The House on Thursday passed a fiscal year 2017 funding bill that would place new restrictions on the CFPB, although those proposals are likely to be dropped when the agency's appropriations bill is finalized.
Voting 239-185, the House passed HR 5485, after fighting off Democratic attempts to delete those restrictions. Those restrictions include prohibiting the agency to enact payday lending rules and regulations restricting arbitration agreements until it conducts new studies on their likely impact.
The bill, as passed, also would subject the agency to the annual appropriations process. In addition, the report accompanying the bill urged the CFPB to study the impact of its rules on small financial institutions.
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