Tagged: patrick mchenry

Congressman McHenry Crafts Bill to Expand Access to Private Securities by Expanding Definition of an Accredited Investor

Congressman Patrick McHenry has submitted legislation to update the definition of an Accredited Investor. Currently, individuals deemed to be Accredited may participate in private, Reg D securities offerings – the most popular exemption utilized by promising young firms. To be deemed accredited, an individual must… Read More

True Lender Rule Defended by Congressman Patrick McHenry

The True Lender Rule, regulation that impacts Fintech lenders, received some much-needed clarification last year from the Office of the Comptroller of the Currency. Now there has been a change of administration, the arcane rule may reverse the progress made from the prior administration. Today,… Read More

Global Digital Finance Issues Statement in Support of Eliminate Barriers to Digital Innovation Act Sponsored by US Representatives Patrick McHenry

Global Digital Finance (GDF), a UK-based entity advocating on behalf of the digital asset (or crypto-asset) sector of Fintech, has posted a letter in support of the Eliminate Barriers to Digital Innovation Act of 2021 (HR 1602). The Act was sponsored by US Representative Patrick… Read More

Federal Reserve Opens Consultation on Access to the Payments System

The US Federal Reserve Board has proposed guidelines to evaluate requests for accounts and payment services at Federal Reserve Banks. In a public statement, the Fed said the introduction of new financial products, such as products introduced by Fintechs including novel types of banking charters,… Read More

Congressman McHenry Sends Letter to SEC Urging Acting Chair to Move Forward on Update to Reg CF Rules

Congressman Patrick McHenry, the ranking member of the House Committee on Financial Services, has sent a letter to the Securities and Exchange Commission (SEC) urging them to move forward on improvements to Regulation Crowdfunding (Reg CF). The letter is addressed to SEC Acting Chair Allison… Read More

Federal Reserve Chair Jerome Powell Says Public Events on Digital Dollar Coming

Today, Jerome Powell, Chairman of the Federal Reserve, returned to Capitol Hill for a hearing on the House side pertaining to Monetary Policy and the State of the Economy. Once again, much of the discussion hovered around COVID, monetary policy and his opinion on the… Read More

Former CFTC Chair Gary Gensler Selected to be Chairman of the Securities and Exchange Commission, Lauded for Being Fintech Friendly

Gary Gensler, the former Commodities Futures Trading Commissioner Chair, has been selected by President-elect Joe Biden to helm the Securities and Exchange Commission (SEC). Gensler previously led the CFTC during the Obama administration. Prior to the CFTC, Gensler spent 18 years at Goldman Sachs. He is… Read More

OCC: Acting Comptroller of the Currency Brian P. Brook Steps Down

Acting Comptroller of the Currency Brian P. Brooks will step down from the Office of the Comptroller of the Currency (OCC) on January 14, 2021. OCC Chief Operating Officer Blake Paulson will become Acting Comptroller of the Currency, according to a statement by the bank… Read More

Long time Small Business Advocate Congressman Patrick McHenry Applauds SEC’s Decision to Improve Exempt Offering Ecosystem

Congressman Patrick McHenry, the Ranking Member of the House Financial Services Committee, has issued a statement applauding the Securities and Exchange Commission’s rule change today that seeks to improve and simplify the exempt offering ecosystem. Congressman McHenry stated: “Today’s action by the SEC will help… Read More

These Three Elected Officials Have Commented on the SEC’s Proposed Update to the Exempt Offering Ecosystem: What Do They Want?

Months ago, the Securities and Exchange Commission (SEC) kicked off a review of the exempt offering ecosystem in an attempt to improve access to capital for younger firms while continuing to ensure sufficient investor protection. Over the years, access to capital via the public markets… Read More

The OCC Issues Proposed True Lender Rule that Should Clarify Online Lenders and Bank Relationships

The Office of the Comptroller of the Currency (OCC) has proposed a rule that would determine when a national bank or federal savings association (bank) makes a loan and is the “true lender” in the context of a partnership between a bank and a third… Read More

During House Hearing, SEC Chairman Jay Clayton Queried about US Attorney in Southern District of New York Selection, Expects Much of the Exempt Securities Ecosystem Review to be Finished by End of Fiscal Year

SEC Chairman Jay Clayton parried with members of the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets today. The topic of the hearing was, “Capital Markets and Emergency Lending in the COVID-19 Era,” but too few of the questions aligned with the subject the… Read More

Congressman Patrick McHenry Adds Voice in Support of SEC’s Update to Exempt Securities Ecosystem

Congressman Patrick McHenry, the ranking member on the House Financial Services Committee, has sent a letter to the Securities and Exchange Commission (SEC) supporting the Commission’s efforts to improve and modernize the exempt securities ecosystem. The SEC has proposed a package of rule changes designed… Read More

Joseph Otting to Step Down as Comptroller of the OCC, Former Coinbase Chief Legal Officer & Current OCC First Deputy Brian Brooks to Become Acting Comptroller

Comptroller of the Currency Joseph M. Otting will step down from the office on May 29, 2020, according to a release posted by the Office of the Comptroller of the Currency (OCC).  Current OCC First Deputy and Chief Operating Officer Brian P. Brooks will take… Read More

As PPP Money Runs Out, Lendio CEO Launches Petition to Add Money. Over 35,000 Have Now Signed the Request While Congress Remains Frozen on Any Additional Funding

As has been widely reported, the Paycheck Protection Program – part of the CARES Act that provided SMEs with 2 months of payroll loans that may be forgiven – has run out of money. The widely lauded plan has struggled to distribute the funds as… Read More

Relief for Small Businesses Through Micro-Offerings Act of 2020: Legislation Seeks to Create Micro-Offering Hosted by Funding Portals

Representative Patrick McHenry distributed multiple legislative proposals today designed to mitigate the impact of the Coronavirus pandemic. While the inevitable outcome is unknown, what is clear is that the economy will take a hit – most likely impacting small businesses disproportionately. McHenry, the Ranking Member… 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

Fintech Breakthrough? FDIC Posts Proposed Rule on Brokered Deposit Regulations

The Federal Deposit Insurance Corporation (FDIC) has issued a “notice of proposed rulemaking” (NPR) to “modernize its brokered deposit regulations.” According to the FDIC, the proposal would modernize a regulatory framework built for a different era to remove regulatory disincentives to offering deposit accounts to… 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

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