HFSC GOP Focuses on Repealing CFPB Small-Business Reg
The only bill set for HFSC’s Wednesday’s hearing with CFPB Director Chopra is a resolution under the Congressional Review Act to reverse the agency’s controversial small-business reporting rule. This is likely to pass the House by a narrow majority but fail in the Senate.
Chopra: Data-Rights Standards to Ensure Consumer Choice
In a blog post today, CFPB director Chopra previewed an issue sure to be discussed at this week’s hearings: open banking and the pending data-rights rule. This will, he says, be proposed shortly and finalized next year.
GOP Endorses GAO Recommendations; Dems Point To Bank Management
At today’s HFSC Oversight Subcommittee hearing on the GAO’s report (see Client Report REFORM223), Subcommittee Chair Huizenga (R-MI) built the case that the Fed has historically been unable to properly supervise troubled banks and noted that the committee will investigate this along with the Systemic-Risk Exception used in recent failures.
McHenry Tries New Tack to Counter Beneficial-Ownership Reports
HFSC Chairman McHenry (R-NC) today introduced legislation to redesign FinCEN in part to overturn aspects of the beneficial-ownership rule he has long opposed. The bill would make the FinCEN head subject to Presidential appointment and Senate confirmation, with separate legislation delaying implementation of small-business ownership reports until FinCEN has completed several related rulemakings.