TABS Act of 2025

# TABS Act of 2025 Summary The TABS Act of 2025 would make significant structural changes to the Consumer Financial Protection Bureau (CFPB), a federal agency that oversees consumer financial products and services like mortgages, credit cards, and bank accounts. The bill would rename the agency to the Consumer Financial Empowerment Agency and separate it from the Federal Reserve System, making it a fully independent agency. Most notably, it would change how the agency is funded: instead of receiving money from the Federal Reserve (its current funding source), the agency would depend on money appropriated directly by Congress for fiscal years 2026 and 2027. These changes would primarily affect the CFPB's operations and independence.

Currently, the Federal Reserve transfers funds to the CFPB, which allows it to operate without requesting annual congressional appropriations. Under this bill, the agency would need Congress to approve its budget each year, potentially giving lawmakers more direct control over its spending and priorities. The bill could impact consumers indirectly by affecting how robustly the agency can monitor and regulate financial companies. **Current Status:** The bill is currently in committee and has not yet been voted on by the full House of Representatives.