Tagged: patrick mchenry

Congressman Patrick McHenry Seeks Ranking Republican Spot on House Financial Services Committee

Chief Deputy Whip Patrick McHenry, an ardent supporter of small business and Fintech innovation, has announced his intent to become the ranking Republican on the House Financial Services Committee. Following the loss of the US House of Representatives to the Democrats, all Committee Chairs migrate to… Read More

The JOBS and Investor Confidence Act Includes Crowdfunding Amendments

The JOBS and Investor Confidence Act (HR 6380), also called JOBS Act 3.0, is a grouping of 32 business friendly bills put together in a bipartisan effort to actually get something done. House Financial Services Committee Chair Jeb Hensarling stated; “Without a steady stream of small… Read More

FINRA Approved Reg CF Crowdfunding Portals: 38 and Counting

Last time we checked in back at the end of December, there were 36 FINRA approved Regulation Crowdfunding (Reg CF) portals in operation. Today, that number has increased to 38 as two more entrants have entered the Reg CF space. As for portals that have… Read More

Protecting Consumers’ Access to Credit Act of 2017: Controversial Bill that Helps Online Lenders Passes the House

Today, the House of Representatives passed HR 3299, “the Protecting Consumer’s Access to Credit Act of 2017.” The Bill was approved mainly along party lines as Republicans supported the measure and Democrats voted against it but 16 Democrats crossed over in support of the legislation. The… Read More

House Financial Services Committee Approves Legislation to Help Keep Lending Partnerships Between Banks and Online Lenders

The House Financial Services Committee has approved HR 3299 or the “Protecting Consumers’ Access to Credit Act of 2017.” The bill “restores consistency” in lending laws across state boundaries. HR 3299 impacts the case of Midland Funding, LLC v. Madden – an ongoing law suit… Read More

SEC Chairman Jay Clayton Tells House Committee that Fewer Public Companies is a Troubling Trend, Shares Insights on ICOs

Securities and Exchange Commission Chairman Jay Clayton spent much of today visiting with the House Financial Services Committee. This was his first hearing before the Committee since he took the helm of the regulatory agency. Much of Clayton’s prepared remarks echoed his visit to the… Read More

Congressman Patrick McHenry & Senator Cory Booker introduce “Fintech Bill” that Automates IRS Credit Disclosures

As part of the loan or mortgage origination process an applicant must complete form “4506-T”  for the IRS. This gives the lender the right to access a summarized version of their tax transcript, which is used to confirm data points in qualifying their application. Today this… Read More

Did Lending Just Change for Good?

Bank lending regulations have rarely been thought of as dynamic or exciting but last night’s ruling by the Consumer Financial Protection Bureau (CFPB) to allow a lender to begin using alternative data in their underwriting could herald the beginning of a new era in lending… Read More

Chief Deputy Whip Patrick McHenry & Congressman Gregory Meeks Introduce Bill Addressing Madden v. Midland Case

Chief Deputy Whip Patrick McHenry, the Vice Chairman of the House Financial Services Committee has partnered with Congressman Gregory Meeks to introduce HR 3299 entitled, “Protecting Consumers’ Access to Credit Act of 2017“. This bill is designed to “restore consistency to our nation’s lending laws… Read More

Guzik Welcome’s Congressman McHenry’s Letter to SEC But Believes More Needs to Be Done

Sam Guzik, a securities attorney and Crowdfund Insider Senior Contributor, has shared his perspective on Congressman Patrick McHenry’s letter to SEC Chair Jay Clayton. Guzik welcomes, McHenry’s requests but believes more needs to be done; “I applaud the unrelenting and tireless efforts of Congressman McHenry… Read More

Congressman Patrick McHenry Asks SEC Chair Jay Clayton to Act & Fix Crowdfunding Rules

Once again, crowdfunding’s white knight rides into action. Congressman Patrick McHenry sent a letter to the newly sworn in Chairman of the U.S. Securities and Exchange Commission Jay Clayton outlining certain provisions of the regulations relating to Title III of the JOBS Act that need… Read More

Congressman Patrick McHenry Slams CFPB, Labels Project Catalyst a Failure

The Consumer Financial Protection Bureau (CFPB) was created out of the ashes of the Great Recession. A knee jerk-reaction crafted by elected officials attempting to fix what went wrong, the controversial agency has since earned much criticism while having its structure deemed unconstitutional. At a… Read More

Have the Wheels Fallen Off of Reg CF Crowdfunding?

Crowdfunding, as allowed under Reg CF (created by Title III of the JOBS Act) was designed to improve access to capital for smaller firms in need of funding while providing new investment opportunities for smaller investors. For too many years the little guy has been… Read More

The JOBS Act Celebrates 5 Year Anniversary

The Jumpstart Our Business Startups or JOBS Act is celebrating its 5th year anniversary. This is the law enacted during the Obama administration that legalized three different iterations of investment crowdfunding. The JOBS Act under Title II enabled Reg D (506c) issuers to “generally solicit”… Read More

Supporting America’s Innovators Act Passes the House of Representatives

The US House of Representatives passed the Supporting America’s Innovators Act (HR 1219) today. The bill received solid backing with a vote of 417 for and 3 against. The bill now moves to the Senate for review. Chief Deputy Whip Patrick McHenry, the Vice Chairman… Read More

Here is the Letter House Republicans Sent to OCC Admonishing Thomas Curry About Fintech Charter

  Comptroller of the Currency Thomas Curry recently said the Office of the Comptroller of the Currency will be issuing Fintech Charters. While the hope was the OCC would create a light touch, streamlined approach to empowering Fintech firms to operate across the US without… Read More

Congressman Patrick McHenry on Financial Inclusion through Technology

On Monday, March 6, 2017, Congressman Patrick McHenry gave keynote remarks at the Lendit Conference in New York City. Among the themes of his speech, McHenry talked about the need for financial inclusion, citing a statistic that counties with less than 100,000 in population saw… Read More

Seen & Heard at LendItUSA 2017: An Industry Built to Last

LendItUSA, the annual event that jumps between New York City and San Francisco everu 12 months, opened up to larger audiences and an industry sector that endured a challenging year. The online lending sector received a two-punch assault in 2016; a battle that left the… Read More

McHenry & Heitkamp Comment on Supporting America’s Innovators Act of 2017

Chief Deputy Whip Patrick McHenry, Vice Chairman of the House Financial Services Committee, and Senator Heidi Heitkamp both released comments on H.R. 1219 / S 444. The Supporting America’s Innovators Act of 2017 amends an exemption under the Investment Company Act of 1940 by increasing… Read More

Comments on President Trump’s Executive Action on Dodd-Frank & Fiduciary Rule

In an Oval Office ceremony today, President Donald Trump signed executive orders relating to the Dodd-Frank Act and the Department of Labor’s Fiduciary Rule. Two acts of legislation that have come under harsh scrutiny in recent years. Dodd-Frank has been criticized for raising costs for both… Read More

Send this to a friend