Section 1 Short title
This Act may be cited as the “CFPB Slush Fund Elimination Act of 2013”.
CFPB Slush Fund Elimination Act of 2013
A BILL
To repeal the Consumer Financial Civil Penalty Fund and to deposit existing amounts in such Fund into the Treasury, and for other purposes.
Sec. 2 Repeal of Fund
In general— Section 1017 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497) is amended—
in subsection (c), by striking “and in the Civil Penalty Fund established under subsection (d)”; and
by amending subsection (d) to read as follows:
“(d) Penalty funds deposited into the general fund—If the Bureau obtains a civil penalty against any person in any judicial or administrative action under Federal consumer financial laws, the Bureau shall deposit the amount of the penalty collected into the general fund of the Treasury.”
Funds deposited in Treasury— The Board of Governors of the Federal Reserve System shall deposit all amounts in the Consumer Financial Civil Penalty Fund into the general fund of the Treasury.