David Williams, president of the Taxpayers Protection Alliance (TPA) said it is “absolutely ridiculous” that “Congress has no oversight” of the Consumer Financial Protection Bureau (CFPB).
The Chairman of the House Financial Services Committee, Patrick McHenry, has announced an upcoming hearing titled "Innovation Revolution: How Technology is Shaping the Future of Finance."
Next Thursday, Nov. 28 — Thanksgiving Day — marks one year since the Consumer Finance Protection Bureau (CFPB) ordered Bank of America to pay a $12 million penalty for “submitting false mortgage lending information to the federal government.”
Ranking Member Tim Scott from South Carolina has issued a statement regarding the nomination of Scott Turner as Secretary of Housing and Urban Development.
The U.S. Senate has passed the bipartisan Working Dog Commemorative Coin Act, a bill that was introduced in the House by Chairman Patrick McHenry and led in the Senate by Senators Ted Budd, Mark Kelly, Thom Tillis, and Tammy Duckworth.
Today, the House Financial Services Committee, led by Chairman Patrick McHenry, is conducting a hearing to oversee President Biden's prudential banking regulators.
House Financial Services Committee Republicans have released their final staff report on the workplace culture at the Federal Deposit Insurance Corporation (FDIC) under Chairman Martin Gruenberg.
Washington, D.C. – Senator Tim Scott has urged the Biden administration to halt rulemaking activities and withdraw nominations before the Senate Committee on Banking, Housing, and Urban Affairs.
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.”
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 have raised concerns over recent actions by the Federal Deposit Insurance Corporation (FDIC) regarding changes to asset manager passivity agreements.
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.
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.
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...
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.
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.
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.
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.