On May 26, 2021, the House Financial Services Committee’s Subcommittee on Oversight and Investigations will hold a hearing, “Consumer Credit Reporting: Assessing Accuracy and Compliance.” The witnesses include representatives from the “big three” consumer reporting agencies and the National Consumer Law Center. Based on the Committee memorandum, lawmakers are likely to focus on consumer report accuracy and the dispute resolution process.… Continue Reading
On May 19, 2021, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.” The scheduled witnesses are:
- Todd Harper, Chairman, National Credit Union Administration
- Michael Hsu, Acting Comptroller of the Currency, Office of the Comptroller of the Currency
- Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
- Randal Quarles, Vice Chairman of Supervision, Board of Governors of the Federal Reserve System
Acting Comptroller Hsu is expected to be questioned about the OCC’s Community Reinvestment Act rule, its special purpose national bank charter for nondepository companies, and its fair access rule. … Continue Reading
The Subcommittee on Oversight and Investigations of the House Committee on Financial Services has scheduled a hearing in Houston, Texas for tomorrow entitled “Examining Discrimination and Other Barriers to Consumer Credit, Homeownership, and Financial Inclusion in Texas.” The memo from the Committee’s Majority Staff to Committee Members states that the hearing “will examine access to affordable housing, credit, and banking services in low and moderate-income (“LMI”) neighborhoods.”… Continue Reading
Three more bills dealing with credit reporting were passed on Tuesday by the House Financial Services Committee. Like the four bills passed by the Committee last week, none of the bills passed yesterday received any Republican votes.
The bills, which are listed below, would make various amendments to the FCRA, including those described below:Continue Reading
Four bills dealing with credit reporting were passed last Thursday by the House Financial Services Committee. While there has been bipartisan support for credit reporting reform, none of the bills received any Republican votes.
The bills, which are listed below, would make various amendments to the FCRA, including those described below:
- The “Improving Credit Reporting for All Consumers Act” would impose new requirements for conducting reinvestigations of consumer disputes and related standards, require consumer reporting agencies to create a webpage providing information about consumer dispute rights, require furnishers to retain records necessary to substantiate the accuracy and completeness of furnished information, create a right for consumers to appeal the results of a reinvestigation, prohibit automatic renewals of consumer reporting and credit scoring products and services, and require a credit scoring model to treat multiple inquiries for a credit report or credit score made in connection with certain consumer credit products within a 120-period as a single inquiry.
On June 6, 2018, the House Financial Services Committee’s Subcommittee on Financial Institutions and Consumer Credit will hold a hearing entitled “Improving Transparency and Accountability at the Bureau of Consumer Financial Protection.”
The members of the panel of witnesses will be :
- Steven G. Day, President, American Land Title Association
- Richard Hunt, President and CEO, Consumer Bankers Association
- Kate (Larson) Prochaska, Director, The Chamber of Commerce
- Elmer K.
Yesterday, Mick Mulvaney made his first appearance as CFPB Acting Director before the House Financial Services Committee to present the Bureau’s Semi-Annual Report to Congress for the period beginning April 1, 2017, and ending September 30, 2017, a period of time when Richard Cordray was still the Director.
In his message preceding the Semi-Annual Report, Acting Director Mulvaney noted the disagreements many members of Congress have with his actions as Acting Director, just as many members of Congress disagreed with Director Cordray’s actions. … Continue Reading
A report prepared by the Democratic staff of the House Financial Services Committee takes aim at Republicans for “attempt[ing] to ensure that the country reverts back to a big bank-oriented regulatory environment and to ‘functionally terminate’ the [CFPB].”
After recounting the 2008 financial crisis that led to the CFPB’s creation and lauding various regulatory, supervisory, and enforcement actions taken by “the highly successful Consumer Bureau,” the report describes Republican efforts to “undermine” the CFPB, including through the Financial CHOICE Act (which the report refers to as the “Wrong Choice Act”) and appropriations bills.… Continue Reading
Director Cordray was the sole witness at the hearing held yesterday by the House Financial Services Committee, which was entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.” In November 2015, the CFPB issued its eighth Semi-Annual Report to the President and Congress covering its activities from April 1, 2015 through September 30, 2015.… Continue Reading
The CFPB released its third Annual Report of the Student Loan Ombudsman, Rohit Chopra, discussing complaints received by the CFPB about private student loans and the lessons drawn by the Ombudsman from those complaints. Before turning to the substance of those complaints, and the conclusions drawn by the Ombudsman, we think it important to put the complaints and those discussions in perspective.… Continue Reading