Financial Services Committee

News & Analysis as of

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...more

House Panel Approves Data Breach Bill

On Wednesday, Dec. 9, the House Financial Services Committee approved a bill that would require companies to notify consumers and the government when a data breach compromises certain unencrypted consumer information. The...more

House Financial Services Committee to hold December 16 hearing on CFPB data collection

The House Financial Service Committee’s Subcommittee on Oversight and Investigations has scheduled a hearing for December 16, 2015 on “Examining the Consumer Financial Protection Bureau’s Mass Data Collection Program.”...more

Capital Formation Related Bills Approved by Financial Services Committee

The House Financial Services Committee voted to approve and refer to full House vote various capital formation related bills, including the Small Business Capital Formation Enhancement Act, HR 4168, requiring the Securities...more

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...more

House Financial Services Committee Hearing on Capital Formation

On December 2, 2015, the Financial Services Committee will hold a hearing to consider four bills related to capital formation. These include, among others, HR 3784, which would amend the Exchange Act to establish an Office...more

Blog: House Hearing On Conflict Minerals Rule: A Mixed Bag

At a hearing last week before a subcommittee of the House Financial Services Committee, the members heard testimony regarding the Dodd-Frank conflict minerals provision. The Chair expressed concern that the provision was...more

BDC Bill Approved by Financial Services Committee

On November 4, 2015, the House Financial Services Committee voted 53-4 in favor of HR 3868 sponsored by Congressman Mulvaney. Among other things, the bill would make needed changes to the Securities Act that would bring the...more

Be Careful What You Ask For, You May Get It—The CFPB Addresses Marketing Services Agreements Under RESPA

The residential mortgage settlement service industry has been asking the CFPB for guidance on the legality of marketing service agreements (MSAs) under RESPA. When questioned on the issue last week at a House Financial...more

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

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

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

JOBS Act Bills Advance

The House Financial Services Committee approved 13 bills, many of which are JOBS Act related. The bills that were approved by the Committee are described here...more

The Financial Report - Volume 4, No. 9 • May 2015 (Global)

Discussion and Analysis - Securities and investment advisory services offered through . . . That phrase is ubiquitous among small and “independent” financial services firms, regularly appearing in 6-point or...more

House Subcommittee to Consider JOBS Act Related Bills

Today, the Subcommittee on Capital Markets and Government Sponsored Enterprises of the House Financial Services Committee has scheduled a hearing entitled “Legislative Proposals to Enhance Capital Formation and Reduce...more

Congress hears testimony on Public-Private Partnerships in affordable housing

Would private developers build affordable housing if there were no government subsidies? Rep. Mike Capuano (D-MA) and his colleagues explored that question and other topics during a House Financial Service Subcommittee...more

Rogue Agency or Champion of Consumers? House Votes for CFPB Transparency

A common complaint against the CFPB is that the agency wields too much power without enough accountability. House Financial Services Committee Chairman Jeb Hensarling recently described the CFPB as “single most powerful and...more

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and...more

Director Cordray Appears Before House Financial Services Committee

CFPB Director Richard Cordray recently appeared before the House Financial Services Committee to answer questions regarding the Bureau’s Semi-Annual Report to Congress and the President, which it published on December 4,...more

On the Hill this Week….

On March 24th, the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment will hold a hearing on “Capital Formation and Reducing Small Business Burdens.” Information...more

Blog: Senate Bill Introduced To Raise Rule 701 Disclosure Threshold

Senators Pat Toomey (R., PA) and Mark Warner (D., VA) have introduced Senate Bill 576, the ‘‘Encouraging Employee Ownership Act.’’ The bill would require the SEC, within 60 days after enactment, to raise the threshold in...more

More CFPB reform bills introduced in House

In addition to the bill introduced last week by Republican Congressman Randy Neugebauer that would replace the CFPB’s director with a five-member commission, four other CFPB reform bills have been introduced by Republican...more

Hensarling establishes new policy for issuing subpoenas and gives CFPB deadline for responding to document requests

Republican Congressman Jeb Hensarling, who chairs the House Financial Services Committee, has established a new policy for using his authority to issue subpoenas to the CFPB and other agency’s subject to the Committee’s...more

Director Cordray to testify on March 3 before House Financial Services Committee

The House Financial Services Committee will hold a hearing tomorrow, March 3, entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection” at which Director Cordray is expected to testify. The most recent...more

FHFA Director Testifies on the Hill

On January 27, FHFA Director Mel Watt testified at a House Financial Services Committee hearing. In prepared remarks, Watt mentioned the strengthened balance sheet of...more

FHFA Director testifies in front of the U.S. House of Representative Committee on Financial Services

On January 27, 2015 the  FHFA Director, Melvin L. Watt, testified in front of the U.S. House of Representatives Committee on Financial Services. Director Watt’s testimony provided...more

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