A CFPB reform bill introduced Wednesday includes credit union-supported changes to the bureau’s funding structure.    

Rep. Andy Barr, R-Ky., introduced the Taking Account of Bureaucrats’ Spending (TABS) Act, which would place the CFPB under the appropriations process. Both America’s Credit Unions and the Kentucky Credit Union League expressed appreciation for the bill.

“America’s Credit Unions thanks Rep. Barr for introducing this critically important legislation. We have long advocated for significant reforms to the CFPB, sounding the alarm to rein in actions that overstep its authority. The TABS Act would bring needed accountability, oversight, and transparency to the agency,” said Jim Nussle, America’s Credit Unions president/CEO. “We will continue to advocate for appropriate regulations that support a thriving credit union industry. America’s Credit Unions, together with leagues and credit unions, looks forward to working with lawmakers to bring needed reforms to the CFPB.”

“We appreciate Congressman Barr's leadership in promoting regulatory relief for Credit Unions. The reformation of the CFPB and the curtailing of its overreach will favorably impact all financial institutions," said Kentucky Credit Union League President/CEO Jim Kasch. "We look forward to working with Congressman Barr and his team on this bill and others to promote growth and sustainability within the credit union movement.”

Funding the bureau through the appropriations process is a top policy priority for America’s Credit Unions this year.