Trump Budget Seeks Congressional Oversight of CFPB Spending – NMP Skip to main content

Trump Budget Seeks Congressional Oversight of CFPB Spending

Feb 13, 2018
The Consumer Financial Protection Bureau has announced that it has taken measures to make it easier for consumers with urgent financial needs to obtain access to mortgage credit more quickly in the middle of the COVID-19 pandemic

President Trump’s fiscal 2019 budget would realign the Consumer Financial Protection Bureau (CFPB) away from its current independent status and make it accountable to Congress.
 
According to a budget analysis published by The Hill, the CFPB would cease being funded by the Federal Reserve and would connect its funding to the congressional appropriations process. The budget would also give Congress control over the budgets for the Financial Stability Oversight Council and the Office of Financial Research, which are both funded by the Department of the Treasury.
 
“These changes would allow CFPB to focus its efforts on enforcing enacted consumer protection laws and eliminate the functions that allowed the Agency to become an unaccountable bureaucracy with unchecked regulatory authority,” said the White House in a statement.
About the author
Published
Feb 13, 2018
West Capital LO Challenges Contractor Status, Required Fees

A former originator alleges unpaid overtime, recurring tech charges, and company restrictions that he says undermine his independent-contractor status

CFPB Closes 40% Of Investigations, Keeps Mortgage Enforcement In Focus

The federal watchdog closed thousands of supervisory and investigative matters as it narrowed oversight

Midterms Loom With Mortgage Policy Changes Already In Motion

As voters head to the polls Tuesday, Washington is weighing changes to refinancing costs, loan pricing, and lending regulations

UAD 3.6 Deadline Is Monday. Are Brokers Ready?

Wholesale lenders have adopted different rules for appraisal transfers, loan product changes, and reporting formats, adding complications for brokers and appraisers ahead of the Nov. 2 mandate

Friday Harbor Expands AI Appraisal Reviews As UAD 3.6 Deadline Nears

The new capability adds more than 350 automated checks as lenders prepare for the November 2 mandate

Oct 27, 2026