Bill Summary
The Consumer Financial Protection Bureau Accountability Act of 2021 is a bill aimed at amending the Consumer Financial Protection Act of 2010. The main purpose of this bill is to subject the Bureau of Consumer Financial Protection to the regular appropriations process. This means that the Bureau's budget and financial management will be subject to the same process as other government agencies, rather than being able to transfer funds from the Board of Governors as previously allowed. This bill also includes provisions for the treatment of excess amounts in the Civil Penalty Fund and authorizes the appropriation of funds for fiscal year 2023. The effective date for these changes is October 1, 2022.
Possible Impacts
1. The Act may limit the funding available to the Bureau of Consumer Financial Protection and affect its ability to carry out its duties effectively.
2. Individuals who have been victims of financial fraud or abuse may be impacted by the changes to the Civil Penalty Fund, as any excess funds will now be transferred to the general fund of the Treasury instead of being used to compensate victims.
3. The annual budget for the Bureau may be affected by this Act, potentially leading to changes in the organization's operations and services.
[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[S. 2790 Introduced in Senate (IS)]
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117th CONGRESS
1st Session
S. 2790
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.
_______________________________________________________________________
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.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Consumer Financial Protection Bureau
Accountability Act of 2021''.
SEC. 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.
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