Cmte Financial Services (R) RSS Articles

Chairman Hill Welcomes DOJ Decision, Calls for Swift Action on Fed Chairman Nominee Kevin Warsh

Fri, 24 Apr 2026 04:00:00 GMT

House Committee on Financial Services Chairman French Hill (AR-02) issued the following statement regarding the Department of Justice's announcement it was closing its investigation of Federal Reserve Chairman Jerome Powell:

“I welcome the Department of Justice’s decision to close its investigation. As I’ve said since January 12, I felt like the accusation that Chairman Powell had committed some sort of crime connected with the building construction was a distraction and it would delay President Trump in the selection of a new Chairman. With the DOJ probe concluded and the Inspector General review ongoing, I hope the Senate can get President Trump’s highly qualified nominee, Kevin Warsh, confirmed and in place as soon as possible to further advance President Trump’s economic agenda.

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Housing and Insurance Subcommittee Reviews Reinsurance and Credit Risk Transfers

Thu, 23 Apr 2026 04:00:00 GMT

Yesterday, the House Financial Services Subcommittee on Housing and Insurance, led by Subcommittee Chairman Mike Flood (NE-01), held a hearing on the role of reinsurance and credit risk transfers (CRT) in helping distribute risk across the market.

On Protecting Taxpayers Through Private Capital:

Full Committee Chairman French Hill (AR-02) said, “So much of this is offsetting loss for the taxpayers. And at the end of the day, when the losses come due, trying to figure out who's left to make those major payments. And risk transfer tools, as we've established today, and reinsurance and Credit Risk Transfer all help answer that question on who picks up those losses by bringing private capital in before losses fall on the backs of taxpayers.”

Subcommittee Chairman Flood questioned witnesses on how the U.S. views catastrophic risk, to which Mr. Anthony Vidovich, Executive Vice President and General Counsel, Everest Group, replied, “The reinsurance industry is quite vibrant. Capital is continuing to enter that market and rates for catastrophe reinsurance in a number of CAT prone areas are declining because we are seeing increased competition because of that inflow of capital. … We're also seeing new entrants come into that market to assume that risk. So the private market is responding and is quite vibrant.”

Rep. Scott Fitzgerald (WI-05) said, “Private mortgage insurance helps first-time and, I would say, working-class buyers access home ownership, and it safeguards taxpayers from credit risk… The industry has grown more resilient through consistent mortgage insurance, CRT transactions, which has been, I guess, ensuring support for new buyers and claim payments during all kinds of economic turmoil.”

Rep. Troy Downing (MT-02) questioned witnesses on how the NFIP uses the insurance linked securities markets to transfer risk, to which, Mr. Anthony Vidovich, Executive Vice President and General Counsel, Everest Group, replied, “In addition to the use of traditional treaty reinsurance, the NFIP has gone into the catastrophe bond space and used catastrophe bonds as a way to protect the NFIP from extreme tail risk… As I testified earlier, reinsurance has a number of different forms. Catastrophe bonds meet the investment needs of a group that see them attractive for that extreme tail risk.”

Witnesses Echoed the Work of the Committee:

Mr. Vidovich said, “Current U.S. bank regulatory capital rules do not clearly permit the use of insurance and reinsurance to provide capital relief, even though Basel III recognizes credit protection from prudentially regulated financial institutions, including prudentially regulated insurance companies, which include reinsurers. This puts U.S. banks at a competitive disadvantage relative to non-U.S. banks in jurisdictions that permit it. As a result, U.S. banks must hold more capital against risk and cannot access this cost-effective and proven form of private capital to better manage balance-sheet risk, increasing the cost of credit and reducing the availability of credit for households and businesses.”

Mr. Walker said, “Private capital is available to support government risks. The market infrastructure exists. The tools have been tested across hundreds of transactions over more than a decade. The programs discussed today … are real-life, effective examples of private markets working with government agencies and entities under government conservatorship to manage and distribute risk.”

Mr. Jerry Theodorou, Director of Finance, Insurance, and Trade Policy Program, R Street Institute said, “Reinsurers play an important role in managing insurance risk from natural and man-made catastrophes. They provide property disaster protection by absorbing risk that might otherwise erode significant amounts of insurers’ capital. Without reinsurance, insurance companies are fully exposed to financial losses in the wake of mega-catastrophe events.”

