House Republicans Propose Overhaul of Consumer Financial Protection Bureau Funding
House Financial Services Committee Republicans are advancing legislation to significantly alter the funding and governance of the Consumer Financial Protection Bureau (CFPB). The centerpiece of this effort is H.R. 10184, the Consumer Financial Protection Accountability and Reform Act of 2026, co-sponsored by nearly 30 Republicans, including Rep. French Hill (R-AR-2). This bill aims to remove the CFPB's current funding mechanism, which draws directly from the Federal Reserve, and instead subject it to the congressional appropriations process. Additionally, the proposed legislation would establish an inspector general specifically for the CFPB. This move follows a discussion draft circulated by House Republicans and a roundtable discussion on modernizing consumer financial protection, which included Rep. French Hill and former CFPB Director Kathy Kraninger, alongside industry representatives.
