About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

1 H.R. 3072, Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017 1 (2017)

handle is hein.congrec/bcgpexth3934 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE C COST ESTIMATE November 13, 2017 H.R. 3072 Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017 As ordered reported by the House Committee on Financial Services on October 12, 2017 Under current law, in order to assess and enforce compliance with federal consumer financial laws, the Consumer Financial Protection Bureau (CFPB) conducts examinations of and requires reporting from insured depository institutions and insured credit unions with total assets of more than $10 billion. For financial institutions with assets below $10 billion, compliance with consumer financial laws is performed by other financial regulators: the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve. H.R. 3027 would raise the asset threshold for CFPB's regulatory authority over financial institutions from $10 billion to $50 billion. Because enacting H.R. 3072 would affect direct spending and revenues, pay-as-you-go procedures apply. However, CBO estimates that enacting H.R. 3072 would have an insignificant effect on deficits over the 2018-2027 period. CBO estimates that enacting H.R. 3072 would not increase net direct spending or significantly increase on-budget deficits in any of the four consecutive 10-year periods beginning in 2028. Moving responsibilities from the CFPB to the other financial regulators would decrease costs for the CFPB and increase costs to the FDIC, NCUA, OCC, and Federal Reserve to take on additional enforcement responsibilities. CBO estimates that on net, implementing H.R. 3072 would have an insignificant effect on the federal deficit over the 2018-2027 period. Based on information from the CFPB, CBO expects that staff currently allocated to enforcing consumer financial laws for banks with assets between $10 billion and $50 billion would be reallocated to examination and enforcement responsibilities for other financial institutions. However, CBO estimates travel and administrative costs for the agency would decline by about $8 million over the 2018-2017 period.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most