In a straight party line vote of 16-14, the Senate Appropriations Committee approved a regulatory relief measure July 23 that would, in part, require the NCUA to hold public budget hearings and the Federal Housing Finance Agency to withdraw its proposal to change the requirements for Federal Home Loan Banks membership.
The Financial Services and General Government Appropriations measure also included a provision that would move the CFPB's funding into the Congressional budget process and change its governance structure from one director to a five-member commission.
The Federal Reserve has funded the CFPB and the agency does not rely directly on Congress for appropriations.
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