H.R. 3141: CFPB Budget Integrity Act

This bill, known as the CFPB Budget Integrity Act, aims to introduce limitations on the unobligated balances of the Bureau of Consumer Financial Protection (CFPB). Here is a breakdown of its main provisions:

Limitation on Unobligated Balances

The bill proposes that for each fiscal year, the amount of unobligated balances that the CFPB can maintain should not exceed 5% of its allocated budget. Unobligated balances refer to the portion of funds that have been appropriated but not yet spent or allocated for a specific purpose. If the CFPB exceeds this 5% limit, the excess funds would need to be transferred to the general fund of the U.S. Treasury.

Reporting Requirements

The bill also amends an existing reporting requirement for the CFPB to include a description of how unobligated balances are being used. This aims to provide greater transparency into the Bureau's financial operations, allowing for better oversight of how funds are being managed.

Purpose of the Bill

The overall purpose of this legislation is to enhance fiscal accountability and transparency in the budgeting practices of the CFPB, ensuring that taxpayer money is used effectively and that any unused funds are appropriately redirected when not needed.

Relevant Companies

None found.