House Financial Services Committee

The legislation, authored by Rep. Keith Ellison, D-Minn., is aimed at helping lower-income consumers build their credit histories.

The legislation would prohibit the CFPB from penalizing institutions that rely in good faith on guidance from the bureau.

As a bipartisan regulatory relief bill approaches the finish line in the Senate, the House has mostly stood on the sidelines. But no one expects the lower chamber to just rubber-stamp the deal.

The legislation, introduced by Rep. Patrick McHenry, R-N.C., would essentially reverse a court ruling that marketplace lenders say has blocked them from helping more consumers access credit.

Continuing to pull back the reins on the aggressive approach taken under former Director Richard Cordray, the agency's new five-year plan values consumer choice over heavy-handed enforcement.

Though FHFA Director Mel Watt stopped short of saying he would break with a Treasury agreement that forces all profits of the GSEs to go to the government, he emphasized that it couldn’t continue indefinitely.