Consumer Financial Protection Bureau headquarters in Washington, D.C.
Credit union groups have long supported restructuring the way the CFPB functions and how it's funded. On Thursday, a bill was introduced in the House of Representatives that would subject the CFPB to the congressional appropriations process – a move credit union lobbyists said is one of the most important items on their check lists in 2025.
Rep. Andy Barr (R-Ky.) officially introduced the Taking Account of Bureaucrats’ Spending (TABS) Act on Thursday, which included making big changes to the Bureau.
The official text of the bill has not been published as of Friday morning.
According to the one-sentence description, the bill aims to “change the Bureau of Consumer Financial Protection into an independent agency named the Consumer Financial Empowerment Agency, to transition the Agency to the regular appropriations process, and for other purposes.”
America’s Credit Unions, the Defense Credit Union Council (DCUC) and the Kentucky Credit Union League were quick to applaud Rep. Barr’s bill. Officials with both America’s Credit Unions and DCUC unveiled their lists of credit union advocacy priorities on Jan. 6 and each listed reforming the CFPB as a priority during this Congress.
“America’s Credit Unions thanks Rep. Barr for introducing this critically important legislation. We have long advocated for significant reforms to the CFPB, sounding the alarm to rein in actions that overstep its authority. The TABS Act would bring needed accountability, oversight and transparency to the agency,” America’s Credit Unions president/CEO Jim Nussle said. “We will continue to advocate for appropriate regulations that support a thriving credit union industry. America’s Credit Unions, together with leagues and credit unions, looks forward to working with lawmakers to bring needed reforms to the CFPB.”
In a prepared statement, DCUC Chief Advocacy Officer Jason Stverak said, “We have consistently urged Congress to bring necessary reforms at the CFPB, especially in response to growing concerns about the agency's overreach. This proposed legislation represents an important step toward establishing appropriate regulatory processes that enhance efficiency, ensure fairness and support all financial institutions.”
Kentucky Credit Union League President/CEO Jim Kasch added, “We appreciate Congressman Barr's leadership in promoting regulatory relief for credit unions. The reformation of the CFPB and the curtailing of its overreach will favorably impact all financial institutions. We look forward to working with Congressman Barr and his team on this bill and others to promote growth and sustainability within the credit union movement.”
The bill has been referred to the House Committee on Financial Services.
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
