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House Committee on Financial ServicesCapital Markets and Government Sponsored EnterprisesIntroducedNovember 18th, 2013
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Bureau of Consumer Financial Protection Accountability and Transparency Act of 2013
To amend the Consumer Financial Protection Act of 2010 to make the Bureau of Consumer Financial Protection an independent agency.
Bureau of Consumer Financial Protection Accountability Act and Transparency Act of 2013 - (Sec. 2) Amends the Consumer Financial Protection Act of 2010 to: (1) rename the Consumer Financial Protection Bureau (CFPB) the Financial Product Safety Commission (FPSC) , (2) remove it from the Federal Reserve System, and (3) repeal the authority of the FPSC Director to establish regional offices in cities in which either Federal Reserve Banks or their branches are located. Repeals the requirement that not fewer than six members of the Consumer Advisory Board be appointed to it by the FPSC Director on a rotating basis upon the recommendation of the regional Federal Reserve Bank Presidents. (Sec. 3) Repeals the mandatory annual transfer of funds to the CFPB from the Board of Governors of the Federal Reserve System. Subjects the FPSC to the regular authorization, budget, and appropriations process of the Department of the Treasury. Eliminates the Consumer Financial Protection Fund. Authorizes appropriations for each of FY2014 and FY2015. (Sec. 4) Deems any reference in any record of the United States to the CFPB to be a reference to the FPSC.