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Financial Services Advances 4 Bills

Wed, 22 Apr 2026 04:00:00 GMT

Yesterday, the House Committee on Financial Services, led by Chairman French Hill (AR-02), successfully reported 4 bills to the House of Representatives.

“The bills before us encompass a wide range of policy areas, each reflecting the Committee’s focus on promoting economic growth, strengthening market integrity, and ensuring our regulatory framework keeps pace with a rapidly evolving financial landscape,” said Chairman Hill.

H.R. 941, the Small Lenders Exempt from New Data and Excessive Reporting (LENDER) Act, offered by Chairman Hill, passed 26-22. This bill reduces unnecessary reporting requirements on small lenders to ease regulatory burdens, expand access to credit, and strengthen community lending for families and small businesses.

Watch Chairman Hill’s remarks here.
Watch Subcommittee on Oversight and Investigations Chairman Dan Meuser’s (PA-09) remarks here.
Watch Committee on Small Business Chairman Roger Williams’ (TX-25) remarks here.

H.R. 8286, the Protecting Americans’ Retirement Savings from Politics Act, offered by Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chairman Bryan Steil (WI-01), passed 27-24. This bill protects Americans’ retirement savings from politicized investment mandates by ensuring fiduciaries prioritize financial returns for workers and retirees.

Watch Rep. Steil’s remarks here.
Watch Subcommittee on Capital Markets Chairman Ann Wanger’s (MO-02) remarks here.

H.R. 8290, the China Exchange Rate Accountability Act of 2026, sponsored by Rep. Pete Sessions (TX-25), passed 32-20. This bill increases transparency and accountability in China’s exchange rate practices to ensure more balanced trade.

Watch Rep. Sessions’ remarks here.
Watch Subcommittee on National Security, Illicit Finance, and International Financial Institutions Chairman Warren Davidson’s (OH-08) remarks here.

H.R. 425, the Repealing Big Brother Overreach Act, sponsored by Rep. Davidson, passed 26-25. This bill rolls back excessive federal data collection and reporting requirements to protect Americans’ financial privacy and reduce government overreach.

Watch Rep. Davidson’s remarks here.
Watch Rep. Andy Ogles’ (TN-05) remarks here.

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Flood: Reinsurance and Credit Risk Transfer Help Distribute Risk Across the Market

Wed, 22 Apr 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Housing and Insurance Subcommittee hearing, led by Subcommittee Chairman Mike Flood (NE-01), focused on the importance of reinsurance and credit risk transfer (CRT).

Read Subcommittee Chairman Flood’s opening remarks as prepared for delivery:

"I’d like to thank our witnesses for being with us today, and I look forward to an interesting discussion focusing on reinsurance and credit risk transfer.

"While distinct in how they’re used, both reinsurance and credit risk transfer—or CRT—are used for a common purpose: to distribute risk that would otherwise be concentrated in one entity across more market participants.

"Reinsurance does this by serving as insurance for insurers. Let’s use an example to help demonstrate when an insurer might need reinsurance.

"Let’s say a small mutual insurer issues home insurance policies primarily in communities in Western Nebraska.

"In most instances, that business model probably works well. But what if a severe storm moves through Western Nebraska, pelting homes across the region with baseball-sized hail? That insurer could see a large portion of its insureds file claims at the same time—a disaster that could even send the company into bankruptcy.

"One way for an insurer to deal with this is to get reinsurance, or insurance for the insurer, that would cover exactly the type of risk that would put them in a difficult position to pay claims.

"By purchasing reinsurance, the insurer covers themselves from a worst-case scenario, much like a homeowner uses insurance to cover themselves in the event of extreme weather that causes massive damage to their home.

"Similarly, CRT is used by Fannie Mae and Freddie Mac to distribute take some mortgage credit risk off of the Enterprises’ books.

"Much like reinsurance, CRT—if used properly—will help redistribute some of the risk on the GSEs books to other financial actors, lessening the burden on the Enterprises themselves.

"For those of us that are interested in lessening the taxpayers’ potential liability from Fannie Mae and Freddie Mac, CRT is a tool that can help meet that goal.

"CRT is designed to put private capital ahead of the taxpayer in the case of mortgage defaults. When it operates properly, it both spreads the risk and lessens taxpayer exposure to downturns in the mortgage market.

