House Financial Services Committee hears testimony on CFPB reform bill
Summary
The House Financial Services Committee convened a panel on the Consumer Financial Protection, Accountability, and Reform Act of 2026, focusing on placing the CFPB under annual appropriations, adding a senate‑confirmed inspector general, stronger evidence‑based rulemaking, supervisory thresholds, and clarifying the "abusive" standard.
The House Committee on Financial Services held a public panel on the Consumer Financial Protection, Accountability, and Reform Act of 2026, where lawmakers and industry witnesses debated statutory changes intended to make the Consumer Financial Protection Bureau more accountable and predictable. Chairman Hill said the package aims to "bring greater accountability, clarity, and predictability to the Consumer Financial Protection Bureau while ensuring consumers have access to a competitive and innovative financial marketplace." (Chairman Hill)
Witnesses and sponsors emphasized several core reforms: placing the CFPB within the regular appropriations process, creating a senate‑confirmed inspector general to report to Congress, requiring transparent evidence‑based rulemaking with retrospective review, raising supervision thresholds for tailoring exams, and clarifying the statutory standard for "abusive" acts and practices. Committee leaders asked stakeholders for written feedback as the package moves toward committee consideration.
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