 
and 
‘‘(iv) such additional relevant factors 
as the Bureau may establish by rule. 
‘‘(2) DENIAL
OF
AWARD.—No award under 
subsection (b) may be made— 
‘‘(A) to any whistleblower who is, or was at 
the time the whistleblower acquired the original 
information submitted to the Bureau, a mem-
ber, officer, or employee of an entity described 
in subclauses (I) through (V) of subsection 
(h)(1)(C)(i); 
‘‘(B) to any whistleblower who is convicted 
of a criminal violation related to the adminis-
trative proceeding or court action for which the 
whistleblower otherwise could receive an award 
under this section; 
‘‘(C) to any whistleblower who is found to 
be liable for the conduct in the administrative 
proceeding or court action, or a related action, 
for which the whistleblower otherwise could re-
ceive an award under this section; 
‘‘(D) to any whistleblower who planned 
and initiated the conduct at issue in the admin-
istrative proceeding or court action for which 
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the whistleblower otherwise could receive an 
award under this section; 
‘‘(E) to any whistleblower who submits in-
formation to the Bureau that is based on the 
facts underlying the administrative proceeding 
or court action previously submitted by another 
whistleblower; 
‘‘(F) to any whistleblower who knowingly 
and willfully makes any false, fictitious, or 
fraudulent statement or representation, or who 
makes or uses any false writing or document 
knowing the same to contain any false, ficti-
tious, or fraudulent statement or entry; and 
‘‘(G) to any whistleblower who fails to sub-
mit information to the Bureau in such form as 
the Bureau may, by rule, require. 
‘‘(d) REPRESENTATION.— 
‘‘(1) 
PERMITTED
REPRESENTATION.—Any 
whistleblower who makes a claim for an award under 
subsection (b) may be represented by counsel. 
‘‘(2) REQUIRED REPRESENTATION.— 
‘‘(A) IN
GENERAL.—Any whistleblower 
who anonymously makes a claim for an award 
under subsection (b) shall be represented by 
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counsel if the whistleblower submits the infor-
mation upon which the claim is based. 
‘‘(B) DISCLOSURE OF IDENTITY.—Prior to 
the payment of an award, a whistleblower shall 
disclose the identity of the whistleblower and 
provide such other information as the Bureau 
may require, directly or through counsel of the 
whistleblower. 
‘‘(e) NO CONTRACT NECESSARY.—No contract or 
other agreement with the Bureau is necessary for any 
whistleblower to receive an award under subsection (b), 
unless otherwise required by the Bureau by rule. 
‘‘(f) APPEALS.—Any determination made under this 
section, including whether, to whom, or in what amount 
to make awards, shall be in the discretion of the Bureau. 
Any such determination, except the determination of the 
amount of an award if the award was made in accordance 
with subsection (b), may be appealed to the appropriate 
court of appeals of the United States not more than 30 
days after the determination is issued by the Bureau. The 
court shall review the determination made by the Bureau 
in accordance with section 706 of title 5, United States 
Code. 
‘‘(g) REPORTS TO CONGRESS.—Not later than Octo-
ber 30 of each year, the Bureau shall transmit to the Com-
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mittee on Financial Services of the House of Representa-
tives and the Committee on Banking, Housing, and Urban 
Affairs of the Senate a report on the Bureau’s whistle-
blower award program under this section, including a de-
scription of the number of awards granted and the types 
of cases in which awards were granted during the pre-
ceding fiscal year. 
‘‘(h) PROTECTION OF WHISTLEBLOWERS.— 
‘‘(1) CONFIDENTIALITY.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraphs (B) and (C), the Bureau and 
any officer or employee of the Bureau, may not 
disclose any information, including information 
provided by a whistleblower to the Bureau, 
which could reasonably be expected to reveal 
the identity of a whistleblower, except in ac-
cordance with the provisions of section 552a of 
title 5, United States Code, unless and until re-
quired to be disclosed to a defendant or re-
spondent in connection with a public proceeding 
instituted by the Bureau or any entity described 
in subparagraph (C). For purposes of section 
552 of title 5, United States Code, this para-
graph shall be considered a statute described in 
subsection (b)(3)(B) of such section 552. 
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‘‘(B) EFFECT.—Nothing in this paragraph 
is intended to limit the ability of the Attorney 
General to present such evidence to a grand 
jury or to share such evidence with potential 
witnesses or defendants in the course of an on-
going criminal investigation. 
‘‘(C) 
AVAILABILITY
TO
GOVERNMENT 
AGENCIES.— 
‘‘(i) IN GENERAL.—Without the loss 
of its status as confidential in the hands of 
the Bureau, all information referred to in 
subparagraph (A) may, in the discretion of 
the Bureau, when determined by the Bu-
reau to be necessary or appropriate, be 
made available to— 
‘‘(I) the Department of Justice; 
‘‘(II) an appropriate department 
or agency of the Federal Government, 
acting within the scope of its jurisdic-
tion; 
‘‘(III) a State attorney general in 
connection with any criminal inves-
tigation; 
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‘‘(IV) an appropriate department 
or agency of any State, acting within 
the scope of its jurisdiction; and 
‘‘(V) a foreign regulatory author-
ity. 
‘‘(ii) MAINTENANCE
OF
INFORMA-
TION.—Each of the entities, agencies, or 
persons described in clause (i) shall main-
tain information described in that clause 
as confidential, in accordance with the re-
quirements in subparagraph (A). 
‘‘(2) RIGHTS RETAINED.—Nothing in this sec-
tion shall be deemed to diminish the rights, privi-
leges, or remedies of any whistleblower under section 
1057, any other Federal or State law, or under any 
collective bargaining agreement. 
‘‘(i) RULEMAKING AUTHORITY.—The Bureau shall 
have the authority to issue such rules as may be necessary 
or appropriate to implement the provisions of this section. 
‘‘(j) ORIGINAL
INFORMATION.—Information sub-
mitted to the Bureau by a whistleblower in accordance 
with rules implementing this section shall not lose its sta-
tus as original information solely because the whistle-
blower submitted such information prior to the effective 
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date of such rules, provided such information was sub-
mitted after the date of enactment of this section.’’. 
(b) CLERICAL AMENDMENT.—The table of contents 
under section 1(b) of the Dodd-Frank Wall Street Reform 
and Consumer Protection Act is amended by inserting 
after the item relating to section 1017 the following: 
‘‘Sec. 1017A. Whistleblower incentives and protection.’’. 
SEC. 703. AMENDMENT TO THE CONSUMER FINANCIAL 
CIVIL PENALTY FUND. 
Subsection (b)(2) of section 1017 of the Consumer 
Financial Protection Act of 2010 (12 U.S.C. 5497), as 
redesignated by section 202(3), is further amended by 
striking ‘‘under the Federal consumer financial laws.’’ and 
inserting ‘‘under the Federal consumer financial laws and 
for awards authorized under section 1017A.’’. 
Æ 
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