"While this discussion will largely focus on transferring risk between insurers or the Enterprises, both reinsurance and CRT have downstream effects on the insurance market and mortgage market—including consumers.

"A market with concentrated risks is going to be more likely to have problems when unusual events arise.

"As a policyholder, you want your insurer to have diversified risk to ensure that when something happens to you, your insurer doesn’t have any problem paying your claim.

"As a prospective homebuyer, when you are shopping for a mortgage, you want the best terms and lowest interest rate possible—something that is easier to find when the Enterprises are healthy and the conforming mortgage market is running smoothly.

"The bottom line: reinsurance and CRT help distribute risk across the market. Both make our insurance market and mortgage market operate safely and soundly.

"I’d like to add the following documents to the record for this hearing:

A letter from the National Association of Realtors

"I look forward to hearing from our expert panelists on these important issues, and I yield back."

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Financial Services, Energy & Commerce Committees Partner to Strengthen American Data Privacy

Wed, 22 Apr 2026 04:00:00 GMT

Today, the House Financial Services Committee and the House Energy & Commerce Committee announced a joint effort to advance two landmark data privacy bills, the GUARD Financial Data Act and the SECURE Data Act, to provide Americans more control over their personal data, create a uniform national framework to promote competition, and improve consumer choice by increasing access to financial products and services for all Americans. The bills are aligned in substance and reflect the unique considerations of existing law, the financial sector, and each Committee.

Click HERE for a one-pager on the bills.

Click HERE for a section-by-section on the GUARD Financial Data Act.

Click HERE for the text of the GUARD Financial Data Act.

Click HERE for the text of the SECURE Data Act.

Rep. French Hill (AR-02), Chairman of the House Committee on Financial Services, Rep. Bill Huizenga (MI-04), Vice Chairman of the House Committee on Financial Services, Rep. Andy Barr (KY-06), Chairman, Subcommittee on Financial Institutions, and Rep. Bryan Steil (WI-01), Chairman, Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence said, "For decades, Americans have entrusted financial institutions to maintain the privacy and security of their financial information. Twenty-six years ago, when the Gramm-Leach-Bliley Act (GLBA) became law, it was written in a technology-neutral fashion that has adapted well to the changes in technology and types of consumer data that have developed since 1999. But, in that time, the volume and complexity of data have increased such that providing consumers greater control over their financial data has become imperative.

“That is why we have introduced the GUARD Financial Data Act to modernize the GLBA. Our bill minimizes data collection and disclosures; allows customers and former customers to request access to their financial data held by a financial institution; allows former customers of a financial institution to request deletion of their data; and requires a financial institution to receive a consumer’s affirmative opt-in consent before sensitive personal information can be disclosed.

“The Financial Services Committee is proud to introduce these commonsense protections in coordination with the Energy and Commerce Committee as part of a unified House Republican effort to ensure Americans' data privacy rights. This effort represents a significant step to strengthen consumer protections and ensure Americans have control over their financial data. We look forward to continuing to work together as these measures progress through the legislative process.”

Congressman Brett Guthrie (KY-02), Chairman of the House Committee on Energy and Congress, and Congressman John Joyce, M.D. (PA-13), Leader of the Energy and Commerce Data Privacy Working Group added, “The Energy and Commerce Data Privacy Working Group was created to reset the discussion on comprehensive data privacy, taking wide ranging input from stakeholders and crafting a consensus bill that protects the privacy and security of Americans’ personal data. The SECURE Data Act is the result. This bill establishes clear, enforceable protections so that Americans remain in charge of their own data and companies are held accountable for its safe keeping. We look forward to working with our colleagues to build support for this bill and advance data privacy protections fit for our 21st century economy.”

Key Parts of the GUARD Financial Data Act:

Establishes Title V of the Gramm-Bliley Act (GLBA) as the uniform national standard for consumer data privacy and security protections in the financial services sector:

The bill contains robust data-level and entity-level preemption to enhance competition, decrease compliance costs, and expand consumers’ choice of financial products and services.

Strengthens key consumer protections:

Codifies the continuing right of consumers to opt-out of disclosures of their data and the right of consumers to revoke their consent to collection or disclosure of sensitive data within a framework of necessary existing GLBA Title V exceptions.
Ensures consumers receive a more fulsome picture of how their data is being used and how to exercise their data rights by expanding the information consumers receive.

