August 19, 2014
As ordered reported by the House Committee on Financial Services on June 11, 2014
H.R. 4811 would require the Bureau of Consumer Financial Protection (CFPB) to provide notice to the public and to establish a period for comment before issuing a guidance document in final form. Further, the bill would direct the CFPB to make available all studies, data, and other information that was used in preparing and issuing a guidance document.
The CFPB is permanently authorized to spend amounts transferred from the Federal Reserve System; because that funding is not subject to appropriation, the CFPB’s expenditures are recorded in the budget as direct spending.
CBO estimates that implementing the bill’s requirements would cost the CFBP $49 million over the 2015-2024 period, thus increasing direct spending by that amount; therefore, pay-as-you-go procedures apply. Enacting H.R. 4811 would not affect revenues and implementing the bill would not affect spending subject to appropriation.
H.R. 4811 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.