Consumer Financial Protection Bureau Accountability Act of 2021
Bill: S.2790 | Sponsor: Sen. Hagerty, Bill (R-TN)
Policy area: Finance and Financial Sector

Summary:
Consumer Financial Protection Bureau Accountability Act of  2021
This bill changes the source of funding for the Consumer Financial Protection Bureau (CFPB) from Federal Reserve System transfers to annual appropriations. Under current law, the transfers from the Federal Reserve System permit the CFPB to be funded outside of the annual appropriations process.

To amend the Consumer Financial Protection Act of 2010 to subject the 
 Bureau of Consumer Financial Protection to the regular appropriations 
                    process, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Consumer Financial Protection Bureau 
Accountability Act of 2021''.

SEC. 2. SUBJECTING THE BUREAU OF CONSUMER FINANCIAL PROTECTION TO THE 
              REGULAR APPROPRIATIONS PROCESS.

    (a) In General.--Section 1017 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5497) is amended--
            (1) in subsection (a)--
                    (A) in the subsection heading, by striking 
                ``Transfer of Funds From Board Of Governors.--'' and 
                inserting ``Budget and Financial Management.--'';
                    (B) by striking paragraphs (1) through (3);
                    (C) by redesignating paragraphs (4) and (5) as 
                paragraphs (1) and (2), respectively; and
                    (D) in paragraph (1), as so redesignated--
                            (i) in the paragraph heading, by striking 
                        ``Budget and financial management.--'' and 
                        inserting ``In general.--'';
                            (ii) by striking subparagraph (E); and
                            (iii) by redesignating subparagraph (F) as 
                        subparagraph (E);
            (2) by striking subsections (b) and (c);
            (3) by redesignating subsections (d) and (e) as subsections 
        (b) and (c), respectively;
            (4) in subsection (b), as so redesignated--
                    (A) in paragraph (2)--
                            (i) in the first sentence, by inserting 
                        ``direct'' before ``victims''; and
                            (ii) by striking the second sentence; and
                    (B) by adding at the end the following:
            ``(3) Treatment of excess amounts.--If, after the Bureau 
        obtains a civil penalty in a judicial or administrative action 
        under Federal consumer financial laws, deposits that civil 
        penalty into the Civil Penalty Fund under paragraph (1), and, 
        under paragraph (2), makes payments to all of the direct 
        victims of activities for which that civil penalty was imposed, 
        amounts remain in the Civil Penalty Fund with respect to that 
        civil penalty, the Bureau shall transfer those excess amounts 
        to the general fund of the Treasury.''; and
            (5) in subsection (c), as so redesignated--
                    (A) by striking paragraphs (1) through (3) and 
                inserting the following:
            ``(1) Authorization of appropriations.--There is authorized 
        to be appropriated such funds as may be necessary to carry out 
        this title for fiscal year 2023.''; and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).
    (b) Effective Date.--The amendments made by this section shall take 
effect on October 1, 2022.
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