Sponsors (7)
The bill reduces regulatory burdens and clarifies supervisory authority for banks, but does so at the expense of consumer protections and enforcement options, which could harm vulnerable consumers and create downstream risks for taxpayers.
Banks and other financial firms would face fewer federal consumer‑protection rules, reducing their compliance costs.
Restoring pre‑2010 statutes would return certain supervisory authorities to bank regulators, clarifying regulatory jurisdiction for firms and supervisors.
Low‑ and moderate‑income consumers could lose protections against abusive mortgage, credit card, and payday lending practices previously enforced by the CFPB.
Victims of unfair or deceptive financial practices would have fewer centralized enforcement options and less access to restitution.
Taxpayers could face indirect costs if weakened consumer protections increase the risk of larger financial‑market failures or require future government interventions.
Based on analysis of 2 sections of legislative text.
Repeals the 2010 Consumer Financial Protection Act and retroactively restores pre-2010 laws and provisions as if the 2010 Act had never been enacted.
Repeals the Consumer Financial Protection Act of 2010 and restores any statutes or provisions that the 2010 Act amended or repealed as if the 2010 Act had never been enacted. The repeal is retroactive: it revives pre-2010 law and would remove the statutory basis for the Consumer Financial Protection Bureau and related authorities created by the 2010 Act.
Introduced February 26, 2025 by Byron Donalds · Last progress February 26, 2025