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Orrick, Herrington & Sutcliffe LLP

House Financial Services Committee introduces new bill regulating AI in financial services

On July 30, the U.S. House Financial Services Committee Chairman, Rep. French Hill (R-AR), announced the introduction of a new bill to promote AI in financial services: H.R. 4801 will be known as the ‘‘Unleashing AI...more

Paul Hastings LLP

The GENIUS Act: A Comprehensive Guide to US Stablecoin Regulation

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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

Ballard Spahr LLP

House Committee adopts resolution to nullify CFPB overdraft rule

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The House Financial Services Committee on March 5 took the first step toward repealing the CFPB’s overdraft rule, adopting a resolution under the Congressional Review Act. ...more

Troutman Pepper Locke

CFPB Releases Semiannual Regulatory Agenda Amid House Financial Services Committee Leaders’ Calls to Halt Rulemaking

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This week, the Consumer Financial Protection Bureau (CFPB or Bureau) released its semiannual regulatory agenda, outlining its planned rulemaking initiatives. This agenda includes a mix of rules in the pre-rulemaking, proposed...more

Troutman Pepper Locke

Troutman Pepper Weekly Consumer Financial Services Newsletter – December 2024 # 3

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To keep you informed of recent activities, below are several of the most significant federal and state events that have influenced the Consumer Financial Services industry over the past week...more

Ballard Spahr LLP

Republican leaders of House Financial Services Committee tell CFPB to stop issuing final rules

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The current and incoming Republican leaders of the House Financial Services Committee have asked financial regulators, including the CFPB, to stop “finalizing partisan rulemaking” over the next several weeks....more

Paul Hastings LLP

Daily Financial Regulation Update -- Thursday September 26

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The U.S. House Committee on Financial Services Subcommittee on Financial Institutions and Monetary Policy held a hearing entitled “Regulatory Recipe for Economic Uncertainty: The Endless Basel Endgame and an Onslaught of...more

Ballard Spahr LLP

CFPB’s credit card late fee final rule and overdraft and NSF fee proposed rulemaking expected prior to President Biden’s March 7th...

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Speaker of the House Mike Johnson (R-LA) has invited President Joe Biden to give his State of the Union address to a Joint Session of Congress on Thursday, March 7, 2024. The invitation was immediately accepted by President...more

Orrick, Herrington & Sutcliffe LLP

House Republicans question CFPB’s card late-fee proposal

On March 1, several Republican House Financial Services Committee members sent a letter to CFPB Director Rohit Chopra expressing concerns over the Bureau’s credit card late fee proposal. ...more

Smith Debnam Narron Drake Saintsing & Myers,...

CFPB Issues Semi-Annual Report to Congress

The CFPB has issued its semi-annual report to Congress. The Report, which covers April through September of 2019, is mandated by Dodd-Frank and was released in conjunction with Director Kraninger’s testimony to the House...more

Ballard Spahr LLP

House Financial Services Committee announces January hearings on CRA, “rent-a-bank schemes,” mobile payments

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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

Ballard Spahr LLP

Director Kraninger testifies at House and Senate hearings

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CFPB Director Kraninger was the sole witness at a House Financial Services Committee hearing thsi week on the Bureau’s Spring 2019 semi-annual report and at a Senate Banking Committee hearing yesterday on the report. ...more

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House Financial Services Committee passes more credit reporting bills

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Three more bills dealing with credit reporting were passed on Tuesday by the House Financial Services Committee.  Like the four bills passed by the Committee last week, none of the bills passed yesterday received any...more

Mayer Brown Free Writings + Perspectives

Disclosure Effectiveness Testing Act

The House Financial Services Committee recently passed H.R. 1815, which is the Securities and Exchange Commission Disclosure Effectiveness Testing Act. ...more

Ballard Spahr LLP

The House Financial Services Committee Releases Proposed Legislation to Codify BSA/AML Reform Initiatives

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Last week, the House Financial Services Committee released three proposed bills to codify many of the reform ideas that have arisen in an ongoing conversation among financial agencies, law enforcement, financial institutions,...more

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Democrats criticize Director Kraninger at Senate Banking Committee hearing

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Director Kraninger was sharply criticized by Democrats at today’s hearing on the Bureau’s semi-annual report held by the Senate Banking Committee....more

Ballard Spahr LLP

House Financial Services Committee hearing on CFPB highlights continuing partisan divide

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Yesterday’s hearing on the CFPB held by the House Financial Services Committee highlighted the continuing partisan divide over the CFPB’s implementation of its consumer protection mission but with Democratic and Republican...more

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Comptroller Otting comments on short-term, small dollar loan bulletin, special purpose national bank charter for fintech...

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Comptroller of the Currency Joseph Otting appeared before the House Financial Services Committee yesterday and before the Senate Banking Committee yesterday....more

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