This bill would change how the Consumer Financial Protection Bureau (CFPB) is funded by requiring it to go through the regular congressional appropriations process instead of its current funding mechanism. Currently, the CFPB receives funding directly from the Federal Reserve, but under this legislation, starting October 1, 2025, Congress would need to approve and allocate specific funds to the agency each year through the standard budget process. The bill also requires that when the CFPB collects civil penalties from companies that violate consumer financial laws, any excess money left after compensating direct victims must be returned to the U.S. Treasury rather than kept by the agency. This legislation would affect the CFPB's operational independence and budgeting authority, making the agency subject to the same congressional funding constraints as other federal agencies. The bill was introduced in June 2024 with bipartisan support from nine Republican senators.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.