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H.R. 2571, Consumer Right to Financial Privacy Act of 2013 1 (February 6, 2014)

handle is hein.congrec/cbo1466 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE February 6, 2014 H.R. 2571 Consumer Right to Financial Privacy Act of 2013 As ordered reported by the House Committee on Financial Services on November 21, 2013 SUMMARY H.R. 2571 would require the Consumer Financial Protection Bureau (CFPB), in its efforts to monitor risks in markets for consumer financial products, to notify and obtain permission from individuals before collecting or using their personal information. The bill also would extend that requirement to businesses hired by the CFPB if the information is being collected on the agency's behalf. CBO estimates that enacting H.R. 2571 would increase direct spending by $8 million over the 2014-2024 period; therefore, pay-as-you go procedures apply. Enacting H.R. 2571 would not affect revenues, and implementing the bill would not affect spending subject to appropriation. H.R. 2571 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 impact of H.R. 2571 is shown in the following table. The costs of this legislation fall within budget function 370 (commerce and housing credit). By Fiscal Year, in Millions of Dollars 2014- 2014- 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2019 2024 CHANGES IN DIRECT SPENDING Estimated Budget Authority 3 1 1 1 1 1 1 1 1 1 1 6 9 Estimated Outlays * 3 1 1 1 1 1 1 1 1 1 5 8 Note: Components may not sum to totals because of rounding; * less than $500,000. a

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