Tag Archives: House Financial Services Committee

House Committee Holds Hearing on Financial Services and the LGBTQ+ Community

On October 29, 2019, the House Committee on Financial Services held a hearing entitled “Financial Services and the LGBTQ+ Community: A Review of Discrimination in Lending and Housing.”  Witnesses at the hearing included Harper Jean Tobin, the Director of Policy at the National Center for Transgender Equality, Michael Adams, CEO of SAGE (Services and Advocacy … Continue Reading

House Financial Services Committee Advances FCRA Reform Legislation

On July 11, the House Financial Services Committee held a markup for a series of bills designed to reform the credit reporting system and the Fair Credit Reporting Act (“FCRA”).  Each bill passed on a party-line vote.  The associated hearing was titled “Who’s Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System.” In … Continue Reading

House Financial Services Committee Passes Cannabis Banking Bill

On March 28, 2019, the House Financial Services Committee (“HFSC”) voted 45-15 to advance to the full House of Representatives the bill H.R. 1595, the “Secure and Fair Enforcement Banking Act of 2019” (the “SAFE Banking Act” or the “Act”).  The SAFE Banking Act would shield banks and credit unions from federal regulatory penalties for … Continue Reading

Renewed Focus on Diversity and Inclusion for Rep. Waters-led House Financial Services Committee

Representative Maxine Waters (D-CA), the newly appointed Chair of the House Financial Services Committee (the “Committee”), took a first step last week towards one of the major priorities of the Committee under her leadership – the promotion of diversity and inclusion in the financial services sector.  The first change under the new Chair’s watch was … Continue Reading

House Committee Agrees on JOBS Act 3.0

On July 16, 2018, Republican and Democratic leadership of the House Financial Services Committee announced that they have reached agreement to advance a package of financial services reforms known as the “JOBS Act 3.0,” consisting of 32 pieces of legislation that have passed the Committee or the full House with bipartisan support. While much of … Continue Reading

House Financial Services Committee Approves Bill to Exclude Attorneys from FDCPA

This week, the House Financial Services Committee (the “Committee”) approved by a vote of 35-25 a bill introduced last month by Rep. Alex Mooney (R-WV) that would exclude from the definition of “debt collector” under the Fair Debt Collection Practices Act (“FDCPA”) law firms or licensed attorneys engaged in litigation activities to collect a debt, … Continue Reading

House and Senate Panels Advance SEC Proposals

On March 9, 2017, the House Financial Services Committee and Senate Banking Committee conducted their first legislative mark-ups in the new Congress and approved bipartisan bills to amend several SEC-related laws.  Observers have speculated that the simultaneous advancement of this package of bipartisan bills in both chambers may indicate that key legislators are open to … Continue Reading

Congress Attempts to Counsel Trump Concerning Removal of CFPB Director Cordray, While PHH Petition for Rehearing Remains Undecided

Today Senators Chuck Schumer (D-NY), Sherrod Brown (D-OH), Elizabeth Warren (D-MA) and others voiced their opposition to any attempt by President-elect Donald Trump to oust Richard Cordray, the current Director of the Consumer Financial Protection Bureau (“CFPB”), before Cordray’s term ends in July 2018. They also sent a letter to Cordray outlining and praising his … Continue Reading

The PHH Decision May Restrict CFPB Rule-Making

House Financial Services Committee Chairman Jeb Hensarling (R-TX) wrote a letter yesterday to CFPB Director Richard Cordray arguing that the D.C. Circuit’s recent opinion in PHH Corp. et al. v. CFPB requires the CFPB to abide by Executive Orders issued by the President.  As the letter notes, the PHH decision characterized the Bureau “as an … Continue Reading
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