Representative Mike Haridopolos, a member of the U.S. House Financial Services Committee, published an opinion piece arguing that the Consumer Financial Protection Bureau should be subjected to stronger congressional oversight, including control over its funding and regular reauthorization. He criticised the CFPB’s independent funding structure and said Congress should determine how much funding the bureau receives, how it spends those funds, and whether it is meeting congressional objectives. The piece also calls for scrutiny of what he characterises as regulatory overreach and unpredictable enforcement that has created uncertainty for banks, small lenders, credit unions and fintech firms, and argues for a larger role for state attorneys general and state financial regulators in consumer protection enforcement. Haridopolos said he and Committee Chairman French Hill will work with fellow Republicans to rein in the CFPB, including considering a sunset provision to require periodic review of the agency’s effectiveness.
U.S. Financial Services Committee 2025-04-06
U.S. House Financial Services Committee member Haridopolos calls to bring the CFPB under congressional appropriations and periodic reauthorization
Representative Mike Haridopolos of the U.S. House Financial Services Committee advocates for increased congressional oversight of the Consumer Financial Protection Bureau (CFPB), including control over its funding and regular reauthorization. He criticizes the CFPB's independent funding and calls for scrutiny of its regulatory practices, suggesting a larger role for state authorities in consumer protection. Haridopolos, alongside Committee Chairman French Hill, plans to collaborate with Republicans to implement a sunset provision for periodic review of the CFPB's effectiveness.