TABS Act of 2023

\I 118TH CONGRESS 1ST SESSION H. R. 1382 To change the Bureau of Consumer Financial Protection into an independent agency named the Consumer Financial Empowerment Agency, to transi- tion the Agency to the regular appropriations process, and for other purposes. IN THE HOUSE OF REPRESENTATIVES MARCH 7, 2023 Mr. BARR (for himself, Mrs. KIM of California, Mr. DONALDS, Mr. DAVIDSON, Mr. WILLIAMS of Texas, Mr. MOONEY, Mr. FLOOD, Mr. HILL, Mr. EMMER, Mr. MEUSER, Mr. STEIL, Mr. FITZGERALD, Mr. LOUDERMILK, Mrs. HOUCHIN, Mr. LUETKEMEYER, Mrs. WAGNER, Mr. LAWLER, Ms. DE LA CRUZ, Mr. TIMMONS, and Mr. POSEY) introduced the following bill; which was referred to the Committee on Financial Services A BILL To change the Bureau of Consumer Financial Protection into an independent agency named the Consumer Finan- cial Empowerment Agency, to transition the Agency to the regular appropriations process, and for other pur- poses. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 1382 IH SECTION 1. SHORT TITLE. 1 This Act may be cited as the ‘‘Taking Account of Bu- 2 reaucrats’ Spending Act of 2023’’ or the ‘‘TABS Act of 3 2023’’. 4 SEC. 2. CONSUMER FINANCIAL EMPOWERMENT AGENCY. 5 (a) MAKING THE BUREAU AN INDEPENDENT CON- 6 SUMER FINANCIAL EMPOWERMENT AGENCY.—The Con- 7 sumer Financial Protection Act of 2010 (12 U.S.C. 5481 8 et seq.) is amended— 9 (1) in section 1011— 10 (A) in the heading of such section, by 11 striking ‘‘BUREAU OF CONSUMER FINAN- 12 CIAL PROTECTION’’ and inserting ‘‘CON- 13 SUMER FINANCIAL EMPOWERMENT AGEN- 14 CY’’; 15 (B) in subsection (a)— 16 (i) in the heading of such subsection, 17 by striking ‘‘BUREAU’’ and inserting 18 ‘‘AGENCY’’; 19 (ii) by striking ‘‘in the Federal Re- 20 serve System,’’; 21 (iii) by striking ‘‘independent bureau’’ 22 and inserting ‘‘independent agency’’; and 23 (iv) by striking ‘‘ ‘Bureau of Con- 24 sumer Financial Protection’ ’’ and insert- 25 ing ‘‘ ‘Consumer Financial Empowerment 26 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •HR 1382 IH Agency’ (hereinafter in this section re- 1 ferred to as the ‘Agency’)’’; 2 (C) in subsection (b)(5), by amending sub- 3 paragraph (A) to read as follows: 4 ‘‘(A) shall be appointed by the President; 5 and’’; 6 (D) in subsection (c), by striking para- 7 graph (3); 8 (E) in subsection (e), by striking ‘‘, includ- 9 ing in cities in which the Federal reserve banks, 10 or branches of such banks, are located,’’; and 11 (F) by striking ‘‘Bureau’’ each place such 12 term appears and inserting ‘‘Agency’’; and 13 (2) in section 1012— 14 (A) in subsection (a)(10), by striking ‘‘ex- 15 aminations,’’; and 16 (B) by striking subsection (c). 17 (b) DEEMING OF NAME.—Any reference in a law, 18 regulation, document, paper, or other record of the United 19 States to the Bureau of Consumer Financial Protection 20 shall be deemed a reference to the Consumer Financial 21 Empowerment Agency. 22 (c) CONFORMING AMENDMENTS.— 23 (1) DODD-FRANK WALL STREET REFORM AND 24 CONSUMER PROTECTION ACT.—The Dodd-Frank 25 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 4 •HR 1382 IH Wall Street Reform and Consumer Protection Act 1 (12 U.S.C. 5301 et seq.) is amended— 2 (A) in the table of contents in section 3 1(b)— 4 (i) by striking ‘‘Bureau of Consumer 5 Financial Protection’’ each place such term 6 appears and inserting ‘‘Consumer Finan- 7 cial Empowerment Agency’’; and 8 (ii) in the table of contents relating to 9 title X, in the items relating to subtitle B, 10 subtitle C, and section 1027, by striking 11 ‘‘Bureau’’ each place such term appears 12 and inserting ‘‘Agency’’; 13 (B) in section 2, by amending paragraph 14 (4) to read as follows: 15 ‘‘(4) AGENCY.