Consumer Financial Protection Bureau Accountability Act of 2021

Bill: 117-s-2790
Sponsor: full_name: Sen. Hagerty, Bill [R-TN]
Introduced: 2021-09-21
Policy area: Finance and Financial Sector
Latest action: action_date: 2021-09-21
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2021-09-21
action_desc: Introduced in Senate
text: <p><b>Consumer Financial Protection Bureau Accountability Act of </b> <b>2021</b></p> <p>This bill changes the source of funding for the Consumer Financial Protection Bureau (CFPB) from Federal Reserve System transfers to annual appropriations. Under current law, the transfers from the Federal Reserve System permit the CFPB to be funded outside of the annual appropriations process. </p>

tv_txt: II 117th CONGRESS 1st Session S. 2790 IN THE SENATE OF THE UNITED STATES September 21, 2021 Mr. Hagerty (for himself, Ms. Lummis , Mr. Scott of South Carolina , Mr. Kennedy , Mrs. Blackburn , Mr. Cruz , Mr. Barrasso , Mr. Hoeven , Mr. Grassley , Mr. Braun , Mr. Rubio , Mrs. Capito , Ms. Collins , Mr. Cotton , Mr. Cramer , Mr. Boozman , and Mr. Scott of Florida ) 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 subject the Bureau of Consumer Financial Protection to the regular appropriations process, and for other purposes.

1. Short title This Act may be cited as the Consumer Financial Protection Bureau Accountability Act of 2021 . 2. Subjecting the Bureau of Consumer Financial Protection to the regular appropriations process (a) In general Section 1017 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497 ) is amended— (1) in subsection (a)— (A) in the subsection heading, by striking “ Transfer of Funds From Board Of Governors.— ” and inserting Budget and Financial Management.— ; (B) by striking paragraphs (1) through (3); (C) by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and (D) in paragraph (1), as so redesignated— (i) in the paragraph heading, by striking Budget and financial management.— and inserting In general.— ; (ii) by striking subparagraph (E); and (iii) 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; (4) in subsection (b), as so redesignated— (A) in paragraph (2)— (i) in the first sentence, by inserting direct before victims ; and (ii) by striking the second sentence; and (B) by adding at the end the following: (3) Treatment of excess amounts If, after the Bureau obtains a civil penalty in a judicial or administrative action under Federal consumer financial laws, deposits that civil penalty into the Civil Penalty Fund under paragraph (1), and, under paragraph (2), makes payments to all of the direct victims of activities for which that civil penalty was imposed, amounts remain in the Civil Penalty Fund with respect to that civil penalty, the Bureau shall transfer those excess amounts to the general fund of the Treasury. ; and (5) in subsection (c), as so redesignated— (A) by striking paragraphs (1) through (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 2023. ; and (B) by redesignating paragraph (4) as paragraph (2). (b) Effective date The amendments made by this section shall take effect on October 1, 2022.