House Republicans introduce bill to rein in CFPB

Why it matters

Proposed legislation to curtail the CFPB's funding and regulatory authority could materially affect regulatory oversight and credit-market risk management, warranting elevated significance for credit professionals despite being a legislative proposal rather than a confirmed change.

Sources

• ABA Banking Journal

  House Republicans introduce bill to rein in CFPB

  Republicans on the House Financial Services Committee have proposed legislation to change how the CFPB is funded and redefine its ability to regulate unfair, deceptive, or abusive acts or practices. The post House Republicans introduce bill to rein in CFPB appeared first on ABA…

• Banking Dive

  Republicans unveil bill to change CFPB funding structure

  "The agency would receive its funding from congressional appropriations instead of the Fed under the bill, which would also limit the CFPB’s ability to enforce violations against unfair, deceptive, or abusive acts or practices.