Ensures a consumer’s sensitive personal data can only be collected or disclosed with the consumer’s consent:

Sensitive personal data includes race, ethnicity, religion, health info, biometric data, and precise geolocation data.

Requires financial institutions to minimize data use:

Financial institutions can only collect or disclose data that is adequate, relevant, and reasonably necessary for the purpose of the product or service.

Ensures customers of a financial institution have key rights, including a right to:

Request deletion of their data by a financial institution in the case of former customers, subject to necessary exceptions.
Request access to and obtain a copy of their data that is possessed by a financial institution, in the case of current and former customers.
The financial institution must provide current and former customers with this data in a format that allows them the ability to transfer their data to another financial institution.

Incentivizes adoption of more secure data access and disclosure methods:

Requires data aggregators and third parties to provide notice and opt-out before using a consumer’s login credentials to access their account at a financial institution.

Maintains enforcement by Federal functional regulators and state insurance regulators:

Maintains GLBA Title V’s data privacy enforcement authorities of the Consumer Financial Protection Bureau, Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve, Federal Trade Commission (FTC), National Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), and state insurance regulators for the financial institutions within their respective jurisdictions.
Maintains GLBA Title V’s data security enforcement authorities of the CFTC, FDIC, Federal Reserve, FTC, NCUA, OCC, SEC, and state insurance regulators for the financial institutions within their respective jurisdictions.

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HEARINGS NOTICE: House Financial Services Committee Schedule for May 2026

Wed, 22 Apr 2026 04:00:00 GMT

Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), announced the following Committee activity for May 2026:

Markup of Various Measures

Time: 10:00 AM ET

Date: Wednesday, May 13, 2026

Place: 2128 Rayburn House Office Building

National Security, Illicit Finance, and International Financial Institutions Subcommittee Hearing Entitled: “Modernizing the BSA for Financial Crime in the 21^st Century”

Time: 10:00 AM ET

Date: Tuesday, May 19, 2026

Place: 2128 Rayburn House Office Building

Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee Hearing Entitled: “Partnering for Innovation: How Bank-Fintech Collaborations Enhance Financial Infrastructure”

Time: 10:00 AM ET

Date: Wednesday, May 20, 2026

Place: 2128 Rayburn House Office Building

Capital Markets Subcommittee Hearing Entitled: “From Order to Execution: Ensuring Efficient and Transparent Equity Markets”

Time: 2:00 PM ET

Date: Wednesday, May 20, 2026

Place: 2128 Rayburn House Office Building

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National Security, Illicit Finance, and International Financial Institutions Reviews the Effectiveness of U.S. Sanctions

Wed, 22 Apr 2026 04:00:00 GMT

Today, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Chairman Warren Davidson (OH-08), examined whether U.S. sanctions are being used strategically to advance clear foreign policy and national security objectives.

On Sanctions Strengthening U.S. National Security:

Subcommittee Chairman Davidson said, “Ensuring that our sanctions are effective, targeted, and strategic is vital to achieving our national security objectives. This discussion is especially timely as we work to further isolate Iran and prevent it from funding its nuclear program, ballistic missile development, and regional proxies.”

Rep. Andy Ogles (TN-05) said, "The efficacy of our sanctions relies on partnerships with the private sector, foreign governments, and other actors. And I'm happy to see the United States use sanctions aggressively to advance American interests, quite frankly, make the world a better place. But it's important that we ensure that we're leaning on our partners, to your point, to help with those sanctions and those regimes for our own strategic reasons. At the end of the day, we are that provider of global security, which impacts pricing and commodity markets, travel around the globe, etc."

Rep. Marlin Sutzman (IN-03) said, “Since President Trump's decisive action to bring Nicolas Maduro to justice, OFAC has issued 16 general licenses, allowing some American participants to return to the Venezuelan oil market. A lot has been said about companies bringing Venezuela oil to the U.S. market, but I'm curious about the opportunity for American companies to play an important role in selling this oil to partner nations.”

