Earlier this week, by a party-line 34-26 vote, the House Financial Services Committee passed H.R. 4861, a bill seemingly intended to ease restrictions on short-term, small-dollar loans made by depository institutions. The bill is part of the efforts of House Republicans to provide greater regulatory relief to banks than would be provided by S.… Continue Reading
Former House Financial Services Committee staffer to serve as CFPB chief of staff
In a press release issued by the House Financial Services Committee, Committee Chairman Jeb Hensarling announced that Kirsten Mork, the Committee’s Staff Director, has been named CFPB Chief of Staff. Mr. Hensarling was a very vocal CFPB critic throughout former Director Cordray’s tenure.
Ms. Mork will join Brian Johnson, another former House Financial Services Committee staff member who is also reported to now be working for the CFPB.… Continue Reading
NAFCU-hosted credit union conference
The National Association of Federally-Insured Credit Unions (NAFCU) is hosting its annual conference in Washington, D.C. today through September 13. Speakers will include opinion-leaders from Congress, NCUA, additional government agencies and the media, and will include HUD Secretary Ben Carson, SBA Administrator Linda McMahon, Vice President Pence’s Chief Economist, Mark Calabria (long-time housing reform advocate and former director of financial regulation studies at the Cato Institute) and House Committee on Financial Services Chair, Jeb Hensarling. … Continue Reading
Director Cordray keeps mum on departure plans
Director Cordray, responding today to a letter from Rep. Jeb Hensarling who chairs the House Financial Services Committee, stated that “I have no further insights to provide” on whether he intends to serve his full term as CFPB Director.
As we reported earlier today, it now appears that Director Cordray will not resign before Labor Day and intends to remain as Director until at least a date in September. … Continue Reading
Financial Choice Act slated for House floor vote during week of June 5
On May 26, the House of Representatives Committee on Rules announced that House members have until June 2 to propose amendments to the Financial Choice Act bill. The Chairman of the House Financial Services Committee, Jeb Hensarling, is expected to introduce an amendment to strike from the bill the provision which purports to repeal the Durbin Amendment. … Continue Reading
House to hold April 26 hearing on revised Financial CHOICE Act
The House Financial Services Committee announced that it will hold a hearing on April 26, 2017 to discuss the Financial CHOICE Act. It also released a discussion draft of a revised version of the bill.
In February, Rep. Hensarling, who chairs the Committee, circulated a memorandum to the Committee’s Leadership Team describing key revisions to the bill introduced last year. … Continue Reading
Additional CHOICE Act changes proposed by Chairman Hensarling would further reduce CFPB’s power
On February 6, House Financial Services Committee Chairman Hensarling circulated a memorandum to the House Financial Services Committee Leadership Team describing key revisions to the Financial Choice Act. Last week, he issued in outline form a so-called “Summary of Bill Changes” which identified further revisions to the Choice Act, which he referred to as “Choice 2.0”, some of which address subjects not covered in his February 6 revisions, which he referred to as “Choice 1.0.”… Continue Reading
Director Corday’s appearance before House Committee: strong on theater, weak on substance
Despite its long duration (over five hours including a recess for a vote), the House Financial Services Committee’s hearing on April 5 at which Director Cordray was the sole witness provided a strong dose of political theater but little in the way of new information or substance. Although there were many important questions that Committee members could have asked Director Cordray (we suggested several in a prior blog post), members mostly returned to familiar themes in their questions and remarks. … Continue Reading
Hensarling seeks assurance of CFPB compliance with limits on executive agencies
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. Circuit’s decision in PHH Corporation v. CFPB, the CFPB will comply with the limits on executive agencies set forth in various executive orders.… Continue Reading
House Committee approves Dodd-Frank replacement bill
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 Dodd-Frank Act. All Democrats on the Committee voted against the bill as did one Republican member. … Continue Reading