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The Financial CHOICE Act - What is it and Why Are So Many So Concerned?

August 1, 2017

Dubbed by some as the "Wrong Choice Act," the Financial Choice Act of 2017 is a cornerstone piece of legislation that has been pressed vigorously by Rep. Mia Love.

 

HR 10 is sweeping legislation largely aimed at dismantling the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act, which was enacted following the financial crisis of 2008 to promote the financial stability of the United States by improving accountability and transparency in the financial system, to end "too big to fail" scenarios by financial institutions, to protect the American taxpayer by ending bailouts, and to protect consumers from abusive financial services practices, and for other purposes.

 

The Financial Choice Act would, among other things:

  • Require the Consumer Financial Protection Bureau to get congressional approval before taking enforcement action against financial institutions

  • Restrict the Bureau’s ability to write rules regulating financial companies

  • Revoke the agency’s authority to restrict arbitration

  • Revoke the CFPB’s authority to conduct education campaigns

  • Prevent the Bureau from making public the complaints it collects from consumers in its Consumer Complaint Database

  • Revamp the agency’s structure by allowing the CFPB director to be fired at will by the President

  • Require the agency’s budget to be subject to the annual congressional appropriations process

  • Prevent the CFPB from having oversight over the payday lending industry

  • Revoke the so-called qualitative test that evaluates a bank’s plan for managing capital and risk

According to Elizabeth Warren, “Why, just eight years after the worst financial crisis in more than 70 years are Republicans rolling back rules?Access to consumer credit and small business lending are at historically high levels. This bill doesn’t solve a single real problem with our economy or within [our] financial systems.”

 

 

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