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Republicans float revamped proposal for CFPB cuts
- On Thursday, Senate Republicans revived a plan to cut the CFPB's budget nearly by half after a previous zero-out attempt was blocked by the Senate parliamentarian.
- Following last week's Byrd Rule ruling, Senate Republicans released an updated CFPB budget cut proposal on Thursday after their initial zero-out plan was deemed out of bounds by the parliamentarian.
- Research shows $18 billion in fees and lost compensation due to CFPB enforcement drops and a funding cap set at 6.5% of the Fed's profits, with 18 enforcement actions dropped under Trump.
- Democrats plan to introduce an amendment to block the cuts; the CFPB has returned $21 billion to families, while Scott claims the changes would save $2 billion.
- Pending parliamentarian review, the revised CFPB budget cut plan awaits approval from Senate parliamentarian Elizabeth MacDonough, after Republicans successfully scaled back their previous zero-out proposal.
42 Articles
42 Articles
Bank-Funded Senate Republicans Revive Effort to Gut Consumer Protection Agency's Budget
"Senate Republicans will bring to the floor a proposal that slashes the agency's available budget so they can hand out more tax breaks for billionaires and billionaire corporations," said Sen. Elizabeth Warren.
Republicans float revamped proposal for CFPB cuts
Senate Republicans are making another go at targeting a key funding source for the Consumer Financial Protection Bureau (CFPB) as part of their massive bill to advance President Trump’s tax agenda and spending cuts.
Senate Republicans get Parliamentarian’s approval to slash CFPB funding in massive budget bill
Senate Banking, Housing and Urban Affairs (Banking Committee) Republicans have received the Senate Parliamentarian’s approval to cut the CFPB’s funding. As a result, in the large budget reconciliation bill now being written in the Senate the amount will drop from a maximum of 12% of the Federal Reserve’s inflation adjusted profits in 2009 to 6.5% of those profits.... Continue Reading
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