WASHINGTON–Acting CFPB Director Russell Vought is set to testify before the House Financial Services Committee today.
In a letter submitted Tuesday, America’s Credit Unions said it highlighted several regulatory relief issues, as well as bigger picture CFPB reforms.
“Discussion about the CFPB Reform Act of 2026 is expected during the hearing,” America’s Credit Unions said. “This draft legislation would bring the CFPB under the appropriations process, raise the supervisory threshold for very large financial institutions to $21 billion (from $10 billion), increase Congressional oversight of the CFPB, and provide greater clarity on unfair, deceptive, or abusive acts or practices (UDAAP).”
The trade group noted its comment letter states the legislation “would make important enhancements to the CFPB and deserves the committee’s attention and support.”
Requests Made
The letter also raises several issues under the CFPB’s jurisdiction, encouraging the bureau to:
- Modernize Home Mortgage Disclosure Act (HMDA) reporting requirements to support smaller lenders;
- Adopt a more limited interpretation of who may request data on behalf of a consumer, and limit third-party access to entities that act in the consumer’s best interest under a reconsidered personal financial data rights rule;
- Implement stronger Consumer Complaint Database quality controls to deter abusive submissions, clarify the distinction between a complaint and a contact or business inquiry, and provide clearer guidance to companies regarding appropriate handling of immaterial submissions (issues also emphasized in a February letter to the CFPB).
