What does CFSC mean in COMMITTEES
Consumer Financial Services Committee (CFSC) is a committee within the United States House of Representatives that oversees consumer financial issues, including banking, insurance, and securities. The CFSC plays a critical role in shaping legislation that impacts the financial well-being of American consumers.
CFSC meaning in Committees in Community
CFSC mostly used in an acronym Committees in Category Community that means Consumer Financial Services Committee
Shorthand: CFSC,
Full Form: Consumer Financial Services Committee
For more information of "Consumer Financial Services Committee", see the section below.
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Responsibilities of the CFSC
- Oversight of Financial Institutions: The CFSC has jurisdiction over the financial services industry, including banks, credit unions, and insurance companies. It conducts hearings, investigates financial institutions, and makes recommendations to Congress on financial regulatory matters.
- Consumer Protection: The CFSC is responsible for protecting consumers from predatory lending practices, unfair credit reporting, and other financial abuses. It advocates for legislation to strengthen consumer protections and ensure the fair treatment of consumers in financial transactions.
- Financial Literacy: The CFSC promotes financial literacy among Americans. It holds hearings and issues reports on financial education initiatives, and works to improve the financial knowledge of consumers.
- Housing Finance: The CFSC oversees the Federal Housing Finance Agency (FHFA), which regulates Fannie Mae and Freddie Mac. It also considers legislation related to affordable housing, mortgage lending, and foreclosure prevention.
- Securities Regulation: The CFSC has jurisdiction over the Securities and Exchange Commission (SEC), which regulates the securities industry. It reviews legislation and conducts oversight of the SEC's enforcement of securities laws.
Essential Questions and Answers on Consumer Financial Services Committee in "COMMUNITY»COMMITTEES"
What is the Consumer Financial Services Committee (CFSC)?
The CFSC is a committee within the United States House of Representatives that has jurisdiction over financial services, including banking, housing, insurance, and securities. It is responsible for overseeing the activities of the Department of the Treasury, the Federal Reserve, and other federal agencies that regulate the financial industry.
What are the responsibilities of the CFSC?
The CFSC has a broad range of responsibilities, including:
- Oversight of the financial industry: The CFSC has the authority to investigate and hold hearings on the activities of financial institutions, such as banks, credit unions, and investment firms.
- Development of financial policy: The CFSC is responsible for developing and passing legislation that affects the financial industry, such as the Dodd-Frank Wall Street Reform and Consumer Protection Act.
- Consumer protection: The CFSC works to protect consumers from unfair and deceptive financial practices, such as predatory lending and identity theft.
Who are the members of the CFSC?
The CFSC is composed of 50 members, 26 of whom are Democrats and 24 of whom are Republicans. The committee is chaired by Representative Maxine Waters (D-CA).
How can I contact the CFSC?
You can contact the CFSC by phone at (202) 225-7502 or by email at [email protected]. You can also visit the committee's website at https://financialservices.house.gov/.
Final Words: The Consumer Financial Services Committee (CFSC) plays a vital role in ensuring the safety and soundness of the financial system, protecting consumers from financial harms, and promoting financial literacy. Its work has a significant impact on the lives of millions of Americans, helping to ensure fair and equitable access to financial services.
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