ABA-Supported Bills Clear House Committee

The House Financial Services Committee yesterday passed three ABA-supported bills addressing the Consumer Financial Protection Bureau and proposed limitations on retirement advice. “The legislative proposals before the committee seek to provide the proper balance of protections to help the financial industry serve our customers,” ABA said in a memo to the committee on Tuesday.

H.R. 1090, which would delay the Labor Department’s controversial rule redefining who counts as a fiduciary under the Employee Retirement Income Security Act until after the SEC takes similar action, passed by 34 to 22. H.R. 1266, which would replace the Consumer Financial Protection Bureau’s sole director with a bipartisan, five-member commission, passed by 35 to 24, while a measure to create an independent, Senate-confirmed inspector general for the CFPB (H.R. 957) passed by 56 to 3.