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Banking Sector Financial Services Industry Senate Banking Committee

Ballard Spahr LLP

Trump to nominate CFPB nominee to Treasury Department position

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Treasury Secretary Scott Bessent announced May 9 that President Trump intends to nominate Jonathan McKernan, his nominee to head the CFPB, as the Undersecretary of Domestic Finance at Treasury....more

Orrick, Herrington & Sutcliffe LLP

Jonathan Gould nominated to be Comptroller of the Currency

On February 11, the White House announced Jonathan Gould’s nomination as Comptroller of the Currency. Recently, Rodney E. Hood was named Acting Comptroller of the Currency effective February 10....more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee pens support on CFPB’s proposed BNPL supervision

On September 10, Senators Jack Reed (D-RI), Sherrod Brown (D-OH) and Tammy Duckworth (D-IL) penned a letter expressing their support for a new interpretive rule by the CFPB classifying “Buy Now, Pay Later” (BNPL) providers as...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee Democrats urge Fed to expand settlement hours

On September 11, Senator Sherrod Brown (D-OH), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, sent a letter urging the Fed to adopt a proposed policy change to expand the operating days of the...more

Sheppard Mullin Richter & Hampton LLP

Congress Continues to Pressure Zelle and Other Payment Apps to Change Their Fraud Policies

On February 15, Senators Sherrod Brown (D-OH), Jack Reed (D-RI) and Elizabeth Warren (D-MA) sent a letter to Zelle seeking clarification of its reimbursement policy for victims of imposter scams. Calling its protocol for...more

Orrick, Herrington & Sutcliffe LLP

CFPB’s Chopra testifies at Senate Banking Committee hearing

On November 30, the Director of the CFPB, Rohit Chopra, testified during the Senate Banking Committee’s hearing on the Bureau’s Semi-Annual Report to Congress. The Senate Banking Committee questioned Chopra on the Bureau’s...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee debates AI in finance: balancing opportunities and risks

On September 20, the Senate Banking Committee held its first hearing on the use of artificial intelligence (AI) in the financial services space, further revealing a partisan divide regarding the utilities and risks associated...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee holds hearing on account fees

On July 26, the Senate Banking Committee held a hearing regarding “fees and tactics impacting Americans’ wallets” in relation to financial services and the role of the CFPB in addressing harmful fees. Leading the hearing,...more

Orrick, Herrington & Sutcliffe LLP

Chopra testifies at congressional hearings

On June 13, CFPB Director Rohit Chopra testified before the Senate Banking Committee to discuss the Bureau’s most recent semi-annual report to Congress. Covering the period beginning April 1, 2022 and ending September 30,...more

Ballard Spahr LLP

Don’t hold your breath, Professor Sovern!

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In Wednesday’s edition of Consumer Law & Policy Blog, Professor Jeff Sovern laments that during Director Rohit Chopra’s recent testimony before the Senate Banking Committee and the House Financial Services Committee, neither...more

Ballard Spahr LLP

Senate Banking Committee to hold July 29 hearing on 36% national rate cap

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On Thursday, July 29, the Senate Banking Committee will hold a hearing entitled, “Protecting Americans from Debt Traps by Extending the Military’s 36% Interest Rate Cap to Everyone.” ...more

Ballard Spahr LLP

Senate Banking Committee Releases Prepared Statement Of CFPB Director Nominee Rohit Chopra

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In advance of his confirmation hearing tomorrow, the Senate Banking Committee has released the prepared statement of Rohit Chopra, President Biden’s nominee for CFPB Director. ...more

Ballard Spahr LLP

Senate Banking Committee to hold July 29 hearing on CFPB

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On July 29, 2020, the Senate Banking Committee will meet remotely to conduct a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” CFPB Director Kraninger is the only scheduled...more

Kilpatrick

Senate Banking Committee Examines Digitization, Data, and Technology in the Fintech Sector

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On September 18, 2018, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled “Fintech: Examining Digitization, Data, and Technology.” The witnesses were: Mr. Steven Boms, President, Allon...more

Ballard Spahr LLP

Senate Banking Committee to hold Sept. 18 fintech hearing

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Tomorrow, September 18, the Senate Banking Committee will hold a hearing, “Fintech: Examining Digitization, Data, and Technology.”  Topics expected to be discussed include data privacy and the Treasury Department’s recent...more

McGuireWoods LLP

This Week in Congress: Sept. 2018 #1

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Congress returns from recess this week. The House and Senate convene today at 2 p.m. and 3 p.m., respectively. Grab some popcorn and settle in for the Senate Judiciary Committee’s hearing today for Judge Brett Kavanaugh,...more

Ballard Spahr LLP

AML/BSA Focus by U.S. Senate Committee Testimony – From Beneficial Ownership to Cryptocurrency

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This week, the U.S. Senate Committee on the Judiciary and the U.S. Senate Committee on Banking, Housing and Urban Affairs held hearings focused in part on Anti-Money Laundering (“AML”) and the Bank Secrecy Act (“BSA”)....more

King & Spalding

U.S. Senate Banking Committee approves the “Economic Growth, Regulatory Relief and Consumer Protection Act” Amends regulations...

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On December 5, the U.S. Senate Banking Committee approved S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, which amends several regulations imposed under the 2010 Dodd–Frank Wall Street Reform and...more

Robins Kaplan LLP

Your Daily Dose of Financial News

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The Senate Banking Committee has voted out of committee a bipartisan effort to ease Dodd-Frank regulations. The bill in question could “drastically cut” the number of banks subject to heightened Fed oversight and “would ease...more

Ballard Spahr LLP

Senate Committee On Banking, Housing, And Urban Affairs To Hold Fintech Hearing

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On September 12, 2018 at 10:00am EDT, The Senate Committee on Banking, Housing, and Urban Affairs will hold an open session hearing entitled “Examining the Fintech Landscape.” ...more

Ballard Spahr LLP

Lawmakers announce plans to use CRA to overturn CFPB arbitration rule

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Two Republican Senators, Mike Crapo (who chairs the Banking Committee) and Tom Cotton (a Banking Committee member), have announced plans to draft a resolution of disapproval to overturn the CFPB’s final arbitration rule under...more

Thomas Fox - Compliance Evangelist

Wells Fargo Week, Part III-the Bank Knew All Along

You know it is going to be a very bad day when, as a company’s Chief Executive Officer (CEO), you receive a letter asking the following, “Specifically, the committee should thoroughly examine this issue, including: How it is...more

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