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| Financial Services Committee clears CFPB Reform |
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The House Financial Services Committee passed a significant CFPB reform package and other credit union-supported bills following a markup Wednesday. America’s Credit Unions encouraged members to support the bills in a letter sent prior to the markup.
The committee passed:
• CFPB Reform Act of 2026 (H.R. 10184), which passed 28-21. It would make vital, credit union-supported reforms to the CFPB, including:
o Placing it under the appropriations process;
o Adding further cost-benefit analysis requirements for the rulemaking process;
o Establishing objective standards for “abusive” under unfair, deceptive, or abusive acts or practices (UDAAP) authority;
o Increasing the asset threshold size for bureau supervision of large credit to $30 billion and index it for future growth;
o Indexing of asset-based regulatory thresholds; and
o Bolstering the bureau’s consumer complaint database consumer verification and attestation requirements.
• Civil Investigative Demand (CID) Reform Act of 2025 (H.R. 1653), which would require the CFPB to explicitly reference any alleged violations in the CID. It passed 29-20;
• Taskforce for Recognizing and Averting Payment Scams (TRAPS) Act (H.R. 4936), to bring regulators, law enforcement, industry, and consumer representatives together to study scams and how to combat them. It passed by unanimous vote; and
• American Lending Fairness Act of 2026 (H.R. 7866), which would clarify the opt-out provision in the Depository Institutions Deregulation and Monetary Control Act (DIDMCA) to preserve parity for state and federally chartered credit unions operating within the same state. It passed 31-18.
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