News & Analysis as of September 24, 2024

Financial Services Committee

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The Dodd-Frank Wall Street Reform and Consumer Protection Act is a United States federal statute signed into law on July 21, 2010. The Act was passed in response to the Great Recession of the late 2000s and includes broad reforms related to many aspects of the financial and banking industry. Notable sections of the Act include stricter regulations of the derivatives market, as well as the Volcker Rule, which restricts the trading practices of FDIC-insured institutions. less -

House Financial Services Committee Chairman warns CFPB that restrictions on use of secondary data will stifle innovation and harm...

Ballard Spahr LLP on 12/27/2023

The Chairman of the House Financial Services Committee, Patrick McHenry (R-NC), sent a comment letter to CFPB Director Rohit Chopra in response to the CFPB’s notice of proposed rulemaking that would implement Section 1033 of...more

CFPB Fall 2023 rulemaking agenda indicates imminent issuance of final credit card late fees rule and proposed rules on overdraft...

Ballard Spahr LLP on 12/8/2023

The CFPB has released its Fall 2023 rulemaking agenda as part of the Fall 2023 Unified Agenda of Federal Regulatory and Deregulatory Actions. The agenda’s preamble indicates that “[t]he Bureau reasonably anticipates having...more

CFPB Issues Semi-Annual Report to Congress

Smith Debnam Narron Drake Saintsing & Myers,... on 2/10/2020

The CFPB has issued its semi-annual report to Congress. The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House...more

Director Kraninger testifies at House and Senate hearings

Ballard Spahr LLP on 10/18/2019

CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report. ...more

CFPB issues Spring 2019 semi-annual report; Director Kraninger to appear before House Financial Services Committee on Oct. 16 and...

Ballard Spahr LLP on 10/14/2019

CFPB recently issued its Spring 2019 Semi-Annual Report to Congress covering the period October 1, 2018 through March 31, 2019. The report represents the CFPB’s second semi-annual report under Director Kraninger’s...more

Inside the Beltway: Chairwoman Waters Introduces Bill to Reverse Mulvaney Actions

Ballard Spahr LLP on 3/25/2019

House Financial Services Committee Chairwoman Maxine Waters recently introduced the "Consumers First Act," H.R. 1500, a modified version of a bill she introduced in the last session of Congress when Mick Mulvaney was still...more

Democrats criticize Director Kraninger at Senate Banking Committee hearing

Ballard Spahr LLP on 3/13/2019

Director Kraninger was sharply criticized by Democrats at today’s hearing on the Bureau’s semi-annual report held by the Senate Banking Committee....more

House Financial Services Committee hearing on CFPB highlights continuing partisan divide

Ballard Spahr LLP on 3/8/2019

Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican...more

House Financial Services Committee details case for contempt proceedings against Director Cordray for failing to comply with...

Ballard Spahr LLP on 8/8/2017

A report by the majority staff of the House Financial Services Committee concludes that there is a “valid and factual basis” for instituting contempt of Congress proceedings against Director Cordray. The report states that...more

U.S. House of Representatives Passes the Financial CHOICE Act of 2017

Morrison & Foerster LLP on 6/13/2017

On June 8, 2017, the Financial CHOICE Act of 2017 (the “CHOICE Act”) was passed on a party line vote by the U.S. House of Representatives, with nearly all Republicans voting in support and nearly all Democrats voting against...more

Congress Seeks Dodd-Frank Overhaul and Elephant Dart for Consumer Financial Protection Bureau

Hinshaw & Culbertson LLP on 6/7/2017

On May 4, 2017, the House Financial Services Committee passed HR 10, the Financial CHOICE ACT (“FCA”) by a 34-26 vote, with all proposed Democratic redlines rejected. The FCA is expected to go to a full House vote as early as...more

Your Daily Dose of Financial News

Robins Kaplan LLP on 5/5/2017

We’ve mentioned Uber’s Greyball issues before in passing. But since the authorities are literally making a Federal case out of it, you should probably know more about the details if the software tool that has the...more

