The legislation, introduced by Rep. Patrick McHenry, R-N.C., would essentially reverse a court ruling that marketplace lenders say has blocked them from helping more consumers access credit.
Continuing to pull back the reins on the aggressive approach taken under former Director Richard Cordray, the agency's new five-year plan values consumer choice over heavy-handed enforcement.
A bill passed by the House would raise the threshold that allows smaller banks and credit unions to avoid expanded Home Mortgage Disclosure Act requirements imposed by a 2015 rule.
Of the more than 30 GOP lawmakers due to retire at yearend - a historically significant level of departures for a single election - several are important to banking policy.
House Republicans are exiting Congress in droves ahead of the 2018 midterm elections and the stakes for the financial services industry could be significant.
Despite increasing bipartisan support to remove asset cutoffs for "systemically important financial institutions," Congress will likely settle for an asset threshold increase.
The House Financial Services Committee was expected to approve a bill as early as Wednesday that amends key provisions of the Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
The House Financial Services Committee began consideration of 14 bills on Tuesday, including one that would stop Fannie Mae and Freddie Mac from being released by the government and another hailed as helping the underbanked in rural areas.
