Congress moves to eliminate the federal consumer watchdog entirely
H.R. 1603 — Repeal CFPB Act · Filed by Byron Donalds (R-FL) · 6 cosponsors · Introduced Feb 26, 2025 · Referred to committee
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What it does
This bill repeals the entire Consumer Financial Protection Act of 2010, eliminating the CFPB as a federal agency and restoring all financial regulations that existed before the CFPB was created. Ordinary consumers lose a dedicated federal watchdog for predatory lending, debt collection abuse, and financial fraud; financial services companies regain freedom from CFPB oversight and enforcement.
Why we flagged it
The bill's sole operative function is to eliminate federal consumer financial protection infrastructure and restore a pre-2010 regulatory regime. It is a deregulatory measure, not a technical fix or reform.
What the text implies
- Eliminates the CFPB's authority to issue rules on unfair, deceptive, or abusive acts or practices (UDAAP), leaving consumer protection to fragmented agency enforcement and state attorneys general with uneven resources.
- Restores pre-2010 regulatory gaps: payday lending, student-loan servicing, and credit-reporting practices revert to weaker oversight regimes or agency turf wars.
The full analysis lists 5 implications of this text.
Who stands to gain
payday lenders; debt collectors; predatory mortgage servicers