Senate GOP Aims to Cut Consumer Bureau Funding by Half

On June 27th, Senate Republicans have advanced a proposal to significantly reduce funding for the Consumer Financial Protection Bureau, or CFPB, as part of President Donald Trump's One Big Beautiful Bill Act. The proposed cuts would slash the agency's budget by nearly half, a move that experts say could result in hundreds of job losses at the federal watchdog responsible for overseeing financial institutions and protecting consumers. The CFPB, established in the wake of the 2008 financial crisis, has been a contentious agency since its inception. Advocates argue it plays a critical role in holding banks and lenders accountable, while critics, particularly within the Republican Party, have long accused it of overreach and inefficiency. The proposed funding cuts are being framed by supporters as a step toward reducing government spending and curbing what they see as unnecessary regulatory burdens. Opponents of the funding cuts warn of serious consequences for consumers, particularly those most vulnerable to predatory financial practices. They argue that a weakened CFPB could lead to less oversight of banks and credit institutions, potentially increasing the risk of financial abuses. Democrats in the Senate have vowed to fight the measure, calling it an attack on consumer protections and a gift to Wall Street. This is The Daily News Now. I'm Corey Cambridge reminding you to stay focused on the facts—because staying informed is easy when you're comfortable. Relax and listen with Sōli Pillow.