Cmte Financial Services (R) RSS Articles

Full Committee Reviews Record of Administration and Republicans Supporting Economic Growth

Thu, 03 Sep 2026 04:00:00 GMT

Yesterday, the House Committee on Financial Services, led by Chairman French Hill (AR-02), examined how the Trump Administration’s economic and regulatory policies are shaping the economy and highlighted Committee Republicans’ efforts to provide the certainty businesses and financial institutions need to invest, innovate, and support long-term economic growth.

On Economic Growth and Legislative Solutions:

Chairman Hill said, “Since President Trump took office, this administration has renewed its focus on investment and innovation, moving quickly to replace the regulatory uncertainty of the past four years with clear rules and common sense. That greater clarity has strengthened confidence in our markets and reinforced the resilience of our financial system... Committee Republicans have [also] put in the hard work to advance bills strengthening our capital markets, modernizing regulation, expanding housing supply, supporting community financial institutions, and promoting American leadership in financial innovation.”

Subcommittee on Oversight and Investigations Chairman Dan Meuser (PA-09) said, “Under Chairman Hill’s leadership, the Financial Services Committee, has advanced many pieces of legislation, including the Main Street Capital Access Act, the GENIUS Act, the 21st Century ROAD to Housing Act, and the INVEST Act, which support long-term economic growth, financial stability, and provide a higher level of certainty for investors and consumers. Together, these efforts reflect the Committee’s commitment to moving financial policy away from a biased government-driven market distortion toward supply-side growth, capital formation, expanded access to capital, and, as we say, doing our best to ‘Make Community Banks Great Again’.”

On Community Banking and Capital Formation:

Full Committee Vice Chairman Bill Huizenga (MI-04) said, “This Committee has worked for the last two years to make community banking work better for Main Street America. We enacted significant community bank reforms throughout the bipartisan [21st Century] ROAD to Housing Act. The House passed the Main Street Capital Access Act to encourage new bank formation, right-size regulation, modernize outdated thresholds, bring greater objectivity to bank supervision, and, hopefully, make them business decisions and not regulator and DEI kind of decisions.”

Rep. Roger Williams (TX-25) said, “Throughout the United States, local community banks are the lifeblood of their towns, funding the family businesses, farms, and entrepreneurs that fuel Main Street. And for years, Washington bureaucrats have treated community banks like they are big Wall Street investment firms, piling on regulations created for large-scale institutions. This has stifled local lending, accelerated consolidation, and created banking deserts across rural America. … The Main Street Capital Access Act right-sizes these regulations by restoring commonsense tailoring and not punishing community banks with more burdensome compliance.”

Task Force on Monetary Policy, Treasury Markets Resilience, and Economic Stability Chairman Frank Lucas (OK-03) said, “The INVEST Act includes my bill providing parity between the investments available to 403(b) plans and other comparable retirement plans like 401(k)s. Workers who rely on 403(b) plans, like teachers, healthcare workers, and nonprofit employees, should have access to the same investment products available to others so they can save and prepare for the future. It is past time to send the bill to the President’s desk.”

Witnesses Echoed the Committee’s Priorities

The Honorable Heath Tarbert, President, Circle, said, “The House-passed CLARITY Act, and the various Senate texts now building on it, pursue several common objectives. They allocate regulatory jurisdiction between the securities and commodities regulators along a line that tracks how these instruments actually function. They create a viable, onshore regulatory framework for covered intermediaries—with customer protection, custody, and conflict-of-interest requirements attached. And they extend established illicit-finance authorities to covered intermediaries and activities, so those authorities apply here as clearly as they do elsewhere.”

The Honorable Kathleen Kraninger, President and Chief Executive Officer, Florida Bankers Association, said, “I thank the Chairman and Ranking Member for their leadership on the [21st Century] ROAD to Housing and its community-banking provisions, and the Chairman and other committee members for the great work on the bipartisan Main Street Capital Access bill. Seeing that bill become law would also make a measurable difference in modernizing regulatory requirements and reducing unnecessary burdens that just take time away from better serving customers.”

Ms. Lynn Martin, President, New York Stock Exchange, said, “America's public markets work because they are built on a bedrock of trust: trust that our markets are transparent, that rules are applied consistently, and that every investor, whether managing a billion-dollar pension fund or investing a first paycheck, has a fair shot at participating in the growth of the American economy. Protecting and strengthening that trust is the responsibility of everyone in this room. With continued support from our leaders here in Washington, we can continue to remove unnecessary barriers to going public. We can expand the circle of investors who can participate in high-growth opportunities. We can bring clarity and certainty to the digital asset economy. And we can send a message to the world that when it comes to capital formation, the United States remains the preeminent destination, and intends to stay that way.”

Mr. Alex Pollock, Senior Fellow, Mises Institute, said, “I was glad to see the community bank provisions of the [21st Century ROAD to Housing] Act, which were added by the House and this Committee. The community banking sector is one of the distinguishing characteristics of the American financial system, giving it a local presence and dispersed credit decision-making, and therefore a systemic role in promoting opportunity. There are, by the FDIC’s count, now 3,818 community banks, or approximately 90% of all U.S. insured banks and savings institutions. The number of community banks has dramatically fallen in recent decades; it is down by more than half from the 8,315 in the year 2000, for example. Helping maintain the vitality of this sector is a key goal. An important provision of this title of the act is encouraging the chartering of new banks. While new entry is always desirable, I believe this is especially relevant in times of banking system troubles, when the system needs new capacity and new capital, unencumbered by past cyclical mistakes.”

