House Republicans Push Amendments to Eliminate CDFI, CFPB
Members propose amendments to Financial Services funding measure.
As the House begins consideration of FY24 funding measures again, some House Republicans want to eliminate funding for the CFPB and the CDFI program.
Those proposals are among more than 235 proposed amendments to the House Financial Services appropriations measure, H.R. 4664.
The Rules Committee will develop a rule and determine which amendments may come to the floor. The House votes on the rule, which almost always is approved by the House.
The Rules Committee has not yet scheduled a meeting on H.R. 4664, but the deadline for filing amendments to H.R. 4664 was Monday at 5 p.m.
Plan to Eliminate CDFI Program
When the panel does meet, it will consider an amendment proposed by Rep. Glenn Grothman, R-Wis., which simply eliminates the budget line item for the CDFI program.
Even if he is allowed to offer his amendment on the floor, Grothman’s proposal is unlikely to pass, since the CDFI program has proven to be popular among members of Congress.
And even if it were to pass the House, the Senate is extremely unlikely to accept it.
On the other hand, House Financial Services Committee ranking Democrat Rep. Maxine Waters, D-Calif., is proposing an amendment increasing CDFI to $341 million—the level included in President Biden’s FY24 budget request. The House bill currently calls for the program to receive $278.6 million. The program received $324 million in FY23.
Meanwhile, Rep. Scott Perry, R-Pa., has asked the Rules Committee to allow him to offer his amendment to eliminate all funding for the CFPB—a favorite target of Republican lawmakers.
Again, even if the House passes that amendment, the Senate is extremely unlikely to accept it.
Additionally, some Democrats are attempting to offer their own CFPB amendments to H.R. 4664. Rep. David Scott, D-Ga., wants to add language urging CFPB Director Rohit Chopra to develop a plan to use money in the agency’s Civil Penalty Fund on efforts to increase financial literacy.
And Rep. Al Green, D-Texas, wants to add a provision that would require the CFPB to provide awards to whistleblowers who report information that results in monetary penalties.
While some senators are attempting to add controversial credit card interchange language to appropriations bills in the Senate, no House member has offered such an amendment to H.R. 4664.
The amendment, pushed by Sens. Richard Durbin, D-Ill. and Roger Marshall, R-Ka., would require the Federal Reserve to issue rules that would ensure that large credit unions and banks that currently use the four-party card processing system be required to use at least one affiliated network in addition to Visa and Mastercard.