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Committee Convenes Final Markup of 2019
On Wednesday, the House Financial Services Committee passed eight bills to protect student borrowers, enhance consumer credit reporting, ensure that regulators are working to preserve and promote Minority Depository Institutions (MDIs), and improve cybersecurity. The Committee also passed three resolutions by unanimous consent.
See legislation below.
- Protecting Your Credit Score Act of 2019 (H.R. 5332), a bipartisan bill by Representative Josh Gottheimer (D-NJ), that passed the Committee by a vote of 31-24.
- Consumer Protections for Medical Debt Collections Act (H.R. 5330) a bill by Representative Rashida Tlaib (D-MI), which passed the Committee by a vote of 31-24.
- Ensuring Diversity in Community Banking Act of 2019 (H.R. 5322), a bill by Representative Gregory Meeks (D-NY), Chair of the Subcommittee on Consumer Protection and Financial Institutions, that passed the Committee by a bipartisan vote of 52-0.
- Expanding Opportunities for Minority Depository Institutions (MDIs) Act (H.R. 5315), a bill by Representative Joyce Beatty (D-OH), Chairwoman of the Subcommittee on Diversity and Inclusion, that passed the Committee by a bipartisan vote of 57-0.
- Student Borrower Protections Act (H.R. 5294), a bill by Representative Alma Adams (D-NC), which passed the Committee by a vote of 32-26.
- Fair Student Loan Debt Collection Practices Act (H.R. 5287), a bill by Representative Al Lawson (D-FL), which passed the Committee by a vote of 32-24.
- Private Loan Disability Discharge Act of 2019 (H.R. 4545), a bill by Representative Madeleine Dean (D-PA), which passed the Committee by a vote of 32-25.
- Cybersecurity Disclosure Act of 2019 (H.R. 1731), a bill by Representative Jim Himes (D-CT), which passed the Committee by a vote of 32-24.
- A resolution electing Representative Brad Sherman (D-CA) as the new chair of the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets.
- A resolution establishing the House Committee on Financial Services Task Force on Financial Technology for six months effective January 7, 2020.
- A resolution establishing the House Committee on Financial Services Task Force on Artificial Intelligence for six months effective January 7, 2020.
Click here for details on the legislation.
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As Seen on FSC-TV
In case you missed it, see below for a snippet of the infographics displayed in the hearing room this week.
December 10-11: Full Committee markup.
December 10-11: Full Committee markup.
December 10-11: Full Committee markup.
Chairwoman's Corner
Remembering Paul Volcker: On Monday, following the announcement of the passing of Paul Volcker, Chairwoman Waters issued the following statement:
“I am deeply saddened by the news that Paul Volcker, former Chairman of the Federal Reserve and outspoken advocate for financial reform, has passed away. Chairman Volcker was a dedicated public servant and leader whose remarkable contributions to financial reform made our financial system safer and promoted stable economic growth. Following the financial crisis, he was the leading advocate for regulation to prevent banks from gambling with taxpayer money. Thanks to his efforts, the Volcker rule, which outlawed just that, became law as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. He will be missed.”
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Member Spotlight
| Congressman Josh Gottheimer (D-NJ) |
On Thursday, the House Financial Services Committee passed H.R. 5332, Protecting Your Credit Score Act of 2019, a bipartisan bill to direct the nationwide consumer reporting agencies to create a single online portal for consumers to access free credit reports, free credit scores, dispute errors and place or lift security freezes.
This legislation was introduced by Congressman Josh Gottheimer (D-NJ).
In InsiderNJ, Congressman Gottheimer was quoted as saying his bill “allows victims to shut off the ability of credit hucksters from using your information to apply for credit under your name.”
H.R. 5332 passed by a vote of 31-24.
Members Head to the FDIC
On Thursday, Chairwoman Waters led a delegation of the Committee in attending a public meeting of the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors on the proposed Community Reinvestment Act rule to send a message to regulators that the Committee is carefully monitoring their activities.
Members who attended the meeting included Representative Brad Sherman (D-CA), Chair of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets, Representative Bill Foster (D-IL), Chair of the Task Force on Artificial Intelligence, Representative Cindy Axne (D-IA), and Representative Jesús “Chuy” García (D-IL).
The Members’ trip to the FDIC followed a letter sent to banking regulators on Wednesday led by Chairwoman Waters and Consumer Protection and Financial Institutions Subcommittee Chairman Gregory Meeks (D-NY) and signed by all 34 Committee Democrats, along with all 12 Senate Banking Committee Democrats led by Ranking Member Sherrod Brown (D-OH).
Click here to read the letter.
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