Legislation

SECURE Act would protect consumers from inaccurate credit reports

Sens. Sherrod Brown (D-Ohio) and Brian Schatz (D-Hawaii) unveiled major legislation - the Stop Errors in Credit Use and Reporting Act - on Wednesday that would protect consumers from inaccurate credit reports and credit scores. “Errors in a credit report can make the difference between whether someone can live the American dream and buy a... Read More...

Coats introduces bill to protect credit unions, banks from CFPB overreach

Sen. Dan Coats (R-Ind.) introduced a bill on Thursday to give credit unions and community banks some relief from what he called "crippling financial regulations" enacted following the 2008 financial crisis. Coats' bill, supported by the Indiana Credit Union League and the Credit Union National Association, would modify how the CFPB requests... Read More...

Sens. Warner, Kirk introduce bill to cap consumer debit fraud liability

Sens. Mark Warner (D-Va.) and Mark Kirk (R-Ill.) introduced legislation last week that would expand current federal law and cap liability for consumers affected by debit card fraud at $50. Under current federal law, consumers can be liable for up to $500 or more if their debit cards are stolen or used fraudulently. “Debit card use has just... Read More...

Ohio Senate holds hearing on mortgage subrogation bill

The Ohio Senate Committee on Insurance and Financial Institutions held a hearing last week on legislation aimed at streamlining the mortgage process and providing lenders in the state with clarity on the priority of liens. The bill—Substitute H.B. 201, originally introduced last June by Republican State Rep. Jim Butler—was passed by the... Read More...

Senate Banking Committee to mark up Johnson-Crapo housing proposal

The Senate Banking Committee will meet later this month to mark up the draft of the bipartisan Johnson-Crapo housing finance reform legislation. Last month, Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho) introduced the legislation, which was based on a similar bill by Sens. Bob Corker (R-Tenn.) and Mark Warner (D-Va.). The legislation... Read More...

FSC’s Waters releases draft housing finance reform proposal

Rep. Maxine Waters (D-Calif.), the ranking member of the House Financial Services Committee, recently released a proposal for housing finance reform just after the release of another discussion draft by Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho). “Reforming a $10 trillion housing finance market is an immense undertaking that must... Read More...

HFSC passes bill to protect small creditors under CFPB’s “rural” definition

The House Financial Services Committee passed legislation last Friday that would address the CFPB’s designation of “rural” areas as it relates to compliance with its qualified mortgage rule. The legislation—H.R. 2672, the CFPB Rural Designation Petition and Correction Act, introduced by Rep. Garland “Andy” Barr (R-Ky.)—would... Read More...

House committee examines bill to require online sales tax collection

The House Judiciary Committee held a hearing last week to examine legislation that would require online and mobile merchants to collect state and local sales tax. Under current law, online merchants cannot be forced to collect sales tax because they are required to have a physical presence in the states in which they do business—a clause... Read More...

Rep. Royce introduces bill to provide credit unions relief from MBL

Rep. Ed Royce (R-Calif.) of the House Financial Services Committee introduced legislation last week that would exempt loans for certain smaller apartment buildings from the member business lending cap, providing relief to credit unions. H.R. 4226—or the Credit Union Residential Loan Parity Act—is co-sponsored by Rep. Jared Huffman... Read More...

House committee clears credit union FHLB membership parity legislation

The House Financial services Committee voted 55-0 last week to pass legislation that would allow privately insured credit unions to become members of a Federal Home Loan Bank—government-sponsored banks that provide discount funding to financial institutions. H.R. 3584, which was introduced by Rep. Steve Stivers (R-Ohio), would expand credit... Read More...

ABA urges support for bill to protect small creditors from CFPB rules

The American Bankers Association urged the House Financial Services Committee on Wednesday to support legislation that would ensure flexibility in the application of the CFPB’s definition of “rural” under its new mortgage rules. H.R. 2672, introduced by Rep. Garland “Andy” Barr (R-Ky.), is designed to ensure the establishment of an... Read More...

