Senators Introduce Bill to Abolish CFPB

If Sen. Ted Cruz [R-Texas] has his way, the Consumer Financial Protection Bureau won’t be around long enough to implement its proposed debt collection rule.

Sen. Cruz yesterday introduced legislation that would eliminate the CFPB. This is the third time that Sen. Cruz has taken some initiative to abolish the regulatory agency.

“There has never been a greater farce and waste of government resources than the Consumer Financial Protection Bureau, and now is the time to eliminate it,” Sen. Cruz said in a statement. “Make no mistake, it does little to protect consumers and was created during the Obama administration to enforce burdensome regulations which have stunted economic growth and negatively impacted small businesses and consumers.”

Joining Sen. Cruz in co-sponsoring the proposed legislation are: Sen. Mike Lee [R-Utah], Sen. Jim Inhofe [R-Okla.], Sen. Ben Sasse [R-Neb.], Sen. Mike Rounds [R-S.D.], Sen. Marsha Blackburn [R-Tenn.], and Sen. Rand Paul [R-Ky.].

The “Repeal CFPB Act” is a lot shorter than this article about it. Here is the text of the bill:

The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is repealed, and the provisions of law amended or repealed by that Act are restored or revived as if the Act had not been enacted.

Sen. Cruz has introduced similar legislation in 2015 and 2017 and neither bill progressed very far. With Democrats controlling the House of Representatives, it’s unlikely that the third time will be the charm in this case.

Check Also


CFPB Fines Fintech $3M for Using Faulty Savings Algorithm That Led to Customers Being Overdrawn

The Consumer Financial Protection Bureau yesterday announced that a fintech company that promoted itself as …

Leave a Reply

Your email address will not be published.