The CFPB proposed revisions to overdraft lending rules to ensure that consumer credit protections apply to overdraft credit provided by very large financial institutions. The CFPB stated that the proposal would save consumers "billions each year in junk fees."
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The Senate Banking Committee considered opposing testimony concerning policies on junk fees and the resulting impact on consumers.
House Committee on Small Business Chairman Roger Williams (R-TX) questioned whether the SEC considered the effects on small investment advisory practices, capital access and innovation when the agency proposed new Exchange and Private Fund Adviser rules.
Senate Banking, Housing, and Urban Affairs Ranking Committee Member Tim Scott (R-SC) asked the Federal Housing Finance Agency to provide further evidence to back up its proposal to amend the pricing framework for Fannie Mae and Freddie Mac.
Senator John Kennedy (R-LA) introduced the "Protecting Investors' Personally Identifiable Information Act." The legislation would exclude personally identifiable information from Consolidated Audit Trail reporting requirements.