U.S. Senate Bill Takes Aim At CFPB's Funding And Oversight

The Consumer Financial Protection Bureau (CFPB), which was created by the U.S. Congress in response to the financial crisis in 2008, is among the federal government’s most controversial agencies, with some lawmakers describing it as a “rogue agency.”

Republican Senator David Perdue of Georgia, who has been leading efforts in the Senate to reform the regulator and have its new prepaid card rule repealed, said the agency was a “real problem” due to a lack of congressional oversight.

“The CFPB is the only agency that we can find that has no oversight from Congress,” Perdue told attendees Wednesday at the Power of Prepaid 2019 conference in Washington, D.C.

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