US HB654

Renames the Bureau of Consumer Financial Protection (CFPB) to the "Consumer Financial Empowerment Agency" and restructures it as an independent agency no longer housed within the Federal Reserve System

Transfers the agency's funding from the Federal Reserve to the regular congressional appropriations process, authorizing appropriations for fiscal years 2026 and 2027

Removes the agency's examination authority and eliminates the requirement for the Director to be confirmed with Senate advice and consent, changing appointment to direct presidential appointment

Eliminates the agency's independent funding mechanism that previously allowed it to draw up to a capped percentage from Federal Reserve earnings

Updates terminology across approximately 27 federal laws and statutes to reflect the name change from "Bureau" to "Agency" and from "Bureau of Consumer Financial Protection" to "Consumer Financial Empowerment Agency"