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News Now

Washington
Inside Washington (02/25/2011)
* WASHINGTON (2/28/11)--House Republicans, intent on reigning in spending and calling for less government control, have targeted the Consumer Financial Protection Bureau (CFPB) with several recent measures (CNNMoney.com Feb. 25). Starting July 21, the bureau will regulate credit cards, mortgages and other financial products, including payday loans. In a bill that included more than $60 billion in budget cuts to avoid a government shutdown, lawmakers cut the bureau’s funding from the Federal Reserve to $80 million. The bureau estimates it needs $143 million this year, and the law provides for as much as $500 million when it’s up and running. Rep. Randy Neugebauer, (R-Texas) has proposed a bill to give Congress more oversight of the CFPB by moving it to the Treasury Department. Also, a House Financial Services subcommittee is scheduled for March 16 to discuss oversight of the CFPB, including concerns that the bureau could stifle the flow of credit …


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