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McHenry Pushes for Regulatory Relief to Ensure Economic Recovery from COVID-19

Washington, May 8 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), sent letters to financial regulators urging them to “finalize outstanding rules that will stimulate economic growth and to repeal existing regulations that hinder employers from directing resources to their employees and their communities.”

The Ranking Member has repeatedly pushed regulators to right size overly burdensome regulations, but in light of the “limitations that businesses face today, and the magnitude of the costs imposed by the pandemic,” it is critical these regulators “work expeditiously to create the most favorable conditions for growth and employment.”

Read the full text of the letter to Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger here, or the topline items below:

• Payday, Vehicle Title, And Certain High-Cost Installment Loans
• Qualified Mortgage Definition / GSE Patch
• Debt Collection Practices

Read the full text of the letter to Federal Deposit Insurance Corporation (FDIC) Chairwoman Jelena McWilliams here, or the topline items below:

• Valid When Made
• Artificial Intelligence/Machine Learning Guidance
• Brokered Deposits
• Swap Margin Rules/ Inter-Affiliate Initial Margin
• Community Reinvestment Act
• Volcker Rule Covered Funds Clarification and Regulatory Harmonization

Read the full text of the letter to Federal Reserve Chairman Jerome Powell here, or the topline items below:

• Volcker Rule Covered Funds Clarification and Regulatory Harmonization
• Risk-Based Capital Requirements for Certain Insurance Companies
• Swap Margin Rules/Inter-Affiliate Initial Margin

Read the full text of the letter to Federal Housing Finance Agency (FHFA) Director Mark Calabria here, or the topline item below:

• Enterprise Capital Rule Requirements (RIN:2590-AA95)

Read the full text of the letter to Housing and Urban Development (HUD) Secretary Ben Carson here, or the topline items below:

• Affirmatively Furthering Fair Housing Streamlining and Enhancement
• Reconsideration of HUD’s Implementation of the Fair Housing Act’s Disparate Impact Standard
• Project Approval for Single Family Condominium
• Applying the Fair Housing Act to Decide Whether a Person’s Request to Have an Animal as a Reasonable Accommodation Should Be Granted
• Regulations Associated with H.R. 3700, the Housing Opportunity Through Modernization Act of 2016

Read the full text of the letter to Securities and Exchange Commission (SEC) Chairman Jay Clayton here, or the topline items below:

• Raise the limit and make permanent recent modifications to crowdfunding
• Harmonization of exempt offerings
• Amendments to the definition of “accredited investor”
• Regulation of proxy advisory firms and proxy voting reforms
• Disclosure of payments by resource extraction issuers
• Regulation S-K modernization
• Volcker Rule Covered Funds Clarification

Read the full text of the letter to Comptroller of the Currency (OCC) Joseph Otting here, or the topline items below:

• Valid When Made
• Community Reinvestment Act
• Swap Margin Rules/Inter-Affiliate Initial Margin
• Volcker Rule Covered Funds Clarification and Regulatory Harmonization