§5496 Appearances Before and Reports to Congress

Summary

The Director of the Bureau must appear for hearings 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 to those same Senate and House 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 items: the main problems consumers face getting financial products or services; a justification for the prior year’s budget request; a list of major rules, orders, and other initiatives from the past year and plans for the coming period; an analysis of complaints in the Bureau’s central database from the past year; a list with brief notes of public supervisory and enforcement actions the Bureau was part of; actions taken on rules, orders, and supervision for covered persons that are not credit unions or depository institutions; an assessment of significant state attorney general or regulator actions on Federal consumer financial law; how the Bureau worked on fair lending; and its efforts to boost workforce and contracting diversity under the procedures of the Office of Minority and Women Inclusion.