House Republicans Plan to Defund the CFPB

The Trump administration’s quest to dismantle the Consumer Financial Protection Bureau could soon get an assist from Republicans in Congress.

As part of their sprawling tax and budget bill, House GOP lawmakers are considering a measure that would dramatically cut the CFPB’s annual funding, likely leaving behind just a bare-bones workforce at the watchdog agency responsible for policing how large banks, mortgage lenders, and other financial services companies treat their customers.

The legislation is set for a markup hearing before the House Financial Services Committee on Wednesday.