Senate Banking Committee

As Banking Committee Chairman Mike Crapo works on legislation enabling banks to serve cannabis businesses, one area of focus is combating risks tied to “legacy cash” that has accumulated in the marijuana industry.

Democrats’ investigation of President Trump has darkened the horizon for legislative activity in Washington, but prospects for a pair of bipartisan measures backed by the industry are surprisingly bright.

Though a draft has been circulating since this summer, eight senators on Thursday officially released a bill to require companies to disclose their true owners at incorporation.

The legislation included changes designed to attract more Republican support, which is key to the measure ultimately becoming law.

One Republican lawmaker went so far as to suggest that Congress should try to block the central bank's effort, but Democrats said FedNow will promote competition in real-time payments.

Democratic lawmakers and consumer advocates say the remedies offered to consumers by firms like Capital One and Equifax are too difficult to access and not particularly helpful.

Senate Democrats are warning the Consumer Financial Protection Bureau to be careful as it considers changes to its mortgage underwriting rules.

The Banking Committee chairman's comments have advanced legislative efforts, but questions remain about where he'll take the issue.

The lawmakers, including Sens. Sherrod Brown and Elizabeth Warren, sent the bank a letter focusing on customers' difficulty enrolling in credit monitoring and identity protection services.

Senate Banking Committee members feel urgency to pass a bill dealing with Fannie Mae and Freddie Mac, but the same obstacles that have stalled congressional action for years remain.