House Financial Services Committee Sends 13 Bills to House Floor, Including EWA Framework, Nullification of CFPB Late Fee Rule
Yesterday, the House Financial Services Committee reported 13 bills out of Committee, sending them to the full House for consideration. Among these pieces of legislation was H.R. 7428, the Earned Wage Access Consumer Protection Act, H.J. Res. 122, a resolution overturning the CFPB’s recently-finalized credit card late fees rule, and H.R. 7440, the Financial Services Innovation Act of 2024.
H.R. 7428, offered by Rep. Bryan Steil (R-Wisc.), “creates a transparent regulatory framework for earned wage access (EWA) products that ensures consumers are not assessed mandatory or hidden fees while also mandating numerous disclosures.” The bill also sets requirements for EWA providers to establish dispute resolution procedures and certain notification requirements.
H.J. Res. 122, introduced by Rep. Andy Barr (R-Ky.) would nullify the Consumer Financial Protection Bureau’s credit card late fee rule, which a press release issued by the Committee says “will harm consumers by shifting costs to responsible consumers who pay on time in the form of higher annual fees and higher interest rates and removes incentives for timely payments.” As we recently covered, Sen. Tim Scott (R-S.C.), Ranking Member on the Senate Banking Committee, has also introduced a resolution overturning the rule in the Senate.
H.R. 7440, introduced by Committee Chairman Patrick McHenry, “establishes Financial Services Innovation Offices within each financial regulator and a federal sandbox for innovative financial products and services. Each FSIO will assess burdensome agency regulations that hinder innovation, as well as evaluate and approve alternative compliance agreements for entities wishing to offer innovative products and services.”
The other bills reported out of the Financial Services Committee include H.R. 5535, the Insurance Data Protection Act; H.R. 802, the Respect State Housing Laws Act; H.R. 7437, the Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision (FUTURES) Act; H.J. Res. 127, a resolution to nullify the Securities and Exchange Commission’s climate disclosure rule; H.J. Res. 120, which overturns the Biden Administration’s guidance on the nonbank designation process through the Financial Stability Oversight Council; H.J. Res. 125, H.J. Res. 126, and H.J. Res. 124, which rescind banking regulators’ climate risk management principles for large financial institutions at the Federal Reserve, FDIC, and OCC; H.R. 4206, the Bank Safety Act of 2023; and H.R. 4116, the Systemic Risk Authority Transparency Act.
