Bill > HR1603

This bill proposes to completely eliminate the Consumer Financial Protection Bureau (CFPB), a federal agency established by the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010 to protect consumers from unfair, deceptive, or abusive practices in the financial sector. Specifically, the bill, named the "Repeal CFPB Act," would fully repeal the Consumer Financial Protection Act of 2010, effectively dismantling the entire agency and its regulatory framework. Upon passage, the bill would restore all legal provisions that existed prior to the CFPB's creation, essentially returning financial consumer protection oversight to its pre-2010 state. This means that the specific consumer protection responsibilities currently handled by the CFPB would revert to previous regulatory bodies or potentially be left without dedicated oversight. The bill is brief, consisting of just two sections: a short title section and a repeal section, and it represents a direct legislative effort to remove a significant financial regulatory agency established during the Obama administration.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-bill/1603/all-info