House Committee Approves CFPB Budget Reform Bill

The House Financial Services Committee voted by a 33-20 margin to advance ABA-backed legislation that would stop direct funding of the CFPB by the Federal Reserve and instead subject the bureau to the regular congressional appropriations process. Doing so is intended to make the CFPB more accountable to taxpayers.

“Oversight by Congress would allow the very consumers who the bureau was designed to protect to hold it accountable through their elected officials,” ABA said in a memo yesterday. “ABA strongly supports the principle of accountability and balance, and commends the sponsor of this measure for working to improve the accountability of the bureau.”