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.
- Removes the CFPB's independent funding mechanism (funded from Federal Reserve profits, not congressional appropriations), making consumer protection vulnerable to political defunding.
- Eliminates the CFPB's consumer complaint database and public enforcement actions, reducing transparency into financial-services misconduct.
- Transfers consumer protection authority back to banking regulators (OCC, Federal Reserve, FDIC) whose primary mission is bank safety and soundness, not consumer harm prevention.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
Ordinary consumers lose a dedicated federal agency with specific authority to police predatory lending, abusive debt collection, and consumer fraud. The CFPB has recovered billions for harmed consumers and issued rules on payday lending, student-loan servicing, and credit reporting. Restoring pre-2010 law fragments consumer protection across multiple agencies with weaker mandates and lower enforcement capacity.
Who stands to gain
- payday lenders
- debt collectors
- predatory mortgage servicers
- credit-reporting agencies
- student-loan servicers
- financial services firms subject to CFPB enforcement
Named in the bill
Consumer Financial Protection Bureau (CFPB), Consumer Financial Protection Act of 2010, Office of the Comptroller of the Currency (OCC), Federal Reserve, Federal Deposit Insurance Corporation (FDIC), Financial services industry
Where it stands
6 cosponsors: 6 Republicans.
- Feb 26, 2025 — Introduced · Congress.gov: “Introduced in House”
- Feb 26, 2025 — Referred to House Committee on Financial Services · Congress.gov: “Referred to the House Committee on Financial Services”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
Money around this bill
1 lobbying clients named this bill on 1 disclosure filings across 1 quarter, Jun 2026 to Jun 2026. Those filings disclosed $80,000 in lobbying spend. A filing names 43 bills on average, so that figure is what each filing reported, not a share belonging to this bill.
More lobbying clients named this bill than 0% of bills with at least one filing.
Byron Donalds, the sponsor, reported $66,946 in PAC receipts in the 2026 cycle.
- Gowest Credit Union Association — $80,000 on 1 filing
Lobbying Disclosure Act filings through Jul 20, 2026. A filing shows who paid to lobby on a bill it names, not what changed.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (245 characters) on Jun 8, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
Money — Senate Lobbying Disclosure Act filings whose specific-issue field names this bill for quarters ending Jun 2026 to Jun 2026. A filing's amount is reported whole beside the median number of bills a filing names; it is never divided across them. PAC receipts are FEC-reported contributions to the sponsor's candidate committee in the 2026 cycle.
As of — lobbying records through Jul 20, 2026 · page rendered 2026-10-20.
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