One of the key committees to watch for the accounts receivable management industry, the House Financial Services Committee, faces a potential shift after Nov. 3. Editor’s note: This article is part of a series leading up to the November election. This article is available for members only.
10/5/2020 10:30
By Patrick Russell
Federal Advocacy Director
With the Nov. 3 election now less than a month away, ACA International is tracking several races across the U.S. that could influence the makeup of the House Financial Services Committee. Members of the committee on both sides of the aisle have proposed bills related to the accounts receivable management (ARM) industry and its regulators, such as legislation on the leadership structure of the Consumer Financial Protection Bureau, credit reporting and debt collection practices, student loan servicing and medical debt.
The CFPB’s final rule on the Fair Debt Collection Practices Act will also continue to be a priority for the committee. Democrats have the majority in the U.S. House of Representatives and therefore leadership of the committee under U.S. Rep. Maxine Waters, D-Calif. ACA is keeping a careful eye on key committee races leading up to Nov. 3 and continuing its work with all members on behalf of the ARM industry.
As it stands, Democrats hold 232 seats to the Republicans’ 198 in the House. In order to take back the majority, House Republicans need to hold onto three of the four vacant seats and win back 17 of the seats they lost in 2018.
While all 435 seats in the House of Representatives will be up for grabs in November, Republicans are now defending more seats than initially anticipated.
Here is a brief update on key races for the House Financial Services Committee:
U.S. Rep. Cindy Axne, D-Iowa
Freshman Cindy Axne came to Congress on the blue wave of the 2018 midterm elections by defeating former U.S. Rep. David Young. The two are set for a rematch in November in a district that covers all the way from Des Moines to the suburbs of Omaha, Nebraska. The outlook for the race ranges from a toss-up to a win for the Democrats, and ACA will be monitoring it closely to see how it affects the makeup of the House Financial Services Committee.
U.S. Rep. Ben McAdams, D-Utah
U.S. Rep. Ben McAdams, the former mayor of Salt Lake City and the only Democrat representing Utah in Congress and on the House Financial Services Committee, also won his seat in the 2018 midterms.
McAdams will face Republican opponent and former NFL player Burgess Owens next month. He defeated two-term U.S. Rep. Mia Love by less than 700 votes in 2018 and is considered one of the most vulnerable members of Congress running for reelection this year. The race is expected to become more intense as Election Day approaches.
U.S. Rep. Van Taylor, R-Texas
Freshman U.S. Rep. Van Taylor acceded to former U.S. Rep. Sam Johnson’s seat upon his retirement after defeating his next-closest opponent by 10 percentage points. A newer member to House Financial Services Committee, Taylor’s race for reelection is on watch by the Democratic Congressional Campaign Committee in Texas.
Beto O’Rourke lost his Senate bid in 2018, but performed well in Taylor’s district, which includes suburbs of Dallas. Support from Republicans in the district has become increasingly difficult. President Donald Trump won the district by 14 points in 2016, but Mitt Romney won by 30 points in 2012.
Despite favorable polling for Democratic presidential nominee Joe Biden, Taylor seems well positioned in the race against Democrat Lulu Seikaly Nov. 3.
U.S. Rep. Lee Zeldin, R-N.Y.
Unlike Axne, McAdams and Taylor, U.S. Rep. Lee Zeldin comes to the race having served in the U.S. House of Representatives since 2015.
He is, however, in a close race with opponent and political newcomer Nancy Goroff. New York’s 1st Congressional District, which covers part of Long Island, moved sharply Republican in the 2016 presidential race after Trump won by 12 points. Zeldin, after double-digit wins in 2014 and 2016, won the race in 2018 by less than 4 percentage points.
ACA will be monitoring his race closely.
Primary Losses:
U.S. Rep. Scott Tipton, R-Colo., and U.S. Rep. Wm Lacy Clay, D-Mo., both lost their 2020 primaries.
Worth Noting:
Claudia Tenney
Claudia Tenney is seeking a return to Congress, after serving as one of the few female Republicans on the House Financial Services Committee.
Tenney is in a rematch with U.S. Rep. Anthony Brindisi, D-N.Y., for the seat she lost in the 2018 midterms. Should she win, ACA expects she would rejoin the committee, which could ultimately impact future industry-relevant legislation.
Related Content from ACA International:
Can Freshmen From the 2018 Blue Wave Keep Their Seats?
Election Outlook: Can Republicans Hold the Senate?
Next in the series: Primary election results from 2020. Subscribe to ACA Daily to stay in the know on industry news and receive the Tuesday Advocacy Voice edition.