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House Republicans Push to Overhaul Consumer Watchdog

Bloomberg Markets •
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A group of House Republicans unveiled a proposal that aims to overhaul the structure of the Consumer Financial Protection Bureau, which has been entangled in legal fights as the Trump administration moves to cut the agency’s funding and staffing.

The bill would bring the agency under the congressional appropriations process instead of getting funds from the Federal Reserve. It would also establish an inspector general solely for the CFPB, limit the bureau’s ability to seek monetary relief from businesses and raise the asset threshold for bank supervision from $10 billion to $30 billion.

The US Consumer Financial Protection Bureau is headquartered in Washington. The proposal reflects ongoing Republican efforts to reshape federal financial regulators amid broader budget and staffing battles.