Bureau of Consumer Financial Protection Accountability and Transparency Act of 2011 - Amends the Consumer Financial Protection Act of 2010 to remove the Bureau of Consumer Financial Protection, an independent bureau in the Federal Reserve System, to the Department of the Treasury, where it would not be autonomous.
Repeals the requirement of an annual transfer to the Bureau of funds from the Board of Governors of the Federal Reserve System. Subjects the Bureau to the regular authorization, budget, and appropriations process of the Department of the Treasury.
Repeals establishment of the Bureau of Consumer Financial Protection Fund and of a Victims Relief Fund.
Replaces the authorization of appropriations for FY2010-FY2014 with an authorization for only FY2011-FY2012.