US EditionHouse Republicans advance ‘best shot’ at reining in Obama-era consumer protections
- On May 1, 2025, the House Financial Services Committee approved a budget measure that significantly reduces the Consumer Financial Protection Bureau's appropriation in Washington, D.C.
- This action follows longstanding efforts by Republicans to reduce the CFPB's authority and budget, despite the agency's creation after the 2008 financial crisis to prevent predatory financial practices.
- The bill reduces the CFPB’s funding to approximately $249 million—a 70 percent decrease from recent levels—and transfers control of its civil penalties fund to the Treasury Department, which would restrict the agency’s ability to compensate victims.
- Since its establishment, the CFPB has secured more than $21 billion in relief for consumers affected by financial misconduct and is recognized as a vital regulator that holds exploitative lenders accountable, assisting tens of thousands of individuals through its complaint resolution system each year.
- The funding cuts could weaken consumer protections and disrupt the CFPB's operations, potentially exposing vulnerable communities to increased financial exploitation amid ongoing economic challenges.
8 Articles
8 Articles
Federal News Network
Slate ReportGOP lawmakers advance proposals to reduce federal benefits, gut civil service protections
House Republicans have advanced a series of proposals attempting to cut costs by reducing the value of federal retirement annuities, increasing contributions into the government’s retirement system, and requiring federal employees to decide between taking a reduced paycheck or keeping their civil service protections. In a Wednesday markup of the Oversight and Government Reform Committee, Republicans voted to push forward with six proposals to be…
NWAHOMEPAGE
KTSMHouse Republicans advance 'best shot' at reining in Obama-era consumer protections
House Republicans on Wednesday advanced legislation that seeks to significantly limit the funding the Consumer Financial Protection Bureau (CFPB) is able to access, a move Democrats say would “dismantle” the agency. The GOP-led House Financial Services Committee on Wednesday afternoon voted 32-20 along party lines to make major changes to the funding structure for the consumer watchdog, which was established during the Obama administration in th…
House Republicans advance ‘best shot’ at reining in Obama-era consumer protections
House Republicans on Wednesday advanced legislation that seeks to significantly limit the funding the Consumer Financial Protection Bureau (CFPB) is able to access, a move Democrats say would “dismantle” the agency. The GOP-led House Financial Services Committee on Wednesday afternoon voted 32-20 along party lines to make major changes to the funding structure for the…
News Release: Broad Coalition of State Groups Urges Congress to Reject Attempts to Gut Consumer Protections - Americans for Financial Reform
Yesterday, the House Financial Services Committee voted on party lines to strip away consumer and investor protections to pay for tax breaks for billionaires and corporations as part of the budget reconciliation package. The Committee’s legislation included deep cuts to the funding for the Consumer Financial Protection Bureau (CFPB), an agency dedicated to protecting people from financial predation and scams. The post News Release: Broad Coalit…
Coverage Details
Bias Distribution
- 80% of the sources are Center
To view factuality data please Upgrade to Premium
Ownership
To view ownership data please Upgrade to Vantage
