Ahead of this week’s House Financial Services Committee markup, AFSA sent a letter to Chairman French Hill (R-AR) and Ranking Member Maxine Waters (D-CA) expressing support for passage of several bills under consideration, including legislation reforming the Consumer Financial Protection Bureau:
- R. 7866, American Lending Fairness Act (ALFA): sponsored by Rep. Warren Davidson (R-OH), this bipartisan legislation will amend the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA), to clarify the scope of DIDMCA’s opt-out provision while preserving DIDMCA’s intent of parity among state-charted federally insured banks and national banking institutions.
AFSA and a broad group of financial trade organizations, including the American Bankers Association, National Association of Industrial Bankers, Consumer Bankers Association, wrote a joint letter to support ALFA.
- R. 1653, Civil Investigative Demand Reform Act (CID Reform Act): sponsored by Rep. Andy Barr (R-KY) and Rep. Vicente Gonzalez (D-TX), this bipartisan legislation will provide financial institutions with a clearer roadmap of the CID process by requiring the CFPB to provide a notification of purpose, improve judicial review and enhance communications between the CFPB and the financial institution while maintaining confidentiality.
- R. 10184, Consumer Financial Protection Accountability and Reform Act: led by Rep. Andy Barr and Chairman Hill, this landmark legislation will provide much-needed reforms to the Dodd-Frank Wall Street Reform and Consumer Protection Act, which created the CFPB. Specifically, the legislation contains many pro-consumer provisions that AFSA has long supported, including placing the Bureau under the appropriations process and creating a separate Inspector General at the CFPB. In addition, this comprehensive reform package has meaningful changes to the CFPB complaint database, defines Unfair, Deceptive, and Abusive Acts and Practices, and prevents regulation by enforcement.
