H.R. 814 — Defund the CFPB Act

This section limits transfers of funds from the Federal Reserve System to the Consumer Financial Protection Bureau (CFPB) to not more than $0 (from the amount determined by the CFPB director to be reasonably necessary, subject to caps of 10% of the Federal Reserve System's total operating expenses in FY2011, 11% in FY2012, and 12% in FY2013 and thereafter, adjusted annually for employment cost index increases). (The CFPB, established by the Dodd-Frank Act, enforces federal consumer financial laws and receives funding through such transfers rather than congressional appropriations.) The section strikes the funding cap and transition period provisions and redesignates financial management and audit requirements as paragraphs (2) and (3). (Thus, the CFPB receives no ongoing funding from the Federal Reserve System.)