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Tuesday, July 9, 2013

House Appropriations Bill Would Change CFPB Funding Method

The House Appropriations Committee has released its draft fiscal year 2014 Financial Services and General Government appropriations bill, which will be considered in subcommittee tomorrow. The legislation includes a provision to subject the CFPB to the annual appropriations process, rather than the current method of direct funding from the Federal Reserve.

“This change will allow for increased accountability and transparency of the [CFPB’s] activities and use of tax dollars,” the Committee explained. “The legislation also requires extensive reporting on CFPB activities.”

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