H.R. 1195 would amend current law to establish three groups to provide advice to the Bureau of Consumer Financial Protection (CFPB). The boards would provide information to the CFPB about the practices of small businesses, credit unions, and community banks that offer financial products to consumers.
CBO estimates that implementing H.R. 1195 would increase direct spending by $9 million over the 2015-2025 period; therefore, pay-as-you-go procedures apply. CBO estimates that enacting the bill would not affect revenues. Implementing H.R. 1195 would not affect discretionary spending because the CFPB is permanently authorized to spend amounts transferred from the Federal Reserve System.
H.R. 1195 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments.
ESTIMATED COST TO THE FEDERAL GOVERNMENT
The estimated budgetary effect of H.R. 1195 is shown in the following table. The costs of this legislation fall within budget function 370 (commerce and housing credit).
