Politicized Financial Regulation and its Impact on Consumer Credit and Community... (EventID=116927)

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Connect with the House Financial Services Committee Get the latest news: https://democrats-financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinanci... Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Wednesday, January 31, 2024, at 10:00 a.m. (ET) Subcommittee on Financial Institutions and Monetary Policy Chair Congressman Barr and Subcommittee Ranking Member Congressman Foster will host a hearing entitled, “Politicized Financial Regulation and its Impact on Consumer Credit and Community Development." ___________________________________ Witnesses for this one-panel hearing will be: • Nicholas Anthony, Policy Analyst, Center for Monetary and Financial Alternatives, Cato Institute • Lindsey Johnson, President and CEO, Consumer Bankers Association • Karen Harbin, President/CEO of Commonwealth Credit Union, on behalf of America’s Credit Unions • Santiago Sueiro, Senior Policy Analysist, Unidos US ___________________________________ Background This hearing will explore recent actions and proposals by federal financial regulatory agencies that will limit financial options and restrict access to financial services for consumers, particularly through mandated fee caps and government price fixing. The Biden Administration is using independent regulators as political agents to circumvent Congress and force “politically popular” changes to financial regulations that are ultimately harmful to consumers and communities. Legislative Proposals: H.R. 3161, the CDFI Fund Transparency Act (Rose) H.R. 3161 requires annual congressional testimony from the Department of the Treasury regarding the operations of the Community Development Financial Institutions (CDFI) Fund. H.R. 6789, the Rectifying UDAAP Act (Barr) H.R. 6789 amends the Consumer Financial Protection Act of 2010 to clarify standards for UDAAP enforcement actions brought by the Bureau of Consumer Financial Protection, and for other purposes. H.R. ___, the Secure Payments Act (Luetkemeyer) H.R.__ requires the Board of Governors of the Federal Reserve System to study the impacts of the interchange transaction fee requirements under the Electronic Fund Transfer Act, to complete a quantitative impact analysis of the Board’s Reg II proposed rule, and to consider the results of such study and analysis before finalizing such rule, and for other purposes. H.R. ___ (Kim) H.R.__ amends the Truth in Lending Act to allow covered entities to offer small dollar credit products. ___________________________________ Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=411241