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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 13, 2017.
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.