Repeal CFPB Act

# Summary of the Repeal CFPB Act (HR 1603) **What the bill would do:** This bill would eliminate the Consumer Financial Protection Bureau (CFPB), a federal agency created in 2010 after the financial crisis to protect consumers from unfair or deceptive practices by banks, credit card companies, and other financial institutions. If passed, the CFPB would be dissolved, and its functions—such as handling consumer complaints, enforcing consumer protection laws, and overseeing financial companies—would end or be transferred elsewhere. **Who it affects:** This would impact millions of consumers who currently use the CFPB to file complaints about financial services (credit cards, mortgages, student loans, etc.). It would also affect the financial industry, which currently faces CFPB oversight and regulations.

The proposal would give financial companies less regulatory scrutiny from this particular agency. **Current status:** The bill was introduced in the House of Representatives and is currently in committee, meaning it has not yet been debated or voted on by the full House. No companion bill exists in the Senate. The CFPB remains operational while this bill is in the early legislative stage.