Congressional Committee Cuts Funding to CFPB

HousingWire reports the House Appropriations Committee has voted to slash funding for the new Consumer Financial Protection Bureau (CFPB) from the Federal Reserve’s requirement of $500 million to $200 million.  Under the Dodd-Frank Act the agency can request another $200 million.  Funded by the Federal Reserve, the CFPB will control the entire mortgage industry from origination to servicing the loans.  The Americans for Financial Reform Executive Director Lisa Donner said, “They are trying to turn the CFPB into a weak and timid agency, without the will or ability to curb the kind of financial abuses that caused the nation’s worst financial crisis since the Great Depression.”

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