House Holds Three Hearings on Operation Choke Point (7/21/14) Last week, the House of Representatives held three hearings which addressed issues related to Operation Choke Point. All three raised concerns about the impact the effort may be having on legitimate business. The first hearing was conducted on July 15 by the House Financial Services Subcommittee on Oversight and Investigations, chaired by Patrick McHenry (D-NC). The second hearing was held the afternoon of July 15 which examined bills and discussion drafts designed to reduce regulatory burden and streamline regulatory compliance. The third hearing was held on July 17 by the House Judiciary Committee Subcommittee on Regulatory Reform, Commercial and Antitrust Law.
CFPB to Publicize Consumer Stories in Complaint Database (7/14/14) The Consumer Financial Protection Bureau proposed adding consumers’ narratives to the publicly available material in its consumer complaint database. The CFPB said that narratives would provide context for the complaints and spotlight trends. A company subject to a complaint would be given an opportunity to post a response that would appear next to a customer’s story.