Senate Banking Republican Reconciliation Bill Would Eliminate CFPB Funding Source

The Senate Banking, Housing and Affairs Committee (Banking Committee) would eliminate the CFPB's current funding source, as part of Committee's Republican version of its part of the massive budget reconciliation bill, according to legislative language released by the Banking Committee.

Under the existing funding structure, the CFPB may draw up to 12% of the Federal Reserve's inflation-adjusted total operating expenses in 2009. The Banking Committee Republicans will propose reducing that cap to 0%, according to the legislative language.

An earlier Banking Committee memo stated that the CFPB still could request money through the appropriations process. The current legislative language does not specifically mention this, but presumably the bureau could do that.