—The term ‘Agency’ means the 16 Consumer Financial Empowerment Agency estab- 17 lished under title X.’’; 18 (C) in section 342 by striking ‘‘Bureau’’ 19 each place such term appears in headings and 20 text and inserting ‘‘Agency’’; 21 (D) in section 1400(b)— 22 (i) by striking ‘‘Bureau of Consumer 23 Financial Protection’’ and inserting ‘‘Con- 24 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 5 •HR 1382 IH sumer Financial Empowerment Agency’’; 1 and 2 (ii) in the subsection heading, by 3 striking ‘‘BUREAU OF CONSUMER FINAN- 4 CIAL PROTECTION’’ and inserting ‘‘CON- 5 SUMER FINANCIAL EMPOWERMENT AGEN- 6 CY’’; 7 (E) in section 1411(a)(1), by striking ‘‘Bu- 8 reau’’ and inserting ‘‘Agency’’; and 9 (F) in section 1447, by striking ‘‘Director 10 of the Bureau’’ each place such term appears 11 and inserting ‘‘Director of the Consumer Fi- 12 nancial Empowerment Agency’’. 13 (2) ALTERNATIVE MORTGAGE TRANSACTION 14 PARITY ACT OF 1982.—The Alternative Mortgage 15 Transaction Parity Act of 1982 (12 U.S.C. 3801 et 16 seq.) is amended— 17 (A) by striking ‘‘Bureau of Consumer Fi- 18 nancial Protection’’ each place such term ap- 19 pears and inserting ‘‘Consumer Financial Em- 20 powerment Agency’’; and 21 (B) in the subsection heading of subsection 22 (d) of section 804 (12 U.S.C. 3803(d)), by 23 striking ‘‘BUREAU’’ and inserting ‘‘AGENCY’’. 24 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 6 •HR 1382 IH (3) ELECTRONIC FUND TRANSFER ACT.—The 1 Electronic Fund Transfer Act (15 U.S.C. 1693 et 2 seq.) is amended— 3 (A) by amending the second paragraph (4) 4 (defining the term ‘‘Bureau’’) to read as fol- 5 lows: 6 ‘‘(4) the term ‘Agency’ means the Consumer Fi- 7 nancial Empowerment Agency;’’; 8 (B) in section 916(d)(1), by striking ‘‘Bu- 9 reau of Consumer Financial Protection’’ and in- 10 serting ‘‘Consumer Financial Empowerment 11 Agency’’; and 12 (C) by striking ‘‘Bureau’’ each place that 13 term appears in heading or text and inserting 14 ‘‘Agency’’. 15 (4) EQUAL CREDIT OPPORTUNITY ACT.—The 16 Equal Credit Opportunity Act (15 U.S.C. 1691 et 17 seq.) is amended— 18 (A) in section 702 (15 U.S.C. 1691a), by 19 amending subsection (c) to read as follows: 20 ‘‘(c) The term ‘Agency’ means the Consumer Finan- 21 cial Empowerment Agency.’’; and 22 (B) by striking ‘‘Bureau’’ each place that 23 term appears in heading or text and inserting 24 ‘‘Agency’’. 25 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00006 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 7 •HR 1382 IH (5) EXPEDITED FUNDS AVAILABILITY ACT.— 1 The Expedited Funds Availability Act (12 U.S.C. 2 4001 et seq.) is amended— 3 (A) by striking ‘‘Bureau of Consumer Fi- 4 nancial Protection’’ each place such term ap- 5 pears and inserting ‘‘Consumer Financial Em- 6 powerment Agency’’; and 7 (B) in the heading of section 605(f)(1), by 8 striking ‘‘BOARD AND BUREAU’’ and inserting 9 ‘‘BOARD AND AGENCY’’. 10 (6) FAIR AND ACCURATE CREDIT TRANS- 11 ACTIONS ACT OF 2003.—The Fair and Accurate 12 Credit Transactions Act of 2003 (Public Law 108– 13 159) is amended by striking ‘‘Bureau’’ each place 14 such term appears in heading and text and inserting 15 ‘‘Agency’’. 16 (7) FAIR CREDIT REPORTING ACT.