Senators introduce CFPB Pay Fairness Act

This story appeared in Bank Digest.

Senators Mike Enzi (R-Wyo), Thom Tillis (R-NC), Ben Sasse (R-Neb), and David Perdue (R-Ga) have introduced the CFPB Pay Fairness Act of 2020 (S. 3368), which would require the Consumer Financial Protection Bureau to set salary rates according to the government's standard pay scale. According to a press release issued by Tillis, the CFPB currently pays employees significantly more than other government agencies because it is not bound to the federal government's General Schedule scale.

Unlike other financial regulatory agencies, the release said, the CFPB operates outside of the regular congressional appropriations process because most of its funding comes directly from the Federal Reserve Board.