"There will be a new agenda for this committee," Chairwoman Maxine Waters (D-Calif.), said during Wednesday's organizational meeting.

Under the plan, the Financial Institutions and Consumer Credit Subcommittee was renamed the Consumer Protection and Financial Institutions Subcommittee.

That subcommittee is clearly divided along ideological issues. Democratic members who were in office when Dodd-Frank was enacted supported that legislation. And they opposed the Financial CHOICE Act, former Chairman Jeb Hensarling's (R-Texas) proposal to overhaul Dodd-Frank.

And Republicans on panel opposed Dodd-Frank and supported Hensarling's plan.

However, new full committee ranking Republican Rep. Patrick McHenry (R-N.C.) said he was hopeful that he and Waters will be able to work together.

"Chairwoman Waters and I have found bipartisan success in legislating together," he said.

Among the new members appointed to the subcommittee is freshman Rep. Alexandria Ocasio-Cortez (D-N.Y.), an advocate of allowing the Postal Service to get into the banking business in an effort to provide financial services to the underserved.

Credit union trade groups have been vehemently opposed to allowing postal banking.

The renamed subcommittee will have added responsibilities, including oversight of issues related to financial stability and systemic risk, as well as oversight of the Financial Stability Oversight Council and the Office of Financial Research.

The committee also panel agreed to establish a new Diversity and Inclusion Subcommittee and approved the renaming of the Housing and Insurance Subcommittee to the Housing, Community Development and Insurance Subcommittee.

The committee also agreed to abolish the Monetary Policy and Trade Subcommittee, dividing its responsibilities among other subcommittees.

The committee approved Democratic members of the Consumer Protection and Financial Institutions Subcommittee, which will be chaired by Rep. Gregory Meeks (D-N.Y.):

• David Scott of Georgia
• Nydia Velázquez of New York
• William Clay of Missouri
• Denny Heck of Washington
• Bill Foster of Illinois
• Al Lawson of Florida
• Rashida Tlaib of Michigan
• Katie Porter of California
• Ayanna Pressley of Massachusetts
• Ben McAdams of Utah
• Alexandria Ocasio-Cortez of New York
• Jennifer Wexton of Virginia

The ranking Republican on the subcommittee will be Rep. Blaine Luetkemeyer of Missouri, who, during the last Congress chaired the subcommittee.

Republican members of the subcommittee are:

• Frank Lucas of Oklahoma
• Bill Posey of Florida
• Andy Barr of Kentucky
• Scott Tipton of Colorado
• Roger Williams of Texas
• Barry Loudermilk of Georgia
• Ted Budd of North Carolina
• David Kustoff of Tennessee
• Denver Riggleman of Virginia

Despite an effort to strike a bipartisan tone during the meeting, members of the committee became bogged down over technical changes to the committee rules package proposed by Waters.