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Friday, August 29, 2014

CBO Estimates Cost of CFPB Compensation Act

The CBO has estimated the cost of the CFPB Ensuring Harmed Consumers Receive Compensation Act (H.R. 3389), as ordered by the House Committee on Financial Services. Under current law, the CFPB deposits all civil penalties received for violations of consumer financial protection laws into the Consumer Financial Civil Penalty Fund. Amounts in the fund are available to be spent for payments to victims of the violations for which the penalties were paid. To the extent that such victims cannot be identified, the CFPB may use those amounts for consumer education and financial literacy programs. The bill would limit payments from the Consumer Financial Civil Penalty Fund to victims of the violations that gave rise to the penalties.

CBO estimates this bill would reduce direct spending by $8 million over the 2015-2024 period.

Read more.

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