IN THE SENATE OF THE UNITED STATES
February 13, 2017
Mr. Rounds introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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.
Funding for Bureau of Consumer Financial Protection
Section 1017 (12 U.S.C. 5497) of the Consumer Financial Protection Act of 2010 is amended—
in subsection (a)—
by striking paragraphs (1) through (3); and
by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively;
in subsection (b)—
by striking paragraph (2); and
by redesignating paragraph (3) as paragraph (2);
in subsection (c)(1)—
in the first sentence, by striking
, and shall remain available until expended,; and
Any funds not expended by the Bureau shall be deposited into the general fund of the Treasury. after
by striking subsection (d) and inserting the following:
Penalties and fines
Establishment of Civil Penalty Fund
There is established in the Federal Reserve a separate fund, to be known as the
Consumer Financial Civil Penalty Fund (referred to in this section as the
Civil Penalty Fund). The Civil Penalty Fund shall be maintained and established at a Federal reserve bank, in accordance with such requirements as the Board of Governors may impose. If the Bureau obtains a civil penalty against any person in any judicial or administrative action under Federal consumer financial laws, the Bureau shall deposit into the Civil Penalty Fund, the amount of the penalty collected.
Transfer to general fund of the Treasury
Amounts in the Civil Penalty Fund shall be deposited into the general fund of the Treasury.