Today marks a historic milestone in U.S. digital asset policy. The President signed the GENIUS Act into law following its bipartisan passage by 308-122 in the House on July 17 and 68-30 in the Senate on June 17. The GENIUS...more
February 7, 2025 - The U.S. Department of the Treasury announced the appointment of Rodney E. Hood as Acting Comptroller of the Currency, effective February 10, 2025. The Acting Comptroller also will be a director on the...more
February 5, 2025 - The Federal Reserve Board released the hypothetical scenarios for its annual stress test, which helps ensure that large banks can lend to households and businesses even in a severe recession....more
December 4, 2024- The U.S. House Committee on Financial Services held a hearing entitled “Innovation Revolution: How Technology is Shaping the Future of Finance.”...more
December 2, 2024 - Ahead of a hearing to examine how technology is shaping the future of finance, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), and Ranking Member Maxine Waters (CA-43)...more
On November 20, the House Financial Services Committee held a hearing titled “Oversight of Prudential Regulators” to question the directors and focus on the recent actions and future plans of the Fed, the FDIC, the NCUA, and...more
In this update, we focus on the potential changes in the executive branch and on the congressional committees that have jurisdiction over cryptocurrency. As the transition unfolds, much attention is on who will stay from the...more
On October 30, Republican congressmembers serving on the U.S. House Committee on Financial Services responded to a joint Request for Information (RFI) issued by the OCC, the Fed and the FDIC. The RFI solicited input on...more
January 17, 2024- U.S. Senate Committee on Banking, Housing, and Urban Affairs Ranking Member Tim Scott (R-S.C.) led a letter to the Federal Reserve, Federal Deposit Insurance Corporation, and Office of the Comptroller of...more
This week, the Senate Banking Committee and the House Financial Services Committee held oversight hearings with leaders of the Federal Deposit Insurance Corporation (“FDIC”), Federal Reserve Board (“FRB”), the National Credit...more
September 19, 2023- The U.S. House Committee on Financial Services Subcommittee on Capital Markets held a hearing entitled, "Oversight of the SEC's Division of Investment Management."...more
September 13, 2023- The U.S. House Committee on Financial Services held a hearing entitled, "Oversight of the Committee on Foreign Investment in the United States (CFIUS) and Other Efforts to Strengthen National Security...more
June 21, 2023- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a nomination hearing on the following nominations: •The Honorable Philip Nathan Jefferson, of North Carolina, to be Vice Chairman of the...more
Both the Senate Banking Committee and House Financial Services Committee held hearings this week on the federal regulatory response to the failures of Silicon Valley Bank (“SVB”) and Signature Bank. Witnesses at both hearings...more
February 24, 2023- The Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), introduced the Data Privacy Act of 2023. February 24, 2023- The U.S. Department of the Treasury's Office of Foreign...more
December 13, 2022- State bank supervisors have appointed New York State Department of Financial Services Superintendent Adrienne A. Harris to serve as the state banking supervisor's representative on the Financial Stability...more
December 7, 2022- Congresswoman Maxine Waters (D-CA), Chairwoman of the House Committee on Financial Services, announced that the Committee successfully secured key provisions in the latest text of the National Defense...more
September 13, 2022- The U.S. Senate Committee on Banking, Housing, and Urban Affairs held a hearing entitled, "New Consumer Financial Products and the Impacts to Workers."...more
On November 29, House Financial Services Committee Chairwoman Maxine Waters (D-CA) and committee member Bill Foster (D-IL) sent a letter to the leaders of multiple federal regulators, asking them to monitor technological...more
Earlier this month, House Financial Services Committee Chairwoman Maxine Waters sent a letter to President-elect Joe Biden recommending various actions that the Biden Administration should take in the financial services...more
On Wednesday, February 5, the House Financial Services Committee will hold the first part of a two-part hearing on “rent-a-bank” structures. The hearing is titled “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to...more
The House Financial Services Committee has announced that it will hold the following hearings this month: On January 14, the Subcommittee on Consumer Protection and Financial Institutions will hold a hearing entitled, “The...more
Republican Congressman Patrick McHenry, Vice Chair of the House Financial Services Committee, has introduced the “Financial Services Innovation Act of 2016,” which is intended to provide a streamlined regulatory process for...more