January 15, 2014
As ordered reported by the House Committee on Financial Services on November 21, 2013
Under current law, the Bureau of Consumer Financial Protection (CFPB) operates as an autonomous agency within the Federal Reserve System (FRS) with its operating costs funded from FRS earnings. H.R. 3519 would establish the CFPB as an independent agency (outside of the FRS) subject to the annual appropriations process; the bill would authorize the appropriation of funds for fiscal years 2014 and 2015 to cover the agency’s cost of operations.
CBO estimates that enacting H.R. 3519 would reduce direct spending by $6.1 billion over the 2014-2023 period. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending. Enacting the legislation would not affect revenues.
In addition, CBO estimates that implementing H.R. 3519 would cost $730 million over the 2014-2016 period, assuming appropriation of the necessary amounts to operate the CFPB for part of 2014 and all of 2015.
H.R. 3519 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments.