Late last week, House Financial Services Committee Chairman Jeb Hensarling, R-TX, released a detailed discussion draft of a revised version of his Financial CHOICE Act that would eviscerate the Consumer Financial Protection Bureau and make a number of other changes to the Dodd-Frank Act and a host of its mortgage-related regulations. Title VII of the draft, recently dubbed CHOICE Act 2.0, would dismantle the parts of the CFPB that the lending industry and other critics have found to be most problematic: its rulemaking, supervisory and enforcement authority, including unfair, deceptive or abusive acts or practices. The previous version of the bill would have retained...