The White House yesterday proposed a major restructuring of the Consumer Financial Protection Bureau (CFPB) that would significantly cut the watchdog agency’s budget and limit its enforcement power, the Washington Post reported. Under the proposal, included in President Trump’s 2019 budget plan, the CFPB would be funded through Congress rather than the Federal Reserve, giving lawmakers more influence over the agency’s priorities. The CFPB’s 2019 budget would also be capped at its 2015 level, $485 million, compared with a projected $630 million this year. The plan, which would take two years to implement, also calls for putting restrictions on the CFPB’s enforcement authority.
