WASHINGTON—Newly appointed House Financial Services Committee (HFSC) Chairman Rep. Patrick McHenry (R-NC) said he intends to focus heavily on economic “innovation, opportunity, and oversight” under his leadership on the committee.
“We also need to enable small businesses to link up and get the capital they need to grow and survive,” McHenry told NAFCU President and CEO Dan Berger, according to the association.
McHenry said he believes in the importance of a competitive and robust financial marketplace, especially for smaller financial institutions like credit unions.
In an indicator of a change in posture by the committee under Republican control, NAFCU reported McHenry said the CFPB has a “terrible” regulatory enforcement strategy, and believes the Bureau must be held “accountable for their decision making,” and must further bring “clarity to the marketplace so that firms and consumers have (the type) of protections they need.”
Other Issues Raised
NAFCU reported Berger asked the new chairman about his plan for federal data privacy standard, with McHenry replying by saying the country must “enhance…and update our data privacy.”
NAFCU said McHenry praised credit unions for “making sure there is a diverse array of options and real competition” in the financial marketplace.