Washington Examiner: One stroke of a pen could erase Trump’s consumer protection legacy — unless Congress acts | Rep. Andy Barr

Wed, 02 Sep 2026 04:00:00 GMT

One stroke of the pen could erase Trump's consumer protection legacy - unless Congress acts
Rep. Andy Barr (KY-06)
September 2, 2026

The best consumer protection is consumer choice. When banks, credit unions, and financial technology companies compete for Americans’ business, consumers benefit from better products, lower costs, greater convenience, and expanded access to credit. But competition cannot thrive when Washington changes the rules every four years.

For too long, that has been the story at the Consumer Financial Protection Bureau. Congress gave the CFPB broad authority without enough accountability, allowing regulatory policy to swing dramatically from one administration to the next.

One administration expands the CFPB’s reach through novel legal interpretations, guidance, enforcement actions, and aggressive supervision. The next pulls those policies back. Another election comes along, and the cycle begins again. That is not durable consumer protection. It is regulatory whiplash.

And the people paying the price are not just large banks on Wall Street. They are the banks and credit unions across Kentucky that finance a farmer’s equipment, help a family buy its first home, or extend credit to a Main Street business.

When the CFPB changes its interpretation of the law based on who occupies the White House, local lenders spend more time trying to predict Washington’s next move and less time serving customers. Consumers ultimately bear the cost through fewer choices, higher prices, and reduced access to credit.

Under President Donald Trump, CFPB leaders, including Mick Mulvaney, Kathy Kraninger, and Russell Vought, worked to rein in many of the excesses that had come to define the CFPB, while restoring greater accountability and clearer rules.

Those reforms matter. But executive action alone is not enough. A future director can reverse them with the stroke of a pen and restart the cycle. Congress created the CFPB. Congress must establish the rules of the road.

The Consumer Financial Protection Accountability and Reform Act of 2026 puts permanent guardrails around the CFPB’s authority, so consumer protection does not change every time political power changes hands in Washington.

Congress should exercise the power of the purse by bringing the CFPB into the regular appropriations process and subjecting its spending and priorities to congressional scrutiny. An independent inspector general would strengthen oversight, while meaningful cost-benefit analysis would require regulators to consider how major decisions affect consumers, small businesses, competition, and access to credit.

Congress must also define the limits of the CFPB’s authority more clearly. Broad terms such as “abusive” should not become blank checks for regulators to stretch the law based on the philosophy of the director. Financial institutions should know where the legal line is before the government accuses them of crossing it.

Binding requirements should be established openly, with clear standards and public input — not announced for the first time through an enforcement action. That matters to Kentucky’s banks and credit unions. A local lender should be able to read the law, understand its obligations, comply, and get back to serving its community.

The same principle applies to innovation. Companies will not invest in new technologies and financial products if regulators can abruptly reinterpret old laws to govern products Congress never contemplated. When genuinely new authority is needed, Congress should debate it and provide it.

Supervision should also focus on real risks to consumers, not on duplicative examinations and conflicting demands from multiple regulators. Better coordination among the CFPB, prudential regulators, and state authorities can protect consumers without wasting resources.

Fraud and deliberate violations of consumer protection laws should be punished. But enforcement should enforce the law, not invent it. Penalties should be proportional, institutions should have incentives to correct problems, and the CFPB should remain focused on actual consumer harm.

These reforms do not weaken consumer protection. They make it durable. Consumer protection should not depend on who happens to be running the CFPB, and financial institutions should not have to relearn the rules every four years.

A Kentucky farmer applying for a loan, a family seeking a mortgage, or an entrepreneur opening a small business does not care which political party controls the CFPB. They want access to competitive financial products from institutions they trust under rules that are fair, transparent, and consistent.

Congress has allowed too much regulatory policy to fluctuate with presidential administrations. It is time for Congress to take responsibility.

Clear laws. Clear boundaries. Accountability to the American people. Strong enforcement against wrongdoing. And a competitive marketplace where banks, credit unions, and innovators can serve their customers without having to guess what Washington will decide tomorrow.

Chairman Hill: Our Economy is Strongest When Government Creates the Conditions for Growth

Wed, 02 Sep 2026 04:00:00 GMT

Today, the House Financial Services Committee, led by Chairman French Hill (AR-02), is holding a Full Committee hearing to examine the economic impact of the Trump Administration’s pro-growth policies and regulatory reforms and their role in advancing affordability, investment, innovation, and access to capital.

Read Chairman Hill's remarks as prepared for delivery:

"This Committee's mission is to ensure our financial system remains a source of opportunity and prosperity for the American people.

"That means helping families buy their first home, supporting small businesses, empowering community banks and credit unions, and letting investors put capital to work.

"For years, families and small businesses have felt the effects of Washington's failures.

