Senatorial hopeful Elizabeth Warren labeled House Republicans’ move to alter funding procedures for the Consumer Financial Protection Bureau “a backdoor attempt to weaken consumer protection and water down oversight,” in a statement at her website this week.
Last month, the Republican-led House changed how the CFPB is funded. Originally, the CFPB’s costs were to be part of the Federal Reserve’s budget, which is not subject to the congressional appropriations process. With April’s vote, that is no longer the case, and now Congress has the power to approve each of the CFPB’s budgetary requests.
The CFPB is scheduled to receive $547 million in funding this year, according to MassLive.
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