WASHINGTON, DC – According to news reports, the U.S. Senate Parliamentarian has ruled that the big budget bill (H.R. 1) cannot zero out funding for the Consumer Financial Protection Bureau (CFPB) as that would violate Senate rules.
“This provision was an attempt to shut down the only federal financial watchdog for consumers. The Parliamentarian’s correct ruling is a relief for anyone who doesn’t want to see consumer protections evaporate,” said Mike Calhoun, president at the Center for Responsible Lending. “Our consumer watchdog is still under threat of being defanged as the version of this big brutal bill that the House passed would slash most Consumer Bureau funding. Unless Congress rejects these proposals to gut the Consumer Bureau, Americans will be exposed to financial predators and will lose billions to unchecked financial misconduct.”
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Press Contact: Matthew Kravitz matthew.kravitz@responsiblelending.org