—The Fair 17 Credit Reporting Act (15 U.S.C. 1681 et seq.) is 18 amended— 19 (A) by amending section 603(w) to read as 20 follows: 21 ‘‘(w) AGENCY.—The term ‘Agency’ means the Con- 22 sumer Financial Empowerment Agency.’’; and 23 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 8 •HR 1382 IH (B) by striking ‘‘Bureau’’ each place such 1 term appears, other than in sections 626 and 2 603(v), and inserting ‘‘Agency’’. 3 (8) FAIR DEBT COLLECTION PRACTICES ACT.— 4 The Fair Debt Collection Practices Act (15 U.S.C. 5 1692 et seq.) is amended— 6 (A) by amending section 803(1) to read as 7 follows: 8 ‘‘(1) The term ‘Agency’ means the Consumer 9 Financial Empowerment Agency.’’; and 10 (B) by striking ‘‘Bureau’’ each place such 11 term appears in heading or text and inserting 12 ‘‘Agency’’. 13 (9) FEDERAL DEPOSIT INSURANCE ACT.—The 14 Federal Deposit Insurance Act (12 U.S.C. 1811 et 15 seq.) is amended— 16 (A) in the second paragraph (6) (with the 17 heading ‘‘Referral to bureau of consumer finan- 18 cial protection’’) of section 8(t) (12 U.S.C. 19 1818(t))— 20 (i) in the paragraph heading, by strik- 21 ing ‘‘BUREAU OF CONSUMER FINANCIAL 22 PROTECTION’’; and inserting ‘‘CONSUMER 23 FINANCIAL EMPOWERMENT AGENCY’’; and 24 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00008 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 9 •HR 1382 IH (ii) by striking ‘‘Bureau of Consumer 1 Financial Protection’’ and inserting ‘‘Con- 2 sumer Financial Empowerment Agency’’; 3 (B) by amending clause (vi) of section 4 11(t)(2)(A) (12 U.S.C. 1821(t)(2)(A)(vi)) to 5 read as follows: 6 ‘‘(vi) The Consumer Financial Em- 7 powerment Agency.’’; 8 (C) in section 18(x) (12 U.S.C. 1828(x)), 9 by striking ‘‘Bureau of Consumer Financial 10 Protection’’ each place such term appears and 11 inserting ‘‘Consumer Financial Empowerment 12 Agency’’; 13 (D) by striking ‘‘Bureau’’ each place such 14 term appears and inserting ‘‘Agency’’; and 15 (E) in section 43(e) (12 U.S.C. 1831t(e)), 16 by amending paragraph (5) to read as follows: 17 ‘‘(5) AGENCY.—The term ‘Agency’ means the 18 Consumer Financial Empowerment Agency.’’. 19 (10) FEDERAL FINANCIAL INSTITUTIONS EXAM- 20 INATION COUNCIL ACT OF 1978.—The Federal Fi- 21 nancial Institutions Examination Council Act of 22 1978 (12 U.S.C. 3301 et seq.) is amended— 23 (A) in section 1004(a)(4), by striking 24 ‘‘Consumer Financial Protection Bureau’’ and 25 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 10 •HR 1382 IH inserting ‘‘Consumer Financial Empowerment 1 Agency’’; and 2 (B) in section 1011, by striking ‘‘Bureau 3 of Consumer Financial Protection’’ and insert- 4 ing ‘‘Consumer Financial Empowerment Agen- 5 cy’’. 6 (11) FINANCIAL INSTITUTIONS REFORM, RE- 7 COVERY, AND ENFORCEMENT ACT OF 1989.—The Fi- 8 nancial Institutions Reform, Recovery, and Enforce- 9 ment Act of 1989 (Public Law 101–73; 103 Stat. 10 183) is amended— 11 (A) in section 1112(b) (12 U.S.C. 3341), 12 by striking ‘‘Bureau of Consumer Financial 13 Protection’’ and inserting ‘‘Consumer Financial 14 Empowerment Agency’’; 15 (B) in section 1124 (12 U.S.C. 3353), by 16 striking ‘‘Bureau of Consumer Financial Pro- 17 tection’’ each place such term appears and in- 18 serting ‘‘Consumer Financial Empowerment 19 Agency’’; 20 (C) in section 1125 (12 U.S.C. 3354), by 21 striking ‘‘Bureau of Consumer Financial Pro- 22 tection’’ each place such term appears and in- 23 serting ‘‘Consumer Financial Empowerment 24 Agency’’; and 25 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00010 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 11 •HR 1382 IH (D) in section 1206(a) (12 U.S.C. 1 1833b(a)), by striking ‘‘Federal Housing Fi- 2 nance Board’’ and all that follows through 3 ‘‘Farm Credit Administration’’ and inserting 4 ‘‘Federal Housing Finance Agency, the Con- 5 sumer Financial Empowerment Agency, and the 6 Farm Credit Administration’’. 