House Financial Services Committee passes bills to subject CFPB to appropriations process, turn CFPB into commission

Claire Williams at the American Banker has the story here (behind a paywall but available on Lexis). The bills now go to the full House but are unlikely to go anywhere in the Senate unless SCOTUS finds the CFPB’s funding to be unconstitutional, in which case it isn’t clear how Congress will respond. The article notes that during the meeting, ranking member Maxine Waters accused chair Patrick McHenry of going back on his word.

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