On Committee Legislation to Combat Illicit Finance:

Rep. Zach Nunn (IA-03) said, “Look, here's the reality right now, threat actors have stolen nearly $200 billion from the American public. And to put this into perspective, for us, that's the entire budget of the U.S. army today, plus another $50 billion. This is a real threat, Mr. Chair, that we have to go after. It's one of the reasons I've been proud to work with this Committee and lead the TRAPS Act and the GUARD Act, two very important bills to go after threat actors who are scamming money from Americans and using it directly to support terrorist financing.”

U.S. Department of the Treasury, Assistant Secretary for Terrorist Financing, Jonathan Burke Echoed the Work of the Committee:

Assistant Secretary Burke said, “Secretary Bessent is following through on President Trump’s pledge to eliminate fraud nationwide. Treasury is working with the Task Force to Eliminate Fraud—led by Vice President Vance—to find and stop fraud across the country. Over the last several months, Secretary Bessent announced several initiatives to safeguard taxpayer dollars against fraud. We are mobilizing a whole-of-government effort—leveraging financial intelligence, interagency coordination, asset seizure and forfeiture authorities, and law enforcement partnerships—to disrupt the networks, recover funds, and hold those responsible accountable.”

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Davidson: Effective, Targeted Sanctions Are Vital to U.S. National Security

Wed, 22 Apr 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a National Security, Illicit Finance, and International Financial Institutions Subcommittee hearing, led by Subcommittee Chairman Warren Davidson (OH-08), to evaluate the effectiveness of U.S. sanctions programs.

Read Subcommittee Chairman Davidson's opening remarks as prepared for delivery:

"I welcome our distinguished witness, the Honorable Jonathan Burke, Assistant Secretary for Terrorist Financing at the U.S. Department of the Treasury.

"Today’s hearing provides the Subcommittee an opportunity to review the United States’ sanctions programs and the process for making sanctions policy and designations.

"Ensuring that our sanctions are effective, targeted, and strategic is vital to achieving our national security objectives. This discussion is especially timely as we work to further isolate Iran and prevent it from funding its nuclear program, ballistic missile development, and regional proxies.

"As we have become more comfortable with sanctions over the past few decades, they have become a go-to tool to advance our national security objectives with designations on topics as varied as counterterrorism, anticorruption, human rights, fraud, organized crime, and counternarcotics.

"Sanctions are also a centerpiece of our response to bad actors like Iran, Russia, and North Korea. In fact, as of 2024, the United States had sanctioned targets in around a third of the world’s countries.

"Yet, all too often it seems that sanctions are used too readily, without a coherent strategy, a clear theory of success, or metrics for their ultimate effectiveness.

"Furthermore, the use of sanctions is not without costs. They predictably cause hedging behavior, whether it’s China and Russia conducting trade outside the dollar system or Europe developing the digital Euro in part with the desire to evade U.S. sanctions. Also, without a clear connection to overall U.S. foreign policy, we cannot accurately signal when we might use sanctions, eroding our credibility and weakening deterrence.

"Recently, the Robert M. Gates Global Policy Center released a noteworthy report summarizing several key shortcomings in our approach to sanctions such as a lack of coherent and achievable goals, a failure to adequately communicate with the private sector, and the need for a single entity within government to communicate sanctions policy.

"Many of these concerns are well-known and longstanding. Some have even been acknowledged by Treasury, including the need for a more robust internal policy process to ensure sanctions are strategic. Frustratingly, despite this widespread recognition, little has been done.

"So, I hope this hearing will give us an opportunity to evaluate how we might fix these problems to ensure the long-term viability of our sanctions toolkit.

"Finally, Assistant Secretary Burke, given your role at TFI, I would also like to touch on FinCEN. SAR and CTR thresholds have not been updated since the 1970s, yet Treasury’s latest BSA rule fails to change them.

"Furthermore, a year ago, the Administration took the welcome step to scope the Corporate Transparency Act to foreign companies, yet despite assurances, Treasury still has not deleted the beneficial ownership information of millions of Americans.

"I hope we can get some clarity on the timeline for when we can expect action on these two fronts."

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Chairman Hill: These Bills Support American Competitiveness and Reinforce the Strength and Resilience of Our Financial System

Tue, 21 Apr 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a markup of various bills that highlight the Committee’s focus on promoting economic growth, strengthening market integrity, and ensuring our regulatory framework keeps pace with a rapidly evolving financial landscape.

