HR 1603
Repeal CFPB Act
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Bill overview
This bill seeks to completely eliminate the Consumer Financial Protection Bureau (CFPB). It proposes repealing the Consumer Financial Protection Act of 2010, which established the CFPB, and restoring any laws that were altered or removed as a result of that act. The bill’s intent is to remove the CFPB’s authority over financial regulations and consumer protection.
Key provisions
- Repeal the Consumer Financial Protection Act of 2010.
- Restore laws modified or repealed by the 2010 Act.
- Eliminate the Bureau of Consumer Financial Protection.
Who is affected
- Consumers
- Financial Institutions
- The Consumer Financial Protection Bureau
Notable changes
- Would reverse the creation of the CFPB.
- Would restore any legal changes made by the 2010 Act.
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119th CONGRESS — 1st Session
H. R. 1603
IN THE HOUSE OF REPRESENTATIVES
A BILL
To eliminate the Bureau of Consumer Financial Protection.
This Act may be cited as the Repeal CFPB Act
.
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 is repealed, and the provisions of law amended or repealed by that Act are restored or revived as if the Act had not been enacted.