House Financial Services Committee

The legislation has been able to garner a level of bipartisan support that was not possible in previous Congresses because of a lack of support from Democratic lawmakers, but many of those benefited from crypto industry contributions in the 2024 election cycle. 

The House Financial Services Committee dug into regulators' plans for the interim period before President-elect Trump takes office, and lobbed pointed questions at Federal Deposit Insurance Corp. chair Martin Gruenberg, who several members said should have resigned his post amid a sexual harassment scandal at the agency.

Republican lawmakers want the Treasury secretary to extend the deadline for U.S. businesses to submit beneficial ownership information to the agency's Financial Crimes Enforcement Network. She emphasized that the agency is focused on penalizing willful non-compliance rather than enforcing 'gotcha' penalties against small businesses.

Federal Deposit Insurance Corp. Chairman Martin Gruenberg apologized for his management and temper at a House Financial Services Committee hearing that focused on his handling of the agency in the immediate aftermath of a workplace behavior report outlining serious misconduct that prevailed for years.

A House hearing showcased a bipartisan consensus on the need to regulate stablecoins, but the parties disagree down to the definitions, making the legislation's future uncertain.

Failing to raise the debt ceiling could throw the Treasury market into disarray, and Republicans' message is undercut in Washington.

The letter from House Financial Services Chair Maxine Waters and Rep. Al Green points to laws passed by some state and local legislatures where financial institutions have been required to disclose whether they had ever profited from slavery in order to operate in their jurisdiction.

Democrats face the brunt of this year’s tough elections among the key financial committees in Congress, but Republicans are retiring in greater numbers.

Consumer Financial Protection Bureau Director Rohit Chopra has helped assert the authority of the three Democrats — including himself — who serve on the governing body of the Federal Deposit Insurance Corp. GOP lawmakers responded with a bill to strip the consumer agency's head of voting powers on the FDIC board.

Some of the biggest names in crypto will head to Capitol Hill next week as lawmakers weigh new rules for the white-hot asset class.

The Federal Reserve chairman told lawmakers that the central bank wouldn't try to block other cryptocurrency providers if it decides to issue a digital dollar. At the same hearing, Treasury Secretary Janet Yellen continued to defend a proposal requiring banks to report customer account information to the IRS.

The legislation would establish a quick process for legacy financial contracts to swap in the Secured Overnight Financing Rate after the London interbank offered rate all but expires in 2023.

Democratic proposals to offer free accounts, restrict overdraft fees and cap interest rates have zero chance of passage. But analysts say lawmakers’ push for products that help consumers is influencing some banks’ decisions to institute reforms on their own.

Rep. Carolyn Maloney of New York, the No. 2 Democrat on the House Financial Services Committee, is trying again to bar banks from charging customers more than once per month for overdrawing, and to set other limits.

With the Colonial Pipeline attack still in the news, bank CEOs testifying at a recent hearing cited cyber risk as the biggest threat facing the industry. But members of Congress did not share those concerns, and instead were more focused on criticizing banks about overdraft fees and their level of investment in minority communities.

The heads of the six largest banks endured a second day of testimony as House members quizzed them on overdraft fees, investments in minority businesses and other issues. Meanwhile, the executives pushed back on Democrats’ proposal to raise the corporate tax rate.

During a House Financial Services Committee hearing, Democrats largely praised the policy decisions of acting regulators named by the Biden administration and knocked their predecessors. But Republicans warned that moves to reverse Trump-era policies would leave financial institutions without a clear road map.

The legislation, which the chamber passed Thursday, would ban collectors from making threatening statements to military service members and prevent credit bureaus from including debt arising from certain medical procedures.

The heads of the biggest banks have a chance to tout the industry's community outreach during the pandemic. But they can also expect tough questions about the Paycheck Protection Program as well as what banks are doing to address climate change, racial inequities and other hot-button issues.

The 2020 elections buoyed hopes that Congress would finally make it easier for financial institutions to serve cannabis businesses. But Democrats’ push to decriminalize marijuana — a nonstarter for most Republicans — threatens the more targeted effort.