Financial Services Weekly News - April 2017 #4

Goodwin on 4/28/2017

Editor's Note - State Regulators Sue OCC Over Federal FinTech Charter. On April 26, the Conference of State Bank Supervisors (CSBS) sued the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for...more

The Financial CHOICE Act 2.0, Legislative Text Revealed

K&L Gates LLP on 4/24/2017

On April 19, 2017, House Financial Services Committee (“HFSC”) Chairman Jeb Hensarling (R-TX) released an updated version of the Financial CHOICE Act (“FCA 2.0”), a discussion draft that would reform the Dodd–Frank Wall...more

Process vs. Outcomes Debated at Hearing on Constitutionality of CFPB Structure

Ballard Spahr LLP on 3/23/2017

As we had indicated, on March 16, the subcommittee on Oversight and Investigations of the House Financial Services Committee conducted a hearing entitled “The Bureau of Consumer Financial Protection’s Unconstitutional...more

PHH files supplemental response to CFPB’s rehearing petition; opposes state AGs’ motion to intervene

Ballard Spahr LLP on 1/31/2017

This past Friday, PHH filed a supplemental response to the CFPB’s petition for en banc rehearing and a response opposing the motion filed by Democratic Attorneys General of 16 states and the District of Columbia to intervene...more

Democratic lawmakers, consumer advocacy groups seek to intervene in PHH appeal

Ballard Spahr LLP on 1/27/2017

This past Monday, the Democratic Attorneys General of 16 states and the District of Columbia filed a motion with the D.C. Circuit seeking to intervene in the PHH appeal. Today, two more motions to intervene were filed. One...more

Democratic leadership plans to oppose change in CFPB structure

Ballard Spahr LLP on 1/19/2017

As Inauguration Day approaches, the rhetoric about the CFPB’s future continues to heat up. American Banker reported that, on a conference call with reporters earlier this week, Senate Minority Leader Charles Schumer stated...more

Lawmakers take sides on Director Cordray’s future; Senator Warren urges consumer advocates to defend CFPB

Ballard Spahr LLP on 1/13/2017

Battle lines over Director Cordray’s future at the CFPB are predictably forming along party lines. Earlier this week, two Republican senators sent a letter to Vice President-elect Pence urging Director Cordray’s removal by...more

Hensarling seeks assurance of CFPB compliance with limits on executive agencies

Ballard Spahr LLP on 10/21/2016

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has sent a letter to Director Cordray asking him to provide written assurance by October 26, 2016 that, as a result of the D.C....more

House Financial Services Committee Votes To Repeal And Replace Dodd-Frank

King & Spalding on 9/28/2016

On September 13th, the House Financial Services Committee approved the Financial CHOICE Act of 2016 to repeal and replace key parts of the 2010 Dodd-Frank law by a largely partisan vote of 30 to 26. Democrats declined to...more

House Committee approves Dodd-Frank replacement bill

Ballard Spahr LLP on 9/15/2016

By a vote of 30-26 earlier this week, the House Financial Services Committee approved the “The Financial CHOICE Act of 2016” (H.R. 5983), the bill released in July 2016 by Committee Chairman Jeb Hensarling to replace the...more

Details Emerge about the Financial CHOICE Act

K&L Gates LLP on 6/27/2016

On June 15, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) released a more detailed summary of the Financial CHOICE Act (“FCA”), a proposal to revisit the Dodd-Frank Wall Street Reform and Consumer...more

84 House members urge expedited CFPB action on small business lending data collection rules

Ballard Spahr LLP on 9/1/2015

84 House members recently wrote to the CFPB to urge it to expedite rulemaking to implement the small business lending data requirements of Dodd-Frank Section 1071. Section 1071 amended the ECOA to require financial...more

House appropriations amendment would create new requirements for CFPB arbitration rule

Ballard Spahr LLP on 6/19/2015

According to a Politico report, the House Appropriations Committee has approved an amendment to the FY 2016 Financial Services Appropriations bill that would impose new requirements on the CFPB before it can issue a rule...more

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Dodd-Frank Wall Street Reform and Consumer Protection Act › Consumer Financial Protection Bureau (CFPB) › Financial Services Committee

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