Consumer Financial Protection Accountability and Reform Act of 2026
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Consumer Financial Protection Accountability and Reform Act of 2026 aims to reform the Bureau of Consumer Financial Protection (CFPB) by bringing it under the regular appropriations process, increasing transparency in cost-benefit analyses, and ensuring accountability to small businesses. The bill also seeks to clarify legal definitions related to abusive acts and practices, promote innovation in consumer financial markets, and enhance the CFPB’s supervision of financial institutions. It includes provisions to address concerns about the Bureau’s authority and to prevent regulation by enforcement.
Key provisions
- Brings the CFPB under the regular appropriations process.
- Increases transparency in the CFPB’s cost-benefit analyses.
- Defines ‘abusive’ acts and practices more narrowly, limiting the Bureau’s authority.
- Creates a safe harbor for small-dollar credit products with specific underwriting and repayment requirements.
- Requires a guidance clarity statement from financial agencies on their guidance.
- Directs the GAO to conduct a study on buy now pay later services.
- Reforms the CFPB’s Inspector General to enhance accountability.
- Clarifies the CFPB’s authority regarding state insurance regulators.
Who is affected
- Consumers
- Financial Institutions (Banks, Credit Unions, Insurers)
- The Bureau of Consumer Financial Protection
- Small Businesses
- Financial Regulators
Bill text
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