U.S. House

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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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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Financial CHOICE Act Passes Committee

On May 4, 2017, the U.S. House of Representatives Financial Services Committee passed the Financial CHOICE Act, H.R. 10, with a 34-to-26 vote down party lines.  The legislation, co-sponsored by Chairman Jeb Hensarling (R-TX), seeks to overhaul the 2010 Dodd-Frank Act, including restructuring the Consumer Financial Protection Bureau (CFPB).  LenderLaw…

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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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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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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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