Senate Banking Would Zero Out CFPB Funding in Reconciliation

Senate Banking would zero out CFPB funding in reconciliation

The Senate Banking Committee would shut off the Consumer Financial Protection Bureau’s funding stream from the Federal Reserve to provide the vast majority of deficit reduction in reconciliation provisions released Friday. The panel posted an eight-page text that would restrict the CFPB from requesting a transfer from the Fed, according to a section-by-section explanation of the legislation. The CFPB currently can ask for up to 12 percent of the…

Senate Republicans would cut off CFPB funding from Fed

A version of the “One Big, Beautiful Bill” from Friday would also cut pay for the Fed’s non-monetary policy employees and eliminate the Office of Financial Research.

Senate Banking Republican reconciliation bill would eliminate CFPB funding source

The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB’s current funding source, as part of Committee’s Republican version of its part of the massive budget reconciliation bill, according to legislative language released by the Banking Committee. Under the existing funding structure, the CFPB may draw up to 12% of the Federal Reserve’s inflation-adjusted total operating expenses in 2009.... Continue Reading

CFPB Funding in Crosshairs of Senate Banking Committee’s Megabill Provisions

A so-called megabill grabbing headlines and making its way through Congress is on track to further alter the Consumer Financial Protection Bureau, an agency already in flux during the first few months of the President Donald Trump administration. [contact-form-7] To that end, the Senate Banking Committee offered its provisions to be included in the “One Big Beautiful Bill” that was passed by the House and is now in the hands of the Sena…