How HR 969 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill brings the Bureau of Consumer Financial Protection into the regular appropriations process, altering its funding structure.

• 12 U.S.C. § 5497(a)

  Each year (or quarter of such year), beginning on the designated transfer date, and each quarter thereafter, the Board of Governors shall transfer to the Bureau from the combined earnings of the Federal Reserve System, the amount determined by the Director to be reasonably necessary to carry out the authorities of the Bureau under Federal consumer financial law, taking into account such other sums made available to the Bureau from the preceding year (or quarter of such year).

  The Bureau will no longer receive a transfer from the Federal Reserve, changing its funding mechanism.

• 12 U.S.C. § 5497(a)

  Notwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to— (i) 10 percent of such expenses in fiscal year 2011; (ii) 11 percent of such expenses in fiscal year 2012; and (iii) 6.5 percent of such expenses in fiscal year 2013, and in each year thereafter.

  Removes the previous fiscal caps on the Bureau's funding based on Federal Reserve operating expenses.

• 12 U.S.C. § 5497(a)

  Beginning on July 21, 2010, and until the designated transfer date, the Board of Governors shall transfer to the Bureau the amount estimated by the Secretary needed to carry out the authorities granted to the Bureau under Federal consumer financial law, from July 21, 2010 until the designated transfer date.

  Eliminates any transitional funding process from the Federal Reserve to the Bureau.

• 12 U.S.C. § 5497(b)

  Subsection (b) and (c) are entirely struck.

  Removes existing provisions on budget and financial management that do not align with the appropriations process.

• 12 U.S.C. § 5497(c)

  (1) In general (i) Financial operating plans and forecasts (ii) Financial statements (iii) Sources and application of funds (1) Financial management systems (2) Assertion of internal controls (3) Rule of construction (4) Financial statements → (1) Authorization of appropriations.--There are authorized to be appropriated such sums as may be necessary to carry out this title for each of fiscal years 2019 and 2020.

  Changes the Bureau's funding structure to allow appropriations rather than transfers from the Federal Reserve.