Tagged: house financial services committee

In First Move as Acting Comptroller, Brian Brooks Clarifies the Madden Rule that Impacts Online Lenders

Last Friday, the Acting Comptroller of the Currency Brian P. Brooks quickly moved to clarify a longstanding point of contention within the online lending industry. Brooks issued a statement regarding the Office of the Comptroller of the Currency’s (OCC) final rule on when a national… Read More

Virtual Congress: House Financial Service Committee Fintech Task Force Schedules Meeting on Inclusive Banking

  The House Financial Services Committee has posted its list of hearings for the month of June. The Committee like other Congressional committees has migrated to a virtual meeting due to the ongoing Coronavirus pandemic. One of the meetings is for the Fintech Task Force…. Read More

Crowdfunding to Combat the Coronavirus Act: Proposed Legislation Creates $1 billion Prize to Crowdfund COVID-19 Vaccine

Representative Patrick McHenry, Ranking Member on the House Financial Services Committee, has proposed legislation to crowdfund a vaccine for the Coronavirus entitled “Crowdfunding to Combat the Coronavirus Act.” The bill creates a $1 billion prize for anyone that develops a vaccine for COVID-19 that is… Read More

Fed Chairman Powell Asked about CBDCs: “It’s an Open Question”

Chairman of the Board of Governors of the Federal Reserve System, Jerome Powell, is on Capital Hill today testifying in front of the House Financial Services Committee. During the Q&A portion of the Hearing, Powell was asked specifically about Central Bank Digital Currencies (CBDCs) and… Read More

Reminder: House Financial Services Committee to Host Hearing on “Rent-a-Banks” this Week

On Wednesday, February 5th at 10AM, the House Financial Services Committee will hold a hearing entitled, “Rent-A-Bank Schemes and New Debt Traps: Assessing Efforts to Evade State Consumer Protections and Interest Rate Caps.” The Hearing will most certainly address the emergence of Fintechs, specifically online… Read More

Democrats on House Financial Services Committee Forward Letter to GAO Inquiring About Alternative Data and Access to Credit

Democrat members of the House Financial Services Committee have sent a letter to the Government Accountability Office (GAO) inquiring about the usage of alternative data by lenders and credit agencies. Congresswoman Maxine Waters (D-CA), Chairwoman of the Committee, Congressman Al Green (D-TX), Chair of the… Read More

House Financial Services Committee Postpones “Rent a Bank” Hearing, Reschedules Fintech Task Force Meeting

The US House Financial Services Committee, Chaired by Representative Maxine Waters, has adjusted this month’s schedule a bit. Crowdfund Insider published January’s schedule last week but on Friday several important changes were made. First, the Hearing for the Fintech Task Force has been moved up… Read More

The House Financial Services Committee Fintech Task Force Schedules Hearing on Relevance of Cash

The House Financial Services Committee has published its schedule of hearings for the month of January. Included in the mix, is a gathering of the Fintech Task Force, a relatively new entity created by Committee Chairwoman Maxine Waters. The Fintech Task Force will review the… Read More

Crypto Basher Brad Sherman Selected to Lead House Subcommittee on Investor Protection, Entrepreneurship & Capital Markets

Last week, Representative Maxine Waters, Chairwoman of the House Financial Services Committee, announced that Representative Brad Sherman was elected by the Committee’s Democratic Caucus to serve as Chairman of the Subcommittee on Investor Protection, Entrepreneurship and Capital Markets. Sherman, from California, has been in the… Read More

US House Financial Services Committee: US Treasury Secretary Mnuchin Says “No Need” for Federal Digital Currency (CBDC)

US Secretary of the Treasury Steve Mnuchin told members of the US House Financial Services Committee Thursday that both he and Federal Reserve Chairman Jerome Powell feel there is “no need” for the US to develop a digital currency in the near term. Currently, multiple… Read More

House Artificial Intelligence Task Force Schedules Meeting to Discuss Capital Markets and Impact of AI

The House Financial Services Committee, Task Force on Artificial Intelligence, has scheduled a hearing for December 6th. The hearing is entitled,  “Robots on Wall Street: The Impact of AI on Capital Markets and Jobs in the Financial Services Industry.” The AI Task Force is relatively… Read More

Draft House Legislation Calls for Tokenization of Consumer Financial Data

Yesterday, the House Financial Services Committee Fintech Taskforce met to discuss big data and its impact on consumers regarding the financial services industry. The hearing by the Fintech Taskforce was entitled “Banking on Your Data: The Role of Big Data in Financial Services.” Much of… Read More

House Financial Services Committee Schedules Next Fintech Task Force Meeting to Discuss the Role of Big Data

Big data is on the agenda for the House Financial Services Committee’s Task Force on Financial Technology. The Fintech Task Force will convene for a hearing entitled, “Banking on Your Data: the Role of Big Data in Financial Services.” The Fintech Task Force is relatively… Read More

House of Representatives Passes the Crowdfunding Amendments Act by Voice Vote

The US House of Representatives passed HR 4860 or the Crowdfunding Amendments Act by a voice vote today thus indicating broad bipartisan support. The bill was part of a grouping of five financial services bills each quickly approved by the House. The bill was introduced by… Read More

Mark Zuckerberg Takes a Beating on the Hill While Launching Defense of Libra & Facebook’s Past Actions

Mark Zuckerberg, CEO of Facebook, spent over 6 hours today testifying in front of the powerful House Financial Services Committee. While his prepared remarks foreshadowed his defense of Facebook’s Libra stablecoin, little can prepare you for the onslaught of questions delivered by every single Committee… Read More

Here is Mark Zuckerberg’s Prepared Testimony for House Financial Services Committee Hearing

Mark Zuckerberg, the CEO of Facebook, will testify in front of the US House Financial Services Committee tomorrow in what will be a closely watched political event. Zuckerberg will be defending Facebook’s attempt to create a global non-sovereign cryptocurrency called Libra. The stablecoin has come… Read More

US House of Representatives: Legislation Prepared to Designate Stablecoins as Securities

Draft legislation has been posted on the US House of Representatives, Financial Services Committee website that may designate “stablecoins” as securities. Sponsored by Representative Sylvia Garcia, the ‘‘Stablecoins are Securities Act of 2019″ would mandate that stablecoins are investment contracts and thus are regulated under… Read More

Financial Services Innovation Act Seeks to Mandate Innovation Offices in Federal Agencies that Impact Fintech

Congressman Patrick McHenry, ranking member on the House Financial Services Committee, has re-introduced legislation that will mandate innovation offices in the numerous federal agencies that have oversight and influence over innovative financial services firms. The Financial Services Innovation Act of 2019 mandates that ten different… Read More

Congressman Patrick McHenry Posts Update on Financial Services Committee Leadership Changes

Congressman Patrick McHenry, the ranking member on the House Financial Services Committee, has posted an update regarding several leadership positions including the new Task Force on Fintech and Task Force on Artificial Intelligence. The following Representatives are now taking the designated leadership roles: Ranking Member… Read More

Facebook’s Libra On Deck: Mark Zuckerberg to Testify Before House Financial Services Committee

Mark Zuckerberg, CEO of Facebook, is scheduled to testify in front of the House Financial Services Committee later this month in what is expected to be a thorough grilling regarding Facebook’s stablecoin Libra and Facebook’s operations in general. Congresswoman Maxine Waters (D-CA), Chairwoman of the… Read More

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