House Financial Services Committee

Dear Congress: Do away with the rent-a-bank ruse

02/10/20

Payday lenders have long used bank partnerships and similar means to circumvent state interest rate caps. Lawmakers should stop such practices now.

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Why House Democrats are at odds over rate cap bill

02/05/20

An intraparty rift went public Wednesday over legislation that would impose a 36% rate limit on all consumer loans. Critics are concerned it would cut off minority borrowers’ access to small-dollar loans and hurt some community banks.

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As Trump touts economy, CRA reform looms large

02/05/20

Following the State of the Union speech Tuesday, Republican lawmakers hailed the president's economic record while Democrats continued criticism of an administration plan to reform the Community Reinvestment Act.

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The fight over CRA reform just got more complicated

02/04/20

At a recent congressional hearing, OCC chief Joseph Otting showed just how far he might go in allowing reinvestment credits to lenders.

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CFPB's hiring of former DOJ official could raise ire of Capitol Hill

01/30/20

The agency has named Thomas G. Ward as the bureau’s assistant director for enforcement. House Democrats have questioned Ward's role as a political appointee in the Trump administration.

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OCC’s Otting, House Democrats spar over CRA reform

01/29/20

Most stakeholders agree that the Community Reinvestment Act needs to be updated, but a congressional hearing featuring the regulator leading the overhaul effort showed just how contentious the process has become.

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House panel to discuss 'rent-a-bank' concerns in two February hearings

01/29/20

The Financial Services Committee will also hold hearings next month on monetary policy, the CFPB and "astroturfing" worries, among other things.

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House nears passage of bills to overhaul credit reporting

01/28/20

The six bills championed by Democrats aim to reduce consumer burdens and provide opportunities for borrowers to rehabilitate their credit, but the legislation garnered no Republican support.

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3 questions as OCC chief gets set to defend CRA plan in House

01/28/20

Comptroller of the Currency Joseph Otting upset some House Democrats when he was a no-show at a previous oversight hearing. They will now get a chance to question him about the future of the Community Reinvestment Act.

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Coup for community banks could spell disaster for industry

01/28/20

The recent Dodd-Frank rollbacks for smaller banks could encourage risk-taking that leads to a systemic issue.

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