The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Information on this website may not be current. This website may contain links to other third-party websites. Such links are only for the convenience of the reader, user or browser; we do not recommend or endorse the contents of any third-party sites. Readers of this website should contact their attorney, accountant or credit counselor to obtain advice with respect to their particular situation. No reader, user, or browser of this site should act or not act on the basis of information on this site. Always seek personal legal, financial or credit advice for your relevant jurisdiction. Only your individual attorney or advisor can provide assurances that the information contained herein – and your interpretation of it – is applicable or appropriate to your particular situation. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, contributors, contributing firms, or their respective employers.
Credit.com receives compensation for the financial products and services advertised on this site if our users apply for and sign up for any of them. Compensation is not a factor in the substantive evaluation of any product.
The latest proposed spending cuts from Republicans in the House of Representatives would severely limit funding to the newly created Consumer Financial Protection Bureau, despite this technically being impossible, according to a report from CBS Moneywatch. The latest budget would limit the CFPB’s funds to no more than $80 million, as opposed to the roughly $143 million that was originally intended.
[Resource: Do-it-Yourself Debt Reduction]
However, reigning in funding for the CFPB was outlawed by the Dodd-Frank Act, the report said. So lawmakers propose to limit the additional $63 million in funds by ordering the Federal Reserve Board to only transfer $80 million at most initially, which would make it difficult for the CFPB to commence hiring and enforce regulations. The GOP-run House Appropriations Committee thinks it should have regulatory control over the CFPB because it receives funding from taxpayer money.
[Related Feature: Are the Deregulators Trying to Destroy the Economy?]
The GOP is currently on a large-scale campaign to reduce government spending, having had its cachet bolstered by seizing control of the House of Representatives in last November’s elections. They are particularly targeting Democratic pet projects, including the Obama-backed CFPB, which would serve to increase regulations for the financial industry.
March 11, 2021
Personal Finance
March 1, 2021
Personal Finance
February 18, 2021
Personal Finance