Politico reports Congress may “reform” the CFPB’s funding through a reconciliation bill

Here (behind paywall). Indeed, according to the article, “House Financial Services Chair French Hill said Monday that reforming the CFPB’s funding structure remains “the principal focus” of his committee’s efforts to attach legislation to a GOP reconciliation package.” The Senate would not normally be able to change the CFPB’s funding without getting votes from Democrats because of the filibuster. But reconciliation bills can pass by a simple majority and so bypass the filibuster. The GOP has long sought to subject the CFPB to the congressional appropriations process. If that happens, the entities the CFPB regulates would have the ability to urge legislators to starve the Bureau of funds if the Bureau does things they don’t like, in effect enabling the regulated to take control of their regulator.