Summary: S.365 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.365. Bill summaries are authored by CRS.

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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.