Title: To amend the Consumer Financial Protection Act of 2010 to reform the Consumer Financial Civil Penalty Fund and to prohibit the Bureau of Consumer Financial Protection from serving as the administrator of redress payments, and for other purposes.
Policy area: Finance and Financial Sector

Summary:
This bill amends the Consumer Financial Protection Act of 2010 to modify the uses of civil penalties assessed under federal consumer financial laws. Specifically, amounts shall be paid to individuals who first notified the Consumer Financial Protection Bureau of violations, and excess funds must be returned to the Treasury (under current law, amounts are available as payments to victims of violations).

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6163 Introduced in House (IH)]

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115th CONGRESS
  2d Session
                                H. R. 6163

 To amend the Consumer Financial Protection Act of 2010 to reform the 
  Consumer Financial Civil Penalty Fund and to prohibit the Bureau of 
  Consumer Financial Protection from serving as the administrator of 
               redress payments, and for other purposes.


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                    IN THE HOUSE OF REPRESENTATIVES

                             June 20, 2018

 Mr. Mooney of West Virginia introduced the following bill; which was 
            referred to the Committee on Financial Services

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                                 A BILL


 
 To amend the Consumer Financial Protection Act of 2010 to reform the 
  Consumer Financial Civil Penalty Fund and to prohibit the Bureau of 
  Consumer Financial Protection from serving as the administrator of 
               redress payments, 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. MONETARY PENALTY AND REDRESS REFORMS.

    Section 1017(d) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5497(d)) is amended--
            (1) in the heading of paragraph (1), by striking ``victims 
        relief fund'' and inserting ``Civil penalty fund'';
            (2) by amending paragraph (2) to read as follows:
            ``(2) Use of civil penalty fund.--With respect to civil 
        penalty amounts in the Civil Penalty Fund, the Bureau shall--
                    ``(A) pay such amounts to the individual or 
                individuals who first made the Bureau aware of the 
                activities that led to the civil penalty; or
                    ``(B) if the Bureau is unable to locate such 
                individual or individuals, transfer such amounts to the 
                Secretary of the Treasury for deposit into the general 
                fund of the Treasury.''; and
            (3) by adding at the end the following:
            ``(3) Prohibition on bureau-administered redress 
        payments.--The Bureau may not serve as the administrator of 
        redress payments paid under a judicial or administrative action 
        brought under the Federal consumer financial laws.''.
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