S 365
115th Congress
Senate
Finance and Financial Sector
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
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.
Introduced: February 13, 2017
Introduced by:
Rounds, Mike
Republican
· South Dakota
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 13, 2017
Introduced in Senate
Feb 13, 2017
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Plain-English summary
This bill amends the Consumer Financial Protection Act of 2010 to eliminate funding for the Consumer Financial Protection Bureau (CFPB).
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; to the extent that such payments are impracticable, the CFPB may instead use those 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1
Cosponsors
1