In the News

The new leadership of House Financial Services subcommittees, announced Friday by Chairman U.S. Rep. Jeb Hensarling (R-Texas), includes several legislators supporting reforms that benefit the credit and collection industry as well as former speakers at ACA International’s Washington Insights Conference.

Hensarling is serving a third term as chairman of the House Financial Services Committee and U.S. Rep. Patrick McHenry (R-N.C.) will serve as vice chairman, according to a news release from the committee. The Republican Whip will be U.S. Rep. French Hill (R-Ark.).

U.S. Rep. Blaine Luetkemeyer (R-Mo.) will replace former Texas U.S. Rep. Randy Neugebauer, who did not seek reelection for an eighth congressional term, as chairman of the Subcommittee on Financial Institutions and Consumer Credit. The subcommittee’s vice chairman is U.S. Rep. Keith Rothfus (R-Pa.).

Neugebauer, along with Luetkemeyer, supported ending Operation Choke Point and spoke at ACA’s Washington Insights Conference in 2015.

As former chairman of the Financial Institutions and Consumer Credit Subcommittee, Neugebauer introduced a bill to replace the CFPB’s director leadership with a bipartisan commission appointed by the president, ACA International previously reported.

Neugebauer discussed the need for accountability, transparency and responsibility in the Consumer Financial Protection Bureau at the 2015 Washington Insights Conference.

Luetkemeyer addressed Operation Choke Point with ACA members during the conference in 2015.

As chairman of the Financial Institutions and Consumer Credit Subcommittee, Luetkemeyer has oversight responsibility for all financial regulators including the Federal Deposit Insurance Corporation, the Federal Reserve Board of Governors, the National Credit Union Administration and the Comptroller of the Currency, according to his website. The subcommittee “also oversees all matters pertaining to consumer credit including the Bureau of Consumer Financial Protection, the Consumer Credit Protection Act, and overall access to financial services,” his website notes.

“Helping small businesses, families, and consumers access affordable credit is critical to growing our economy and I look forward to working with my colleagues to ensure all Americans have access to the tools they need to reach financial independence,” Luetkemeyer said in a statement.

U.S. Rep. Andy Barr (R-Ky.), a speaker at ACA’s 2016 Washington Insights Conference, will serve as chairman of the Subcommittee on Monetary Policy and Trade. The vice chairman is U.S. Rep. Roger Williams (R-Texas).

Andy Barr spoke to Washington Insights Conference attendees about his efforts to increase accountability at the CFPB. Barr talked about his success in getting the House Financial Services Committee to approve the Taking Account of Bureaucrats’ Spending (TABS) Act, which would subject the CFPB to the appropriations process. 

The additional subcommittee leaders announced by Hensarling Friday include:

U.S. Rep. Bill Huizenga (R-Mich.), chairman of Subcommittee on Capital Markets, vice chairman U.S. Rep. Randy Hultgren (R-Ill.); U.S. Rep. Sean Duffy (R-Wis.), chairman of Subcommittee on Housing and Insurance, vice chairman U.S. Rep. Dennis Ross (R-Fla.); U.S. Rep. Steve Pearce (R-N.M.), chairman of the subcommittee on terrorism and illicit finance, vice chairman U.S. Rep. Robert Pittenger (R-N.C.); and U.S. Rep. Ann Wagner (R-Mo.), chairman of Subcommittee on Oversight and Investigations, vice chairman U.S. Rep. Scott Tipton (R-Colo.).

Hensarling also recently announced 10 new Republican members of Congress will serve on the House Financial Services Committee.

The 115th Congress will bring many additional newcomers to Capitol Hill, and ACA’s Government Affairs team continues to work hard to build and maintain strong relationships with lawmakers on both sides of the political aisle and has made huge strides in highlighting the important work of the credit and collection industry to lawmakers around the U.S.

ACA will be monitoring activity on regulation of the CFPB and TCPA as the 115th Congress takes office in 2017.

With the change in the political landscape, ACA will continue to encourage its members to meet with their elected representatives when they are in their home districts to discuss industry issues and learn about priorities important to members of Congress.  

At ACA’s 2016 Fall Forum & Expo in Chicago, ACA President Keith Kettelkamp announced All In^TM, a program that allows members to submit participation details about their advocacy efforts at the state and federal level and events such as the Washington Insights Conference.

Records of participation in all such efforts will be tracked when submitted by members through ACA’s All In^TM program page on the newly redesigned ACA website. By submitting a brief summary of legislative activities, the result, as well as their company name and location, members will qualify for recognition through the All In^TM program.

ACA can help coordinate meetings with members of Congress. More information can be found at ACA’s Advocacy Action Center. Interested members should contact ACA’s Vice President of Congressional and Political Affairs Rae Ann Bevington at (202) 547-2670 or bevington@acainternational.org.