7 (12) FINANCIAL LITERACY AND EDUCATION IM- 8 PROVEMENT ACT.—Section 513 of the Financial Lit- 9 eracy and Education Improvement Act (20 U.S.C. 10 9702) is amended by striking ‘‘Bureau of Consumer 11 Financial Protection’’ each place such term appears 12 and inserting ‘‘Consumer Financial Empowerment 13 Agency’’. 14 (13) GRAMM-LEACH-BLILEY ACT.—Title V of 15 the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et 16 seq.) is amended— 17 (A) by striking ‘‘Bureau of Consumer Fi- 18 nancial Protection’’ each place such term ap- 19 pears and inserting ‘‘Consumer Financial Em- 20 powerment Agency’’; and 21 (B) in section 505(a)(8) (15 U.S.C. 22 6805(a)(8)), by striking ‘‘Bureau’’ and insert- 23 ing ‘‘Agency’’. 24 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00011 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 12 •HR 1382 IH (14) HOME MORTGAGE DISCLOSURE ACT OF 1 1975.—The Home Mortgage Disclosure Act of 1975 2 (12 U.S.C. 2801 et seq.) is amended— 3 (A) by striking ‘‘Bureau of Consumer Fi- 4 nancial Protection’’ each place such term ap- 5 pears and inserting ‘‘Consumer Financial Em- 6 powerment Agency’’; 7 (B) by striking ‘‘Bureau’’ each place such 8 term appears and inserting ‘‘Agency’’; and 9 (C) in section 303, by amending paragraph 10 (1) to read as follows: 11 ‘‘(1) the term ‘Agency’ means the Consumer Fi- 12 nancial Empowerment Agency;’’. 13 (15) HOMEOWNERS PROTECTION ACT OF 14 1998.—Section 10(a)(4) of the Homeowners Protec- 15 tion Act of 1998 (12 U.S.C. 4909(a)(4)) is amended 16 by striking ‘‘Bureau of Consumer Financial Protec- 17 tion’’ and inserting ‘‘Consumer Financial Empower- 18 ment Agency’’. 19 (16) HOME OWNERSHIP AND EQUITY PROTEC- 20 TION ACT OF 1994.—Section 158(a) of the Home 21 Ownership and Equity Protection Act of 1994 (15 22 U.S.C. 1601 note) is amended by striking ‘‘Bureau’’ 23 and inserting ‘‘Consumer Financial Empowerment 24 Agency’’. 25 VerDate Sep 11 2014 22:08 Mar 23, 2023 Jkt 039200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\H1382.IH H1382 pbinns on DSKJLVW7X2PROD with $$_JOB 13 •HR 1382 IH (17) INTERSTATE LAND SALES FULL DISCLO- 1 SURE ACT.—The Interstate Land Sales Full Disclo- 2 sure Act (12 U.S.C. 1701 et seq.) is amended— 3 (A) by striking ‘‘Bureau of Consumer Fi- 4 nancial Protection’’ each place such term ap- 5 pears and inserting ‘‘Agency’’; 6 (B) in section 1402, by amending para- 7 graph (12) to read as follows: 8 ‘‘(12) ‘Agency’ means the Consumer Financial 9 Empowerment Agency.’’; and 10 (C) in section 1416, by striking ‘‘Bureau’’ 11 each place such term appears and inserting 12 ‘‘Agency’’. 13 (18) REAL ESTATE SETTLEMENT PROCEDURES 14 ACT OF 1974.—The Real Estate Settlement Proce- 15 dures Act of 1974 (12 U.S.C. 2601 et seq.) is 16 amended— 17 (A) by striking ‘‘Bureau of Consumer Fi- 18 nancial Protection’’ each place such term ap- 19 pears and inserting ‘‘Consumer Financial Em- 20 powerment Agency’’; 21 (B) by striking ‘‘Bureau’’ each place such 22 term appears and inserting ‘‘Agency’’; and 23 (C) in section 3, by amending paragraph [Text truncated for display. 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