Trump Budget Eyes Putting CFPB At Congress’ Mercy

Law360 (February 12, 2018, 4:04 PM EST) -- President Donald Trump has proposed a radical restructuring of the U.S. Consumer Financial Protection Bureau that would see the independent agency subjected to the congressional appropriations process and a steep cut to its operating budget.

As part of the president’s fiscal 2019 budget proposal, the administration is proposing to stop the CFPB from getting its funding through the Federal Reserve as was mandated in the 2010 Dodd-Frank Act, which created the federal consumer finance watchdog. Instead, it would be subject to the congressional funding process. That...
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