Today (September 29, 2021) the House Committee on Financial Services, Subcommittee on Consumer Protection and Financial Institutions, will hold a hearing on the future of banking. Entitled; The Future of Banking: How Consolidation, Nonbank Competition, and Technology are Reshaping the Banking System, the hearing will address both traditional banking and Fintechs.
The hearing memo states:
“… nonbank and financial companies are increasingly playing a larger role in lending, payments, and offering other financial products and services to consumers and small businesses. 3 In some cases, nonbank and Fintech companies represent competition to traditional financial institutions, while in other cases, these companies partner with depository institutions to help them expand into other markets. These changes have impacted the availability and manner in which consumers can access financial products and services.”
Affiliated with the hearing documents is a list of legislation that impact financial services.
The hearing starts at 10 AM ET today and may be viewed on the Committee’s website.
The witnesses participating in the hearing are listed below. Notably, no Fintechs are represented.
- Paulina Gonzalez-Brito, Executive Director, California Reinvestment Coalition
- Makada Henry-Nickie, Robert and Virginia Hartley Fellow – Governance Studies, Brookings
- Sarah Jane Hughes, University Scholar and Fellow in Commercial Law, Indiana University School of Law
- Desiree Jackson, Assistant Vice President for Treasury Management, Beneficial State Bank
- Jim Reuter, Chief Executive Officer, FirstBank on behalf of American Bankers Association
Legislation
- H.R. 2311, the “Credit Union Governance Modernization Act of 2021.”
- H.R. 4395, the “Payment Choice Act of 2021.”
- H.R. 4590, the “Promoting New and Diverse Depository Institutions Act.”
- H.R. ____, the “Bank Merger Review Modernization Act of 2021.”
- H.R. ____, the “Close the ILC Loophole Act.”
- H.R. ____, the “Financial Services Worker Bill of Rights Act.”
- H.R. ____, the “NCUA Oversight of Third Party Vendors Act.”