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Financial Oversight Changes: Increased Control Over Consumer Protection Agency.

This act changes how the Consumer Financial Protection Bureau (CFPB) operates, transforming it from a single-director agency into a five-member commission. This means decisions regarding consumer financial protection will be made by a group, not an individual. Additionally, the CFPB's funding will now depend on annual Congressional appropriations, which could impact its operational capacity.
Key points
CFPB Management: Instead of a single director, the agency will be managed by a five-member commission, potentially leading to more balanced decisions.
CFPB Funding: The agency will need to seek funds from Congress annually, which may affect its independence and scope of activities.
Penalty Funds: Excess civil penalties collected from companies, after compensating direct victims, will go to the U.S. Treasury instead of remaining in the CFPB's fund.
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Additional Information
Print number: 117_S_5280
Sponsor: Sen. Toomey, Patrick [R-PA]
Process start date: 2022-12-15
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

CFPB Stability Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_5280.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-12-15.

What are the main provisions?

Key points include:

  • CFPB Management: Instead of a single director, the agency will be managed by a five-member commission, potentially leading to more balanced decisions.
  • CFPB Funding: The agency will need to seek funds from Congress annually, which may affect its independence and scope of activities.
  • Penalty Funds: Excess civil penalties collected from companies, after compensating direct victims, will go to the U.S. Treasury instead of remaining in the CFPB's fund.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Toomey, Patrick [R-PA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Courts and Law