Financial CHOICE Act, rolling back Dodd-Frank regulations, passes the House

The House Financial Services Committee put together a bill that passed along party lines
  • The Financial CHOICE Act would repeal Dodd-Frank's Volcker rule and dismantle many of its mortgage regulations.
  • It would also change the scope of authority and name of the CFPB, tweak its structure and eliminate its ability to investigate "unfair, deceptive or abusive acts and practices."

Under new legislation passed by the United States House of Representatives yesterday — the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs) Act — the CFPB’s power to regulate and fine the financial industry would be curtailed significantly.