Regulation

With the recent focus on capital formation bills, lawmakers appear to be putting their Dodd-Frank angst aside.

The industry is slated for another busy week, with more bank results on the horizon, plus a nomination hearing for Trump’s pick to head the CFPB.

Attempts to legislate or regulate innovative payments treat consumers, who have affirmatively selected to use prepaid accounts or some other emerging access device to access their money, much differently than consumers who have decided to open a traditional bank account with an associated debit card, writes Brian Tate, president and CEO of the NBPCA.

The American Bankers Association will run advertisements in support of Reps. French Hill and Bruce Poliquin, who are incumbents this November. The group has now endorsed three Republicans and a Democrat.

Fannie Mae and Freddie Mac may need to tap into U.S. Treasury funds when they adopt CECL, a new accounting rule that makes companies set aside money upfront for expected loan losses.

The Treasury secretary told lawmakers that the government needs “to strike the right balance” on Bank Secrecy Act requirements while determining the best way to collect details about account holders.

Focus instead on legislation that will prevent the next economic crisis and address technological change, says Rep. Patrick McHenry, a Republican front-runner to become Financial Services Committee chairman.

Raj Date’s new firm, FS Vector, will help cryptocurrency firms and digital upstarts navigate Washington.

Due to regulations that are designed to thwart money laundering, anyone attempting to transact on a global scale will encounter a patchwork of complex laws and local requirements that make payments anything but borderless, writes Brandon Spear, president of MSTS.

The Supreme Court nominee’s views on CFPB and the Chevron doctrine are considered favorable for the industry, but some say weakening agency deference is a double-edged sword.