As ordered reported by the House Committee on Financial Services on June 11, 2014
H.R. 4604 would direct the Bureau of Consumer Financial Protection (CFPB) to establish an “opt out” list, which would include the names of consumers that forbid the bureau from collecting information that can be used to distinguish their identity (that is, personally identifiable information). The CFPB would be required to develop a method that allows consumers to add or remove their names from the opt-out list; the bureau would be prohibited from collecting such information about individuals who have made that notification, except for efforts to investigate consumer complaints. H.R. 4604 also would limit the time that the bureau may keep personally identifiable information after collection, and require all employees that have access to such information to hold a “confidential” security clearance.
CBO estimates that enacting H.R. 4604 would cost the CFPB $83 million over the 2015-2024 period, thus increasing direct spending by that amount; therefore, pay-as-you-go procedures apply. Enacting H.R. 4604 would not affect revenues or spending subject to appropriation.
H.R. 4604 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.