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DCUC applauds Rep. Barr (R-KY) introduction of key legislation

H.R.654 Transitions CFPB to Regular Appropriations Process

WASHINGTON, D.C. (January 24, 2025) |

The Defense Credit Union Council (DCUC) applauds Representative  Andy Barr (R-KY) for introducing new legislation (H.R. 654) that would subject the CFPB to the  congressional appropriations process. 

“We have consistently urged Congress to bring necessary reforms at the CFPB, especially in  response to growing concerns about the agency's overreach,” said Jason Stverak, DCUC Chief  Advocacy Officer. “This proposed legislation represents an important step toward establishing  appropriate regulatory processes that enhance efficiency, ensure fairness, and support all  financial institutions.” 

DCUC’s letter sent last month outlined several concerns related to the CFPB’s regulatory processes and actions while providing recommendations for structural reform. 

“DCUC believes that structural reforms to the CFPB are critical to ensuring its accountability,  transparency, and balanced oversight of the financial sector. Specifically, we recommend: 

  1. Establishing a Five-Member Commission: Replacing the single-director leadership  model with a bipartisan five-member commission would promote greater stability,  continuity, and collaboration in CFPB policymaking. This structure, used successfully by  other financial regulators, would mitigate abrupt policy swings and ensure diverse  perspectives in decision-making. 
  2. Placing the CFPB Under the Congressional Appropriations Process: Currently, the  CFPB’s funding bypasses congressional oversight by being tied to the Federal Reserve.  Subjecting the agency to the appropriations process would enhance accountability and  ensure Congress has a more direct role in overseeing how taxpayer resources are  utilized. This change would also align the CFPB’s funding mechanism with other federal  financial regulators…”

“We look forward to collaborating with Congressman Barr and his staff on this critical legislation  and other initiatives that foster the growth and sustainability of the credit union industry,” said  Stverak.  

For more information, please contact Jason Stverak at jstverak@dcuc.org and visit  dcuc.org/advocacy.  

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