On September 13, the U.S. House of Representatives Financial
Services Committee passed an amended version of the Financial
CHOICE Act, which will result in significant changes to the
Consumer Financial Protection Bureau if it becomes law. The
amended CHOICE Act would reform the CFPB's structure and limit
its regulatory authority, while also repealing several sections of
the Dodd-Frank Act.
The proposed amendments address Congressional concerns regarding
the CFPB's lack of oversight by Congress and the asserted
ineffectiveness of the CFPB's existing rules. The
Financial Services Committee noted that the CFPB's jurisdiction
includes banks and other large institutions with assets of more
than $10 billion, mortgage lenders, mortgage servicers, and other
ancillary lending institutions. The Committee is concerned
with the CFPB's power over these large lending institutions,
noting that the CFPB intends to issue new rules and regulations
that govern additional consumer
