<ul><li>The Senate Banking Committee's provisions in the megabill include canceling funding for the CFPB from the Federal Reserve and changing the funding of the Securities and Exchange Commission.</li><li>The committee aims to cut spending by at least $1 billion over the next 10 years, postponing the implementation of the small business loan data collection rule set by Dodd-Frank Section 1071.</li><li>Senate's provision sets the CFPB funding cap at 0%, contrasting House Republicans' version that caps it at 5% of the Fed's 2009 operating expenses.</li><li>Critics argue that CFPB's funding should be subject to Congressional appropriations process, with ongoing legal battles surrounding the bureau's funding and constitutionality.</li></ul>

CFPB Funding in Crosshairs of Senate Banking Committee’s Megabill Provisions

Discover more