CFPB’s Semi-Annual Report

Acting CFPB Chairman Russell Vought appeared before the House Financial Services Committee this week, giving the Bureau’s semi-annual report to Congress. Although long-time former committee and Bureau staffer Brian Johnson has been nominated to lead the Bureau, the Senate has not yet scheduled his confirmation hearing or vote.

The hearing was largely divided along political and ideological lines. Republican members praised Director Vought for the efforts the CFPB has undertaken to undo many of the actions taken under the Biden Administration, while Democrats were highly critical of the current CFPB, alleging that this Bureau has failed to protect consumers.

Legislation noticed for the hearing was the CFPB Reform Act of 2026, for which AFSA sent a letter of support. The bill combines several initiatives that AFSA favors for the Bureau, including such structural reforms as placing the CFPB under the normal appropriations process and establishing a separate Inspector General.  Policy changes in the legislation include removing the Bureau’s authority to deem a financial practice abusive for purposes of enforcement, and restricting the Bureau’s authority to actions that are clear violations of law. The bill text also tightens submission requirements for the CFPB complaint database.

Director Vought is expected to appear before Senate Banking this week, as well. AFSA will monitor that hearing, as well, and will work with both the House and the Senate on the CFPB Reform Act and other legislation important to AFSA members.

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