The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced a forthcoming hearing. The Housing and Insurance Subcommittee Hearing is titled: "PHA Oversight: How Scandals and Mismanagement Harm Residents and Taxpayers". The hearing is scheduled for 10:00 AM ET on Wednesday, May 22, 2024, at the 2128 Rayburn House Office Building.
Steve Cortes, president of the League of American Workers, said while Americans are seeing lower savings and higher credit card debt, President Joe Biden is saying it ‘is the sign of a strong economy.’
The CFPB’s recent modifications to medical debt reporting may be subtly steering the U.S. toward a single-payer healthcare system by minimizing the visibility of medical debt.
New York, NY – May 14, 2024 – Chase for Business, a leading financial services provider for small businesses, today released findings from its latest survey indicating continued optimism among small business owners and their growing willingness to invest in digital solutions. The recent survey was conducted among a diverse sample of small business owners across various industries to understand their challenges and expectations for growth in the coming months.
An independent report released last week by the law firm Cleary Gottlieb has confirmed allegations of widespread misconduct and a toxic workplace culture at the Federal Deposit Insurance Corporation (FDIC). The report implicates FDIC Chair Martin Gruenberg, who has led the agency for ten of the past thirteen years, in verbally abusive behavior. Republicans on the House Financial Services Committee are now calling for Gruenberg's resignation to address these long-standing issues.
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced a comprehensive markup. The Full Committee Markup will cover H.R. 758, H.R. 3161, H.R. 8337, H.R. 8338, H.R. 8339, H.R. 4551, H.J.Res. 100, H.R. 8302, H.R. 3507, H.R. 7480 and H.R. 8340.
Washington, D.C. — Several of America's banks and credit unions have urged the Federal Reserve to rescind its proposal to update Regulation II (Reg II). The plea was made in a comment letter submitted by the Bank Policy Institute, American Bankers Association, America’s Credit Unions, Consumer Bankers Association, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, National Bankers Association and The Clearing House Association.
Bank of America has announced that it recently became aware of an unsolicited "mini-tender" offer by Tutanota LLC (Tutanota) to its shareholders. The offer proposes the purchase of up to 1 million shares of Bank of America common stock at $40.00 per share. This price is conditioned on the closing price per share of Bank of America's common stock exceeding $40.00 per share on the last trading day before the offer expires.
Washington, D.C. — America’s banks and credit unions have urged the Federal Reserve to rescind its proposal to update Regulation II (Reg II) in a comment letter submitted today. The joint letter was submitted by the Bank Policy Institute, American Bankers Association, America’s Credit Unions, Consumer Bankers Association, Independent Community Bankers of America, Electronic Payments Coalition, Mid-Size Bank Coalition of America, National Bankers Association and The Clearing House Association.
The president and CEO of the American Financial Services Association (AFSA) said his industry would like the Consumer Financial Protection Bureau (CFPB) to provide a more clear regulatory environment rather than a “regulatory environment by shortcut.”
A new report by the Electronic Payments Coalition highlights the the importance of credit card rewards for lower-income households in the United States.
Ranking Member Tim Scott (R-S.C.) recently criticized his Democratic colleagues for not taking responsibility for the repercussions of President Biden’s economic policies. During a Senate Committee on Banking, Housing, and Urban Affairs hearing, Scott pointed to the Biden administration's attempts to target standard payment incentives rather than reducing the burdensome regulatory agenda that has increased costs for consumers nationwide.
Electronic Payments Coalition Executive Chair Richard Hunt issued a statement on the value of credit card rewards following a joint hearing held by the Consumer Financial Protection Bureau (CFPB) and the Department of Transportation (DOT). The hearing, requested by Senators Roger Marshall (R-Kan.) and Dick Durbin (D-Ill.), focused on credit card and airline reward programs.
The Bank Policy Institute (BPI) has submitted a statement to the U.S. Senate Banking Committee for a hearing on fees in financial services. The statement explores the numerous ways that banks support businesses and consumers by making financial services safe and accessible.
American Banker recently published an op-ed by American Bankers Association’s (ABA) Rob Nichols, America’s Credit Unions’ Jim Nussle, and Independent Community Bankers of America’s (ICBA) Rebeca Romero Rainey on the harm of the proposed Durbin-Marshall Credit Card Bill. The trade association leaders warn of negative consequences for consumers, community banks, and credit unions if Congress enacts proposed routing mandates on credit cards, urging lawmakers to prioritize consumer interests over corporate mega-stores looking to increase their bottom lines. Together, ABA,...
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has scheduled a hearing on "Oversight of Prudential Regulators" for Wednesday, May 15, 2024, at 10:00 AM ET in the 2128 Rayburn House Office Building. More details, such as the livestream link, committee memo, relevant legislation, and witness list, can be accessed here and will be updated closer to the hearing date.
The American Fintech Council (AFC), the premier industry association representing responsible fintech companies and innovative banks, is proud to announce the inaugural AFC Awards to be presented at the 8th Annual Fintech Policy Summit at The Westin Washington, D.C. City Center on Tuesday, November 19th. The Policy Summit continues to be the premier destination for regulatory thought leadership and industry best practice. This year’s Summit is set to be the largest fintech policy event since inception, bringing together prominent industry leaders, regulators, policymakers,...
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), delivered remarks on the House floor in support of H.J.Res. 109, “Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ‘Staff Accounting Bulletin No. 121.’”
The U.S. House of Representatives passed Representative Mike Flood’s bipartisan H.J.Res. 109 on May 8, 2024. The resolution aims to overturn the Securities and Exchange Commission's (SEC) SAB 121 under the Congressional Review Act (CRA). By nullifying SAB 121, the bipartisan effort seeks to eliminate obstacles preventing highly regulated financial institutions from acting as custodians of digital assets.