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On July 28, the U.S. House Committee on Financial Services passed H.R. 4277, the Overdraft Protection Act.  Introduced by Congresswoman Carolyn B. Maloney (D-NY), the bill would prohibit financial institutions from engaging in unfair or deceptive acts or practices in connection with overdraft coverage.

Specifically, the bill would require financial institutions that offer overdraft coverage for accounts to disclose: (i) the specific amount of overdraft coverage fees; (ii) that the consumer’s transaction may be declined if there are insufficient funds in the account; and (iii) that the consumer will not be charged a fee if the transaction is declined. … Continue Reading

On March 4, 2020 the House Financial Service’s Subcommittee on Housing, Community Development and Insurance will hold a hearing entitled, “Drivers of Discrimination: An Examination of Unfair Premiums, Practices and Policies in the Auto Insurance Industry.”

The Committee Memorandum lists two related legislative proposals. One proposal is H.R. 1756, which “would prohibit the use of a credit report, a credit score, or other consumer credit information in determining auto insurance coverage or rates.”  … Continue Reading

The Task Force on Financial Technology of the House Financial Services Committee has scheduled a hearing entitled “Banking on Your Data: The Role of Big Data in Financial Services” on November 21, 2019. The Task Force is expected to explore, in part, a legal framework for big technology firms that have entered the financial marketplace.… Continue Reading

On October 29, 2019, the House Financial Services Subcommittee on Oversight and Investigations held a hearing to explore the issue of lending and housing discrimination against members of the LGBTQ+ community. A recording of the hearing is available here.

Six witnesses offered testimony and responded to questions posed by subcommittee members:

  • Harper Jean Tobin, Director of Policy, National Center for Transgender Equality
  • Michael Adams, Chief Executive Officer, SAGE
  • Dr.
… Continue Reading

The Subcommittee on Oversight and Investigations of the House Committee on Financial Services has scheduled a hearing entitled “Financial Services and the LGBTQ+ Community: A Review of Discrimination in Lending and Housing.” The memo from the Committee’s Majority Staff to Committee Members states that the hearing “will focus on the extent and effects of discrimination against persons who identify as lesbian, gay, bisexual, transgender or queer (“LGBTQ+”) when seeking housing or credit in the United States.… Continue Reading

Tomorrow, October 23, the House Committee on Financial Services will hold a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.” The scheduled witness will be Mark Zuckerberg, Chairman and Chief Executive Officer, Facebook. There will be a live webcast of the hearing.

As indicated in the Committee Memorandum, Fair Housing is among the topics to be discussed.… Continue Reading

Tomorrow, October 18, the House Financial Services Committee’s Task Force on Artificial Intelligence is scheduled to hold a hearing entitled “AI and the Evolution of Cloud Computing: Evaluating How Financial Data is Stored, Protected, and Maintained by Cloud Providers.” There will be a live webcast of the hearing.

The Committee Memorandum and related legislation can be found here.… Continue Reading

The House Financial Services Committee will hold a hearing entitled “Examining Legislation to Protect Consumers and Small Business Owners from Abusive Debt Collection Practices,” on Thursday, September 26, 2019, at 10:00 a.m.  The hearing will also be live streamed.

The following witnesses are scheduled to testify:

  • Rev. Dr. Cassandra Gould, Pastor, Quinn Chapel A.M.E.
… Continue Reading

Last week, by a vote of 22-14 (with one Republican voting for the bill), the House Judiciary Committee passed H.R. 1423, the “Forced Arbitration Injustice Repeal Act.”  A Senate companion bill (S. 610) was introduced in February 2019 and referred to the Senate Judiciary Committee.  No action has been taken on the Senate bill.… Continue Reading

The Committee on Financial Services will hold a hearing entitled “A $1.5 Trillion Crisis: Protecting Student Borrowers and Holding Student Loan Servicers Accountable.” The hearing, scheduled to take place on Tuesday, September 10, 2019 at 10:00 a.m. in the Rayburn House Office Building, will also be live-streamed.

Building on the Committee’s oversight of consumer financial protections for student loan borrowers, the hearing will further explore the issues as well as discuss potential legislative remedies to increase protections for student loan borrowers.… Continue Reading