The Republican-controlled House Financial Services Committee last week used the consideration of fiscal year 2017 budget views and estimates (BVE) as an opportunity to take another shot at the CFPB. The minority Democrats tried to amend the GOP package but were shut down on a party-line basis. According to the Republicans’ “print” of the FY17 BVE, the majority’s view is that although the Dodd-Frank Act established the CFPB within the Federal Reserve System, it assigns no role to Congress or the Federal Reserve in overseeing its budget or use of funds. “The effect of the CFPB’s unorthodox budgetary treatment is that every dollar it draws directly reduces the Federal Reserve System’s annual remittances to the Treasury, thus lowering the amount ...