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HR 814

Defund the CFPB Act

119th Congress Introduced by Byron Donalds and 4 co-sponsors

HR 814 seeks to defund the CFPB, halting its consumer protection efforts and reducing oversight of financial institutions, impacting consumers and agency employees.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HR 814

Summary of HR 814 - Defund the CFPB Act

Bill Overview

  • Bill Number: HR 814
  • Title: Defund the CFPB Act
  • Status: Introduced in House
  • Introduced On: January 28, 2025
  • Classification: Bill

Purpose and Intent

The Defund the CFPB Act aims to eliminate federal funding for the Consumer Financial Protection Bureau (CFPB), an agency established to protect consumers in the financial sector. The bill seeks to address concerns regarding the CFPB's regulatory authority and its impact on financial institutions and consumers.

Key Provisions

  • Defunding the CFPB: The primary provision of HR 814 is to prohibit the allocation of federal funds to the CFPB. This would effectively halt the agency's operations, as it relies on federal appropriations to carry out its mission.
  • Impact on Agency Operations: If enacted, the bill would require the CFPB to cease its consumer protection activities, including enforcement of regulations related to mortgages, credit cards, and other financial products.

Affected Parties

  • Consumers: The defunding of the CFPB may lead to reduced protections for consumers against unfair, deceptive, or abusive practices in the financial sector.
  • Financial Institutions: Banks and other financial entities may experience a decrease in regulatory oversight, potentially altering the competitive landscape and compliance requirements.
  • CFPB Employees: The bill would likely result in significant layoffs or reassignments within the CFPB, affecting its workforce.

Legislative Process

  • Committee Referral: Upon introduction, HR 814 was referred to the House Committee on Financial Services for further consideration.
  • Timeline: The bill was introduced on January 28, 2025, and is currently in the early stages of the legislative process.

Related Legislation

  • Companion Bill: The Senate counterpart to HR 814 is S 303, which shares similar objectives regarding the CFPB's funding.

Conclusion

HR 814 represents a significant shift in the federal approach to consumer financial protection by proposing to defund the CFPB. The implications of this bill could reshape the regulatory environment for financial institutions and the protections available to consumers. As the bill progresses through the legislative process, stakeholders will closely monitor its developments and potential impacts.

Compiled from official sources — confirm details with the bill’s official record.

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