WASHINGTON—The House Financial Services Committee Wednesday, in a 33-20 vote, passed the “Taking Account of Bureaucrats’ Spending (TABS) Act of 2016” (HR 1486), which would make CFPB funding part of the regular congressional appropriations process.
“We thank Representative Andy Barr (R-KY) for his leadership in introducing this measure and the Committee for its support in passing this legislation, which will help bring transparency and accountability to the Consumer Financial Protection Bureau,” said NAFCU Vice President of Legislative Affairs Brad Thaler. “We look forward to continuing to work with Congress to help advance this vital legislation.”
Thaler wrote the committee Tuesday, urging passage of the bill. In his letter, he noted, “Subjecting the CFPB to the appropriations process will give Congress much needed oversight by incentivizing the Bureau to focus on true consumer abuse and working to uphold congressional intent, while guaranteeing it considers the burdens it is placing on community institutions and better tailoring its rules for them.”