Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013

Bureau of Consumer Financial Protection Accountability Act and Transparency Act of 2013 - (Sec. 2) Amends the Consumer Financial Protection Act of 2010 to: (1) rename the Consumer Financial Protection Bureau (CFPB) the Financial Product Safety Commission (FPSC) , (2) remove it from the Federal Reserve System, and (3) repeal the authority of the FPSC Director to establish regional offices in cities in which either Federal Reserve Banks or their branches are located.

Repeals the requirement that not fewer than six members of the Consumer Advisory Board be appointed to it by the FPSC Director on a rotating basis upon the recommendation of the regional Federal Reserve Bank Presidents.

(Sec. 3) Repeals the mandatory annual transfer of funds to the CFPB from the Board of Governors of the Federal Reserve System. Subjects the FPSC to the regular authorization, budget, and appropriations process of the Department of the Treasury.

Eliminates the Consumer Financial Protection Fund.

Authorizes appropriations for each of FY2014 and FY2015.

(Sec. 4) Deems any reference in any record of the United States to the CFPB to be a reference to the FPSC.

[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3519 Introduced in House (IH)]

113th CONGRESS
  1st Session
                                H. R. 3519

  To amend the Consumer Financial Protection Act of 2010 to make the 
     Bureau of Consumer Financial Protection an independent agency.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 18, 2013

Mr. Neugebauer introduced the following bill; which was referred to the 
                    Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
  To amend the Consumer Financial Protection Act of 2010 to make the 
     Bureau of Consumer Financial Protection an independent agency.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Bureau of Consumer Financial 
Protection Accountability and Transparency Act of 2013''.

SEC. 2. MAKING THE BUREAU AN INDEPENDENT AGENCY.

    The Consumer Financial Protection Act of 2010 is amended--
            (1) in section 1011--
                    (A) in subsection (a), by striking ``in the Federal 
                Reserve System,''; and
                    (B) in subsection (e), by striking ``, including in 
                cities in which the Federal reserve banks, or branches 
                of such banks, are located,'';
            (2) in section 1012(c), by striking paragraphs (2), (3), 
        (4), and (5); and
            (3) in section 1014(b), by striking ``Not fewer than 6 
        members shall be appointed upon the recommendation of the 
        regional Federal Reserve Bank Presidents, on a rotating 
        basis.''.

SEC. 3. BRINGING THE BUREAU INTO THE REGULAR APPROPRIATIONS PROCESS.

    Section 1017 of the Consumer Financial Protection Act of 2010 is 
amended--
            (1) in subsection (a)--
                    (A) by amending the heading of such subsection to 
                read as follows: ``Budget, Financial Management, and 
                Audit.--'';
                    (B) by striking paragraphs (1), (2), and (3);
                    (C) by redesignating paragraphs (4) and (5) as 
                paragraphs (1) and (2), respectively; and
                    (D) by striking subparagraphs (E) and (F) of 
                paragraph (1), as so redesignated;
            (2) by striking subsections (b) and (c);
            (3) by redesignating subsections (d) and (e) as subsections 
        (b) and (c), respectively; and
            (4) in subsection (c), as so redesignated--
                    (A) by striking paragraphs (1), (2), and (3) and 
                inserting the following:
            ``(1) Authorization of appropriations.--There are 
        authorized to be appropriated such sums as may be necessary to 
        carry out this title for each of fiscal years 2014 and 2015.''; 
        and
                    (B) by redesignating paragraph (4) as paragraph 
                (2).
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