Archives: Financial Services

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The Latest on Fintech: Federal and Beyond

As one of the most rapidly growing industries in the financial services sector, financial technology (fintech) is receiving significant attention in the nation’s capital and around the world. This article analyzes and provides updates on recent key fintech developments at the regulatory level, on Capitol Hill, and in the courts – including a brief update on … Continue Reading

House Moves Forward with Financial Services Reform as Banking Looks to Find Its Own Path

Legislative Activity House Moves CHOICE Act Forward as Senate Banking Committee Discusses Banking Reforms Last week, the House passed the Financial CHOICE Act of 2017 (CHOICE Act) by a vote of 233-186. The comprehensive deregulatory bill would roll back many of the regulations put in place by the Dodd–Frank Wall Street Reform and Consumer Protection … Continue Reading

House Set to Vote on CHOICE Act; Agency Nominations, Budgets, and Rulemakings Under Review

Legislative Activity House Set to Choose Path for CHOICE Act as Senate Holds Hearing on Community Banking This week, the House is set to vote on H.R. 10, the Financial CHOICE Act of 2017 (CHOICE Act). After a contentious markup in the House Financial Services Committee last month, the bill was favorably voted out of … Continue Reading

Banking Committee to Vote on Treasury Nominations as Regulators Focused on FinTech, Fiduciary Rule

Legislative Activity Senate Banking to Vote on Treasury and Commerce Nominations This Week This week, on Tuesday, May 23, the Senate Banking Committee will vote on the nominations of several individuals to fill key posts within the Treasury and Commerce Departments (see below for additional details). Last week, Senate Banking Democrats concentrated on potential Trump … Continue Reading

Busy Week at the Banking Committee; Treasury on the Hill as Trump Fills Out Financial Services Regulators

Legislative Activity Senate Banking to Host Secretary Mnuchin, Focus on Treasury This week, the Senate Banking Committee will consider the nominations of several individuals to fill key posts within the Treasury and Commerce Departments (see below for additional details). The Committee will also host Treasury Secretary Steven Mnuchin to discuss an array of domestic and … Continue Reading

Financial Regulatory Reform in the Spotlight as Financial Regulators Fill in the Trump Administration

Legislative Activity House Financial Services Committee to Hold Markup of CHOICE Act on Tuesday After much anticipation, House Financial Services Committee Jeb Hensarling (R-TX) introduced the Financial CHOICE Act of 2017 (CHOICE Act) last week following a contentious hearing on the bill. Unsurprisingly, the hearing revealed partisan differences over the effectiveness of the Dodd-Frank Wall … Continue Reading

Full Steam Ahead with Financial Services Regulatory Reform

Legislative Activity House Financial Services Committee Chooses CHOICE Act as President Trump Signs Financial Services Executive Orders After a two-week recess, the House Financial Services Committee is wasting no time getting back to work as it plans to hold a hearing on the Financial CHOICE Act this Wednesday. The bill, an acronym standing for Creating … Continue Reading

Financial Services Regulatory Reform Ramps Up

Legislative Activity Senate Banking, House Financial Services Committees Set Sights on Financial Services Regulatory Reform With the first 100 days of the Trump Administration largely behind them, financial services lawmakers are beginning to move forward with their review of and efforts to reform the financial services sector. During the Senate Banking Committee’s hearing last week, Chairman … Continue Reading

Financial Services Regulatory Reform Poised to Move Ahead

Legislative Activity Lawmakers Moving Forward with Financial Services Reforms House Financial Services Chairman Jeb Hensarling (R-TX) has indicated that he plans to reintroduce his replacement for the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act) – the CHOICE Act – but in various bills to give at least some provisions a greater likelihood of being enacted. Chairman … Continue Reading

Financial Services Nominees in the Spotlight as Agencies Under Scrutiny

Legislative Activity Senate Committees to Consider Labor, SEC Nominations This Week; House Has Full Slate of Hearings After Examining Flood Insurance and the Fed Last Week This week, two Senate committees will consider the nominations of President Trump’s picks to lead the Department of Labor (DOL) and the Securities and Exchange Commission (SEC). On Wednesday, … Continue Reading

Lawmakers Take on Targeted Financial Services Bills, Focus on Flood Insurance

Legislative Activity Financial Services Lawmakers Continue Work on Flood Insurance After Last Week’s Mark-Ups The House Financial Services and Senate Banking Committees last week advanced various pieces of legislation, including bills that would extend to investment companies operating in Puerto Rico and all the U.S. territories the same rules as those that apply on the … Continue Reading

Financial Services Regulatory Reform Debate Abounds in Congress and at the Agencies; FSOC to Meet Under Mnuchin

Legislative Activity CHOICE Act 2.0 Could Be Weeks Away as GOP May Need to Resolve Differences While previous reports indicated that House Financial Services Committee Chairman Jeb Hensarling (R-TX) was set to move on a revised version of the Financial CHOICE Act (CHOICE Act 2.0), his plan seems to have been met with delay. Though … Continue Reading

CHOICE Act 2.0, Insurance Regulation Take Center Stage; DoL Fiduciary Rule May Be Delayed as Other Regulators Review Regs

