CUNA supports a bill introduced Wednesday that would bring the Consumer Financial Protection Bureau (CFPB) into the appropriations process and turn it into an independent agency. Rep. Andy Barr, R-Ky., introduced the Taking Account of Bureaucrats’ Spending (TABS) Act, which comes after the 5^th U.S. Circuit Court of Appeals found the Bureau’s funding mechanism unconstitutional.

“We thank Rep. Barr for his legislation, which supports CUNA’s longstanding position that the CFPB is funded through the appropriations process. The CFPB’s actions and policies impact a massive part of the global economy, and we support actions to make the agency more transparent and accountable,” said CUNA President/CEO Jim Nussle.

“Congressman Barr is a tireless champion of regulatory relief and has demonstrated his commitment to battling burdensome regulatory overreach, said Kentucky Credit Union Leagues President/CEO Debbie Painter. “This bill is another example of those efforts. We look forward to working with Congressman Barr and his team on this bill and others to promote growth and fairness within the financial industry.”

Specifically, the bill would:

• Place the CFPB under the appropriations process.
• Turn the CFPB into an independent agency called the Consumer Financial Empowerment Agency.