U.S. House Financial Services Committee marks up bills on SEC reform CAT investor data and consumer credit rules

In prepared remarks for a committee markup, Chairman French Hill said the U.S. House Financial Services Committee would consider a broad package of bills aimed at regulatory accountability, market integrity and consumer finance. The measures include reauthorizing the Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity, limiting unnecessary collection and storage of investors' personally identifiable information in the Consolidated Audit Trail in line with a recent Securities and Exchange Commission exemption, and advancing H.R. 9329 to revise Securities and Exchange Commission and public-company audit oversight, transparency, cybersecurity and agency operations. The markup also covers several consumer and fintech measures. These include a bipartisan bill to update compensation rules for independent financial advisers, legislation to give financial institutions more flexibility to detect suspicious transactions and prevent payments fraud, and H.R. 5402 to allow public housing authorities, utility providers and telecommunications companies to share payment information with consumer reporting agencies so consumers can build credit histories. Other bills would adjust liability and accuracy rules under the Fair Credit Reporting Act, create a federal framework for earned wage access services, remove a restriction affecting inpatient psychiatric hospitals, and support states and legal assistance for clearing heirs' property titles.