"Runaway inflation, excessive spending, and punitive regulation made it harder for Americans to buy a home, start a business, or access capital.

"Under the previous administration, families heard a lot about affordability but never saw it. Under President Trump, that is changing.

"Our economy is strongest when government creates the conditions for growth, not barriers to it.

"Through our efforts through budget reconciliation, we have tackled increasing real take-home pay for working families, encouraged capital investment while prioritizing federal spending and reducing waste, fraud, and abuse.

"To complement those important and successful policies, today's hearing examines the economic impact of the Trump Administration's financial services policies and regulatory reform efforts.

"We will also examine the ways this agenda is delivering the affordability the last administration promised but failed to deliver.

"Since President Trump took office, this administration has renewed its focus on investment and innovation, moving quickly to replace the regulatory uncertainty of the past four years with clear rules and common sense.

"That greater clarity has strengthened confidence in our markets and reinforced the resilience of our financial system.

"But regulatory action alone is not enough to fix what was broken.

"Committee Republicans are working diligently to codify these reforms to make them permanent and predictable.

"Committee Republicans have put in the hard work to advance bills strengthening our capital markets, modernizing regulation, expanding housing supply, supporting community financial institutions, and promoting American leadership in financial innovation.

"Most notably, during the 119th Congress, we have seen the 21st Century ROAD to Housing Act and the GENIUS Act become law. And the House also passed the Main Street Capital Access Act, the INVEST Act, and the CLARITY Act.

"What’s more is that Committee Republicans did all of this working on a bipartisan basis with those of our Democratic colleagues who saw the need for commonsense reforms to empower American families, small businesses, and the community banks and credit unions that serve them.

"These accomplishments demonstrate the bipartisan victory of a pro-growth agenda.

"They mean that across America, small businesses will get the capital they need to grow and create jobs, families will become homeowners, and community banks and credit unions will have the flexibility to say “yes” to local borrowers.

"These aren’t abstract policy wins – they are the building blocks of stronger communities, greater opportunity, and a more prosperous economy.

"We must continue advancing policies that promote investment, encourage responsible innovation, and ensure America's financial system remains the strongest and most competitive in the world.

"I look forward to hearing from our witnesses today, and I yield back."

House Financial Services Committee Unveils CFPB Reform Package

Tue, 01 Sep 2026 04:00:00 GMT

Today, House Committee on Financial Services Chairman French Hill (AR-02), Financial Institutions Subcommittee Chairman Andy Barr (KY-06), and nearly all Committee Republicans unveiled the Consumer Financial Protection Accountability and Reform Act of 2026.

The Consumer Financial Protection Accountability and Reform Act of 2026 will restore accountability to the Consumer Financial Protection Bureau (CFPB), provide clear and consistent rules for consumers and financial institutions, promote innovation and competition, and establish a more predictable, risk-based approach to federal oversight.

At 10 am today, the Committee is hosting a fireside chat on the need for proposed reforms and how to establish a more durable, transparent, and accountable federal consumer financial protection framework. Tune in here.

Chairman Hill said, “For too long, shifting priorities, unclear legal standards, duplicative supervision, and haphazard and overreaching enforcement at the CFPB have created uncertainty for consumers and the businesses that serve them. This package establishes durable guardrails to make the CFPB more accountable and transparent while keeping its focus where it belongs: protecting consumers and promoting competition, innovation, and access to affordable financial products and services. I applaud Chairman Barr and our colleagues for their work on this important legislation, and I look forward to bringing this legislation to the House floor.”

Chairman Barr said, “The CFPB is costing consumers almost $370B since 2011, according to a White House study from earlier this year. That’s because this agency has been rogue since the beginning. It’s why I’ve led the charge to bring the CFPB under the congressional appropriations process and restore accountability to this agency. I commend Chairman Hill for constructing a reform package that reins in the Bureau’s authority and strengthens oversight.”

Why is CFPB Reform Needed?

The CFPB needs greater accountability and transparency. The bill brings the CFPB into the regular congressional appropriations process, establishes a dedicated Inspector General, and strengthens the transparency and rigor of its rulemaking process. The bill also requires periodic reviews of major rules to ensure their benefits justify their costs.
The CFPB needs clear statutory guardrails. The bill clarifies the Bureau’s authority, strengthens due process, and establishes more predictable standards for supervision and enforcement. It also makes clear that agency guidance is not legally binding.
The CFPB should protect consumers without limiting choice and innovation. The bill reduces duplicative examinations and supervision and ensures regulation does not hinder the innovation and competition that leads to more choices, better products, and greater access to credit for American consumers.
The CFPB should provide certainty, not regulation by enforcement. The bill clarifies the CFPB’s currently vague statutory authorities, strengthens due process, and establishes more predictable standards for supervision and enforcement. The bill also promotes proportionate penalties, rewards firms that self-report and remediate problems, and establishes durable boundaries that provide consistency for consumers and financial institutions and firms.

Click here for the bill text.

Click here for the one-pager of the bill.

Click here for the Section-by-Section.

