Tagged: patrick mchenry

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

2017 Holds Promise for Tax & Financing Policy for Startups

2016 brought with it many positive developments for startups in terms of capital access and tax policy. Investment crowdfunding finally went live, a number of bills to facilitate capital formation passed the House, and the startup community galvanized around a tax bill that would make… Read More

Congressman McHenry Applauds Passage of Bill That Includes Crowdfunding Fix, Small Business Advocate & Accredited Investor Update

Chief Deputy Whip, Patrick McHenry, who is also Vice Chairman of the House Financial Services Committee, welcomed the passage of HR 6427 today or the Creating Financial Prosperity for Businesses & Investors Act.  The last minute legislative push by the House saw a bundling of six… Read More

SEC Adopts Modernized Intrastate “Crowdfunding” Rules:  A Time to Yawn?

On October 26, 2016, the SEC’s three Commissioners convened at their headquarters to adopt new rules intended to modernize what had historically been a little used path of raising capital for startups, early stage businesses and community-based enterprises: the so called intrastate exemption. It had… Read More

On Investment Crowdfunding, Diversification & the Wisdom of the Crowd

Still Time to Fix the Fix Crowdfunding Act One of the cardinal rules of investing is  diversification – a critical ingredient for long-term portfolio growth.  This rule applies with equal, if not greater, force when investing in “Title III Regulation CF Crowdfunding” securities – open… Read More