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Consumer Financial Protection Bureau Accountability Act of 2023


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Representative DRAKE, for himself (and with thanks to Senator HAGERTY), introduced the following 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,


This Act may be cited as the “Consumer Financial Protection Bureau Accountability Act of 2021”.


(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, 2024.



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.

Christopher Drake

Republican, NY-2

Speaker of the United States House of Representatives

Former Chief Administrator - Rounds 4 & 5, Evil Arch-Conservative, Frequent Republican Player


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