Patrick McHenry

Rep. Patrick McHenry, the ranking GOP member of the House Financial Services Committee, requested a hearing with Dave Uejio to address policy actions “traditionally ... reserved for a Senate-confirmed Director.”

The House Financial Services Committee passed a bill along party lines to require global systemically important banks to submit new annual reports on activities to the Fed.

The legislation, which the chamber passed Thursday, would ban collectors from making threatening statements to military service members and prevent credit bureaus from including debt arising from certain medical procedures.

The bill introduced by Rep. Patrick McHenry, the top Republican on the Financial Services Committee, would expand CFPB authority to the credit reporting industry and require that certain adverse information be removed from a consumer’s credit history.

House Financial Services Committee members were at odds over whether to have support for homeowners and the State Small Business Credit Initiative, both included the $1.9 trillion stimulus plan, expire when the pandemic ends or later.

Fannie Mae and Freddie Mac have been slammed for planning an additional refinancing charge to cover COVID-related losses, but the head of the Federal Housing Finance Agency defended the policy in House testimony.

Kathy Kraninger told the House Financial Services Committee that she supports proposed action to revamp the bureau's leadership framework following a major Supreme Court decision.

The House Financial Services Committee chair vowed to stay focused on the HEROES Act after the panel's top Republican said lawmakers should instead debate bills with bipartisan support.

While the resolution sends a message of disapproval of the OCC’s reform of the anti-redlining law, the Republican-controlled Senate is not expected to consider the measure.

The congressional showdown over the pace of rulemaking during the pandemic is a hardening of older positions on banking policy ahead of the 2020 elections, observers said.