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Credit unions receive free rent on military bases if they meet certain criteria.

One piece of the legislation would create an Office for Under-Banked, Un-Banked and Underserved Consumers in the CFPB.

It has a plan in place to add $20 million in assets and 1,000 new members later this year.

For the first time, the industry also gets a look at Venmo's impressive growth numbers.

The legislation, which was approved by the committee in a party-line vote, has little chance of passing the Senate.

FINRA's Cook says innovation continues to pose new challenges for its members, and "it is essential that we as regulators keep pace."