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H.R. 4604, CFPB Data Collection Security Act 1 (September 5, 2014)

handle is hein.congrec/cbo1872 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 5, 2014 H.R. 4604 CFPB Data Collection Security Act As ordered reported by the House Committee on Financial Services on June 11, 2014 SUMMARY H.R. 4604 would direct the Bureau of Consumer Financial Protection (CFPB) to establish an opt out list, which would include the names of consumers that forbid the bureau from collecting information that can be used to distinguish their identity (that is, personally identifiable information). The CFPB would be required to develop a method that allows consumers to add or remove their names from the opt-out list; the bureau would be prohibited from collecting such information about individuals who have made that notification, except for efforts to investigate consumer complaints. H.R. 4604 also would limit the time that the bureau may keep personally identifiable information after collection, and require all employees that have access to such information to hold a confidential security clearance. CBO estimates that enacting H.R. 4604 would cost the CFPB $83 million over the 2015-2024 period, thus increasing direct spending by that amount; therefore, pay-as-you-go procedures apply. Enacting H.R. 4604 would not affect revenues or spending subject to appropriation. H.R. 4604 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 effect of H.R. 4604 is shown in the following table. The costs of this legislation fall within budget function 370 (commerce and housing credit).

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