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HEARINGS NOTICE: House Financial Services Committee Schedule for September 2026

Wed, 19 Aug 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 September 2026:

Full Committee Hearing Entitled: “Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity”

Time: 10:00 AM ET

Date: Wednesday, September 2, 2026

Place: 2128 Rayburn House Office Building

Full Committee Hearing Entitled: “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System”

Time: 10:00 AM ET

Date: Tuesday, September 15, 2026

Place: 2128 Rayburn House Office Building

Markup of Various Measures

Time: 10:00 AM ET

Date: Wednesday, September 16, 2026

Place: 2128 Rayburn House Office Building

Financial Institutions Subcommittee Field Hearing Entitled: “Main Street Capital Access Act: Empowering Community Banks to Drive Economic Growth”

Time: 12:00 PM ET

Date: Friday, September 18, 2026

Place: Richmond, KY

Full Committee Hearing Entitled: “Oversight of Prudential Regulators”

Time: 10:00 AM ET

Date: Wednesday, September 23, 2026

Place: 2128 Rayburn House Office Building

Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Hearing Entitled: “Examining the Future of Central Banking”

Time: 2:00 PM ET

Date: Wednesday, September 23, 2026

Place: 2128 Rayburn House Office Building

St. Louis Business Journal: Fraud losses for seniors have surged. They need help | Rep. Ann Wagner

Mon, 10 Aug 2026 04:00:00 GMT

St. Louis Business Journal
Subcommittee on Capital Markets Chairman Ann Wagner (MO-02)
July 22, 2026

Fraud losses for Americans aged 60 and older surged nearly 400% between 2020 and 2024.

Rep. Ann Wagner's Financial Exploitation Prevention Act allows financial institutions to temporarily delay transactions suspected of fraud.

The bill passed the House with nearly unanimous bipartisan support last month.

For millions of seniors across this country, retirement isn’t given – it is earned through years of hard work and dedication. It is the result of overtime shifts, vacations postponed and contributions made even when budgets are tight. Retirement is the reward for decades of discipline, and for those who have made personal sacrifices to build up a nest egg, financial independence and peace of mind should be the payoff.

Unfortunately, for a growing number of seniors, this promise is under attack.

Seniors and vulnerable investors need our help, which is why I got to work and drafted the Financial Exploitation Prevention Act to give them simple and commonsense protections from fraud that has become all too commonplace and ruined too many lives.

According to the Federal Trade Commission (FTC), annual fraud losses reported by Americans aged 60 and older surged nearly 400% between 2020 and 2024, reaching almost $2.5 billion every year. One in five senior investors will fall victim to financial fraud in their lifetimes, and, in many of these cases, individual financial losses total over $100,000.

For retirees who rely on their hard-earned savings and investments to pay the bills, keep the lights on and put food on the table, fraud can be absolutely devastating. Sadly, with every day that passes, these crimes are becoming more frequent and even more sophisticated.

Bad actors have begun deploying artificial intelligence to create deepfake videos and cloned voices that can mimic trusted sources like children or grandchildren. By combining fake investment platforms with promises of exclusive offers and massive returns, fraudsters create a counterfeit legitimacy that can be nearly impossible for everyday investors to distinguish from the real thing.

The consequences for investors are real, painful, and in too many cases, irreversible.

Under current regulations, financial institutions that should be in the best position to intervene instead have their hands tied, only to watch from the sidelines as Americans are swindled out of their lifetime savings. Even if a firm recognizes and identifies a case of financial fraud, they are left with a stark choice: process a potentially fraudulent transaction, or delay and risk legal liability for not following a client’s order.

This is the opposite of how our laws should work. Regulations should empower good actors to prevent fraud, not disincentivize help when it is needed most. Firms that make a good-faith effort to protect their most vulnerable clients should not need to worry about facing punishment for doing the right thing.

This is a clear gap that needs to be addressed. And I have a solution.

My bill, H.R. 2478, the Financial Exploitation Prevention Act, allows financial institutions, including investment companies like mutual funds, to temporarily delay a transaction if they have a reasonable belief that the transaction is the result of financial exploitation.

By allowing for this pause, the bill creates a crucial window of up to 15 days that will provide the time necessary to investigate the situation and notify the appropriate authorities.

This important change gives vulnerable investors like our seniors, as well as individuals with certain disabilities, a crucial, extra layer of defense that will help preserve the hard-earned savings they have built up over decades.

This bill would also create a “safe harbor” for financial institutions that make a good faith effort to prevent exploitation. By removing the fear of litigation and the potential reputational harm that could come to the firm as a result, this legal clarity will empower the financial system to stop fraudsters in their tracks with timely, decisive action.

Finally, this bill will require the Securities and Exchange Commission to provide a report to Congress on additional legislative steps that we can take to further combat financial exploitation and fraud.

There is strong, bipartisan support for this effort. Last month, this bill passed on the House floor with a nearly unanimous vote, and now I’m working with my colleagues in the Senate to get this legislation across the finish line and to the President’s desk.

Too many Americans on both sides of the aisle know a loved one who has fallen victim to one of these schemes. There is a clear fix that has bipartisan support in both chambers of Congress. We need to get this done and protect the promise of a dignified, secure retirement.

