On July 3, the House of Representatives passed H.R.1, the “One Big Beautiful Bill Act” to reduce the cap on amounts the CFPB can request from the Fed to fund its operations from 12 percent to 6.5 percent of the Fed’s total operating expenses for 2009, adjusted annually for inflation. For context, the cap in fiscal year 2024 was $785.4 million, and the CFPB requested $729.4 million. As previously covered by InfoBytes, the U.S. Senate Banking, Housing, and Urban Affairs Committee released a proposal to set the CFPB’s funding cap at 6.5 percent following the Senate Parliamentarian’s rejection of a provision that would set the cap at 0 percent. The Senate passed the bill earlier in the week, and the measure now awaits the president’s signature.
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