House Financial Services Committee

Democrats on the House and Senate banking committees are urging Republicans to hold hearings with Wells Fargo's top executives over its phony-accounts and force-placed insurance scandals.

House and Senate lawmakers formally filed resolutions on Thursday to repeal the Consumer Financial Protection Bureau's arbitration rule, but there were early signs that enacting them may prove challenging.

House Financial Services Committee Chairman Jeb Hensarling continued the drumbeat of Republican attacks on Consumer Financial Protection Bureau Director Richard Cordray.

For Democrats, the scandal is a prominent symbol of big-bank misbehavior, while Republicans want to use it to show the shortcomings of the CFPB.

Ahead of the House vote Thursday on the Financial Choice Act, the two parties were assailing each other as proxies for Wall Street and painting themselves as defenders of community banking and the consumer.

The Congressional Budget Office said only community banks would choose to hold higher capital in return for fewer rules while lowering its estimate of cost savings of eliminating new FDIC resolution powers.

The House Financial Services Committee approved the Financial Choice Act by 34 to 26. While it has enough support to clear the GOP-controlled House, it is unlikely to gain traction in the Senate.

The House Financial Services Committee began debate Tuesday on a sweeping regulatory reform bill, yet while it is expected to pass on party lines, few expect it to stand a chance in the Senate.