Press Releases

- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Rep. Alan Grayson (D-FL) offered an amendment that would require the CFPA Director to conduct an annual financial autopsy of bankruptcies and foreclosures.  The Grayson amendment would provide another mechanism for the Director to create "plain vanilla" products by… Read more »

- During consideration of H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency, Democrats on the House Financial Services Committee rejected an amendment offered by Congressmen Don Manzullo (R-IL) and Leonard Lance (R-NJ) to limit  the CFPA's authority to impose fees and assessments on individuals and businesses covered by the agency.  Instead of… Read more »

- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted against two amendments offered by Republicans that would prevent abusive litigation. One amendment offered by Congressman Patrick McHenry (R-NC) would prevent abusive litigation by ensuring that the legislation does not… Read more »

  October 22, 2009 - During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted against an amendment offered by Congressman Kenny Marchant (R-TX) that would subject all CFPA's rulemaking authority to the same requirements of other Federal agencies, including advanced notice… Read more »

- Congressman Spencer Bachus, the top Republican on the Financial Services Committee, objected to the decision by Chairman Barney Frank (D-MA) to shut down debate on H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency: "I am disappointed the Chairman ended debate on this legislation before all of the amendments had been considered. … Read more »

- Federal Reserve Board Chairman Ben Bernanke noted that legislation to accelerate the effective date of the Credit Card Accountability Responsibility and Disclosure (CARD) Act would have a detrimental impact on small credit card issuers, raising concerns that the legislation could hurt our economy by further reducing consumer choice and access to credit. In response to a letter… Read more »

- During consideration of H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency, Democrats on the House Financial Services Committee defeated an amendment offered by Congressman Jeb Hensarling (R-TX) that would have limited the unprecedented discretion of the Director of the new Agency to ban specific financial products and services that consumers depend on… Read more »

- During consideration of H.R. 3126, legislation to establish a Consumer Financial Protection Agency (CFPA), Democrats on the House Financial Services Committee voted against an amendment offered by Congressman Jeb Hensarling (R-TX) that would have ensured that consumers of financial products and services benefit from uniform national standards.  The amendment would also promote… Read more »

-During consideration of H.R. 3126, legislation to create a so-called Consumer Financial Protection Agency, Democrats on the House Financial Services Committee rejected an amendment offered by Congressman Ed Royce (R-CA) that would address widespread concerns from bank regulators and industry experts that the legislation will undermine the safety and soundness of our nation's financial… Read more »

- Last week, the Financial Services Committee convened for a markup session of H.R. 3795, the Democrats' derivatives legislation and H.R. 3126, legislation to create a Financial Product Approval Agency. Excerpts from the last week's markup follow: Democrats On The Need To Continue Using Taxpayer Funds To Wind Down ‘Systemically Important' Firms: During considering of H.R.… Read more »