This bill would eliminate the Consumer Financial Protection Bureau's funding mechanism and replace it with a fixed annual budget of just $1. Currently, the CFPB receives funding from the Federal Reserve based on what the agency's director determines is reasonably necessary to carry out its responsibilities regulating consumer financial products and services. The bill would effectively defund the agency, as $1 would be insufficient for any meaningful operations. This would affect the CFPB's ability to monitor and enforce protections for consumers in areas like mortgage lending, credit cards, and predatory lending practices. The legislation contains no timeline for implementation beyond its stated effective date, and there is no separate funding mechanism proposed as an alternative.
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