To make reforms to the Bureau of Consumer Financial Protection, and for other purposes.
CFPB Transparency and Accountability Reform Act
This bill changes the structure, funding, and rulemaking procedures of the Consumer Financial Protection Bureau.
The bill removes the bureau from the Federal Reserve System and reestablishes it as an independent agency. The bill also changes the leadership structure by establishing a five-person commission led by a chair rather than a director as under current law. The bill eliminates the bureau's ability to receive funding through transfers from the Federal Reserve and brings the bureau under the regular appropriations process. The bill also establishes a separate inspector general for the bureau. Currently, the bureau is under the supervision of the Federal Reserve's Inspector General.
Additionally, the bill creates within the bureau the Office of Economic Analysis that must review all proposed and existing guidance, orders, rules, and regulations. In the course of a rulemaking, the office must publish an assessment of all anticipated direct and indirect costs and benefits of the proposed regulation and of any reasonable alternatives. As part of the required analysis under the Regulatory Flexibility Act, the bureau must describe the impact on small businesses of proposed and final rules and a justification for the rejection of any alternatives.
Finally, the bill requires the bureau to provide awards to whistleblowers who report information resulting in monetary sanctions.
Referred to the House Committee on Financial Services.
Referred to the House Committee on Financial Services.
Referred to the Committee on Oversight and Accountability, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on the Judiciary, and in addition to the Committees on Small Business, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the House Committee on Financial Services.
Referred to the House Committee on Financial Services.
Referred to the House Committee on Financial Services.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in House
Introduced in House
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Financial Services, and in addition to the Committees on Oversight and Accountability, the Judiciary, and Small Business, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 23.
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Reported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.
Committee on Oversight and Accountability discharged.
Committee on Oversight and Accountability discharged.
Committee on the Judiciary discharged.
Committee on the Judiciary discharged.
Committee on Small Business discharged.
Committee on Small Business discharged.
Placed on the Union Calendar, Calendar No. 241.