H.R. 2798 would make several changes to the Consumer Financial Protection Bureau (CFPB):
Title I would change the CFPB’s management structure from a director and deputy director to a five-member commission headed by a chairperson.
Title II would eliminate the CFPB’s authority to receive and spend mandatory transfers from the Federal Reserve to fund its operations. Title II also would authorize the appropriation of $650 million for the CFPB for 2024 and would transfer $650 million from the CFPB’s Civil Penalty Fund to the general fund of the Treasury in 2024.
Title III would establish a dedicated Office of Inspector General (IG) for the CFPB and remove the CFPB from the purview of the Federal Reserve’s IG.
Title IV would establish an Office of Economic Analysis within the CFPB and require the bureau to consider that office’s assessment before issuing guidance, orders, or rules. The office also would periodically measure the effects of existing guidance, orders, and rules.
Title V would require the CFPB, when proposing a new rule, to consider such factors as whether the rule is necessary, why private or nonfederal actors cannot adequately address the problem to be solved by the rule, and the rule’s costs and benefits.
Title VI would direct the CFPB, for the initial and final regulatory flexibility analyses required under the Regulatory Flexibility Act, to discuss the effects of a rule on small entities and the reasons for rejecting alternatives to that rule.
Title VII would establish a program to pay whistleblowers from the Civil Penalty Fund.
