CFPB Slush Fund Elimination Act of 2013

Bill: 113-hr-3389
Sponsor: full_name: Rep. Capito, Shelley Moore [R-WV-2]
Introduced: 2013-10-30
Policy area: Finance and Financial Sector
Subjects: Civil actions and liability

Consumer affairs

Financial services and investments

Government trust funds
Latest action: action_date: 2014-06-11
text: Ordered to be Reported (Amended) by the Yeas and Nays: 31 - 27.

Summaries:
action_date: 2013-10-30
action_desc: Introduced in House
text: <p>CFPB Slush Fund Elimination Act of 2013 - Amends the Consumer Financial Protection Act of 2010 to repeal the Consumer Financial Civil Penalty Fund, into which are deposited any civil penalties paid in judicial or administrative actions under federal consumer financial laws. </p> <p> <times/> Requires the Board of Governors of the Federal Reserve System to deposit all such civil penalties, and all amounts currently in the Civil Penalty Fund, into the Treasury's general fund. </p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3389 IN THE HOUSE OF REPRESENTATIVES October 30, 2013 Mrs. Capito (for herself, Mr. Huizenga of Michigan , Mr. Westmoreland , Mr. Cotton , Mr. Garrett , Mr. Campbell , Mr. Luetkemeyer , Mr. Duffy , Mr. Bachus , Mr. Posey , and Mr. Pittenger ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To repeal the Consumer Financial Civil Penalty Fund and to deposit existing amounts in such Fund into the Treasury, and for other purposes.

1. Short title This Act may be cited as the CFPB Slush Fund Elimination Act of 2013 . 2. Repeal of Fund (a) In general Section 1017 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497 ) is amended— (1) in subsection (c), by striking and in the Civil Penalty Fund established under subsection (d) ; and (2) by amending subsection (d) to read as follows: (d) Penalty funds deposited into the general fund 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 the amount of the penalty collected into the general fund of the Treasury. . (b) Funds deposited in Treasury The Board of Governors of the Federal Reserve System shall deposit all amounts in the Consumer Financial Civil Penalty Fund into the general fund of the Treasury.