Tagged: patrick mchenry

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

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 Finds Few Friends on House Financial Services Committee as Libra Head David Marcus Endures Skepticism for its Crypto Plan

This past week much of the Fintech news was dominated by hearings in Congress addressing Facebook’s plan to launch a global, blockchain-based, payments platform using a stablecoin, of sorts, as a foundation. This global currency, which may be able to challenge sovereign currency, is said… Read More

Congressman McHenry Looks to Support Responsible Innovation During Libra Hearing

Congressman Patrick McHenry, Ranking Member on the House Financial Services Committee, told his fellow members at the Libra hearing today to “go beyond the headlines” when probing Facebook’s project to create a global payment ecosystem. The hours-long hearing saw David Marcus, head of Libra, hammered… Read More

Fed Chair Powell Peppered with Questions on Facebook’s Libra at House Financial Services Committee Hearing

The House Financial Services Committee welcomed Fed Chair Jerome Powell today to share his perspective on the state of the US economy and his opinion on the effectiveness of monetary policy. While Powell’s prepared remarks kicked off a bit of a rally on Wall Street… Read More

Here is the Letter From Congressman Patrick McHenry Requesting a Hearing on Facebook’s New Cryptocurrency Libra

As reported earlier today, Facebook officially launched its long-anticipated stablecoin named Libra. Facebook revealed details of their own cryptocurrency stating it was based on a “collection of currencies and other assets.” Facebook also said Libra will be able to create Smart Contracts similar to Ethereum… Read More

US Politicians Line Up to Question Facebook’s Cryptocurrency Libra: Senator Sherrod Brown says Facebook is Already Too Big

Several US politicians have issued statements critical of Facebook’s new cryptocurrency – Libra. Officially announced today, Libra is first a payment platform but Facebook has much bigger ambitions with the crypto. Facebook views it as a step in the direction of redefining financial services. US… Read More

The House Financial Services Committee: What Should Fintech Expect from Chair Maxine Waters?

The House Financial Services Committee is one of the most powerful Congressional committees on the Hill. The Committee oversees not only the entire financial services industry but its policy portfolio also includes other overlapping responsibilities such as Housing, entrepreneurship and international financial organizations. Last election… Read More

The House Passes the Financial Technology Protection Act Designed to Combat Illicit Activities that Use Fintech Such as Digital Currencies

The House of Representatives passed several bills today and included in the mix was the Financial Technology Protection Act, (H.R. 56). The legislation was introduced by Congressman Stephen Lynch and Congressman Ted Budd and garnered bi-partisan support. The bill establishes an “Independent Financial Technology Task… Read More

Congressman McHenry, Ranking Member on the House Finance Services Committee, Requests Series of Hearings – Including Fintech

Congressman Patrick McHenry, the Republican leader of the House Financial Services Committee, has asked Committee Chairwoman Maxine Waters to move forward on hearings in “critical areas that the committee should prioritize in the first months of the new Congress.” The list of hearings requested by… Read More

Kathleen Kraninger Confirmed as Director of the Bureau of Consumer Financial Protection

The Bureau of Consumer Financial Protection (BCFP – formerly known as the CFPB) has a new full-time director. Today, Kathleen Kraninger, a long time congressional staffer and DC veteran, was approved by the Senate. Kraninger will take over from interim director Mick Mulvaney who was also… Read More

Congressman Patrick McHenry Selected as Ranking Member of House Financial Services Committee

Congressman Patrick McHenry has been elected as the Ranking Member of the powerful House Financial Services Committee. As Republicans lose control of House, Committee leadership positions have swapped parties. McHenry has been a member of the House Financial Services Committee for some time. “I am… Read More

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

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