House approves Rep. Duffy’s bill to reform CFPB, empower FSOC

The House voted 232-182 last week to pass Rep. Sean Duffy’s (R-Wis.) legislation to reform the CFPB and expand the Financial Stability Oversight Council’s ability to overturn agency rules. Under the legislation, the chairman of the FSOC would be authorized to set aside any regulation issued by the CFPB if two-thirds of the council’s... Read More...

Reps. Bachus, Hastings receive Lawmaker of the Year credit union award

Reps. Spencer Bachus (R-Ala.) and Alcee Hastings (D-Fla.) were honored on Tuesday by the League of Southeastern Credit Unions & Affiliates as the 2013 Lawmakers of the Year for their support of credit unions. Bachus and Hastings were presented the award, which recognizes lawmakers who have co-sponsored legislation and voted in support of... Read More...

House to consider CFPB reform bill

The House will consider Rep. Sean Duffy’s (R-Wis.) Consumer Financial Freedom and Washington Accountability Act to reform the CFPB on Feb. 27. The bill — H.R. 3193 — was passed by the House Financial Services Committee in November. It aims to bring greater accountability and transparency to the CFPB by replacing the CFPB director with a... Read More...

House begins debate on bill to reform CFPB

The U.S. House of Representatives began debate last week on legislation introduced by Rep. Sean Duffy (R-Wis.) that would implement a number of reforms to the CFPB, including replacing the director with a five-member panel. The legislation—the Consumer Financial Freedom and Washington Accountability Act—was introduced after reports surfaced... Read More...

Jump$tart Coalition for Financial Literacy to host awards dinner in Washington, D.C.

The Jump$tart Coalition for Personal Financial Literacy based in Washington, D.C. will host its annual awards dinner on April 8 to recognize federal legislators who have worked to advance financial literacy among American citizens. The awards dinner will be held at the Renaissance Hotel in Washington, D.C. Janet Bodnar of Kiplinger’s Personal... Read More...

Sens. Johnson, Crapo urge Congress to move forward on FHA reform

Sens. Tim Johnson (D-S.D.) and Mike Crapo (R-Idaho) urged Congress earlier this month to move forward on reforms to the Federal Housing Administration, following the release of a report on the 2013 FHA Solvency Act. The report was released by the Congressional Budget Office and showed the legislation—introduced by Johnson and Crapo—would... Read More...

Sen. Menendez introduces bill to strengthen consumer protections on prepaid cards

Sen. Robert Menendez (D-N.J.) introduced legislation last week aimed at curbing hidden fees and strengthening consumer financial protections for prepaid cards. The Prepaid Card Consumer Protection Act would require issuers to issue a wallet-sized summary of all fees associated with the card, and the bill would limit the types of fees that can... Read More...

Lawmakers introduce bill to replace orderly liquidation authority with bankruptcy process

Sens. John Cornyn (R-Texas) and Pat Toomey (R-Penn.) introduced legislation last week that would repeal Dodd-Frank’s orderly liquidation authority and replace it with a bankruptcy process for failing institutions. “In recent years, our nation’s economy has been haunted by the specter that the federal government will prop up failing... Read More...

Senate votes 64-36 to approve 2014 budget

The Senate voted 64-36 on Wednesday to pass a bipartisan budget deal crafted by Reps. Paul Ryan (R-Wis.) and Patty Murray (D-Wash.). The 2014 budget will replace sequestration cuts that took effect earlier this year with $1.85 trillion in new deficit reduction measures. The budget will also address deficits in infrastructure, education, job... Read More...

Lawmakers introduce legislation prohibiting employer credit history disclosure requirement

Sen. Elizabeth Warren (D-Mass.) and several other lawmakers introduced legislation on Tuesday that would prohibit employers from requiring employees to disclose credit history as part of the job application process. The bill—the Equal Employment for All Act—was introduced in coordination with Sens. Richard Blumenthal (D-Conn.), Sherrod... Read More...

