House Democrats recently introduced a bill to strengthen the Consumer Financial Protection Bureau. .The bill was introduced earlier this month by Maxine Waters, the top Democrat on the House Financial Services Committee, as the size and scope of the bureau has been significantly reduced under the Trump administration.“At a time when Americans are already being squeezed by high costs and financial uncertainty, the Trump Administration is working overtime to dismantle the CFPB, which Congress created to protect people from fraud, scams, junk fees, discrimination, and abusive financial practices,” Waters said. The fate of the bill is in doubt as Republicans have majorities in both the House and Senate. The package includes nearly two-dozen resolutions offered by Democrats:Resolutions under the bill would bring back CFPB authority, including: An interpretive rule finding the Fair Credit Reporting Act preempts state laws and keeps state authority to regulate consumer reporting, including those with medical debt. The resolution was introduced by Waters. Introduced by Waters, a bureau circular warning insufficient data security practices could be an unfair act or practice under the Consumer Financial Protection Act. Interpretive rules related to examining financial institutions for conduct that poses risks to active-duty servicemembers. The proposal was introduced by Vicente Gonzalez of Texas. The CFPB’s advisory opinion on allegedly deceptive or unfair medical debt under the Fair Debt Collection Practices Act. The proposal was introduced by Ayanna Pressley of Massachusetts. Introduced by Nydia Velazquez of New York, an overdraft fee circular stating institutions must not charge overdraft fees on one-time debit card and ATM transactions without customer opt in.Clarifying that confidentiality agreements deemed overly broad can violate whistleblower protections. The proposal was introduced by Al Green of Texas.Introduced by Joyce Beatty of Ohio, a bulletin preventing unlawful lending discrimination under the Equal Credit Opportunity Act. An advisory opinion confirming that contracts for deed financing is covered as credit under the Truth in Lending Act and Regulation Z. The proposal was introduced by Emanuel Cleaver of Missouri. Introduced by Cleo Fields of Louisiana, an interpretive rule clarifying mortgage assumption rules for surviving family members under Reg. Z. Also introduced by Fields, an advisory opinion confirming ECOA/Regulation B standards for borrowers against credit term changes deemed unfavorable. An advisory opinion requiring matching and permissible purposes for consumer reports under the Fair Credit Reporting Act. The proposal was introduced by Brittany Pettersen of Colorado. A bulletin warning that in-person debt collection visits could be deemed unfair, deceptive, or abusive acts or practices. The proposal was introduced by Pettersen.Introduced by Rashida Tlaib of Michigan, a bulletin clarifying responsibilities for medical debt under the No Surprises Act, a federal law intended to protect patients from unexpected out-of-network medical bills. A bulletin finding that blanket returned deposited item fee policies are most likely unfair under CFPA. The proposal was introduced by Nikema Williams of Georgia. Introduced by Gregory Meeks of New York, a circular stating that reopening a consumer’s closed deposit account without authorization from the consumer could be an unfair practice under CFPA.A circular clarifying that remittance transfer marketing on cost or speed are deceptive under CFPA. The proposal was introduced by Ritchie Torres of New York. Introduced by Bill Foster of Illinois, an advisory opinion finding that “name-only matching” falls short of reasonable accuracy standards under FCRA. A policy statement laying out its analytical framework for spotting abusive acts or practices. The proposal was introduced by Sylvia Garcia of Texas. Also introduced by Garcia, a circular mandating “reasonable investigations” of consumer reporting disagreements. A bulletin finding that billing or collecting on private student loans released in bankruptcy is an unfair, deceptive, or abusive act or practice. The proposal was introduced by Janelle Bynum of Oregon. Also introduced by Bynum, a circular explaining that negative option marketing practices could be abusive, deceptive or unfair when companies obscure terms or make it more challenging to cancel. An advisory opinion finding that consumers can request their files without special wording and that consumer reporting agencies need to disclose information sources under the Fair Credit Reporting Act. The resolution was introduced by Stephen Lynch of Massachusetts. Introduced by Juan Vargas of California, a circular explaining that including unenforceable or unlawful items in consumer financial contracts could be a deceptive act under the Consumer Financial Protection Act.
