12 USC 5497 - Funding; penalties and fines

U.S Code last checked for updates: May 07, 2024

§ 5497.

Funding; penalties and fines

(a)

Transfer of funds from Board Of Governors

(1)

In general

(2)

Funding cap

(A)

In general

Notwithstanding paragraph (1), and in accordance with this paragraph, the amount that shall be transferred to the Bureau in each fiscal year shall not exceed a fixed percentage of the total operating expenses of the Federal Reserve System, as reported in the Annual Report, 2009, of the Board of Governors, equal to—

(i)

10 percent of such expenses in fiscal year 2011;

(ii)

11 percent of such expenses in fiscal year 2012; and

(iii)

12 percent of such expenses in fiscal year 2013, and in each year thereafter.

(B)

Adjustment of amount

(C)

Reviewability

(3)

Transition period

(4)

Budget and financial management

(A)

Financial operating plans and forecasts

(B)

Financial statements

The Bureau shall prepare annually a statement of—

(i)

assets and liabilities and surplus or deficit;

(ii)

income and expenses; and

(iii)

sources and application of funds.

(C)

Financial management systems

(D)

Assertion of internal controls

(E)

Rule of construction

(F)

Financial statements

(5)

Audit of the Bureau

(A)

In general

(B)

Report

(C)

Assistance and costs

(b)

Consumer Financial Protection Fund

(1)

Separate fund in Federal Reserve established

(2)

Fund receipts

(3)

Investment authority

(A)

Amounts in Bureau Fund may be invested

(B)

Eligible investments

(C)

Interest and proceeds credited

(c)

Use of funds

(1)

In general

(2)

Funds that are not Government funds

(3)

Amounts not subject to apportionment

(d)

Penalties and fines

(1)

Establishment of victims relief fund

(2)

Payment to victims

(e)

Authorization of appropriations; annual report

(1)

Determination regarding need for appropriated funds

(A)

In general

(B)

Report required

(2)

Authorization of appropriations

(3)

Apportionment

(4)

Annual report

(Pub. L. 111–203, title X, § 1017, July 21, 2010, 124 Stat. 1975.)

cite as: 12 USC 5497