Skip to main content

Sen. Cruz Reintroduces Bill to End the CFPB

May 08, 2019
Photo credit: Getty Images/ajfletch

Sen. Ted Cruz (R-TX) has brought back a bill, "The Repeal CFPB Act," that would shut down the Consumer Financial Protection Bureau (CFPB).
Sen. Ted Cruz (R-TX) has brought back a bill, "The Repeal CFPB Act," that would shut down the Consumer Financial Protection Bureau (CFPB)
 
Cruz had presented similar legislation in 2015 and 2017. In this go-round, he is joined by six of his Republican colleagues—Tennessee’s Marsha Blackburn, Oklahoma’s Jim Inhofe, Utah’s Mike Lee, Kentucky’s Rand Paul, South Dakota’s Mike Rounds and Nebraska’s Ben Sasse.
 
“There has never been a greater farce and waste of government resources than the Consumer Financial Protection Bureau, and now is the time to eliminate it,” Cruz said in a statement. “Make no mistake, it does little to protect consumers and was created during the Obama administration to enforce burdensome regulations which have stunted economic growth and negatively impacted small businesses and consumers.”
 
There is no companion bill for Cruz’s legislation in the House of Representatives and it is unlikely that Democrat-controlled chamber would support this new effort.

 
About the author
Published
May 08, 2019
In Wake Of NAR Settlement, Dual Licensing Carries RESPA, Steering Risks

With the NAR settlement pending approval, lenders hot to hire buyers' agents ought to closely consider all the risks.

A California CRA Law Undercuts Itself

Who pays when compliance costs increase? Borrowers.

CFPB Weighs Title Insurance Changes

The agency considers a proposal that would prevent home lenders from passing on title insurance costs to home buyers.

Fannie Mae Weeds Out "Prohibited or Subjective" Appraisal Language

The overall occurrence rate for these violations has gone down, Fannie Mae reports.

Arizona Bans NTRAPS, Following Other States

ALTA on a war path to ban the "predatory practice of filing unfair real estate fee agreements in property records."

Kentucky Legislature Passes Bill Banning NTRAPS

The new law prohibits the recording of NTRAPS in property records, creates penalties if NTRAPS are recorded, and provides for the removal of NTRAPS currently in place.