House Passes Financial Choice Act
The House passed the “Financial CHOICE Act” (H.R.10), which seeks to dramatically reshape the regulation of banking and other financial activities. This legislation includes a number of provisions weakening the Consumer Financial Protection Bureau (CFPB) and its Office of Service Members Affairs. Specifically, FRA is concerned with Section 725 of the bill that would make the current mandatory Office of Service Member Affairs a discretionary office. A future Director could eliminate this important office. Further, Section 733 would remove CFPB’s ability to regulate small-dollar loans, such as payday loans, despite evidence of pervasive predatory practices often focused on service members.
The Association wants to ensure that the Servicemembers Civil Relief Act (SCRA) is enforced by regulatory agencies including the CFPB, Office of Service Members Affairs. FRA will work to ensure active duty personnel are protected from predatory lenders.
The bill now goes to the Senate for further consideration. Members can use the FRA Action Center to ask their Senators to oppose this legislation.