WTAS: Financial Services Highlights Support for Committee’s Bipartisan Main Street Capital Access Act

Fri, 24 Jul 2026 04:00:00 GMT

There is strong and widespread support for the Committee’s bipartisan Main Street Capital Access Act, which passed the House on Tuesday by a bipartisan vote of 270-155-1. To date, over 100 organizations have expressed support for the bill.

For a one-pager on the bill, click here.

For a section-by-section on the bill, click here.

For more information, click here.

Here is what they are saying:

“The Main Street Capital Access Act is an important step toward modernizing the bank regulatory and supervisory framework to ensure financial institutions can better meet the needs of their customers, clients and communities while driving economic growth. We applaud Chairman French Hill and Subcommittee Chairman Andy Barr for their leadership in promoting greater efficiency, encouraging new bank formation and reducing community bank regulatory burdens and urge the House to pass this critical legislation,” said Rob Nichols, President and CEO, American Bankers Association (ABA).

Read ABA’s letter of support HERE.

“To maintain a strong and diverse banking system across Arkansas, our regulatory framework must fit the actual risk profile and size of local institutions. The Main Street Capital Access Act modernizes supervisory standards and improves access to capital so community banks can stay competitive and resilient. By supporting new bank formation and cutting through unnecessary red tape, Congressman Hill’s legislation protects local credit access for families, farmers, and entrepreneurs across every corner of our state for generations to come,” said Lorrie P. Trogden, President & Chief Executive Officer, Arkansas Bankers Association.

Read the Arkansas Bankers Association letter of support HERE.

“ICBA and the nation’s community bankers commend House passage of the Main Street Capital Access Act, which includes policies that will transform the regulatory environment to support community banking and economic growth in rural, suburban, and urban markets. We thank House Financial Services Committee Chairman French Hill and Financial Institutions Subcommittee Chairman Andy Barr for their leadership on this critical legislation and encourage the Senate to take up and pass this measure to amplify the value that community banks bring to local economies nationwide,” said Rebeca Romero Rainey, President and CEO, Independent Community Bankers of America (ICBA).

Read ICBA’s letter of support HERE.

“The Kentucky Bankers Association appreciates the efforts of Chairman Hill and Chairman Barr in advancing the Main Street Capital Access Act. The Act will allow more flexibility with keeping deposits local, tailoring regulation appropriate with a bank’s size and risk profile, and halting uncertain methods and practices in supervision, all of which significantly benefit Kentucky’s community banks and the communities they serve,” said Ballard W. Cassady, Jr., President & Chief Executive Officer, Kentucky Bankers Association.

Read the Kentucky Bankers Association letter of support HERE.

The following organizations have also expressed support for the bill:

Alabama Bankers Association, Alaska Bankers Association, America’s Credit Unions, American Fintech Council, Americans for Tax Reform, Arizona Bankers Association, Bank Policy Institute, BankPlus, California Bankers Association, Colorado Bankers Association, Commerce Street Holdings, Community Bankers of Illinois, Community Development Bankers Association, Community Development Financial Institutions Coalition, Community Financial Services Bank, Connecticut Bankers Association, Defense Credit Union Council, Delaware Bankers Association, Eagle Bank and Trust Company, Florida Bankers Association, Georgia Bankers Association, Hancock Whitney Bank, Hawaii Bankers Association, Idaho Bankers Association, Illinois Bankers Association, Independent Bankers Association of Texas, Independent Community Bankers Association, Indiana Bankers Association, International Bancshares Corporation, Iowa Bankers Association, Kansas Bankers Association, Louisiana Bankers Association, Maine Bankers Association, Maryland Bankers Association, Massachusetts Bankers Association, Michigan Bankers Association, Minnesota Bankers Association, Mississippi Bankers Association, Missouri Bankers Association, Montana Bankers Association, National Association of Home Builders, National Bankers Association, Nebraska Bankers Association, Nevada Bankers Association, New Hampshire Bankers Association, New Jersey Bankers Association, New Mexico Bankers Association, New York Bankers Association, North Carolina Bankers Association, North Dakota Bankers Association, Ohio Bankers League, Oklahoma Bankers Association, Opportunity Finance Network, Oregon Bankers Association, Pennsylvania Bankers Association, Renasant Bank, Rhode Island Bankers Association, South Carolina Bankers Association, South Dakota Bankers Association, StoneCastle Partners, Tennessee Bankers Association, Texas Bankers Association, Trust Bank, Trustmark Bank, U.S. Chamber of Commerce, Utah Bankers Association, Vermont Bankers Association, Virginia Bankers Association, Washington Bankers Association, West Virginia Bankers Association, Wisconsin Bankers Association, Wyoming Bankers Association, and Zions Bancorporation, among others

House Financial Services Committee Requests Feedback on CFPB Reform Discussion Draft

Fri, 24 Jul 2026 04:00:00 GMT

Following the recent Full Committee hearing focused on the future of the Consumer Financial Protection Bureau (CFPB), the House Committee on Financial Services is requesting feedback from the public on a discussion draft of legislation to reform the structure and powers of the CFPB.

Interested members of the public may send their comments and answers to the questions below by August 21, 2026, to fsc119@mail.house.gov.

