Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013

Bill: 113-hr-3519
Sponsor: full_name: Rep. Neugebauer, Randy [R-TX-19]
Introduced: 2013-11-18
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
Latest action: action_date: 2014-02-06
text: Placed on the Union Calendar, Calendar No. 257.

Summaries:
action_date: 2013-11-18
action_desc: Introduced in House
text: <p> 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. </p> <p>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.</p> <p>Repeals establishment of the CFPB Fund.</p> <p>Revises authorization of appropriations for FY2010-FY2014 with an authorization for each of FY2014 and FY2015.</p>

action_date: 2014-02-06
action_desc: Reported to House with amendment(s)
text: <p> 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. </p> <p>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. <p>(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. <p>Eliminates the Consumer Financial Protection Fund. <p> Authorizes appropriations for each of FY2014 and FY2015. <p>(Sec. 4) Deems any reference in any record of the United States to the CFPB to be a reference to the FPSC.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 3519 IN THE HOUSE OF REPRESENTATIVES November 18, 2013 Mr. Neugebauer introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent agency.

1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 . 2. Making the Bureau an independent agency The Consumer Financial Protection Act of 2010 is amended— (1) in section 1011— (A) in subsection (a), by striking in the Federal Reserve System, ; and (B) in subsection (e), by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located, ; (2) in section 1012(c), by striking paragraphs (2), (3), (4), and (5); and (3) in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis. . 3. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 is amended— (1) in subsection (a)— (A) by amending the heading of such subsection to read as follows: Budget, financial management, and audit.— ; (B) by striking paragraphs (1), (2), and (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated; (2) by striking subsections (b) and (c); (3) by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and (4) in subsection (c), as so redesignated— (A) by striking paragraphs (1), (2), and (3) and inserting the following: (1) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to carry out this title for each of fiscal years 2014 and 2015. ; and (B) by redesignating paragraph (4) as paragraph (2).

tv_txt: IB Union Calendar No. 257 113th CONGRESS 2d Session H. R. 3519 [Report No. 113–347] IN THE HOUSE OF REPRESENTATIVES November 18, 2013 Mr. Neugebauer introduced the following bill; which was referred to the Committee on Financial Services February 6, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed Strike out all after the enacting clause and insert the part printed in italic A BILL To amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent agency.

1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 . 2. Making the Bureau an independent agency The Consumer Financial Protection Act of 2010 is amended— (1) in section 1011— (A) in subsection (a), by striking in the Federal Reserve System, ; and (B) in subsection (e), by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located, ; (2) in section 1012(c), by striking paragraphs (2), (3), (4), and (5); and (3) in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis. . 3. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 is amended— (1) in subsection (a)— (A) by amending the heading of such subsection to read as follows: Budget, financial management, and audit.— ; (B) by striking paragraphs (1), (2), and (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated; (2) by striking subsections (b) and (c); (3) by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and (4) in subsection (c), as so redesignated— (A) by striking paragraphs (1), (2), and (3) and inserting the following: (1) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to carry out this title for each of fiscal years 2014 and 2015. ; and (B) by redesignating paragraph (4) as paragraph (2).

1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013 . 2. Making the Bureau an independent agency The Consumer Financial Protection Act of 2010 is amended— (1) in section 1011— (A) in subsection (a)— (i) by striking in the Federal Reserve System, ; and (ii) by striking Bureau of Consumer Financial Protection and inserting Financial Product Safety Commission ; and (B) in subsection (e), by striking , including in cities in which the Federal reserve banks, or branches of such banks, are located, ; (2) in section 1012(c), by striking paragraphs (2), (3), (4), and (5); and (3) in section 1014(b), by striking Not fewer than 6 members shall be appointed upon the recommendation of the regional Federal Reserve Bank Presidents, on a rotating basis. . 3. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 is amended— (1) in subsection (a)— (A) by amending the heading of such subsection to read as follows: Budget, financial management, and audit.— ; (B) by striking paragraphs (1), (2), and (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated; (2) by striking subsections (b) and (c); (3) by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and (4) in subsection (c), as so redesignated— (A) by striking paragraphs (1), (2), and (3) and inserting the following: (1) Authorization of appropriations There are authorized to be appropriated such sums as may be necessary to carry out this title for each of fiscal years 2014 and 2015. ; and (B) by redesignating paragraph (4) as paragraph (2). 4. Deeming of name Any reference in a law, regulation, document, paper, or other record of the United States to the Bureau of Consumer Financial Protection shall be deemed a reference to the Financial Product Safety Commission.

February 6, 2014 Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed