Bill to restructure CFPB moving forward

Recent news reports indicate the CFPB may be in store for change via the Financial Services and General Government Appropriations Act . The U.S. House of Representatives passed the $21.7 billion bill by a 239-185 party line vote. Changes include bringing funding for the bureau under the Congressional appropriations process and replacing the single director leadership structure with a five-member bipartisan commission. This move has been under consideration for some time now.

The Hill reports that the bill, which also provides funding for the Internal Revenue Service, Federal Communications Commission, Small Business Administration and General Services Administration, is $1.5 billion less than the current level. IRS funding will be reduced by $236 million, and the FCC is losing $69 million in funding.

Congress debated the provisions related to the bill last week, and Republican members prevailed with a 179-243 vote to keep reforms for the CFPB leadership structure and funding in the bill, CQ Roll Call reports. In addition to changes in funding oversight, the final bill prevents the CFPB from implementing a rule for the payday lending industry.  Read here for more information.