Search Results: U.S. House

Federal Regulators Update Senate, House on Pandemic Impact

On November 10, 2020, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a virtual hearing entitled “Oversight of Financial Regulators.”  The presenting witnesses were:  Randal Quarles, Vice Chair for Supervision of the Federal Reserve System; Brian Brooks, Acting Comptroller of the Currency; Jelena McWilliams, Chairman of the…

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House Seeks Leave to File Amicus Curiae Brief in Support of CFPB's Constitutionality

On October 4, 2019, the U.S. House of Representatives moved the Supreme Court for leave to file an amicus curiae brief in opposition to Seila Law’s petition for writ of certiorari to review the Ninth Circuit’s decision in CFPB v. Seila Law LLC, No. 7-56324 (9th Cir. 2019), which upheld the…

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House Bill Proposes to Set New Framework for CFPB Regulation

On April 17, 2018, House members Sean Duffy (R-WI) and Ed Perlmutter (D-CO) co-sponsored bi-partisan legislation aimed at providing more certainty to companies subject to the Consumer Financial Protection Bureau’s (CFPB) regulation.  The bill, H.R. 5534, titled the “Give Useful Information to Define Effective Compliance Act” or “GUIDE Compliance Act,”…

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House Prioritizes Housing Finance Reform

On October 3, 2017, the U.S. House of Representatives’ Financial Services Committee conducted a hearing on possible housing finance reform measures titled “Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency.”  The hearing specifically addressed housing finance reform as it pertains to government-sponsored entities (GSEs)…

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House Contemplates Upheaving Federal Reserve's Responsibilities

On September 12, 2017, the U.S. House of Representatives’ Financial Services Subcommittee on Financial Institutions and Consumer Credit and the Subcommittee on Monetary Policy and Trade conducted a joint hearing titled, “Examining the Relationship Between Prudential Regulation and Monetary Policy at the Federal Reserve.”  A link to the videotaped testimony…

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Republicans File Congressional Review Act Challenge to CFPB's Arbitration Rule

As LenderLaw Watch previously reported, on July 10, 2017 the Consumer Financial Protection Bureau (CFPB) released its Arbitration Rule, which blocks the use of mandatory arbitration clauses in consumer financial products and services contracts that prohibit class action lawsuits.  On July 19, 2017, the CFPB published this Rule in the Federal Register,…

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CFPB Director Cordray Testifies Before House Financial Services Committee

On April 5, 2017, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the U.S. House of Representatives Financial Services Committee to present the CFPB’s semi-annual report, which is available here.  The hearing was unsurprisingly divisive among members of Congress.  Chairman Jeb Hensarling (R-TX) set the tone during his opening statement,…

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Congressional Black Congress Urges President Not to Remove CFPB Director Cordray

On January 24, 2017, 38 members of the Congressional Black Caucus (CBC) sent a letter to President Trump urging him to cease any planned efforts to remove Consumer Financial Protection Bureau (CFPB) Director Richard Cordray.  The letter was co-authored by the ranking member of the U.S. House of Representatives Financial Services…

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Potential CFPB Reform in the Wake of the Election

The results of the recent election have led to speculation regarding what legal changes are in store for the consumer financial services industry and the CFPB in particular.  Although President-elect Trump and other Republicans have made statements regarding “dismantling” the Dodd-Frank Act, few concrete proposals have been put forward.  In…

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House Republicans Level Another Blow at CFPB’s Auto-Lending Policies

Scrutiny of the CFPB’s auto-lending supervision and enforcement practices was renewed last week when Republicans on the U.S. House of Representatives Committee on Financial Services issued another scathing report criticizing the agency, this time focusing on its handling of the distribution of the Ally Financial auto-lending settlement funds.  Concurrently with…

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House Financial Services Committee Reports New Cybersecurity Bill to Congress

On December 9, 2015, the House Financial Services Committee reported a Bill to Congress that would impact the cybersecurity compliance of financial services companies.  The Bill, H.R. 2205, would set standards for development and implementation of cybersecurity protocols; require investigation and notification of breaches; and allow administrative enforcement. One of…

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House Report Targets CFPB Indirect Auto Lending Policies

On November 24, 2015, Republicans on the House Financial Services Committee released a report sharply criticizing the CFPB’s methodology for enforcing the Equal Credit Opportunity Act (ECOA) with regard to indirect automobile lending.  The report, entitled, “Unsafe at Any Bureaucracy: CFPB Junk Science and Indirect Auto Lending,” adds to the…

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OCC, FRB, and FDIC Push Ahead on Reducing Regulation of Community Banks

On May 4, 2015, Comptroller of the Currency Thomas Curry, Federal Reserve Board (FRB) Governor Daniel Tarullo, and Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg held the third in a series of outreach meetings to discuss with the public their efforts to reduce the regulatory burden on community banks…

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Money Remittance Improvement Act Eases Regulatory Requirements for MSBs

On August 1, Congress passed the Money Remittances Improvement Act of 2014 (signed by President Obama on August 8, 2014), which reduces regulatory hurdles and duplication between state and federal regulation of money services businesses.  Specifically, the Act permits the Secretary of the Treasury to “rely on examinations conducted by a…

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