CFPB Budget Integrity Act: A New Measure to Improve Financial Oversight

Introduced by Representative Dowing (for himself, Mr. Meuser, Mr. Ogles, and Mr. Sessions) in the 119th Congress, 1st Session, H.R. 3141, this bill aims to impose limitations on the amount of unobligated balances of the Bureau of Consumer Financial Protection.

Section 1: Short Title

This Act may be cited as the "CFPB Budget Integrity Act".

Section 2: Limitation on Unobligated Balances of the Bureau of Consumer Financial Protection

Section 1017(a)(2) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497(a)(2)) is amended by adding at the end the following new subparagraph:

‘‘(D) LIMITATION ON UNOBLIGATED BALANCES.—For a fiscal year, the amount of unobligated balances of the Bureau may not exceed5 5 percent of the dollar amount referred to in subsection (A)(iii). The Director shall transfer any excess amount of such unobligatedbalances to the general fund of the Treasury.’’.

Section 2: Report on Use of Unobligated Balances

Section 1017(e)(4) of such Act (12 U.S.C. 5497(e)(4)) is amended by inserting ‘‘(including a description of the use of any unobligated balances)’’ after ‘‘funds of the Bureau’’.

The CFPB Budget Integrity Act aims to improve financial oversight by imposing limitations on unobligated balances of the Bureau of Consumer Financial Protection. This bill can be found at https://www.govinfo.gov/app/details/BILLS-119hr3141ih.