Removing Barriers Blog

CUNA supports legislation to place CFPB under Appropriations funding process
Posted April 11, 2016 by CUNA Advocacy

In advance of a House Financial Services Committee markup this Wednesday, we sent a letter of support to Rep. Andy Barr (R-KY.), the lead sponsor of H.R. 1486, the “Taking Account of Bureaucrats’ Spending Act of 2015.” 

H.R. 1486 would change how the Consumer Financial Protection Bureau receives its funding, subjecting the Bureau to the appropriations process. Since the inception of the Bureau, we've held the position that the most appropriate funding scheme for the Bureau would be under the appropriations process. This not only gives Congress an additional level of oversight over the Bureau, but it would also incentivize the Bureau to focus its attention on the abusers of consumers.

In addition to Representative Barr, HR 1486 has 45 Republican cosponsors, including 17 Members of the Financial Services Committee.  We appreciate Representative Barr’s leadership on this particular issue, and encourage all Members of the Committee to support this legislation in Wednesday’s markup.