To amend the Consumer Financial Protection Act of 2010 to reform the Consumer Financial Civil Penalty Fund and to prohibit the Bureau of Consumer Financial Protection from serving as the administrator of redress payments, and for other purposes.

Bill: 115-hr-6163
Sponsor: full_name: Rep. Mooney, Alexander X. [R-WV-2]
Introduced: 2018-06-20
Policy area: Finance and Financial Sector
Subjects: Administrative remedies

Civil actions and liability

Consumer affairs

Fraud offenses and financial crimes
Latest action: action_date: 2018-06-20
text: Referred to the House Committee on Financial Services.

Summaries:
action_date: 2018-06-20
action_desc: Introduced in House
text: <p>This bill amends the Consumer Financial Protection Act of 2010 to modify the uses of civil penalties assessed under federal consumer financial laws. Specifically, amounts shall be paid to individuals who first notified the Consumer Financial Protection Bureau of violations, and excess funds must be returned to the Treasury (under current law, amounts are available as payments to victims of violations).</p>

tv_txt: I 115th CONGRESS 2d Session H. R. 6163 IN THE HOUSE OF REPRESENTATIVES June 20, 2018 Mr. Mooney of West Virginia 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 reform the Consumer Financial Civil Penalty Fund and to prohibit the Bureau of Consumer Financial Protection from serving as the administrator of redress payments, and for other purposes.

1. Monetary penalty and redress reforms Section 1017(d) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497(d) ) is amended— (1) in the heading of paragraph (1), by striking victims relief fund and inserting Civil Penalty Fund ; (2) by amending paragraph (2) to read as follows: (2) Use of Civil Penalty Fund With respect to civil penalty amounts in the Civil Penalty Fund, the Bureau shall— (A) pay such amounts to the individual or individuals who first made the Bureau aware of the activities that led to the civil penalty; or (B) if the Bureau is unable to locate such individual or individuals, transfer such amounts to the Secretary of the Treasury for deposit into the general fund of the Treasury. ; and (3) by adding at the end the following: (3) Prohibition on Bureau-administered redress payments The Bureau may not serve as the administrator of redress payments paid under a judicial or administrative action brought under the Federal consumer financial laws. .