S.365 - A bill 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.115th Congress (2017-2018)
|Sponsor:||Sen. Rounds, Mike [R-SD] (Introduced 02/13/2017)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 02/13/2017 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (All Actions)|
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Summary: S.365 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (02/13/2017)
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.