This bill would change the name of the Consumer Financial Protection Bureau to the Consumer Financial Empowerment Agency and make it an independent agency, separate from the Federal Reserve System . It also updates many federal credit and banking laws to use the new name so those laws keep working without confusion.

It would change how the agency gets its money. Instead of receiving funds from the Federal Reserve, the agency would be funded through the normal budget process set by Congress, with money authorized for 2026 and 2027 .

• Who is affected: The federal consumer financial agency and many federal banking and credit laws it appears in (for example, Truth in Lending and Fair Credit Reporting) .
• What changes: New name; becomes independent from the Federal Reserve; ends Federal Reserve funding transfers; moves to congressional budgeting; widespread updates to law text to reflect the new name .
• When: Congressional funding is authorized for the 2026 and 2027 federal budget years.