All eleven Democratic members of the U.S. Senate Committee on Banking, Housing and Urban Affairs have introduced a bill to make funding for the Consumer Financial Protection Bureau automatic and compulsory. The proposal would require mandatory transfers to the CFPB of at least 12% of the Federal Reserve's total operating expenses, up to the amount described in the Dodd-Frank Act as reasonably necessary for the Bureau to carry out its authorities under federal consumer financial law. Ranking Member Elizabeth Warren led the bill. Supporters presented it as a way to prevent administrations from weakening the CFPB by withholding resources, and the release noted that the agency has returned USD 21 billion directly to consumers. The bill was endorsed by several consumer and community groups, including the National Consumer Law Center, the Consumer Federation of America, Americans for Financial Reform, Protect Borrowers, the National Community Reinvestment Coalition and the Center for Responsible Lending.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-06-04
U.S. Senate Committee on Banking, Housing and Urban Affairs Democrats introduce bill to require mandatory CFPB funding with a 12% Federal Reserve expense floor
All eleven Democratic members of the U.S. Senate Committee on Banking, Housing and Urban Affairs have introduced a bill to make Consumer Financial Protection Bureau funding automatic and compulsory through mandatory transfers of at least 12% of the Federal Reserve’s operating expenses, up to the level permitted under the Dodd-Frank Act. Led by Ranking Member Elizabeth Warren, the bill aims to insulate the agency’s budget from administrative interference and has been endorsed by multiple consumer and community groups.