Overview

• Rep. Andy Barr has introduced three bills aimed at reforming the Consumer Financial Protection Bureau (CFPB), focusing on transparency, accountability, and structural changes.
• Proposed reforms include transitioning the CFPB to a bipartisan commission and requiring it to operate under congressional appropriations, shifting its funding model.
• The TABS Act, CID Reform Act, and Rectifying UDAAP Act target specific CFPB practices, such as funding oversight, investigative demands, and defining unfair practices.
• The CFPB is currently grappling with operational challenges, including a backlog of 16,000 consumer complaints, following reduced enforcement activities under the Trump administration.
• Democratic lawmakers have criticized the proposed reforms, arguing they could weaken consumer protections and pointing to the Trump administration's attempts to dismantle the agency.