#Steil

23 10, 2023

DAILY102323

2023-10-23T16:37:02-04:00October 23rd, 2023|2- Daily Briefing|

HFSC Plans Fintech-Friendly Legislation

Wednesday’s HFSC Digital Assets Subcommittee hearing on electronic payments will consider the state of various electronic payments offerings and lay the groundwork for several GOP measures to override current standards or give providers greater leeway.  As a result, these bills are unlikely to advance in the Senate.  Measures to be covered include a bill to be introduced by Rep. Steil (R-WI) to create a federal framework for the earned-wage lending programs the CFPB has recently criticized.

HFSC Plans Sanctions Review

As anticipated, Wednesday’s HFSC National Security hearing on Middle East sanctions will consider an array of bills designed to punish Iran, sanction Hamas, and – at least as far as Republicans plan – criticize the Biden Administration for actions such as agreeing to release $6 billion to Iran in exchange for several hostages.  We have noted many of the bills on which a record will be built in prior client alerts, with the panel planning for example to advance H.R. 5923, a Lawler (R-NY) bill to extend current secondary sanctions related to Iran to all transactions with Chinese financial institutions and sanctioned Iranian banks related to oil purchases.

Daily102323.pdf

20 09, 2023

DAILY092023

2023-09-20T17:11:25-04:00September 20th, 2023|2- Daily Briefing|

Brown, Rounds Agree: AI Credit-Underwriting Warrants Regulatory Attention

At today’s Senate Banking hearing on AI in financial services, Chairman Brown (D-OH) argued that AI should be governed by the same rules as the rest of the financial system, with new law necessary if existing rules prove inadequate.

HFSC FinCEN Bills Draw Bipartisan Support

HFSC Chairman McHenry (R-NC) at today’s markup praised the scope of bipartisan support on today’s FinCEN, sanctions, and other national security bills.

HFSC Delays Bipartisan Sanction Bill Vote

Today’s HFSC markup also considered two bills addressing sanctions policy: H.R. 5512 from Rep. Sherman (D-CA) to require bank subsidiaries to comply with sanctions on Russia and Belarus and H.R. 760 from Rep. Barr (R-KY) imposing blocking sanctions on Chinese defense or surveillance companies and the third-party companies that supply them.

HFSC Dems Continue Strongly Opposing GOP Anti-CBDC Measure

The bipartisan spirit of today’s HFSC markup dissipated as Members fiercely debated H.R. 5403 from Majority Whip Emmer (R-MN), a bill that would bar the Fed from issuing a CBDC to individuals.

Gruenberg: New Shadow Bank Standards Would Cure a Capital Proposal Problem

FDIC Chairman Gruenberg today gave remarks arguing that FSOC along with OFR should establish a new reporting framework to assess the financial stability risks posed by nonbanks and ensure that public reporting is sufficient for market participants to understand nonbank counterparty risk.

HFSC Reports FinCEN, Sanctions, CBDC Bills

HFSC today unanimously reported H.R 760 sanctioning Chinese defense companies, H.R. 5512 requiring bank subsidiaries to comply with sanctions …

21 09, 2021

DATA2

2023-08-03T14:30:53-04:00September 21st, 2021|5- Client Report|

HFSC Tackles Consumer Data Ownership

Today’s HFSC Fintech Task Force Hearing featured an appearance by Full Committee Chairwoman Waters (D-CA) arguing against consumer opt-out. Although her statement was focused on privacy given the nature of the hearing, it may have broader implications for other financial services issues, including overdrafts. The hearing also featured bipartisan support for the CFPB’s consumer data ownership ANPR (see FSM Report DATA), with Ranking Member Davidson (R-OH) highlighting the need to read consent narrowly and provide “property rights” for consumers over their financial data. Rep. Davidson indicated that he is also developing a bill to secure those rights.

DATA2.pdf

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