A bill to amend the Consumer Financial Protection Act of 2010 to remove the funding cap relating to the transfer of funds from the Board of Governors of the Federal Reserve System to the Bureau of Consumer Financial Protection, and for other purposes.

Bill: 115-s-365
Sponsor: full_name: Sen. Rounds, Mike [R-SD]
Introduced: 2017-02-13
Policy area: Finance and Financial Sector
Subjects: Banking and financial institutions regulation

Civil actions and liability

Consumer Financial Protection Bureau

Consumer credit

Executive agency funding and structure

Federal Reserve System

Government trust funds
Latest action: action_date: 2017-02-13
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2017-02-13
action_desc: Introduced in Senate
text: <p>This bill amends the Consumer Financial Protection Act of 2010 to eliminate funding for the Consumer Financial Protection Bureau (CFPB). </p> <p>Under current law, amounts from civil penalties obtained by the CFPB must be used for payments to the victims of the activities for which the civil penalties were imposed;&nbsp;to the extent that&nbsp;such payments are&nbsp;impracticable, the CFPB may instead use those&nbsp;amounts for the purpose of consumer education and financial literacy programs. The bill eliminates these requirements and instead specifies that such amounts must be credited to the Treasury.</p>

tv_txt: II 115th CONGRESS 1st Session S. 365 IN THE SENATE OF THE UNITED STATES February 13, 2017 Mr. Rounds introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To amend the Consumer Financial Protection Act of 2010 to remove the funding cap relating to the transfer of funds from the Board of Governors of the Federal Reserve System to the Bureau of Consumer Financial Protection, and for other purposes.

1. Funding for Bureau of Consumer Financial Protection Section 1017 ( 12 U.S.C. 5497 ) of the Consumer Financial Protection Act of 2010 is amended— (1) in subsection (a)— (A) by striking paragraphs (1) through (3); and (B) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; (2) in subsection (b)— (A) by striking paragraph (2); and (B) by redesignating paragraph (3) as paragraph (2); (3) in subsection (c)(1)— (A) in the first sentence, by striking , and shall remain available until expended, ; and (B) by inserting Any funds not expended by the Bureau shall be deposited into the general fund of the Treasury. after responsibilities. ; and (4) by striking subsection (d) and inserting the following: (d) Penalties and fines (1) Establishment of Civil Penalty Fund There is established in the Federal Reserve a separate fund, to be known as the Consumer Financial Civil Penalty Fund (referred to in this section as the Civil Penalty Fund ). The Civil Penalty Fund shall be maintained and established at a Federal reserve bank, in accordance with such requirements as the Board of Governors may impose. 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 into the Civil Penalty Fund, the amount of the penalty collected. (2) Transfer to general fund of the Treasury Amounts in the Civil Penalty Fund shall be deposited into the general fund of the Treasury. .