Senate GOP Plans to Boost CFPB Scrutiny, Cut Fed Employee Pay

The Senate Banking Committee is planning to eliminate all mandatory funding for the Consumer Financial Protection Bureau and restrict the pay of many Federal Reserve employees as part of the Senate’s big tax and spending bill, according to a person familiar with the matter.

The proposal, outlined in a committee memo, would require the CFPB to seek funding in the regular appropriations process rather than receive it from the Fed.