Title I – Reforming Bureau Governance

Title I reforms the CFPB’s structure and governance. The title brings the CFPB under the congressional appropriations process, reforms the use of civil penalty funds, strengthens cost-benefit analysis and small business impact assessments for rulemakings, requires periodic retrospective reviews of major regulations, and establishes a dedicated CFPB Inspector General.

What additional structural reforms could reduce regulatory uncertainty resulting from changes in administrations and promote a more consistent, predictable, and durable framework for consumer financial regulation?
How could the CFPB improve the quality and transparency of its rulemaking process while maintaining an efficient regulatory framework?
Are there additional reforms to improve retrospective reviews of CFPB regulations to ensure outdated rules are removed?

Title II – Restoring Clarity and Procedural Fairness

Title II provides greater legal certainty by clarifying key statutory authorities, particularly the CFPB’s authority to regulate unfair, deceptive, or abusive acts or practices (UDAAP). Title II also adds procedural safeguards for enforcement actions, clarifies statues of limitations, and addresses jurisdictional boundaries involving attorneys and state-regulated insurance companies.

Are there additional statutory definitions that should be clarified to improve regulatory certainty?
What procedural safeguards best promote fairness and predictability in CFPB supervision and enforcement?
Are there additional areas where Congress should clarify the CFPB’s jurisdiction?

Title III – Promoting Innovation in Consumer Financial Markets

Title III supports innovation and consumer access to financial products and services. The Title provides clarity for certain small-dollar loan products offered by depository institutions and requires agencies to clearly distinguish non-binding guidance from legally enforceable requirements.

What regulatory barriers most limit innovation in consumer financial products and services?
Are there additional changes to regulatory frameworks that encourage more small dollar loan offerings and promote competition and consumer choice?
What further requirements help to distinguish between guidance and binding regulatory requirements?

Title IV – Promoting Effective, Predictable Supervision

Title IV modifies the CFPB’s supervisory framework by adjusting supervisory thresholds for banks and credit unions, allowing certain institutions to elect prudential regulator supervision and examination for consumer compliance, strengthening coordination among financial regulators, and tightening the CFPB’s authority to supervise nonbanks.

How can Congress further improve coordination among the CFPB, prudential regulators, and state regulators?
Are the proposed supervisory thresholds and the supervisory election framework appropriately calibrated?
Are there additional reforms that could make CFPB supervision more risk-based, efficient, and predictable?
How should Congress approach the CFPB’s supervisory and examination authorities to balance effective consumer protection with minimizing duplicative regulatory oversight?

Title V – Preventing Regulation by Enforcement?

Title V reduces reliance on the enforcement process as a means of establishing regulatory policy. The title reforms civil money penalties, market monitoring authorities, indexes regulator thresholds, and improves the CFPB’s complaint procedures.

Are there additional reforms that reduce reliance on enforcement actions to establish regulatory expectations?
How should Congress encourage voluntary compliance and self-reporting while maintaining appropriate accountability?
Are there additional reforms that would improve the CFPB’s complaint process for both consumers and financial firms?
How can Congress best protect sensitive consumer data that the CFPB possesses?

Chairman Hill, Oversight Chairman Meuser Issue Staff Report on Financial Fraud and Scams

Wed, 22 Jul 2026 04:00:00 GMT

Today, House Committee on Financial Services Chairman French Hill (AR-02) and Oversight & Investigations Subcommittee Chairman Dan Meuser (PA-09) released a staff report titled “Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams.”

Over the past year, Committee Republicans have conducted an extensive investigation into the growing threat of financial fraud and scams targeting American consumers. The report outlines the scope of the problem, examines emerging fraud trends, and provides recommendations to strengthen consumer protections, improve coordination among law enforcement and regulators, and equip financial institutions with better tools to detect and prevent fraud.

Click here to view the report.

“Financial fraud is one of the fastest-growing threats facing Americans, costing consumers and financial institutions billions of dollars each year,” said Chairman Hill. “As fraudsters become more sophisticated, we must ensure law enforcement, regulators, and financial institutions have the tools they need to stay ahead of these evolving threats. I thank Subcommittee Chairman Meuser for his leadership on this issue and his work to develop a framework that strengthens fraud prevention, improves coordination among law enforcement, regulators, and the private sector, and better protects Americans’ hard-earned money.”

“Financial fraud and scams affect everyone. From veterans and small businesses to seniors and young people, everyone is vulnerable,” said Subcommittee Chair Meuser. “As Chair of the Oversight and Investigations Subcommittee, I’ve made it a top priority to address the threat of financial fraud and scams and provide the public the tools they need to secure their finances. However, as schemes become more elaborate and are increasingly perpetrated by transnational criminal organizations, our committee and other stakeholders must remain vigilant and address threats as they evolve. Over the past several months, I have convened roundtables with stakeholders, including banks, social media firms, telecom companies, the DOJ, FBI, Attorneys General, the Fed, State Department, FTC, and FCC to identify problems and determine solutions. This report highlights the need for an all-of-ecosystem approach to include a coordinated government response. I want to thank Chairman Hill for letting the Oversight & Investigations Subcommittee spearhead this Committee-wide initiative and look forward to advocating for implementation of the report’s recommendations.”

