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Senate GOP seeks to cut off funding source for top consumer watchdog
- The Senate Banking Committee, led by Chairman Tim Scott, proposed legislation in 2025 that would cut the CFPB's funding from the Federal Reserve to zero, shifting its funding to congressional appropriations.
- This action follows Congress creating the CFPB after the 2008 financial crisis exposed regulatory failures that led to predatory lending and massive economic damage.
- The CFPB has enforced consumer protections since 2011, helping over 6,100 financial companies respond to complaints and returning over $21 billion to affected consumers.
- The bill includes a 70 percent budget cut compared to 2024's $684.9 million, which ranking member Elizabeth Warren said "undercuts critical protections" made after 2008 and risks financial harm.
- If enacted, the cuts would limit the CFPB's ability to enforce fair lending laws and protect consumers, potentially undermining credit accuracy and exposing vulnerable groups to financial discrimination.
5 Articles
5 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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