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H.R. 2798 118th Congress House

CFPB Transparency and Accountability Reform Act

Official title: To make reforms to the Bureau of Consumer Financial Protection, and for other purposes.

Introduced: November 6, 2023 Introduced by: Andy Barr Republican · Kentucky See on congress.gov
Finance and Financial Sector Administrative law and regulatory proceduresAdvisory bodiesAppropriationsBanking and financial institutions regulation
More subjectsShow fewer subjects
Civil actions and liabilityCongressional oversightConsumer Financial Protection BureauConsumer affairsDepartment of the TreasuryEconomic performance and conditionsExecutive agency funding and structureFederal officialsGovernment employee pay, benefits, personnel managementGovernment ethics and transparency, public corruptionGovernment studies and investigationsPerformance measurementPresidents and presidential powers, Vice PresidentsSmall businessWages and earnings
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 9 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 4, 2023
Placed on the Union Calendar, Calendar No. 241.
Dec 4, 2023
Committee on Small Business discharged.
Dec 4, 2023
Committee on the Judiciary discharged.
Dec 4, 2023
Committee on Oversight and Accountability discharged.
Dec 4, 2023
Reported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.
Apr 26, 2023
Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 23.
Apr 26, 2023
Committee Consideration and Mark-up Session Held.
Apr 24, 2023
Introduced in House
Apr 24, 2023
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.
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 Latest action December 4, 2023

Placed on the Union Calendar, Calendar No. 241.

 Plain-English summary Congressional Research Service

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.

 Related & companion bills 9
  • HR 1313 Transparency in CFPB Cost-Benefit Analysis Act
  • HR 1410 Consumer Financial Protection Commission Act
  • HR 1411 CFPB–IG Reform Act of 2023
  • HR 1749 Making the CFPB Accountable to Small Businesses Act of 2023
  • HR 2465 Financial Compensation for CFPB Whistleblowers Act
  • HR 2489 CFPB Dual Mandate and Economic Analysis Act
  • HR 2490 CFPB Whistleblower Incentives and Protection Act
  • S 1124 Financial Compensation for CFPB Whistleblowers Act
  • S 1362 Transparency in CFPB Cost-Benefit Analysis Act
 Bill text 2 versions

Source documents hosted by congress.gov.

 Committees of jurisdiction 4
 Cosponsors 2
All 2 Republican 2
R
Hunt, Wesley
Texas · Nov 6, 2023
 R
Houchin, Erin
Indiana · Jun 14, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 2798: CFPB Transparency and Accountability Reform Act. 118th Congress. Open America. https://openamerica.io/bill/118-HR-2798/
MLA
"H.R. 2798: CFPB Transparency and Accountability Reform Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-HR-2798/.
Bluebook (legal)
H.R. 2798, 118th Cong. (2026), https://openamerica.io/bill/118-HR-2798/.
Markdown link
[H.R. 2798: CFPB Transparency and Accountability Reform Act](https://openamerica.io/bill/118-HR-2798/)
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