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National Security, Illicit Finance, and International Financial Institutions Subcommittee Reviews Financial Crimes Enforcement Network Operations and Anti-Money Laundering Reforms

Wed, 22 Jul 2026 04:00:00 GMT

Yesterday, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Chairman Warren Davidson (OH-08), held a hearing to examine efforts to strengthen the national anti-money laundering framework, improve FinCEN’s effectiveness, and combat illicit finance while reducing unnecessary regulatory burdens.

On FinCEN’s Fraud Prevention and Enforcement Efforts:

Full Committee Chairman French Hill (AR-02) said, “"FinCEN sits at the center of our efforts to combat money laundering, terrorist financing, fraud, scams, and other illicit financial activity that undermines our financial system.”

Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) questioned Financial Crimes Enforcement Network Director Andrea Gacki on FinCEN’s repatriation efforts, to which she replied, “Since I last testified before this [Committee], FinCEN has interdicted $152 million and recovered $83.5 million for 381 U.S. victims. Since the program began in 2015, we have interdicted more than $1.8 billion and recovered more than $1 billion for 6,000 or more U.S. victims.”

Director Gacki said, “In support of the White House Task Force to Eliminate Fraud, and under the leadership of Secretary Bessent, FinCEN has taken decisive action to identify typologies associated with fraud schemes, including those being perpetrated by organized crime groups and transnational criminal organizations against government healthcare and other benefit programs. We have alerted financial institutions, the public, and law enforcement to these schemes; provided expert analysis of potential fraudulent activity for law enforcement; trained government stakeholders on how to use BSA data in their investigations; and issued guidance making it clear how financial institutions can share information on fraud with each other in real-time.”

On Modernizing Anti-Money Laundering Reporting Requirements:

Subcommittee Chairman Davidson said, "Every year, financial institutions file nearly 5 million suspicious activity reports, or SARs, and over 21 million currency transaction reports, CTRs, with FinCEN. These reporting thresholds have never been adjusted for inflation. Worse, GAO reports that only 5.4 percent of CTRs are even looked at by law enforcement, while BSA enforcement drives financial institutions to file copious amounts of defensive SARs that serve no meaningful law-enforcement purpose. What does all this reporting achieve? Only 1 percent of laundered proceeds are ever intercepted. And it comes with real costs – the BSA compliance reportedly costs $52 billion each year.”

Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “Despite FinCEN’s recognition that CTR and SARs thresholds are outdated and have produced millions of useless reports, FinCEN has consistently failed to update the thresholds.”

On Beneficial Ownership Reporting and Privacy:

Small Business Committee Chairman Roger Williams (TX-25) said, “The Biden administration's BOI reporting regulations required millions of small business owners to submit personal information to a federal database. And since taking office, the Trump administration has revised this disastrous rule, and American businesses are no longer required to submit this data. And FinCEN still holds the data collected under Biden's regulations. I, like many business owners, I'm a business owner in Texas, have concerns that large federal databases of private information present a privacy risk. If that database were ever breached or misused, the effects would be devastating for businesses across the country.”

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Field Hearing Entitled: “Main Street Capital Access Act: Empowering Community Banks to Drive Economic Growth”

Fri, 18 Sep 2026 16:00:00 GMT

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Markup of Various Measures

Wed, 16 Sep 2026 14:00:00 GMT

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Hearing Entitled: “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System”

Tue, 15 Sep 2026 14:00:00 GMT

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Hearing Entitled: "Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity”

Wed, 02 Sep 2026 14:00:00 GMT

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Witnesses

The Honorable Heath Tarbert, President, Circle
Ms. Kathleen Kraninger, President and Chief Executive Officer, Florida Bankers Association
Ms. Lynn Martin, President, New York Stock Exchange
Mr. Alex Pollock, Senior Fellow, Mises Institute
Professor Darrick Hamilton, University Professor, the New School, and Chief Economist, AFL-CIO

Legislation

H.R.7866, the American Lending Fairness Act of 2026

Hearing Entitled: “Oversight of the Federal Home Loan Bank System”

Tue, 21 Jul 2026 18:00:00 GMT

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Witnesses

Ms. Jill Naamane, Director, U.S. Government Accountability Office
Mr. Ryan Donovan, President and Chief Executive Officer, Council of Federal Home Loan Banks
Mr. Barry Lockard, President and Chief Executive Officer, Cornhusker Bank, on behalf of Federal Home Loan Bank of Topeka
Professor Kathryn Judge, Harvey J. Goldschmid Professor of Law, Columbia University

Legislation

H.R. _____, the Federal Home Loan Bank Mortgage Asset Modernization Act
H.R. _____, the Federal Home Loan Bank Advances as Core Funding Act
H.R. _____, the Federal Home Loan Bank Membership Clarification Act
H.R. _____, the Federal Home Loan Bank Capital Clarification Act of 2026
H.R. _____, a bill to increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing Program, and for other purposes

Hearing Entitled: “Oversight of the Financial Crimes Enforcement Network”

