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Consumer Financial Protection Bureau Accountability Act: Changing funding and civil penalties.

This bill changes how the Consumer Financial Protection Bureau (CFPB) is funded, moving it from an independent source to the regular Congressional appropriations process, meaning its operations will depend on annual budget decisions. Furthermore, any surplus funds from civil penalties, after direct victims of financial misconduct have been compensated, must be transferred to the general fund of the Treasury. These changes could affect the CFPB's ability to quickly respond and conduct consumer protection activities.
Key points
CFPB Funding: The Consumer Financial Protection Bureau must now seek funds through the regular Congressional budget process, potentially impacting its independence and financial stability.
Civil Penalties: Surplus money from civil penalties imposed on financial companies, remaining after compensating direct victims, will be transferred to the U.S. Treasury.
Effective Date: The funding changes will take effect on October 1, 2025.
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Additional Information
Print number: 118_S_4521
Sponsor: Sen. Hagerty, Bill [R-TN]
Process start date: 2024-06-12
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Consumer Financial Protection Bureau Accountability Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4521.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-06-12.

What are the main provisions?

Key points include:

  • CFPB Funding: The Consumer Financial Protection Bureau must now seek funds through the regular Congressional budget process, potentially impacting its independence and financial stability.
  • Civil Penalties: Surplus money from civil penalties imposed on financial companies, remaining after compensating direct victims, will be transferred to the U.S. Treasury.
  • Effective Date: The funding changes will take effect on October 1, 2025.
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. Hagerty, Bill [R-TN].

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 2025-12-26.

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Economy Courts and Law