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Banking Sector Senate Banking Committee

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Senate Banking Committee Proposes Bill That Would Eliminate CFPB Federal Reserve Funding

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In June 2025, the Senate Banking Committee introduced a version of the “One Big, Beautiful Bill” that would eliminate the CFPB’s Federal Reserve funding. The CFPB can currently receive funds of up to 12% of the Federal...more

Orrick, Herrington & Sutcliffe LLP

Senate Banking Committee proposes to reduce CFPB’s funding to zero

On June 6, the Senate Banking, Housing, and Urban Affairs Committee released its proposed amendment to H.R. 1, the “One Big Beautiful Bill Act,” which included a proposed reduction in the amount of funds the CFPB can annually...more

Orrick, Herrington & Sutcliffe LLP

Senators urge Senate Banking Committee to amend CFPB funding

On June 9, Sen. Elizabeth Warren (D-MA) and other Democratic senators sent a letter to Sen. Tim Scott, Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, insisting the Committee to hold a markup on...more

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

Senate committee seeks information on DOGE’s impact at FDIC

On April 24, four members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs sent a letter to the FDIC requesting information regarding DOGE’s involvement at the FDIC. The senators are seeking information...more

Ballard Spahr LLP

Senate adopts resolution to nullify CFPB overdraft rule

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The Senate on March 27 adopted a resolution that would nullify the CFPB’s overdraft rule. The Senate adopted S. J. Res. 18 by a vote of 52-48, with Sen. John Hawley, R-Mo., the only Republican voting against repeal....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

Cadwalader, Wickersham & Taft LLP

New and Improved Stablecoin Legislation

We have reported on stablecoin regulation and legislation several times over the last few years, including on the most recent stablecoin legislation that appeared to have traction on a bi-partisan basis, the Lummis-Gillibrand...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

Senate Banking Committee hearing on P2P payment scams calls for updates to EFTA definitions

On February 1, the U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing on “Examining Scams and Fraud in the Banking System and Their Impact on Consumers,” and invited three panelists to testify,...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

Perkins Coie

Cannabis Legal Report - October 2023

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SAFER Banking Act Heads to Senate Floor - On September 27, the Secure and Fair Enforcement Regulation (SAFER) Banking Act (S.2860) was reported out from the Senate Committee on Banking, Housing, and Urban Affairs with...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

Foley Hoag LLP - Cannabis and the Law

First Rescheduling, Now SAFE: Cannabis Reform Marches Forward

Fresh on the heels of intense optimism over the Department of Health and Human Services’ recommendation that cannabis be rescheduled, another key federal reform is in motion. On September 27, 2023, the Senate Committee will...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

Fans and Foes of OCC True Lender Rule Spar at Senate Committee “Rent-a-Bank” Hearing

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As discussed in our earlier blog, the Senate Banking, Housing and Urban Affairs Committee held a hearing on April 28, 2021 entitled “The Reemergence of Rent-a-Bank?”....more

Ballard Spahr LLP

Senate Banking Committee to hold April 28 hearing on “rent-a-bank,” Acting Comptroller of the Currency and State AGs send letters...

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On Wednesday, April 28, the Senate Banking Committee will hold a hearing, “The Reemergence of Rent-a-Bank?” ...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

Federal banking regulators to appear before House and Senate committees this week

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On November 10, the Senate Banking Committee will hold a hearing, “Oversight of Financial Regulators.”...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

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