On June 6, the Senate Banking, Housing, and Urban Affairs Committee released its proposed amendment to H.R. 1, the “One Big Beautiful Bill Act,” which included a proposed reduction in the amount of funds the CFPB can annually request from the Fed. Since 2013, Section 1017(a)(2)(A)(iii) of the CFPA has allowed the Bureau to request up to 12 percent of the Fed’s inflation-adjusted profits. The proposed amendment would reduce the CFPB’s funding cap from 12 percent to 0 percent of the Fed’s profits. The proposed amendment would not affect the CFPB’s ability to request funds directly from Congress.
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