House Financial Services Committee
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Republicans vote to rein in 'rogue' CFPB
WASHINGTON (Legal Newsline) - Following a hearing in which Republicans criticized what they feel is overreach by a federal agency, a House committee last week voted to repeal limits credit card companies can charge for late fees. -
N.Y. AG's office testifies about Equifax data breach to House committee
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. -
CHOICE Act aims to end taxpayer-funded bailouts; opponents argue it guts Dodd-Frank protections
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. -
Wells Fargo shareholders file class action, allege bank execs ‘concealed’ source of record sales
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. -
Members of Congress want safe harbor provision in CFPB’s final arbitration rule
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. -
U.S. House committee to hold hearing on CFPB’s proposed arbitration rules ‘soon’
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. -
U.S. House committee report slams CFPB for campaign against vehicle finance companies
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.