White House Seeks to Put CFPB Under Congress’ Budgetary Thumb

By Lydia Beyoud

The Consumer Financial Protection Bureau would have its funding controlled by Congress and its enforcement activity heavily restricted under a two-year “restructuring” plan proposed by the Trump administration.

In its fiscal year 2019 budget request to Congress, the White House’s Office Management and Budget said it wants to put the CFPB budget under direct congressional oversight beginning in 2020.

During the transition, the White House budget request proposes to only allow the Federal Reserve Board to transfer $485 million to the CFPB during FY19, the same as during 2015.

The CFPB’s budget was established as a portion ...