Title: 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.
Policy area: Finance and Financial Sector

Summary:
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.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 365 Introduced in Senate (IS)]

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115th CONGRESS
  1st Session
                                 S. 365

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           February 13, 2017

  Mr. Rounds introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 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.

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

SECTION 1. FUNDING FOR BUREAU OF CONSUMER FINANCIAL PROTECTION.

    Section 1017 (12 U.S.C. 5497) of the Consumer Financial Protection 
Act of 2010 is amended--
            (1) in subsection (a)--
                    (A) by striking paragraphs (1) through (3); and
                    (B) by redesignating paragraphs (4) and (5) as 
                paragraphs (1) and (2), respectively;
            (2) in subsection (b)--
                    (A) by striking paragraph (2); and
                    (B) by redesignating paragraph (3) as paragraph 
                (2);
            (3) in subsection (c)(1)--
                    (A) in the first sentence, by striking ``, and 
                shall remain available until expended,''; and
                    (B) by inserting ``Any funds not expended by the 
                Bureau shall be deposited into the general fund of the 
                Treasury.'' after ``responsibilities.''; and
            (4) by striking subsection (d) and inserting the following:
    ``(d) Penalties and Fines.--
            ``(1) Establishment of civil penalty fund.--There is 
        established in the Federal Reserve a separate fund, to be known 
        as the `Consumer Financial Civil Penalty Fund' (referred to in 
        this section as the `Civil Penalty Fund'). The Civil Penalty 
        Fund shall be maintained and established at a Federal reserve 
        bank, in accordance with such requirements as the Board of 
        Governors may impose. If the Bureau obtains a civil penalty 
        against any person in any judicial or administrative action 
        under Federal consumer financial laws, the Bureau shall deposit 
        into the Civil Penalty Fund, the amount of the penalty 
        collected.
            ``(2) Transfer to general fund of the treasury.--Amounts in 
        the Civil Penalty Fund shall be deposited into the general fund 
        of the Treasury.''.
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