Sec. 3. Subjecting the Bureau of Consumer Financial Protection to the regular appropriations process
285 words·~1 min read·
/bill/117/s/5280/is/section-3·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 1017 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5497 ) is amended— in subsection (a)— in the subsection heading, by striking “ Transfer of Funds From Board Of Governors.— ” and inserting ; Budget and Financial Management.— by striking paragraphs
(1)through (3); by redesignating paragraphs
(4)and
(5)as paragraphs
(1)and (2), respectively; and in paragraph (1), as so redesignated— in the paragraph heading, by striking and inserting Budget and financial management.— ; In general.— by striking subparagraph (E); and by redesignating subparagraph
(F)as subparagraph (E); by striking subsections
(b)and (c); by redesignating subsections
(d)and
(e)as subsections
(b)and (c), respectively; in subsection (b), as so redesignated— in paragraph (2)— in the first sentence, by inserting direct before victims ; and by striking the second sentence; and by adding at the end the following: If, after the Bureau obtains a civil penalty in a judicial or administrative action under Federal consumer financial laws, deposits that civil penalty into the Civil Penalty Fund under paragraph (1), and, under paragraph (2), makes payments to all of the direct victims of activities for which that civil penalty was imposed, amounts remain in the Civil Penalty Fund with respect to that civil penalty, the Bureau shall transfer those excess amounts to the general fund of the Treasury. ; and in subsection (c), as so redesignated— by striking paragraphs
(1)through
(3)and inserting the following: There is authorized to be appropriated such funds as may be necessary to carry out this title for fiscal year 2024. ; and by redesignating paragraph
(4)as paragraph (2). The amendments made by this section shall take effect on October 1, 2023.
Connectionstraces to 1
Traces to 1 document
U.S. Code
Citation graph
cites case law
Sec. 3
Subjecting the Bureau of Consumer Financial Protection to the regular appropriations process
Cites 1Cited by 0 across 0 sources