On Sept. 14, the U.S. House of Representatives passed a bill (H.R. 3354) along a party-line vote that would (i) repeal the Volcker Rule, the fiduciary rule adopted by the Department of Labor requiring broker-dealers giving certain retirement advice to be legally bound to act in the best interests of their clients, and the conflict minerals rule mandated by the Dodd-Frank Act, requiring companies to disclose their use of conflict minerals from the Democratic Republic of Congo and surrounding countries and, (ii) subject the annual funding of the Consumer Financial Protection Bureau (CFPB) to the appropriations process in Congress, retract the enforcement authority of the CFPB with respect to "unfair, deceptive, and abusive practices," and terminate its ability to regulate payday lending and arbitration practices.
To date, the Senate has not acted on H.R. 3354.
Originally published September 26, 2017
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