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H.R. 3193, Consumer Financial Protection Safety and Soundness Improvement Act of 2013 1 (February 5, 2014)

handle is hein.congrec/cbo1468 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE February 5, 2014 H.R. 3193 Consumer Financial Protection Safety and Soundness Improvement Act of 2013 As ordered reported by the House Committee on Financial Services on November 21, 2013 SUMMARY H.R. 3193 would amend the statute that authorizes the Financial Stability Oversight Council (FSOC) to delay implementation or set aside final regulations developed by the Consumer Financial Protection Bureau (CFPB). The bill also would require the CFPB, when developing a new rule, to consider the impact of the rule on the financial soundness of an insured depository institution. CBO estimates that enacting H.R. 3193 would increase direct spending by $5 million over the 2014-2024 period; therefore, pay-as-you-go procedures apply. CBO estimates that enacting H.R. 3193 would not have a significant effect on revenues and implementing the bill would not affect discretionary costs. H.R. 3193 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 CFPB is permanently authorized to spend amounts transferred from the Federal Reserve; because that activity is not subject to appropriation, CFPB expenditures are recorded in the budget as direct spending. CBO assumes that the bill will be enacted near the middle of fiscal year 2014 and that spending will follow historical patterns for the CFPB. H.R. 3193 would broaden the scope of items the CFPB must consider when prescribing new rules under consumer financial laws. Currently, the CFPB must consider both the potential costs to consumers and the effect on certain entities and consumers in rural areas. H.R. 3193 would direct the CFPB to consider the impact of a potential new rule on the financial safety or soundness of an insured depository institution as well.

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