§5496 Appearances Before and Reports to Congress

Summary

The Bureau's Director must go to hearings twice a year before the Senate Committee on Banking, Housing, and Urban Affairs and the House Committees on Financial Services and Energy and Commerce. At each hearing, 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 things: big problems consumers have when shopping for or getting financial products or services; a justification for the prior year's budget request; major rules, orders, and other big actions from the past year and plans for upcoming work; analysis of complaints in the Bureau’s central complaint database; a list of public supervisory and enforcement actions with short issue statements; actions on rules, orders, and supervision for covered persons that are not credit unions or depository institutions; notable actions by State attorneys general or regulators about federal consumer financial law; work on fair lending; and efforts to increase workforce and contracting diversity under the Office of Minority and Women Inclusion procedures.