Financial Services Committee reviews seven proposed bills and six CRA resolutions at

The Financial Services Committee, led by Chairman Patrick McHenry (R-NC), conducted a markup of seven new pieces of legislation and six Congressional Review Acts (CRA) at an April meeting. 

The new legislation included the Financial Services Innovation Act, recently reintroduced by McHenry, which would “allow entrepreneurs to ‘beta test’ new products and services, without sacrificing critical consumer protection safeguards,” according to his opening remarks. 

The committee also reviewed the bipartisan FUTURES Act sponsored by Rep. Erin Houchin’ and Rep. Bryan Steil’s Earned Wage Access Consumer Protection Act. 

The committee advanced six CRA’s against “gross overreach by Biden’s financial regulators,” McHenry said. “This is not about a knee-jerk reaction to everything the Biden Administration does. The CRA is an essential tool Congress has at its disposal to carry out our constitutional duty to hold the executive branch accountable.”

One of the CRA’s regarded the Consumer Financial Protection Bureau’s (CFPB) recent limitation of credit card fees, which was opposed by Rep. Blaine Luetkemeyer (R-Mo.).

“The credit card late fee rule fails to acknowledge the role certain fees play in encouraging timely payments,” McHenry said. “It will harm consumers by shifting costs to responsible consumers who pay on time in the form of higher annual fees and higher interest rates.”