house financial services committee

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.
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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

On July 15, the Democratic majority of the House Financial Services Committee introduced draft legislation, titled “Keep Big Tech Out Of Finance Act,” targeting Libra, Facebook’s contemplated new digital currency. As a follow up, during her July 17 opening statement before testimony from a Facebook executive, Chairwoman Maxine Waters expressed serious concerns about Libra and asked Facebook to put it on hold.… Continue Reading

Last week, the House Financial Services Committee established two task forces, one on financial technology and the other on artificial intelligence.  Both task forces were established pursuant to resolutions adopted by unanimous consent.

The “Task Force on Financial Technology” will examine the current legal framework for fintech, how fintech is used in lending, and how consumers engage with fintech.  … Continue Reading

On April 30, 2019, the House Financial Services Subcommittee held a hearing entitled “Ending the Debt Traps in the Payday and Small Dollar Credit Industry.” (A video of the hearing is available here.)

The tone and tenor of the hearing became readily apparently during opening remarks offered by Representative Gregory Meeks, in which he analogized small dollar lenders to “no document” mortgage lenders that caused the 2008 financial crisis because of a failure to assess ability to repay.… Continue Reading

This week, two House Financial Services Subcommittees will hold hearings.

Tomorrow afternoon at 2:00PM ET, the Consumer Protection and Financial Institutions Subcommittee will convene a hearing entitled, “Ending the Debt Traps in the Payday and Small Dollar Credit Industry.”

On Wednesday, May 1 at 10:00AM ET, the Oversight and Investigations subcommittee will convene a hearing entitled, “Examining Discrimination in the Automobile Lending and Insurance Industries.”… Continue Reading

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 committee members switching roles from those taken at the hearings at which former Director Cordray appeared.  While Republicans took on the role of CFPB Director Kraninger’s champions, Democrats assumed the role of her critics.… Continue Reading

The House Financial Services Committee has updated its website to confirm that CFPB Director Kraninger is scheduled to appear at the Committee’s hearing tomorrow entitled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau.”

The update also indicates that Director Kraninger’s appearance will be followed by a panel consisting of the following individuals:

  • Hilary Shelton, Director & Senior Vice President for Advocacy and Policy, National Association for the Advancement of Colored People
  • Linda Jun, Senior Policy Counsel, Americans for Financial Reform
  • Jennifer Davis, Government Relations Deputy Director, National Military Family Association
  • Seth Frotman, Executive Director, Student Borrower Protection Center
  • Scott Weltman, Managing Shareholder, Weltman, Weinberg & Reis Co.,
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House Financial Services Committee Chairwoman Maxine Waters has announced a series of hearings for next month, including one entitled “Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau” scheduled for March 7, 2019.

The CFPB released its Fall 2018 Semi-Annual Report earlier this month.  Since no further information about the hearing is currently available, it not clear if it is intended to be the “traditional” hearing held by the House Financial Services Committee following the issuance of a semi-annual report at which the Bureau’s Director would appear and answer questions.… Continue Reading