Congress moves to eliminate federal consumer financial protection agency
H.R. 814 — Defund the CFPB Act · Filed by Keith Self (R-TX) · 5 cosponsors · Introduced Jan 28, 2025 · Referred to committee
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What it does
This bill amends the Consumer Financial Protection Act to cap the CFPB Director's annual funding request at $0, effectively eliminating the agency's budget. It strikes the existing discretionary funding mechanism and replaces it with a hard zero, preventing the CFPB from requesting any appropriated funds for its operations.
Why we flagged it
The bill's sole operative mechanism is to eliminate the CFPB's funding authority by capping the Director's budget request at zero. This is a direct defunding measure, not a policy reform or reallocation — it is designed to render the agency operationally inert.
What the text implies
- The $0 cap does not technically dissolve the CFPB or repeal its statutory authorities — it leaves the agency's legal mandates on the books but strips its ability to staff, investigate, or enforce them, creating a 'zombie agency' with duties but no resources.
- Existing CFPB enforcement actions, pending rulemakings, and the consumer complaint database may face operational collapse or suspension, potentially leaving ongoing cases and consumer grievances unresolved.
The full analysis lists 4 implications of this text.
Who stands to gain
commercial banks; consumer lenders; payday lenders