Defund the CFPB Act

# Defund the CFPB Act Summary **What the Bill Would Do:** If passed, this bill would eliminate all federal funding for the Consumer Financial Protection Bureau (CFPB), effectively shutting down the agency. The CFPB is currently responsible for protecting consumers in financial markets—overseeing banks, credit card companies, payday lenders, and other financial institutions to prevent unfair or deceptive practices. **Who It Affects:** The bill would impact millions of American consumers who rely on the CFPB's oversight, including people applying for mortgages, credit cards, or auto loans, as well as borrowers dealing with student loans and debt collection. It would also affect the financial services industry, which would no longer face federal consumer protection enforcement from this agency.

Additionally, the roughly 1,600+ CFPB employees would lose their jobs. **Current Status:** The bill is currently in committee, meaning it has been introduced but has not yet advanced to a full vote in the House. This is a significant proposal that would require approval from both the House and Senate, plus the president's signature, to become law.