House, Senate Budget Committees reach bipartisan budget deal

Lawmakers reached a bipartisan budget deal on Tuesday—ahead of the Dec. 13 deadline—that would avoid another government shutdown. The deal, reached between Senate Budget Committee Chairman Patty Murray (D-Wash.) and House Budget Committee Chairman Paul Ryan (R-Wis.), sets overall discretionary spending for 2013 at $1.012 trillion, halfway... Read More...

House passes bill to curb patent troll litigation

On Thursday, the House of Representatives voted 325-91 to approve legislation aimed at patent trolls—firms that buy or license patents and attempt to extract licensing fees or file infringement lawsuits that have cost the economy billions of dollars. Introduced by Rep. Bob Goodlatte (R-Va.), the legislation targets patent trolls for behavior... Read More...

Sens. Warren, Rubio introduce bill to protect older veterans from financial scams

Sens. Elizabeth Warren (D-Mass.) and Marco Rubio (R-Fla.) introduced a measure last week that directs the Department of Veterans Affairs to collaborate with other agencies to protect older veterans from financial scams. "For thousands of our oldest veterans who need help with basic daily activities, the Aid and Attendance program is a... Read More...

Sen. Max Baucus unveils second draft of tax reform legislation

Sen. Max Baucus’ (D-Mont.) unveiled a second draft of proposed legislation on Wednesday to curb tax fraud and combat identity theft, which is estimated to cost taxpayers and the federal government billions every year. “Combating fraud will protect Montanans and save taxpayers billions of dollars,” Baucus said. “These simple,... Read More...

HFSC passes bill to extend share insurance fund coverage to escrow accounts

The House Financial Services Committee marked up and passed legislation designed to ensure credit unions have parity with FDIC-insured financial institutions in relation to escrow accounts. The Credit Union Share Insurance Fund Parity Act, which was introduced on Wednesday by Reps. Ed Royce (R-Calif.), Ed Perlmutter (D-Colo.), Gary Miller... Read More...

HFSC to mark up bill to extend share insurance coverage to nonmember trust accounts

The House Financial Services Committee will mark up legislation on Nov. 14 that would expand share insurance coverage to trust accounts held by nonmembers. The bill, which is expected to be introduced next week by Rep. Ed Royce (R-Calif.), seeks to extend coverage consistent with that of the FDIC’s, regardless of the membership status of the... Read More...

Congressional committees release proposal to permanently fix SGR

The Senate Finance and House Ways and Means Committees released last week a discussion of their proposal to fix the sustainable growth rate formula, which is used by Medicare to reimburse healthcare professionals and institutions. The proposal would prevent cuts to the SGR—estimated at 24 percent for 2014—but would not increase payments... Read More...

Credit CARD Act cuts consumer borrowing costs by $20.8 billion per year

A recent analysis of the 2009 Credit CARD Act by researchers at the University of Chicago and New York University revealed that the legislation has cut overall borrowing costs to consumers by $20.8 billion per year. The paper, which was prepared in advance of a CFPB field hearing on credit cards scheduled for Oct. 2, was authored by Neale... Read More...

FHA calls for $1.7 billion bailout from U.S. Treasury

The Federal Housing Administration said on Friday that it needs approximately $1.7 billion from the U.S. Treasury to cover projected losses related to reverse mortgage programs that allow seniors to borrow against their homes for everyday expenses. In a letter to Congress, FHA Commissioner Carole Galante said the agency will withdraw the... Read More...

Massad: Government “got it right” in responding to crisis with TARP

Timothy G. Massad, the assistant secretary for financial stability at the U.S. Treasury, where he is responsible for the wind-down of the Troubled Asset Relief Program, said last week that the government “got it right” by acting quickly to address the financial crisis. “The response wasn’t perfect; no doubt there are things that... Read More...

Senate holds hearing on reauthorization of Terrorism Risk Insurance Act

The Senate Banking, Housing and Urban Affairs Committee held a hearing last week on reauthorizing the 2002 Terrorism Risk Insurance Act — set to expire in 2014 — to protect commercial entities against terrorism-related losses exceeding $100 million. Under the TRIA program, passed after the Sept. 11, 2001, terror attacks that led... Read More...

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