NDBA - North Dakota Bankers Association
09/02/2026 | Press release | Distributed by Public on 09/02/2026 08:31
House Republicans Introduce Bill to Rein In CFPB
Republicans on the House Financial Services Committee have proposed legislation to change how the CFPB is funded and redefine its ability to regulate unfair, deceptive, or abusive acts or practices, or UDAAP.
The Consumer Financial Protection Accountability and Reform Act (H.R. 10184) was introduced yesterday by Rep. Andy Barr (R-Ky.) and is co-sponsored by nearly 30 Republicans, including Chairman French Hill (R-Ark.). The committee previously circulated a discussion draft of the bill for public comment.
The CFPB is unique among federal agencies in that the bureau director requests funding from the Federal Reserve. The bill would instead subject the bureau to congressional appropriations, which Republicans say would make it more accountable to elected officials.
The legislation would also change how the bureau regulates UDAAP. For example, the CFPB would be required to more clearly define the "abusive" standard and no longer be permitted to interpret UDAAP to include discriminatory practices.
Other proposed changes in the bill include raising the asset threshold under which financial institutions fall under CFPB supervision from $10 billion to $30 billion, providing a "safe harbor" from CFPB enforcement for small-dollar credit products, and reducing the dollar amount of civil money penalties that the bureau can impose.
The Consumer Financial Protection Accountability and Reform Act (H.R. 10184) was introduced yesterday by Rep. Andy Barr (R-Ky.) and is co-sponsored by nearly 30 Republicans, including Chairman French Hill (R-Ark.). The committee previously circulated a discussion draft of the bill for public comment.
The CFPB is unique among federal agencies in that the bureau director requests funding from the Federal Reserve. The bill would instead subject the bureau to congressional appropriations, which Republicans say would make it more accountable to elected officials.
The legislation would also change how the bureau regulates UDAAP. For example, the CFPB would be required to more clearly define the "abusive" standard and no longer be permitted to interpret UDAAP to include discriminatory practices.
Other proposed changes in the bill include raising the asset threshold under which financial institutions fall under CFPB supervision from $10 billion to $30 billion, providing a "safe harbor" from CFPB enforcement for small-dollar credit products, and reducing the dollar amount of civil money penalties that the bureau can impose.
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