Policy
Policy

Electronic Payments Coalition: Proposed bill ‘would force Americans’ credit cards to run on unknown, untested networks’

A spokesman for the Electronic Payments Coalition (EPC) said the proposed “Credit Card Competition Act” (CCCA), currently pending in Congress, would “force Americans’ credit cards to run on unknown, untested networks.”
Latest Policy News
Latest News

House Financial Services Committee urges support for bank-fintech partnerships

The House Financial Services Committee, led by Chairman Patrick McHenry (NC-10), has addressed federal banking regulators with a letter in response to a request for information regarding bank-fintech partnerships.

Lawmakers seek clarity on FDIC's asset manager passivity agreement changes

Lawmakers have raised concerns over recent actions by the Federal Deposit Insurance Corporation (FDIC) regarding changes to asset manager passivity agreements.

McHenry comments on Treasury's final rule limiting investments in China

Today, Patrick McHenry, Chairman of the House Financial Services Committee, commented on the U.S. Department of the Treasury's final rule limiting outbound U.S. investment to China.

Tim Scott hosts virtual career event for HBCU students focusing on finance

Washington, D.C. – A virtual career development event was hosted by Ranking Member Tim Scott (R-S.C.) for students attending Historically Black Colleges and Universities (HBCUs) in South Carolina and nationwide. The event aimed to discuss financial literacy and career opportunities within the financial services sector.

Chairman McHenry supports CFPB's new rule on financial data privacy

The Chairman of the House Financial Services Committee, Patrick McHenry, issued a statement regarding the Consumer Financial Protection Bureau's (CFPB) final rule implementing Section 1033 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. McHenry stated, "The CFPB’s final 1033 rule is a promising step forward to protect Americans’ financial data privacy." He emphasized that consumers should have control over their financial data, including knowledge of where it is going and how it is used. The ability to terminate data collection by certain firms was...

House committee demands interviews from FDIC chair amid oversight concerns

Today, Patrick McHenry, Chairman of the House Financial Services Committee, sent a letter to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg. In the letter, McHenry demanded that Gruenberg schedule a transcribed interview with the committee by 5:00 PM today. The request also extends to the FDIC's General Counsel and Director of Legislative Affairs for discussions on the agency’s indemnification process for private counsel.

Patrick McHenry requests GAO audit on FinCEN's Beneficial Ownership Secure System

Today, Patrick McHenry, Chairman of the House Financial Services Committee, requested an audit by the Government Accountability Office (GAO) of the Financial Crimes Enforcement Network’s (FinCEN) Beneficial Ownership Secure System (BOSS). The BOSS registry is designed to support national security efforts by helping law enforcement target individuals exploiting the U.S. financial system for illicit activities.

Senators question NY Fed's alleged failure in preventing funds flow to Iran

Ranking Member Tim Scott and Senator Mike Rounds are seeking explanations after reports emerged that the Federal Reserve Bank of New York did not implement essential anti-money laundering controls. This oversight allegedly allowed billions of dollars to flow to Iran and its associated terror groups. The senators have criticized the NY Fed and the Federal Reserve System for not applying their own Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) standards.

Lawmakers urge action against EU's regulatory reach impacting US businesses

Washington, D.C. – Senator Tim Scott (R-S.C.) has joined Senator Bill Hagerty (R-Tenn.), Representative Andy Barr (R-Ky.-06), and other colleagues in urging Treasury Secretary Janet Yellen and senior Biden-Harris administration officials to address what they see as regulatory overreach from the European Union (E.U.). The concern stems from the E.U.'s Corporate Sustainability Due Diligence Directive (CSDDD), adopted in May, which enforces progressive social and climate policies on international businesses, including those based in the United States.

Tim Scott's new bill receives widespread support

Senator Tim Scott (R-S.C.) has introduced the Empowering Main Street in America Act, aimed at revitalizing businesses and broadening access to capital markets. The legislation has garnered support from a diverse group of stakeholders.

House subcommittee examines Basel III endgame amid regulatory concerns

The House Financial Services Subcommittee on Financial Institutions and Monetary Policy, chaired by Andy Barr (KY-06), is conducting a hearing titled "Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of Hurried Rulemaking Undertaken by the Administration."

Hearing on FHFA's political agenda postponed by House Financial Services Committee

The House Financial Services Committee has announced the postponement of a hearing initially scheduled for Thursday, September 26, 2024. The hearing was to be held by the Housing & Insurance Subcommittee and titled "Vanishing Independence: How FHFA’s Political Agenda Endangers Homeowners and Taxpayers."

Tim Scott discusses new legislation at Punchbowl News event

Ranking Member Tim Scott (R-S.C.) participated in a Punchbowl News event centered on small business and the economy. At the event, Scott discussed his Empowering Main Street in America Act, aimed at improving access to capital for entrepreneurs, adjusting regulations for small and newly public companies, and creating investment opportunities within communities.

Scott introduces legislation aimed at reforming U.S. Capital Markets

Senator Tim Scott (R-S.C.), the Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, has introduced a comprehensive bill aimed at revitalizing businesses and opening up capital markets to more Americans. The Empowering Main Street in America Act is designed to boost avenues for capital formation that create jobs and generate economic growth.

House Financial Services Committee holds oversight hearing on SEC

The House Financial Services Committee, chaired by Patrick McHenry (NC-10), is holding a hearing today to oversee the Securities and Exchange Commission (SEC). All five SEC Commissioners are testifying together before the Committee for the first time since 2019. This provides an opportunity to hear the diverse viewpoints of the full Commission.

Republicans urge SEC chair to rescind controversial bulletin ahead of hearing

Ahead of a scheduled hearing with the full Securities and Exchange Commission (SEC), Republicans from the House Financial Services and Senate Banking, Housing, and Urban Affairs Committees have called on SEC Chair Gary Gensler to rescind Staff Accounting Bulletin (SAB) 121. The letter was led by Chairman Patrick McHenry (R-NC) and Senator Cynthia Lummis (R-WY).

Defense Credit Union Council: Proposed credit card bill could ‘expose transactions to increased fraud risks’

The Defense Credit Union Council (DCUC) said that proposed federal credit card regulations could “jeopardize veterans financial security” and lead to increased credit card fraud risk.

Huizenga leads debate on economic growth vs woke policies act

On September 19, 2024, Oversight and Investigations Subcommittee Chairman Bill Huizenga (MI-04) led Republicans on the House floor as lawmakers debated H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act.

House passes act opposing ESG initiatives

The U.S. House of Representatives has passed H.R. 4790, the Prioritizing Economic Growth Over Woke Policies Act, sponsored by Subcommittee Chairman Bill Huizenga (MI-04) of the Financial Services Committee’s Republican ESG Working Group.