The House Financial Services Committee also advanced a bill aimed at reforming the CFPB’s civil investigative demand process.

The bill would place the CFPB under the regular appropriations process, limit its authority to define financial practices as abusive and take away its ability to seek monetary relief in certain circumstances.

The trade group said the Appraisal Modernization Act would limit lenders’ ability to help consumers during changing market conditions and create legal and operational issues for mortgage lenders.

The bills seek to scale back activities at the CFPB, including proposals aimed at Section 1071 small business lending data collection.

After a setback, Senate Republicans successfully approved a measure to cut the CFPB’s funding.

If passed by the full House and Senate, the CFPB would only have around 30% of its current funding availability.

Following years of legal action that have stalled the implementation of the bureau’s original Section 1071 rule, the CFPB announced that it will roll out a new version of the rule.

A series of bills proposed by Republicans in Congress would dramatically change how the CFPB operates.

The House Financial Services Committee voted 30-19 to pass a Congressional Review Act resolution to reverse a CFPB final rule that will limit overdraft fees charged by large banks and credit unions.

CFPB issues advisory opinions on background checks, credit file disclosures requested by consumers; banks critical of advisory opinion on information requests; banks look to slow overdraft rulemaking; new servicing requirements in California; Senate fails to override veto of bill that would halt Section 1071 data collection.