CFPB Transparency and Accountability Reform Act

Bill: 118-hr-2798
Sponsor: Rep. Barr, Andy [R-KY-6]
Introduced: 2023-04-24 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Advisory bodies
Appropriations
Banking and financial institutions regulation
Civil actions and liability
Congressional oversight
Consumer Financial Protection Bureau
Consumer affairs
Department of the Treasury
Economic performance and conditions
Executive agency funding and structure
Federal officials
Government employee pay, benefits, personnel management
Government ethics and transparency, public corruption
Government studies and investigations
Performance measurement
Presidents and presidential powers, Vice Presidents
Small business
Wages and earnings

Summary:
action_date: 2023-04-24
text: 

CFPB Transparency and Accountability Reform Act

 
 This bill changes the structure, funding, and rulemaking procedures of the Consumer Financial Protection Bureau. 
 
The bill removes the bureau from the Federal Reserve System and reestablishes it as an independent agency. The bill also changes the leadership structure by establishing a five-person commission led by a chair rather than a director as under current law. The bill eliminates the bureau's ability to receive funding through transfers from the Federal Reserve and brings the bureau under the regular appropriations process. The bill also establishes a separate inspector general for the bureau. Currently, the bureau is under the supervision of the Federal Reserve's Inspector General. 
 
Additionally, the bill creates within the bureau the Office of Economic Analysis that must review all proposed and existing guidance, orders, rules, and regulations. In the course of a rulemaking, the office must publish an assessment of all anticipated direct and indirect costs and benefits of the proposed regulation and of any reasonable alternatives. As part of the required analysis under the Regulatory Flexibility Act, the bureau must describe the impact on small businesses of proposed and final rules and a justification for the rejection of any alternatives. 
 
Finally, the bill requires the bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.

action_date: 2023-12-04
text: 

CFPB Transparency and Accountability Reform Act

 
 This bill changes the structure, funding, and rulemaking procedures of the Consumer Financial Protection Bureau. 
 
The bill removes the bureau from the Federal Reserve System and reestablishes it as an independent agency. The bill also changes the leadership structure by establishing a five-person commission led by a chair rather than a director as under current law. The bill eliminates the bureau's ability to receive funding through transfers from the Federal Reserve and brings the bureau under the regular appropriations process. The bill also establishes a separate inspector general for the bureau. Currently, the bureau is under the supervision of the Federal Reserve's Inspector General. 
 
Additionally, the bill creates within the bureau the Office of Economic Analysis that must review all proposed and existing guidance, orders, rules, and regulations. In the course of a rulemaking, the office must publish an assessment of all anticipated direct and indirect costs and benefits of the proposed regulation and of any reasonable alternatives. As part of the required analysis under the Regulatory Flexibility Act, the bureau must describe the impact on small businesses of proposed and final rules and a justification for the rejection of any alternatives. 
 
Finally, the bill requires the bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.


Legislative actions:
action_date: 2023-12-04
text: Placed on the Union Calendar, Calendar No. 241.
action_date: 2023-12-04
text: Committee on Small Business discharged.
action_date: 2023-12-04
text: Committee on Small Business discharged.
action_date: 2023-12-04
text: Committee on the Judiciary discharged.
action_date: 2023-12-04
text: Committee on the Judiciary discharged.
action_date: 2023-12-04
text: Committee on Oversight and Accountability discharged.
action_date: 2023-12-04
text: Committee on Oversight and Accountability discharged.
action_date: 2023-12-04
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.
action_date: 2023-12-04
text: Reported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.
action_date: 2023-04-26
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 23.
action_date: 2023-04-26
text: Committee Consideration and Mark-up Session Held.
action_date: 2023-04-24
text: 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 concerned.
action_date: 2023-04-24
text: 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 concerned.
action_date: 2023-04-24
text: 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 concerned.
action_date: 2023-04-24
text: 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 concerned.
action_date: 2023-04-24
text: Introduced in House
action_date: 2023-04-24
text: Introduced in House