The American Fintech Council (AFC) has issued a statement regarding the nomination of Commissioner Christy Goldsmith Romero as the next Chair of the Federal Deposit Insurance Corporation (FDIC). The White House's decision to nominate her has been met with approval from the AFC, which emphasized the importance of a swift and bipartisan confirmation process.
The House Committee on Appropriations is set to consider the Financial Services General Government (FSGG) appropriations legislation for fiscal year 2025 during a full committee markup today. The bill incorporates several priorities from Committee Republicans aimed at curbing financial regulators, restoring fiscal responsibility, and protecting Americans' financial privacy.
Today, the House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), is holding a hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra. Republicans are scrutinizing Director Chopra’s CFPB for its alleged politicized agenda and lack of accountability.
During the Cold War, most Americans would have been alarmed if they discovered their everyday purchases and government-backed retirement funds were financing the Soviet Union's military, its strategic initiatives, and even providing employment opportunities. Unfortunately, many policymakers in Washington D.C. and business leaders across the country fail to apply this same logic when considering the Chinese Communist Party (CCP).
House Financial Services Committee Chairman Patrick McHenry (NC-10) issued a statement today following the White House's announcement of its intent to nominate Christy Goldsmith Romero to succeed Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). This nomination comes amid widespread reports of toxic workplace culture and misconduct at the agency under Gruenberg's leadership.
Ranking Member Tim Scott (R-S.C.) issued a statement following President Biden's nomination of Christy Goldsmith Romero to replace Martin Gruenberg as Chair of the Federal Deposit Insurance Corporation (FDIC). Scott previously called for Gruenberg’s resignation last December.
Following a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing with Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, Ranking Member Tim Scott (R-S.C.) joined Senator Bill Hagerty (R-Tenn.) and his Banking Committee colleagues in introducing the Consumer Financial Protection Bureau (CFPB) Accountability Act. This legislation aims to require that the CFPB's funding be annually appropriated by Congress. Currently, the Federal Reserve provides whatever funding the CFPB requests within certain limits, allowing the agency to avoid fiscal...
The American Fintech Council (AFC) has announced a partnership with The Travillian Group to create a job board focused on fintech and Banking-as-a-Service (BaaS) roles. This collaboration aims to assist AFC members in promoting job openings and matching qualified candidates.
At a U.S. Senate Committee on Banking, Housing, and Urban Affairs hearing regarding the Consumer Financial Protection Bureau’s (CFPB) semi-annual report to Congress, Ranking Member Tim Scott (R-S.C.) criticized CFPB Director Rohit Chopra for what he described as the agency's overreach in authority and politically driven rulemakings.
The Electronic Payments Coalition (EPC) has urged the Pennsylvania legislature to reject a bill (H.B. 2394) passed by the House Finance Committee, which aims to change how credit and debit card transactions are processed in the state. The proposed legislation seeks to exempt interchange fees on the sales tax portion of transactions. Interchange fees are paid for transmitting payments over card payment networks.
The Independent Community Bankers of America (ICBA) and its subsidiary, ICBA CRA Solutions, are providing tips for preventing elder financial abuse in recognition of World Elder Abuse Awareness Day (WEAAD) on June 15. ICBA CRA Solutions hosted a webinar today to highlight resources available to community banks through its Senior Housing Crime Prevention Foundation (SHCPF) to help promote safe living environments for older Americans.
The House Financial Services Committee is holding a hearing today to conduct oversight of the Federal Deposit Insurance Corporation’s (FDIC) leadership and workplace culture. Lawmakers will hear testimony from FDIC Special Review Committee Co-Chairs Michael Hsu and Jonathan McKernan, as well as independent investigators from Cleary Gottlieb. The focus is on examining the failures of FDIC Chair Martin Gruenberg and misconduct within the agency.
House Financial Services Committee Chairman Patrick McHenry (NC-10) issued a statement today in response to the Consumer Financial Protection Bureau's (CFPB) notice of proposed rulemaking, which aims to exclude medical debt from credit reports.
The Consumer Financial Protection Bureau (CFPB) today announced a Notice of Proposed Rulemaking (NPRM) aimed at addressing the reporting of medical bills on credit reports. This initiative follows the CFPB’s September 2023 announcement to explore options for restricting such reporting practices.
The Electronic Payments Coalition (EPC) has raised concerns about newly introduced legislation in the Pennsylvania House of Representatives, warning that it could make the state an outlier in its treatment of electronic payments. The measure, H.B. 2394, aims to prohibit financial institutions from collecting interchange fees on the sales tax portion of credit and debit card transactions. Interchange fees are the costs merchants pay for transmitting payments electronically.
On June 11, 2024, U.S. Representative Mike Flood (NE-01) led Republicans on the House floor as lawmakers debated H.R. 537, the Forgotten Heroes of the Holocaust Congressional Gold Medal Act. The proposed legislation seeks to posthumously award the Congressional Gold Medal to 60 diplomats in recognition of their efforts to save Jews from the Nazis during the Holocaust.
Washington, D.C. (June 10, 2024) — As community banks and small businesses face increasingly burdensome and complex federal regulations, the Independent Community Bankers of America (ICBA) today released findings from a new study on how regulations threaten to restrict small-business lending. ICBA shared these findings in a letter to the federal banking agencies and Consumer Financial Protection Bureau.
Lawmakers and industry stakeholders have voiced varied opinions regarding the Durbin-Marshall Credit Card Bill, which seeks to reform the credit card industry.
On June 7, 2024, it was stated, "We believe investing in new technologies and legislating national data security standards will create a stronger payment system."
The article "MPC: Where The Facts Don’t Matter – Part 3" was published on June 7, 2024. It discusses the importance of investing in new technologies and legislating national data security standards to create a stronger payment system.