Bill to Cut Consumer Financial Protection Bureau Funding to $1.
This bill proposes to slash the annual funding of the Consumer Financial Protection Bureau (CFPB) to just $1. The CFPB is the federal agency tasked with safeguarding citizens from unfair practices by banks, lenders, and debt collectors. If enacted, this change would effectively eliminate the agency's ability to operate, potentially leaving consumers more vulnerable to financial fraud and abuse.
Key points
The funding for the Consumer Financial Protection Bureau (CFPB) would be capped at $1 annually.
The agency, which oversees mortgages, credit cards, and loans, would lose its operational capacity and enforcement power.
Citizens would lose a primary federal watchdog protecting them against deceptive financial practices.
Expired
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