House Financial Services Committee Considering Regulatory Reform Legislation This Week

October 13, 2009 - On October 14, the House Financial Services Committee will begin its deliberation of various regulatory reform proposals, including the Consumer Financial Protection Agency (CFPA) Act of 2009.

The Committee is expected to consider the following measures starting on October 14 and if necessary, continuing into the next few subsequent days this week.

• The October 2, 2009 Discussion Draft of the Over-the-Counter Derivatives Markets Act of 2009;
• The September 25, 2009 Discussion Draft of the Consumer Financial Protection Agency Act of 2009 (to be reported as H.R. 3126);
• H.R. 3763, to amend the Fair Credit Reporting Act to provide for an exclusion from Red Flag Guidelines for certain businesses; and
• H.R. 3639, Expedited CARD Reform for Consumers Act of 2009.

Chairman Frank has expressed confidence that regulatory reform measures will be passed in the House and sent to the Senate sometime this fall. NASCUS has been in communication with the Committee about amendments to the CFPA that would protect state authority and mitigate regulatory burden.

NASCUS will report on developments from this House Financial Services Committee activity here on its website. Additional legislative updates can be viewed at this link.

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