ABSTRACT

Congressional Budget Office Cost Estimate: H.R. 2571, Consumer Right to Financial Privacy Act of 2013   [open pdf - 23KB]

"H.R. 2571 would require the Consumer Financial Protection Bureau (CFPB), in its efforts to monitor risks in markets for consumer financial products, to notify and obtain permission from individuals before collecting or using their personal information. The bill also would extend that requirement to businesses hired by the CFPB if the information is being collected on the agency's behalf. CBO [Congressional Budget Office] estimates that enacting H.R. 2571 would increase direct spending by $8 million over the 2014-2024 period; therefore, pay-as-you go procedures apply. Enacting H.R. 2571 would not affect revenues, and implementing the bill would not affect spending subject to appropriation. H.R. 2571 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments."

Publisher:
Date:
2014-02-06
Copyright:
Public Domain
Retrieved From:
Congressional Budget Office: http://www.cbo.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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