H.R. 654 — TABS Act of 2025

This section renames the Bureau of Consumer Financial Protection (CFPB) as the Consumer Financial Empowerment Agency (CFEA), removes its placement within the Federal Reserve System to establish it as an independent agency, requires the Director to be appointed by the President, and strikes provisions on director removal, examination locations, and certain supervisory authorities. (The CFPB enforces federal consumer financial protection laws, including those on credit reporting, debt collection, and electronic funds transfers.) It also deems prior references to the CFPB as references to the CFEA and makes conforming amendments to replace "Bureau" with "Agency" throughout the Consumer Financial Protection Act of 2010, Dodd-Frank Act, and related laws (e.g., Electronic Fund Transfer Act, Fair Credit Reporting Act, Fair Debt Collection Practices Act).

This section terminates transfers of funds from the Board of Governors of the Federal Reserve System to the Consumer Financial Protection Bureau (CFPB), which previously provided funding each year (or quarter) in amounts up to 12% (adjusted annually by the employment cost index for state and local government workers) of the Federal Reserve System's total operating expenses as reported in 2009. The section strikes the Consumer Financial Protection Fund and related use-of-funds provisions; retains requirements for the CFPB to provide financial operating plans and forecasts to the Office of Management and Budget, prepare annual financial statements, maintain compliant financial management systems, and undergo audits; and authorizes appropriations of such sums as necessary for the CFPB for each of FY2026 and FY2027. (Thus, the CFPB's funding is now subject to the congressional appropriations process.)