The U.S. Senate reportedly slashed the provision to drop the Consumer Financial Protection Bureau’s funding to 0% from 12% in the One Big Beautiful Bill, the American Financial Services Association disclosed today. 

AFSA said its Federal Congressional Affairs team is “hearing” that the provision was struck by the Senate parliamentarian.  

The Senate parliamentarian’s office did not respond to a request for comment. 

The Consumer Financial Protection Bureau (CFPB) draws its funding from the Federal Reserve and can request up to 12% of the Fed’s annual earnings, according to AFSA. In 2024, the Federal Reserve reported a budget of $785 million, according to the November 2024 CFPB release. 

The One Big Beautiful Bill was introduced in the Senate on May 21 where lawmakers suggested dropping CFPB’s funding from 12% to 5%.  

On June 9, the Senate Banking Committee suggested that the funding should be dropped to 0% of the Fed’s earnings, according to a committee proposal. 

The One Big Beautiful Bill continues to work its way through Congress and reportedly could be ready for passage as early as July 4.