CFPB funding in the crosshairs to be eliminated
Legislation has been introduced in both the House and the Senate aimed at eliminating all funding for the Consumer Financial Protection Bureau (CFPB). Now the main House sponsor is calling for the CFPB funding elimination bill to be placed on a fast track by including it in the current budget reconciliation.
In the House, HR 814 was introduced on January 28, 2025 by Rep. Keith Self (R-Texas) while in the senate, S 303 was introduced a day later by Sen. Ted Cruz (R-Texas). This comes after several lawsuits were filed against the CFPB and two acting directors instituted changes. Recently a federal judge temporarily blocked the Trump Administration from dismantling the CFPB.
A letter regarding CFPB funding was sent to House Speaker Mike Johnson asking for the legislation to be included in the budget reconciliation legislation that the House will soon be considering. If the house agrees to include it and agrees that it is consistent with the Byrd Rule limitation on such amendments, which defines a provision to be “extraneous” in six cases, and therefore ineligible for reconciliation, could make sure that the legislation would not be filibustered in the Senate as budget reconciliation matters only require 50 votes instead of the normal 60 to defeat a filibuster.
Americollect understands how the CFPB rules can impact what you do, so we will continue to keep you updated on CFPB funding changes.
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