Last week, the House passed its 2017 appropriations bill.The bill contains a number of provisions which are designed to place additional controls on the CFPB and signals the House’s concerns with the unbridled power currently harnessed by the CFPB.Specifically:
- The bill funds the CFPB through the annual congressional appropriations process rather than allowing it to make transfers from the Federal Reserve;
- The bill restructures the leadership of the CFPB into a bipartisan five person commission; and
- The bill prohibits the use of funds to regulate pre-dispute arbitration agreements and delays the effective date of any regulation finalized by the Bureau regarding arbitration unless and until the CFPB has fulfilled certain specified reporting requirements.
A Senate Appropriations bill has not yet been passed, but the current Senate bill under consideration does not contain similar restraints on the CFPB. A final congressional budget is not expected until later this year.