Items Tagged with 'Financial CHOICE Act'

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CBO: Here's how much money Financial CHOICE will save the country

Most savings come from how the CFPB is funded
The results are in. The House Committee on Financial Services ordered the Congressional Budget Office, a nonpartisan analysis for the U.S. Congress, on May 4 to figure out the financial impact of the Republican-led Financial CHOICE Act, which is the leading option to replace Dodd-Frank. Turns out, the act could save the government billions of dollars.
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Rep. Barr reintroduces act to make CFPB spending accountable to Congress

First introduced March 2015
Rep. Andy Barr, R-Ky., reintroduced the Taking Account of Bureaucrats’ Spending Act on Friday in attempts to make the budget of the Consumer Financial Protection Bureau subject to congressional appropriations. As it stands, the CFPB is funded directly by the Federal Reserve, which the Trump administration supports changing.
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McConnell throws cold water on Republican Dodd-Frank repeal efforts

Senate Majority Leader tells Bloomberg: "I'm not optimistic"
The Financial CHOICE Act, the Republican-crafted replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act, may enjoy the support of the House Financial Services Committee, the Trump administration, and even President Donald Trump himself, but the Senate’s top Republican said this week that he believes that the bill may never make it to President Trump’s desk.
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Despite relief, independent mortgage bankers say Financial CHOICE Act still needs work

"One additional provision is needed"
The Financial CHOICE Act that recently passed the House Financial Services Committee provides regulatory relief for independent mortgage bankers. But one additional provision is needed to ensure that small IMBs are treated the same as banks are under the bill. Why can’t independent mortgage bankers have the same exemptions as other banks?
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Financial CHOICE Act narrowly passes committee, next stop full House

Passed 34-26
After three days, the Financial Services Committee passed the Financial CHOICE Act, H.R. 10. The act faced a lot of opposition from committee Democrats, including a forced three-hour delay during the mark-up session. But despite all the political theater, the CHOICE passed out of the committee and is headed to the full House of Representatives.
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Democrats force delay in Financial CHOICE Act mark-up

Committee continues mark-up Wednesday
Financial Services Committee Democrats continue to retaliate against the Republican-led Financial CHOICE Act, the leading act to replace Dodd-Frank. In their latest move to block the act, Democrats stalled the mark-up on Tuesday for more than three hours in a little-used parliamentary maneuver.
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MBA comes out in support of Financial CHOICE Act, with some conditions

Proposes these changes for the CFPB
The Republican-led Financial CHOICE Act, H.R. 10., is currently under review by the Financial Services Committee as it begins the process to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act. Democrat and Republican committee members are already at war over of the details of the act, and now, the Mortgage Bankers Association, the largest trade group in the mortgage finance space, is weighing in on the discussion.
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Republicans shift into overdrive to pass Dodd-Frank replacement

Foot on the gas for Financial CHOICE Act
The House Committee on Financial Services is set to mark up the Republican-led Financial CHOICE Act, the leading replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act, on Tuesday. And moving quickly to the scheduled markup, committee Republicans aren't wasting any time. So what is their latest move to get their point across to constituents? A 90-second promotional video.
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Democrats fight back against Dodd-Frank replacement act

Host hearing against "the Wrong Choice Act"
Financial Services Committee Democrats are not going to let the Republicans easily shut the door on discussing the Financial CHOICE Act. Right now, the Financial CHOICE Act is the Republican-led act to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act. Democrats prefer to call it the "Wrong Choice Act." This uncommon hearing was scheduled to give their feedback on the controversial act.
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