House Financial Services Committee to Discuss CFPB Reform Bill

The House Financial Services Committee will hold a hearing on Wednesday to discuss Rep. Jeb Hensarling's (R-TX) new Financial Choice Act. The near-600-page Act would, if implemented, curb CFPB powers and reverse or remove some key elements of the Dodd-Frank Act.

• According to the Bill’s supporters, the Act would reform the CFPB in order to make it “benefit – rather than harm – consumers” in several ways, including by:
• Allowing the President to remove the CFPB’s Director at-will;
• Permitting courts with enhanced authority to “correct any erroneous interpretation made by the [CFPB] of its own legal authority;”
• Ensuring that the CFPB conducts a cost-benefit analysis before issuing new regulations;
• Insisting that Congress have the opportunity to approve significant CFPB regulations before they take effect; and
• Repealing the CFPB’s “standard-less authority to deny consumers access to any financial product and service it declares ‘unfair, deceptive, or abusive.’”

The hearing will take place tomorrow - Wednesday, April 26 – at 10am ET. To listen in live, click here.