US EditionSenate GOP seeks to cut off funding source for top consumer watchdog
- Republicans in Congress proposed legislation in 2025 to eliminate the CFPB's self-funding and subject it to congressional appropriations.
- They aim to cut the CFPB's budget by up to 70%, citing waste reduction, while critics say this threatens consumer protections established after 2008.
- The CFPB, created after the 2008 crisis, enforces federal financial laws, handles over 6,100 company responses annually, and addresses discrimination in credit access.
- The agency returned $21 billion to 200 million people and enforces protections that cover older adults, servicemembers, and student borrowers.
- If funding is cut, the CFPB might not fulfill mandates to protect consumers from financial harm, potentially affecting credit reporting, debt collection, and fair lending enforcement.
4 Articles
4 Articles
Senate GOP Seeks Consumer Financial Protection Funding Cuts, Federal Reserve Pay Caps
The Senate Banking Committee is proposing to cut all mandatory funding for the Consumer Financial Protection Bureau (CFPB) and cap pay for many Federal Reserve employees in its section of the One Big Beautiful Bill—the Republicans’ sweeping tax relief and spending measure that is to serve as a springboard for President Donald Trump’s second-term agenda. The proposed changes, released on June 5 and tucked into Title III of the bill, are part of a…
Senate GOP seeks to cut off funding source for top consumer watchdog
Senate Republicans are seeking to cut off a key funding source for the Consumer Financial Protection Bureau (CFPB) as part of a mammoth package to advance President Trump’s tax agenda and spending cuts. Republicans on the Senate Banking Committee said the legislative text unveiled Friday would block CFPB’s ability “to fund itself” by significantly limiting…
Fact Sheet: Slashing CFPB Budget to Fund Tax Cuts for Billionaires Would Gut the Agency, Increase Ripoffs and Fraud, and Let Financial Predators off the Hook - Americans for Financial Reform
The Republican Congress has proposed severe budget cuts to the CFPB that prevents the agency from fulfilling its statutory mandates to protect people. The attempt to shut down the CFPB protects powerful banks, predatory lenders, and tech billionaires instead of standing up for people all to help pay for tax cuts for the rich. The post Fact Sheet: Slashing CFPB Budget to Fund Tax Cuts for Billionaires Would Gut the Agency, Increase Ripoffs and Fr…
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