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Subcommittee Examines Legislative Proposals to Address Consumer Access to Banking

Washington, Sep 27 -

WASHINGTON – Today, the Financial Institutions and Consumer Credit Subcommittee held a hearing to review several legislative proposals designed to help more consumers access banking services.

“Today’s hearing is important to consider legislation that can have a tremendous impact on consumer credit and product access and education.  I am pleased our Committee members on both sides of the aisle have taken thoughtful approaches to tackle issues that affect the daily lives of the American consumer,” said Chairman Randy Neugebauer (R-TX). “From a bill that would ensure a competitive environment for the selection of credit scoring models at GSEs, to a bill ensuring the continued offering of credit education and counseling services, to bills that would ensure that new and innovative consumer products can continue to be offered without unnecessary regulatory constraints, today’s hearing will ensure we consider all policy issues and make informed and thoughtful decisions as we move these bills forward.”

The subcommittee specifically discussed the following six bills:

• H.R. 347 (Rep. Royce), the “Facilitating Access to Credit Act of 2015”

• H.R. 4116 (Rep. Moore), to amend the Federal Deposit Insurance Act to ensure that the reciprocal deposits of an insured depository institution are not considered to be funds obtained by or through a deposit broker, and for other purposes

• H.R. 4172 (Rep. Ellison), the "The Credit Access and Inclusion Act of 2015"

• H.R. 4211 (Rep. Royce), the “Credit Score Competition Act of 2015”

• H.R. 5660, (Rep. Williams), the “Retail Checking Account Protection Act of 2016”

• H.R. ____, (Rep. Tipton), the “Protect Prepaid Accounts Act of 2016”

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