The Senate Parliamentarian ruled that the Republican majority could not eliminate the CFPB's budget through reconciliation, leading to a proposal to cut it to 6.5%. Originally, Sen. Tim Scott aimed to zero out the funding, but that was deemed impermissible. Enforcement experts note ongoing minimal regulatory actions from the CFPB, suggesting that the funding cuts would likely have a negligible effect on enforcement levels, which are already described as dismal, with few new actions being initiated.
The decision to cut the CFPB's budget to 6.5% was influenced by the Senate Parliamentarian ruling that a complete elimination through reconciliation was not permissible.
Enforcement experts express that the CFPB currently has minimal enforcement activities, indicating that proposed funding cuts might not significantly impact its regulatory actions.
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