House Financial Services Committee budget reconciliation provisions impact CFPB

The CFPB faces significant funding changes as outlined in the House Financial Services Committee’s portion of the budget reconciliation package. Released late Friday, it contains provisions that would:  

• Cap the amount of money transferred from the Federal Reserve, requiring some CFPB funding to come through appropriations.
• Eliminate the Public Company Accounting Oversight Board, which regulates the audits of public companies and Securities and Exchange Commission-registered brokers and dealers;
• Ensure the CFPB civil penalty fund money can only go to direct victims, excess funds will be returned to the Treasury.

The committee is scheduled to mark it up Wednesday starting at 10 a.m. Eastern. House committees are each separately preparing a section for the upcoming budget package and will ultimately put them all together into a legislative package for a House floor vote.