Legislative Activity Financial Services Committee Organizes as Hensarling Set to Move CHOICE Act 2.0 Last Tuesday, February 7, the House Financial Services Committee held a meeting to approve its Authorization and Oversight Plan (Plan) for the 115th Congress. The meeting featured partisan debate related to transparency within the Trump Administration and how the Committee should … Continue Reading

Republicans Move on Financial Deregulation; Fed Finalizes Stress Test Guidance

Legislative Activity President Trump Orders Review of Financial Regulations Last Friday, February 3, President Trump issued an Executive Order related to financial services regulatory reform (generally) and an Executive Memorandum specifically targeting the Department of Labor’s (DOL) Fiduciary Rule. The Executive Order on Core Principles for Regulating the United States Financial System directs the Secretary … Continue Reading

Dismantling Dodd-Frank Still a Priority; Acting Chairmen Take Charge at Regulatory Agencies

Legislative Activity Republicans Remain Committed to Dismantling Dodd-Frank At last week’s Congressional Republican retreat in Philadelphia, President Donald Trump urged Congress to make financial regulatory reform a priority to “help striving Americans get the credit they need to realize their dreams,” while Vice President Mike Pence confirmed that “dismantling Dodd-Frank” is a top legislative priority … Continue Reading

Carson Nomination Gets a Vote; Financial Services Regulators Pause, Prepare for Trump Administration

Legislative Activity Senate Banking Committee Set to Vote on Carson Nomination This Tuesday, January 24, the Senate Banking Committee is set to vote on the nomination of Dr. Ben Carson to be Secretary of the Department of Housing and Urban Development (HUD). Two weeks ago, Dr. Carson received a fairly warm welcome from both Democrats … Continue Reading

House and Senate Financial Services Lawmakers Kick-Off the 115th Congress; Regulators Tackle Debt Collection, Insurance, and FinTech

Legislative Activity New Year, New Look for Senate Banking and House Financial Services Committees With the new Congress officially under way, both the Senate Banking and House Financial Services Committees have announced new Committee members. Joining Chairman Mike Crapo (R-ID) on the Senate Banking Committee are fellow Republican Senators David Perdue (R-GA), Thom Tillis (R-NC), … Continue Reading

As Year Winds Down, Hensarling Prepares for 2017; OCC Announces Limited Purpose Banking Charters for FinTech Companies

Legislative Activity Hensarling to Remain Chairman as Monetary Policy and Short-Term Financing Issues Taken Up by the Committee Last week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) was elected to his third term as Chairman. After being considered for Treasury Secretary in the Trump Administration, Chairman Hensarling will remain a crucial part of Republican … Continue Reading

Financial Services Policymakers Prepare for 2017 as Regulators Wrap-Up Work

Legislative Activity Financial Services Policymakers Outline Agendas for 2017 Last week, House Financial Services Committee Chairman Jeb Hensarling (R-TX) outlined his ambitious agenda for 2017. At the top of the list is moving forward with the Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs Act (CHOICE Act), which Chairman Hensarling estimates will be on … Continue Reading

Major Changes to Dodd-Frank Ahead?; SEC, CFTC, FDIC to Meet

Legislative Activity Is Dodd-Frank on the Chopping Block Next Congress? With President-Elect Donald Trump in the White House and Republicans in control of both the House and Senate, we believe there is a real possibility for a significant overhaul of financial services regulation in the 115th Congress – especially if future Chairman of the Senate … Continue Reading

Terrorism Financing, Consumer Protection in Spotlight; Various Financial Services Regulators to Meet

Legislative Activity Senate Banking Takes on Terrorism Financing Taking the lead from the House Financial Services Committee, which held a hearing earlier this month to exam the terrorism financing implications of the “ransom payments” to Iran, the Senate Banking Committee will hold a hearing this Wednesday on the matter. Outside of the more recent focus … Continue Reading

Hensarling Chooses CHOICE; CFTC Moves Forward with Priorities as Nominees Pending Confirmation, Administration Outlines Approach to Correspondent Banking

Legislative Activity Hensarling Chooses to Move Forward with CHOICE Act Last Friday, September 9, House Financial Services Committee Chairman Jeb Hensarling (R-TX) announced his intention to move forward with the Republican plan to replace the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and formally introduced the Creating Hope and Opportunity for Investors, Consumers … Continue Reading

Financial Services Reform Efforts Slow Moving, as Lawmakers Turn to Fight on Terrorism Financing; SEC to Hold Open Meetings

Legislative Activity Lawmakers Press on with Financial Services Reform Efforts On June 23, 2016, House Financial Services Committee Chairman Jeb Hensarling (R-TX) unveiled a discussion draft of legislation aimed at replacing the Dodd–Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The legislation, Creating Hope and Opportunity for Investors, Consumers and Entrepreneurs (Financial CHOICE Act), … Continue Reading

Flurry of Financial Services Activity as Legislative Days Fly By; SEC, CFTC Move Ahead with Regulatory Priorities

Legislative Activity House to Vote on Financial Services Appropriations Bill as Hensarling Pushes Plan to Replace Dodd-Frank This week, the House is expected to consider the FY 2017 Financial Services and General Government Appropriations Act, which passed out of Committee largely along partisan lines and contains various provisions that would peel back certain aspects of … Continue Reading
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