§5496 Appearances before and reports to Congress

Summary

The Director must appear twice a year before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committees on Financial Services and on Energy and Commerce. At the same time, the Bureau must send a report to the President and those same committees, starting with the session after the designated transfer date. The Bureau may also send the report to the Senate Committee on Commerce, Science, and Transportation. Each report must cover nine topics: big problems consumers face with financial products or services; a justification of last year’s budget request; a list of major rules and initiatives from the past year and plans for the next period; an analysis of complaints the Bureau collected; a list of public supervisory and enforcement actions with brief issue statements; actions about rules and supervision for nonbanks (not credit unions or depository institutions); an assessment of important state attorney general or state regulator actions related to federal consumer finance law; an analysis of the Bureau’s fair lending work; and an analysis of efforts to increase workforce and contracting diversity under the Office of Minority and Women Inclusion.