Bill > HR450

This bill, titled the Bureau of Consumer Financial Protection Accountability Act, proposes significant changes to how the Consumer Financial Protection Bureau (CFPB) is funded. Currently, the CFPB receives its funding through a transfer of money from the Board of Governors of the Federal Reserve System, an independent agency that oversees the nation's central banking system. This bill would eliminate that direct transfer and instead subject the CFPB to the regular appropriations process, meaning Congress would have to approve its budget annually, similar to how most other government agencies are funded. This change would also repeal the establishment of the CFPB Fund, which is the current mechanism for its funding, and limit the authorization of appropriations to fiscal year 2013 only, replacing previous authorizations for fiscal years 2010 through 2014. Essentially, the bill aims to increase congressional oversight and accountability over the CFPB's finances by integrating it into the standard federal budget and funding procedures.