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House bill caps CFPB funding

March 27, 2015
A bill passed by the U.S. House would set new limits on, and effectively cut, the amount of money the Consumer Financial Protection Bureau can spend.
The legislation, passed with nearly exclusive Republican support, was originally aimed at placing new limits on agencies writing regulations, requiring them to conduct more analysis on their impact and subjecting them to additional legal review. The bill caps CFPB funding at $550 million — $36 million less than the Congressional Budget Office estimated the CFPB would spend in fiscal 2016.
Agency backers argued that Republicans would simply look to stifle the agency with budget cuts, and noted that other banking regulators also have funding arrangements that fall outside congressional purview. Currently, the CFPB receives its funding from the Federal Reserve.