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CFPB Reform: Enhanced Transparency and Accountability in Consumer Financial Protection

This act introduces significant changes to the Consumer Financial Protection Bureau (CFPB), transforming its leadership from a single director to a five-member commission. The aim is to increase transparency and accountability, and to bring the Bureau into the regular congressional appropriations process. These changes could impact how the Bureau protects consumers and regulates the financial market.
Key points
CFPB Leadership Change: The Bureau will be led by a five-member commission instead of a single director, aiming for more balanced decision-making.
Budgetary Oversight: The CFPB will be subject to the regular congressional appropriations process, meaning greater oversight of its spending.
Independent Inspector General: The establishment of an independent Inspector General for the CFPB is intended to increase oversight of its operations and prevent abuses.
Economic Analysis and Small Business Impact: The Bureau will be required to conduct more thorough analyses of the impact of its regulations on consumers and small businesses, including costs and benefits, potentially leading to more considered rules.
Whistleblower Protection: Introduction of a reward and protection program for individuals reporting violations of consumer financial law, encouraging the disclosure of misconduct.
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Expired
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Additional Information
Print number: 118_HR_2798
Sponsor: Rep. Barr, Andy [R-KY-6]
Process start date: 2023-04-24
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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 Transparency and Accountability Reform Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_2798.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-04-24.

What are the main provisions?

Key points include:

  • CFPB Leadership Change: The Bureau will be led by a five-member commission instead of a single director, aiming for more balanced decision-making.
  • Budgetary Oversight: The CFPB will be subject to the regular congressional appropriations process, meaning greater oversight of its spending.
  • Independent Inspector General: The establishment of an independent Inspector General for the CFPB is intended to increase oversight of its operations and prevent abuses.
  • Economic Analysis and Small Business Impact: The Bureau will be required to conduct more thorough analyses of the impact of its regulations on consumers and small businesses, including costs and benefits, potentially leading to more considered rules.
  • Whistleblower Protection: Introduction of a reward and protection program for individuals reporting violations of consumer financial law, encouraging the disclosure of misconduct.
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 Rep. Barr, Andy [R-KY-6].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 241.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-25.

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