The House Financial Institutions and Consumer Credit Subcommittee met last week to discuss several bills aimed at improving the regulatory environment, including one that would change the asset threshold used to deem a bank as systemically important.
Introduced by Rep. Blaine Luetkemeyer (R-MO), the Systemic Risk Designation Improvement Act of 2017 replaces the $50 billion asset threshold used in Dodd-Frank to designate firms as “systemically important financial institutions” with an indicator-based measurement approach based on a particular institution’s size, interconnectedness, cross-jurisdictional activity, substitutability, and complexity.
They also examined the Practice of Law Technical Clarification Act of 2017, introduced by Rep. Dave Trott (R-MI), which would amend the fair Debt Collection Practices Act to exclude law firms and licensed attorneys who are engaged in the practice of law from the definition of a debt collector. This bill also amends the Consumer Financial Protection Act of 2010 to prevent the Bureau of Consumer Financial Protection from exercising supervisory or enforcement authority with respect to attorneys when engaged in the practice of law and not providing consumer financial products or services.
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