Text: H.R.3389 — 113th Congress (2013-2014)All Information (Except Text)

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Introduced in House (10/30/2013)

 
[Congressional Bills 113th Congress]
[From the U.S. Government Printing Office]
[H.R. 3389 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3389

  To repeal the Consumer Financial Civil Penalty Fund and to deposit 
    existing amounts in such Fund into the Treasury, and for other 
                               purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            October 30, 2013

 Mrs. Capito (for herself, Mr. Huizenga of Michigan, Mr. Westmoreland, 
Mr. Cotton, Mr. Garrett, Mr. Campbell, Mr. Luetkemeyer, Mr. Duffy, Mr. 
 Bachus, Mr. Posey, and Mr. Pittenger) introduced the following bill; 
       which was referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To repeal the Consumer Financial Civil Penalty Fund and to deposit 
    existing amounts in such Fund into the Treasury, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``CFPB Slush Fund Elimination Act of 
2013''.

SEC. 2. REPEAL OF FUND.

    (a) In General.--Section 1017 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5497) is amended--
            (1) in subsection (c), by striking ``and in the Civil 
        Penalty Fund established under subsection (d)''; and
            (2) by amending subsection (d) to read as follows:
    ``(d) Penalty Funds Deposited Into the General Fund.--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 the amount of the penalty collected into the general fund 
of the Treasury.''.
    (b) Funds Deposited in Treasury.--The Board of Governors of the 
Federal Reserve System shall deposit all amounts in the Consumer 
Financial Civil Penalty Fund into the general fund of the Treasury.
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