Recent News About House Financial Services Committee
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WASHINGTON (Legal Newsline) — New York Attorney General Eric T. Schneiderman announced Oct. 25 that his office has testified before the House Financial Services Committee regarding data security and the Equifax data breach.
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U.S. Rep. Jeb Hensarling, R-Texas, introduced the Financial CHOICE Act, or H.R. 10, in late April. The bill was advanced by the U.S. House Financial Services Committee, which Hensarling chairs, earlier this month.
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On Tuesday, the bank, no doubt feeling the pressure from federal lawmakers and others, announced that the independent directors of its Board of Directors have launched an investigation into Wells Fargo’s retail sales practices and related matters. CEO John Stumpf will forfeit his salary and awards -- valued at more than $41 million -- amid the independent investigation.
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The federal lawmakers, in a letter sent to the head of the Consumer Financial Protection Bureau earlier this month, urged the bureau to consider including a provision in the final rule that allows financial companies to retain class action waivers in their arbitration clauses. Under the CFPB’s current proposal, companies would be prohibited from putting mandatory arbitration clauses in new contracts.
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The House Financial Services Committee has launched an investigation into the Consumer Financial Protection Bureau’s proposed regulation of pre-dispute arbitration agreements, requesting various information from the bureau.
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The report, released last week by the House Financial Services Committee, includes internal documents showing that the “disparate impact” theory being used by the bureau to build discrimination cases against auto lenders is weak.