Read Chairman Hill's remarks as prepared for delivery:

"Good morning. Today we are marking up a series of bills reflecting the Committee’s priorities – fostering innovation, ensuring comprehensive oversight, and solidifying the United States’ leadership in the global financial system.

"As we consider these measures, we face the critical task of formulating and refining policies that respond to the needs of American families, while keeping pace in the age of rapid technological innovation.

"The bills before us reflect the challenge of modernizing our financial framework while staying true to the core principles that underpin it.

"Together, we must work to forge a financial system made for every American. One that promotes opportunity, increases access to capital and operates with the level of trust that allows businesses to grow.

"We must ensure our rules do not stifle innovation and drive smaller institutions or investors out of the market while maintaining adequate transparency and accountability to protect consumers, ensure orderly markets and safeguard against fraud.

"Our Founders designed our institutions not to eliminate risk or competition, but to guide them in a way that fosters economic growth while mitigating risk.

"Leaders like our first Treasury Secretary Alexander Hamilton recognized that a stable and resilient financial system is essential to the strength of our nation.

"The bills before us today reflect that same ongoing effort to strike the right balance between advancing innovation while upholding accountability, easing regulatory burdens without sacrificing transparency, and fostering economic growth while safeguarding the integrity of our financial system.

"That work is evident in bills like Rep. Warren Davidson’s Repealing Big Brother Overreach Act, which seeks to relieve American small business owners from overly burdensome reporting requirements and compliance costs.

"By codifying Administration rulemaking to eliminate onerous beneficial ownership reporting requirements for ordinary Americans, we are helping small business owners allocate more of their time and resources toward serving their local economies.

"We are also supporting small businesses through bills like my Small LENDER Act. This bill addresses Section 1071 of the Dodd-Frank Act by delaying implementation of small business lending data collection requirements, narrowing their scope, and exempting smaller institutions.

"Community banks play a crucial role in our financial ecosystem. They foster competition, serve underserved communities, and drive economic growth.

"By reducing excessive reporting requirements, we are not only alleviating burdens on these institutions but also enhancing their ability to serve their customers.

"We will also consider Rep. Pete Sessions’ Exchange Rate Accountability Act of 2026, which directs the Treasury Secretary to oppose increases in voting power for certain IMF member countries that fail to adopt exchange rate policies consistent with balanced and fair global trade practices.

"This measure underscores America’s leadership in promoting transparency and accountability in the international financial system, while addressing the growing challenges posed by geopolitical competition.

"Additionally, Rep. Bryan Steil’s Protecting Americans’ Savings from Politics Act takes important steps to refocus proxy voting and investment decision-making on the best economic interests of investors, rather than political or ideological agendas.

"This bill would strengthen transparency and accountability in the proxy process, curb conflicts of interest among proxy advisory firms, empower shareholders, and help ensure that Americans’ savings are managed with a focus on economic returns.

"The bills before us today encompass a wide range of policy areas, each reflecting the Committee’s focus on promoting economic growth, strengthening market integrity, and ensuring our regulatory framework keeps pace with a rapidly evolving financial landscape.

"I look forward to today’s discussion on these important bills to support American competitiveness and reinforce the strength and resilience of our financial system."

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Financial Institutions Subcommittee Examines Credit Reporting and Impact on Access to Credit

Fri, 17 Apr 2026 04:00:00 GMT

Yesterday, the House Financial Services Subcommittee on Financial Institutions, led by Chairman Andy Barr (KY-06), examined the consumer credit reporting market and the importance of accurate credit reports for risk management and access to credit.

On Promoting Economic Opportunity:

Subcommittee Chairman Barr said, "Access to credit is fundamental to economic mobility. It is the foundation that provides families the opportunity to buy homes. It gives Main Street small businesses leverage to grow. And it provides individuals the flexibility to manage through both opportunity and hardship. At the center of that system is the Fair Credit Reporting Act—a law that, for decades, has aimed to balance two core objectives: consumer protection and enabling the responsible flow of reliable information that lenders rely on to provide credit."

Rep. William Timmons (SC-04) said, “The consumer credit reporting system plays a foundational role in our economy, influencing how Americans access credit, secure housing, and even obtain employment. At its core, this system depends on the accurate and consistent flow of information between data furnishers, consumer reporting agencies, and the institutions that rely on these reports to make decisions. When it functions properly, it supports both sound risk management and broader access to credit.”

