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HOUSE 2798118th CongressPlaced on the Union Calendar, Calendar No. 241.

CFPB Transparency and Accountability Reform Act

Last Action
12/4/2023

Actions

  • 2023-12-04Placed on the Union Calendar, Calendar No. 241.
  • 2023-12-04Committee on Small Business discharged.
  • 2023-12-04Committee on Small Business discharged.
  • 2023-12-04Committee on the Judiciary discharged.
  • 2023-12-04Committee on the Judiciary discharged.
  • 2023-12-04Committee on Oversight and Accountability discharged.
  • 2023-12-04Committee on Oversight and Accountability discharged.
  • 2023-12-04Reported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.
  • 2023-12-04Reported (Amended) by the Committee on Financial Services. H. Rept. 118-297, Part I.
  • 2023-04-26Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 26 - 23.
  • 2023-04-26Committee Consideration and Mark-up Session Held.
  • 2023-04-24Referred 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.
  • 2023-04-24Referred 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.
  • 2023-04-24Referred 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.
  • 2023-04-24Referred 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.

Showing 15 of 17 actions. Full history on Congress.gov.

CRS Summary

As of 2023-12-04 (08)

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.

Cosponsors (2)

  • Erin Houchin (R-IN)
  • Wesley Hunt (R-TX)

Subjects

  • Administrative law and regulatory procedures
  • Advisory bodies
  • Appropriations
  • Banking and financial institutions regulation
  • Civil actions and liability
  • Congressional oversight
  • Consumer Financial Protection Bureau
  • Consumer affairs
  • Department of the Treasury
  • Economic performance and conditions
  • Executive agency funding and structure
  • Federal officials
  • Government employee pay, benefits, personnel management
  • Government ethics and transparency, public corruption
  • Government studies and investigations
  • Performance measurement
  • Presidents and presidential powers, Vice Presidents
  • Small business
  • Wages and earnings
Read on Congress.gov

Sourced from Congress.gov (public domain).

This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.