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.
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.
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.
Today, the House Financial Services Subcommittee on Capital Markets, led by Chairman Ann Wagner (MO-02), is holding a hearing entitled, "SEC Enforcement: Balancing Deterrence with Due Process."
Ranking Member Tim Scott (R-S.C.) has issued a statement regarding the Federal Deposit Insurance Corporation (FDIC) report on allegations of sexual harassment and a toxic work culture at the agency. Scott emphasized the need for Chairman Gruenberg to resign, stating that the organization's culture has suffered under his leadership. Scott has been leading Senate Republicans in oversight efforts to ensure transparency and accountability from the FDIC.
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to the independent report released today by Cleary Gottlieb regarding allegations of entrenched and widespread misconduct at the FDIC. “It’s time for Chair Gruenberg to step aside. The independent report released today details his inexcusable behavior and makes clear new leadership is needed at the FDIC,” said Chairman McHenry. “This report confirms the toxic workplace culture at the FDIC—which starts at the top—has led to entrenched and...
Representative Mike Flood from NE-01 testified in front of the House Committee on Rules in support of his resolution, H.J.Res. 109, aimed at overturning the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin No. 121 (SAB 121). Flood highlighted the importance of consumer protection and financial innovation in his testimony.Flood criticized the SEC's handling of SAB 121, stating, "It is unfortunate that the SEC would attempt to circumvent the rulemaking process while falsely claiming that SAB 121 is simply non-binding staff-level guidance." He emphasized...
Ranking Member Tim Scott (R-S.C.) criticized the Biden administration's economic policies during a Senate Committee on Banking, Housing, and Urban Affairs hearing in Washington, D.C. Scott pointed out that the economic hardships facing Americans are a result of President Biden's actions.Scott highlighted the impact of President Biden's policies on various aspects of American life, stating, "The obvious pain is coming from a guy who lives at 1600 Pennsylvania Avenue." He emphasized that the administration's spending policies have contributed to inflation and economic...
The president and CEO of the American Financial Services Association (AFSA) said a new tool released by his organization found ‘pessimism’ about the current state of consumers’ access to credit, and one reason is a “lack of clarity” regarding rules and regulations from the Consumer Financial Protection Bureau (CFPB).
Today, the House Financial Services Subcommittee on Financial Institutions and Monetary Policy, led by Chairman Andy Barr, is conducting a hearing to scrutinize the merger policies of the Federal Banking Agencies. In his opening remarks, Chairman Barr highlighted the importance of mergers in the financial sector, emphasizing their role in promoting competition and cost savings for consumers. He stated, "Mergers of financial institutions can promote competition and generate cost savings that can then be passed on to consumers in the form of lower interest rates on loans,...
On May 1, 2024, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), revealed plans for an upcoming hearing focusing on critical national security and illicit finance issues. The hearing, titled "Mission Critical: Restoring National Security as the Focus of Defense Production Act Reauthorization, Part II," is scheduled to take place at 2:00 PM ET on Wednesday, May 8, 2024, at the 2128 Rayburn House Office Building.According to the announcement, the hearing will delve into key matters concerning national security, illicit finance, and...
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has announced an upcoming hearing titled "SEC Enforcement: Balancing Deterrence with Due Process." The hearing is scheduled to take place at 10:00 AM ET on Tuesday, May 7, 2024, at the 2128 Rayburn House Office Building.According to McHenry, the focus of the hearing will be on finding the right balance between deterrence and due process in SEC enforcement. The Chairman emphasized the importance of ensuring fairness and justice in the regulatory actions of the Securities and Exchange...
Bill Himpler, president of the American Financial Services Association (AFSA) joined the American Legal Record Podcast to discuss AFSA’s mission, a macro look at the state of credit, mortgage borrowing, its relationship to the Consumer Financial Protection Bureau (CFPB), the regulatory environment, and what lies ahead re interest rates.
Tirzah Duren, the vice president of policy and research at the American Consumer Institute (ACI), said the Consumer Financial Protection Bureau’s (CFPB) recently proposed rules on “junk fees” would harm consumers.
The Financial Services Committee, led by Chairman Patrick McHenry (R-NC), conducted a markup of seven new pieces of legislation and six Congressional Review Acts (CRA) at an April meeting.
U.S. Rep. Blaine Luetkemeyer (R-Mo.) introduced the Regulatory Transparency for Small Businesses Act, a bill to require any proposed regulation from federal agencies to estimate the number of small businesses that would be impacted by the regulation.
Borrower engagement is crucial for maintaining healthy financial relationships and ensuring timely bill payments. According to a recent announcement, James Price, Vice President, Sales at Repay, will be hosting a webinar on Thursday, May 2nd at 2:00 p.m. EST to discuss strategies for enhancing borrower engagement in the context of bill payment methods. During the webinar, Price aims to educate businesses on how to effectively engage borrowers and streamline the bill payment process. As Price states, "Join James Price, Vice President, Sales at Repay, on Thursday, May 2nd...
The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), has revealed plans for an upcoming hearing focused on the merger policies of the Federal Banking Agencies. The event, titled “Financial Institutions and Monetary Policy Subcommittee Hearing Entitled: Merger Policies of the Federal Banking Agencies,” is scheduled to take place at 10:00 AM ET on Wednesday, May 1, 2024, at the 2128 Rayburn House Office Building.In a statement, McHenry highlighted the importance of addressing the merger policies within the banking sector, indicating the...
The American Consumer Institute (ACI) announced their support for U.S. Rep. Andy Barr’s (R-Ky.) proposed Congressional Review Act (CRA) resolution to overturn the Consumer Financial Protection Bureau’s (CFPB) limit on late fees on credit cards.