American Credit News

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.

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced an upcoming hearing. The Full Committee Hearing is entitled “The Semi-Annual Report of the Bureau of Consumer Financial Protection.”

The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), announced a hearing titled "Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture." The hearing is scheduled for 10:00 AM ET on Wednesday, June 12, 2024, at the 2128 Rayburn House Office Building.

The U.S. Senate Committee on Homeland Security and Governmental Affairs is hosting a hearing today to examine ways to streamline federal cybersecurity regulations and improve harmonization among the agencies tasked with enforcing these rules. The Bank Policy Institute (BPI) submitted a statement reiterating its recommendations to identify duplicative and conflicting regulatory regimes, establish common frameworks, and promote reciprocity.

The House Financial Services Subcommittee on Digital Assets, Financial Technology, and Inclusion, chaired by French Hill (AR-02), convened today for a hearing titled “Next Generation Infrastructure: How Tokenization of Real-World Assets Will Facilitate Efficient Markets.”