Bureau of Consumer Financial Protection Accountability Act of 2015

Bill: 114-hr-1261
Sponsor: full_name: Rep. Duffy, Sean P. [R-WI-7]
Introduced: 2015-03-04
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: 2015-03-04
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2015-03-04
action_desc: Introduced in House
text: <p><b>Bureau of Consumer Financial Protection Accountability Act of 2015 </b></p> <p>This bill amends the Consumer Financial Protection Act of 2010 to eliminate provisions that fund the Consumer Financial Protection Bureau (CFPB) using transfers from the earnings of the Federal Reserve System. The transfers under current law permit the CFPB to be funded outside of the annual appropriations process, and this bill brings the CFPB into the regular process. </p>

tv_txt: I 114th CONGRESS 1st Session H. R. 1261 IN THE HOUSE OF REPRESENTATIVES March 4, 2015 Mr. Duffy 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 bring the Bureau of Consumer Financial Protection into the regular appropriations process, and for other purposes.

1. Short title This Act may be cited as the Bureau of Consumer Financial Protection Accountability Act of 2015 . 2. Bringing the Bureau into the regular appropriations process Section 1017 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497 ) 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) in paragraph (1), as so redesignated— (i) by striking subparagraph (E); and (ii) by redesignating subparagraph (F) as subparagraph (E); (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 is authorized to be appropriated such funds as may be necessary to carry out this title for fiscal year 2017. ; and (B) by redesignating paragraph (4) as paragraph (2).