On the Removal of Certain Categories of Debt from a Consumer’s Credit Report:

Committee Vice-Chairman Bill Huizenga (MI-04) questioned witnesses on the impact of certain debts being removed from credit reports, to which Mrs. Veneshia Ferdinand, Director of Compliance Policy, Simmons Bank, on behalf of the American Bankers Association, responded, “Let me start with this. If valid information is suppressed from a consumer’s credit report, that will ultimately impact the credit underwriting standards for any bank. It would be a systemic change in the market. Banks would have to lower their standards, increase prices, or tighten credit and that would directly impact consumers in the local economy and the broader spectrum. We never want to see a customer have a loan they can’t afford. We have to and we are obligated by the Truth in Lending Act to verify the ability to repay and if that consumer cannot repay or we don’t know if they can repay that loan, that’s not good for the consumer and that’s not good for economy as well.

On Expanding Credit Through Alternative Data:

Committee on Small Business Chairman Roger Williams (TX-25) said, “For a long time, access to credit has depended on a family or a fairly narrow picture of a person's financial history. In recent years, we've seen rapid changes in how alternate data, especially with the growth of alternative data like rent, utility, and cash flow information, can now give lenders a more complete view of a potential borrower's risk. When done right, that kind of data can expand access to credit while preserving safety and soundness across the financial system.”

On the Fair Credit Reporting Act's (FCRA) Liability Framework:

Rep. Barry Loudermilk (GA-11) said, “We've seen growing concerns that the current FCRA liability framework, particularly around statutory and punitive damages, in class actions can create incentives for litigation that may not always correspond to actual consumer harm…That’s why I've introduced H.R. 5775, the FCRA Liability Harmonization Act, to bring FCRA liability in line with that of other consumer protection statutes. This would reduce costs and promote further competition in the consumer reporting system, while ensuring consumers still have robust protections to ensure the reports are accurate.”

Witnesses Echoed the Work of the Committee:

Mr. Dan Smith, President and Chief Executive Officer, Consumer Data Industry Association said, “One of the most promising developments in consumer reporting is the growing use of alternative data, including rental payment history, utility payments, and other transactional data, to build a more complete picture of a consumer's financial behavior. Millions of Americans who have thin credit files or no credit history at all, but who pay their rent and utilities on time every month, should get credit for their responsible financial behavior. Incorporating that data into credit decisions can open the door to credit access for consumers who have historically been left out of the mainstream financial system.”

Ms. Rebecca Kuehn, Partner, Hudson and Cook said, “The FCRA Liability Harmonization Act, H.R. 5775, would align the FCRA with every other major consumer financial protection law by: Capping statutory damages in class actions; Eliminating punitive damages in class actions; Preserving actual damages and individual causes of action; and maintaining reasonable attorney’s fee provisions. This is not a rollback of consumer protection. It is a recalibration that preserves meaningful remedies for harmed consumers while discouraging litigation that benefits lawyers but destabilizes a critical economic infrastructure.”

Mrs. Celia Winslow, President and Chief Executive Officer, American Financial Services Association said, “When creditors can accurately assess a borrower’s creditworthiness, they can price loans accordingly: lower rates for lower risk and access to credit for those who might not qualify elsewhere. This is how a first-time borrower with a thin file gets a loan and how a consumer rebuilding after a setback gets a second chance, rather than a rejection. Accurate credit reporting is what makes that possible. It is not a bureaucratic exercise; it is the mechanism by which more people get credit at better terms. When report data is corrupted, through fraud, false disputes, or artificially inflated scores, creditors cannot distinguish real risk from manufactured creditworthiness. The response is predictable and inevitable: tighter standards, higher rates, and fewer approvals. The victims are not the fraudsters. They are the honest borrowers who played by the rules.”

Mrs. Ferdinand said, “Banks occupy a vital role in the credit reporting ecosystem as both users and furnishers of consumer information. The FCRA provides a comprehensive framework that, when effectively implemented, protects consumers, promotes accurate credit reporting, and supports a functioning credit market. Continued attention to clarity, consistency, and practical implementation will help ensure that regulatory policy achieves its intended objectives for all participants in the system.”

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Hearing Entitled: From Order to Execution: Ensuring Efficient and Transparent Equity Markets”

Wed, 20 May 2026 18:00:00 GMT

Click here to view the livestream of this hearing.

