Republicans push bill to bring CFPB under congressional budget control

A coalition of House Republicans headed by Rep. Andy Barr has unveiled the Consumer Financial Protection Accountability and Reform Act of 2026, seeking to shift the CFPB’s funding from the Federal Reserve to the standard congressional appropriations process. The legislation would also establish a CFPB-specific inspector general who must testify semiannually before the House Financial Services Committee and the Senate Banking Committee.

It mandates that every proposed rule include a justification, a cost-benefit analysis, and alternative options, and it raises the asset threshold for CFPB supervision of banks from $10 billion to $30 billion, indexed to nominal GDP. The measure has attracted over two dozen Republican cosponsors but no Democratic support. Proponents, including former CFPB director Kathy Kraninger, argue the reforms will strengthen oversight, enhance consumer protection, and curb the agency’s unchecked authority.