House Financial Services Committee seeks feedback on CFPB reform draft
Lawmakers are opening a new stage in the debate over the Consumer Financial Protection Bureau after a recent full committee hearing on the agency’s future. The House Financial Services Committee is inviting public comments through Aug. 21, 2026, on a legislative discussion draft that would revise the CFPB’s structure, authorities and supervisory approach.
Highlights
- House Financial Services Committee released a draft bill to overhaul CFPB funding, governance, oversight, and invites public feedback by August deadline.
- Title I proposes placing CFPB under congressional appropriations, changing civil penalty fund use, introducing retrospective rule reviews, and appointing a CFPB Inspector General.
- Titles III and IV support financial product innovation and propose adjusting supervisory thresholds for banks and credit unions, potentially impacting how institutions are regulated.
Reform proposal outlines governance changes
According to House Committee on Financial Services, the draft legislation is designed to reshape how the CFPB is funded, governed and overseen, and is asking the public to submit feedback by email before the August deadline.Title I would place the CFPB under the congressional appropriations process, change the use of civil penalty funds, strengthen cost-benefit analysis and small business impact assessments for rulemakings, require periodic retrospective reviews of major regulations, and create a dedicated CFPB Inspector General.
Title II would clarify key statutory authorities, with particular focus on the bureau’s power to regulate unfair, deceptive, or abusive acts or practices, or UDAAP. Title V would also aim to reduce reliance on enforcement actions as a way of establishing regulatory policy.
Oversight changes could affect banks and financial innovation
Other parts of the draft focus on how the bureau interacts with the broader financial sector and consumer access to products and services.Title III is intended to support innovation and consumer access to financial products and services. Title IV would modify the CFPB’s supervisory framework by adjusting supervisory thresholds for banks and credit unions, a change that could alter how some financial institutions are monitored.
Our earlier coverage of the Main Street Capital Access Act focused on the bipartisan House-passed bill aimed at easing regulatory burdens and improving capital access for community banks. It highlighted industry support for tailoring supervision to a bank’s size and risk profile, encouraging new bank formation, and reducing uncertainty in supervisory practices as the measure moved on to the Senate.
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