Hearing Entitled: Partnering for Innovation: How Bank-Fintech Collaborations Enhance Financial Infrastructure

Wed, 20 May 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Hearing Entitled: Modernizing the BSA for Financial Crime in the 21st Century

Tue, 19 May 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Markup of Various Measures

Wed, 13 May 2026 14:00:00 GMT

Click here to view the livestream of this markup.

Hearing Entitled: Examining Derivatives’ Role in the Treasury Market

Wed, 29 Apr 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Mr. Kevin McPartland, Head of Research, Market Structure and Technology, Crisil Coalition Greenwich
Mr. Terrence A. Duffy, Chairman and Chief Executive Officer, CME Group
Mr. Jeff Cranston, Head of Corporate Strategy, Optiver
Professor Yesha Yadav, Milton R. Underwood Chair, Professor of Law and Associate Dean, Vanderbilt University Law School

Hearing Entitled: Prioritizing Main Street: Evaluating the Impact of Capital Proposals on Economic Growth and American Communities

Tue, 28 Apr 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Mr. Greg Baer, President & Chief Executive Officer, Bank Policy Institute
Mr. Robert D. Broeksmit, President & Chief Executive Officer, Mortgage Bankers Association
Mr. Luigi L. De Ghenghi, Partner, Davis Polk & Wardwell LLP
Mr. Reginald Griffith, Global Head of Regulatory Compliance, Louis Dreyfus Company, on behalf of the Commodity Markets Council
Ms. Mayra Rodriguez Valladares, Managing Principal, MRV Associates

Hearing Entitled: Evaluating the Effectiveness of U.S. Sanctions Programs

Wed, 22 Apr 2026 18:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

The Honorable Jonathan Burke, Assistant Secretary for Terrorist Financing, U.S. Department of the Treasury

Hearing Entitled: Diversifying Risk: The Benefits of Reinsurance and Credit Risk Transfers

Wed, 22 Apr 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Mr. Anthony Vidovich, Executive Vice President and General Counsel, Everest Group
Mr. Ben Walker, Executive managing Director, Aon Reinsurance
Mr. Jerry Theodorou, Director of Finance, Insurance, and Trade Policy Program, R Street Institute
Dr. Susan M. Wachter, Albert Sussman Professor of Real Estate, Professor of Finance, The Wharton School of the University of Pennsylvania, and co-director of the Penn Institute for Urban Research

Markup of Various Measures

Tue, 21 Apr 2026 14:00:00 GMT

Click here to view the livestream of this markup.

Click here to view the Committee Memorandum.

Legislation

H.R. 425, the Repealing Big Brother Overreach Act

H.R. 941, the Small Lenders Exempt from New Data and Excessive Reporting (LENDER) Act

H.R. 8286, the Protecting Americans’ Retirement Savings from Politics Act

H.R. 8290, the Exchange Rate Accountability Act of 2026

Amendments

ANS to H.R. 425, designated as DavidsonOH_121, Offered by Rep. Davidson of Ohio

ANS to H.R. 941, designated as HILLAR_076, Offered by Rep. Hill of Arkansas

ANS to H.R. 8286, designated as STEILWI_047, Offered by Rep. Steil of Wisconsin

ANS to H.R 8290, designated as ERA_ANS, Offered by Rep. Sessions of Texas

Hearing Entitled: Promoting Access to Credit for Everyday Americans

Thu, 16 Apr 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Click here to view the Committee Memorandum.

Witnesses

Mr. Dan Smith, President and Chief Executive Officer, Consumer Data Industry Association
Ms. Rebecca Kuehn, Partner, Hudson and Cook
Mrs. Celia Winslow, President and Chief Executive Officer, American Financial Services Association
Mrs. Veneshia Ferdinand, Director of Compliance Policy, Simmons Bank, on behalf of the American Bankers Association
Ms. Chi Chi Wu, Director of Consumer Reporting and Data Advocacy, National Consumer Law Center

Legislation:

H.R. 5775, the FCRA Liability Harmonization Act
H.R. 5402, the Credit Access and Inclusion Act
H.R. 7588, the Eliminating Fraud in the CFPB’s Complaint Database Act
H.R. 8141,the Fair Credit Reporting Reseller Accuracy Act