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McHenry Continues Push for Consumer Focused Agenda

Examines implementation of regulations included in S. 2155 the Economic Growth, Regulatory Relief, and Consumer Protection Act


Washington,
May 7, 2019 

WASHINGTON – Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), sent letters to several financial regulators on Friday requesting a status update on their agencies’ efforts to implement regulations that would “promote economic growth and competition in our marketplaces,” which directly benefits consumers.

Many of the regulations referenced by the Ranking Member were included in S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, which Congress overwhelmingly passed last May, making clear “that right sizing overly burdensome regulations is to be a priority” among these agencies to “promote greater economic growth.” Ranking Member McHenry asked for responses no later than May 30, 2019, on the status of these regulations and a timeline for completion.

Read the full text of the letter to Federal Reserve Chairman Jerome Powell, Comptroller of the Currency (OCC) Joseph Otting, Federal Deposit Insurance Corporation (FDIC) Chairwoman Jelena McWilliams here, or the topline items below:

  • In passing S. 2155, Congress made clear that right-sizing overly burdensome regulations should be a priority for these agencies.
  • Congress expects swift action on the following regulations:
      • Section 103 – Exemption from appraisals of real property located in rural areas
      • Section 201 – Community Bank Capital Simplification
      • Sections 203 and 204 – Volker Rule and Volker Rule Exception
      • Section 205 – Community Bank Short Form Call Report
      • Section 214 – Promoting Construction and Development on Main Street
      • Section 401 – Capital requirements for Systemically Important Financial Institutions
      • Section 402 – Improvements to Supplemental Leverage Ratio for Custody banks

Read the full text of the letter to U.S. Securities and Exchange Commission (SEC) Chairman Jay Clayton here, or the topline items below:

  • The Ranking Member urges completion of additional regulations, not included in S. 2155, at the SEC to expand access to our capital markets, including:
      • Parity for closed-end funds regarding offering and proxy rules
      • Regulation Best Interest (Reg BI) (as well as Investment Adviser Interpretation and Form CRS Relationship Summary)
      • Accelerated Filer Definition under 404(b) of Sarbanes Oxley
      • Harmonization of Exempt Offerings (including Accredited Investor and Reg D)
      • Harmonization of Certain Title VII Rules
      • Proxy Advisory Firms and Proxy Voting Reforms

Read the full text of the letter to Consumer Financial Protection Bureau (CFPB) Director Kathleen Kraninger here, or the topline items below:

  • The CFPB has been charged with addressing several regulations impacting consumers, including:
      • Escrow requirements on high priced mortgage loans
      • Protecting veterans’ credit
      • Protecting veterans from predatory lending
      • Providing foreclosure relief for service members

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