Repeal CFPB Act

This bill would shut down the federal consumer finance watchdog. It repeals the Consumer Financial Protection Act of 2010 and eliminates the Bureau of Consumer Financial Protection, restoring earlier laws as if that 2010 law had never been passed.

Key points:

• Who is affected: People who use financial products (like credit cards, loans, and mortgages), and the companies that offer them.
• What changes: The Bureau of Consumer Financial Protection would be eliminated; the 2010 consumer finance law would be repealed, and prior laws would come back into effect.
• When: The bill text states the repeal and restoration but does not specify timing beyond that it repeals the 2010 law.