House Financial Services Committee Advances CFPB Reform, State Lending Rate Parity, and Payment Scam Bills
On September 16, the House Financial Services Committee held a markup session, advancing eight out of nine bills to the full House. Key among these was the American Lending Fairness Act of 2026 (H.R. 7866), which passed 31-18. This bill aims to repeal Section 525 of DIDMCA and amend the FDI Act and the Federal Credit Union Act, ensuring that any state opt-out from DIDMCA federal interest-rate preemption applies only to loans made by that state’s own chartered institutions, not out-of-state entities. The committee also advanced the Consumer Financial Protection Accountability and Reform Act of 2026 (H.R. 10184) by a 28-21 vote. This bill seeks to subject the CFPB to the congressional appropriations process, revise the definition of 'abusive' under the Bureau’s UDAAP authority, and restrict the Bureau from interpreting its UDAAP authority to encompass discriminatory practices. Additionally, the Civil Investigative Demand Reform Act of 2025 (H.R. 1653) passed 29-20, imposing a six-year limitations period on t...