Tue, 21 Jul 2026 14:00:00 GMT

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Witnesses

Ms. Andrea Gacki, Director, Financial Crimes Enforcement Network (FinCEN)

Field Hearing Entitled: “Building the Future of Finance: How the CLARITY Act Unlocks Innovation”

Fri, 17 Jul 2026 14:00:00 GMT

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Witnesses

Ms. Sarah Aberg, Chief Legal Officer, Nova Labs Inc.
Ms. Randi Abernethy, Head of Cleraing and Group Risk, Bullish
Mr. Ryan Louvar, Chief Legal Officer, WisdomTree
Mr. Jason Somensatto, Director of Policy, Coin Center

Legislation

H.Res. 111, Expressing support for blockchain technology and digital assets
H.R. 8957, the American Reserve Modernization Act

Full Committee Hearing Entitled: “The Semi-Annual Report of the Bureau of Consumer Financial Protection”

Wed, 15 Jul 2026 14:00:00 GMT

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Witnesses

The Honorable Russell Vought, Acting Director, Consumer Financial Protection Bureau

Legislation

H.R. __, the CFPB Reform Act of 2026

Hearing Entitled: “The Federal Reserve’s Semi-Annual Monetary Policy Report”

Tue, 14 Jul 2026 14:00:00 GMT

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Witnesses

The Honorable Kevin M. Warsh, Chairman, Board of Governors of the Federal Reserve System

Markup of Various Measures

Tue, 30 Jun 2026 14:00:00 GMT

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Click here for e-voting pictures.

Legislation:

Resolution to Reauthorize the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, was AGREED TO by voice vote.

H.R. 1483, the Protecting Investors’ Personally Identifiable Information Act, was AGREED TO by a recorded vote of 27 YEAS and 21 NAYS. (FC Vote #287)

H.R. 1640, the HEIRS Act of 2025, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #302)

H.R. 5402, the Credit Access and Inclusion Act of 2025, was AGREED TO by a recorded vote of 28 YEAS and 23 NAYS. (FC Vote #296)

H.R. 5775, the FCRA Liability Harmonization Act, was AGREED TO by a recorded vote of 27 YEAS and 23 NAYS. (FC Vote #293)

H.R. 7030, the Securing Facilities for Mental Health Services Act was not considered.

H.R. 7187, the Clarity for Compensation Act, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #291)

H.R. 8141, the Fair Credit Reporting Reseller Accuracy Act, was AGREED TO by voice vote.

H.R. 9329, the SEC Reform and Restructuring Act, was AGREED TO by a recorded vote of 28 YEAS and 23 NAYS. (FC Vote #290)

H.R. 9330, the Earned Wage Access Consumer Protection Act, was AGREED TO by a recorded vote of 29 YEAS and 22 NAYS. (FC Vote #301)

H.R. 9331, the Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act of 2026, was AGREED TO by a recorded vote of 51 YEAS and 0 NAYS. (FC Vote #297)

Amendments:

ANS to H.R. 8141, offered by Rep. Lawler of New York, designated as ANS_H8141, was AGREED TO by voice vote.

An amendment, designated HR8141B (Waters 3), was NOT AGREED TO by voice vote.
An amendment, designated Gotthe_253 (Gottheimer 1), was WITHDRAWN.

ANS to H.R. 7030, offered by Rep. Emmer of Minnesota, designated as ANS_H7030

ANS to H.R. 5402, offered by Ms. Kim of California, designated as ANS5402, was AGREED TO by voice vote.

An amendment, designated HR5402B (Waters 4), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #294)
An amendment, designated Bynum_091 (Bynum 1), as NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #295)

ANS to H.R. 5775, offered by Rep. Loudermilk of Georgia, designated as ANS_H5775, was AGREED TO by voice vote.

An amendment, designated HR5775B (Waters 2), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #292)

ANS to H.R. 7187, offered by Rep. Nunn of Iowa, designated as NUNN_170, was AGREED TO by voice vote.

ANS to H.R. 9329, offered by Rep. Wagner of Missouri, designated as WAGNER_057, was AGREED TO by voice vote.

An amendment, designated Waters_176 (Waters 1), was NOT AGREED TO by a recorded vote of 22 YEAS and 27 NAYS. (FC Vote #288)
An amendment, designated Lynch_069 (Lynch 1), was NOT AGREED TO by a recorded vote of 22 YEAS and 27 NAYS. (FC Vote #289)

ANS to H.R. 9330, offered by Rep. Steil of Wisconsin, designated as STEIL_052, was AGREED TO by voice vote.

An amendment, designated 9330_Amend1 (Waters 5), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #298)
An amendment, designated Pressma_087 (Pressley 1), was NOT AGREED TO by a recorded vote of 23 YEAS and 28 NAYS. (FC Vote #299)
An amendment, designated Liccar_116 (Liccardo 1), was AGREED TO by a recorded vote of 46 YEAS and 5 NAYS. (FC Vote #300)

ANS to H.R. 9331, offered by Rep. Kim of California, designated as KIMCA_130

ANS to H.R. 1483, offered by Rep. Loudermilk of Georgia, designated as LOUDER_037

ANS to H.R. 1640, offered by Rep. Williams of Georgia, designated as ANS_1640