“You don’t have some inherent right just to get a certain amount of profit if your customers are being mistreated,” he said in an interview with ABC News. “My hope is that you’re going to see a bunch of the banks saying to themselves, ‘You know what, this is not good business practices.’”

Will the CFPB be cracking down on BofA’s $5 fee? That still remains to be seen.

According to The Hill: “… no officials from the relatively new bureau have indicated the agency would be cracking down on the fee.”

All told, the $19.9 billion in funding included in the bill is nearly $2 billion below last year’s level and $6 billion below the president’s budget request, the committee said.

“This bill exemplifies the commitment of the Republican majority to reduce spending, dig our nation out of record deficits, and rein in unnecessary agency regulation and interference that obstructs economic growth. The funding in this bill is below the pre-stimulus, pre-bailout levels of 2008, and important provisions are included to prevent government overreach in a variety of areas,” said committee Chairman Hal Rogers (R-Ky.).

Notably, the bill would bring the CFPB’s budget under the purview of appropriators starting in 2013. Currently, its funding falls outside the reach of lawmakers, as it receives transfers from the Federal Reserve to fund its operations.

The measure would also cap mandatory funds for the CFPB at $200 million — the current limit is $600 million.

“It won’t be successful and the attempt will risk greater damage,” he said.

“I have been told that if you say anything in Washington often enough, it is eventually treated as fact – regardless of whether it is true or false,” she will say. “While making baseless claims might be shrewd tactics for those who want to undermine the bureau’s work, they are flatly wrong.”

To read more about Warren’s planned testimony, click here.

The Hill also has coverage.

The bill would allow credit unions to offer alternatives to payday loans and to expand their geographic reach. But banks complain that, due to an overbroad definition of so-called “underserved areas” by the credit union regulator, credit unions would have free rein to lend throughout broad geographic areas like Washington, D.C., Philadelphia and Houston without requirements to serve low-income consumers.

Business loans made in such areas would be exempt from the usual credit union caps on business lending.

“They would have the ability to make unlimited business loans from Northwest Washington, D.C.,” said the vice president of congressional affairs for the Independent Community Bankers of America (ICBA), Ron Ence.

How convenient for credit unions that shortly after payday lending was effectively banned in the District of Columbia, they may get federal legislation to step into the short-term loan market in places like the District.   As the saying goes, as cynical as you are, it’s hard to keep up.