Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013

Bill: 113-hr-3519
Sponsor: Rep. Neugebauer, Randy [R-TX-19]
Introduced: 2013-11-18 in the House
Policy area: Finance and Financial Sector
Subjects: Appropriations
Consumer Financial Protection Bureau
Consumer affairs
Executive agency funding and structure
Federal Reserve System
Financial services and investments

Summary:
action_date: 2013-11-18
text: 
 Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 - Amends the Consumer Financial Protection Act of 2010 to: (1) remove the Consumer Financial Protection Bureau (CFPB) from the Federal Reserve System, and (2) repeal the authority of the CFPB Director to establish CFPB regional offices in cities in which are located either Federal Reserve Banks or their branches. 
 
Repeals the mandatory annual transfer of funds to the CFPB from the Board of Governors of the Federal Reserve System. Subjects the CFPB to the regular authorization, budget, and appropriations process of the Department of the Treasury.
 
Repeals establishment of the CFPB Fund.
 
Revises authorization of appropriations for FY2010-FY2014 with an authorization for each of FY2014 and FY2015.

action_date: 2014-02-06
text: 
 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.


Legislative actions:
action_date: 2014-02-06
text: Placed on the Union Calendar, Calendar No. 257.
action_date: 2014-02-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-347.
action_date: 2014-02-06
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 113-347.
action_date: 2013-11-21
text: Ordered to be Reported (Amended) by the Yeas and Nays: 32 - 24.
action_date: 2013-11-21
text: Committee Consideration and Mark-up Session Held.
action_date: 2013-11-18
text: Referred to the House Committee on Financial Services.
action_date: 2013-11-18
text: Introduced in House
action_date: 2013-11-18
text: Introduced in House
action_date: 2013-10-29
text: Hearings Held by the Subcommittee on Capital Markets and Government Sponsored Enterprises Prior to Introduction and Referral.