Defund the CFPB Act

Senate Bill

S. 303

119th Congress

Defund the CFPB Act

In Committee

Introduced:Jan 29, 2025

Primary Sponsor

Roger Marshall

Senator

Republican

KS

Cosponsors

6

Quick Stats

Policy Area

Finance and Financial Sector

Summary

The Defund the CFPB Act sets the Consumer Financial Protection Bureaus funding cap at zero dollars, effectively eliminating the agency. The CFPB enforces consumer financial protection laws covering credit cards, mortgages, student loans, and other financial products, and was created by the Dodd-Frank Act following the 2008 financial crisis.

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

AI Summary

Plain-English explanation of this bill

The Defund the CFPB Act sets the Consumer Financial Protection Bureaus funding cap at zero dollars, effectively eliminating the agency. The CFPB enforces consumer financial protection laws covering credit cards, mortgages, student loans, and other financial products, and was created by the Dodd-Frank Act following the 2008 financial crisis.

Last updated: 1/4/2026

Official Summary

Congressional Research Service summary

Defund the CFPB ActThis bill caps funding of the Consumer Financial Protection Bureau at $0.

Key Points

Main provisions of the bill

Sets CFPB funding at zero dollars
Would effectively eliminate the agency
CFPB enforces consumer financial protection
Created by Dodd-Frank Act after 2008 crisis
Covers credit cards, mortgages, student loans
Transfers or eliminates consumer protections

How This Impacts Americans

Potential effects on citizens and communities

This bill would eliminate the Consumer Financial Protection Bureau, which has returned billions of dollars to consumers through enforcement actions against predatory lending, unfair fees, and deceptive practices. Supporters argue the CFPB is unconstitutional or overreaching. Critics contend eliminating it would remove vital consumer protections and enforcement against financial industry abuses. The bill does not specify what happens to CFPBs functions or existing rules.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

303, 119th Congress (2025). "Defund the CFPB Act". Source: Voter's Right Platform. https://votersright.org/bills/118-s-303