Newsroom

House Financial Services Subcommittee Chairman Andy Barr, R-Ky., on Friday introduced the NAFCU-backed Taking Account of Bureaucrats' Spending (TABS) Act, which would subject the CFPB to the congressional appropriations process.

Barr previously introduced the TABS Act during the last Congress. Barr cited CFPB overspending and the inappropriate expansion of the bureau's jurisdiction as examples of what his bill would rein in.

In March, NAFCU President and CEO Dan Berger met with Barr to discuss the importance of regulatory relief and housing finance reform for credit unions.

Barr chairs the House Financial Services Subcommittee on Monetary Policy and Trade and is a member of the Subcommittee on Financial Institutions and Consumer Credit.

He has introduced several NAFCU-backed measures, including the Portfolio Lending and Mortgage Access Act. The Taking Account of Institutions with Low Operation Risk (TAILOR) Act was reintroduced in the House in February with Barr as an original sponsor; the bill would require that rules be tailored to fit financial institutions' business models and risk profiles.