Three members of Congress have asked the Federal Deposit Insurance Corp. (FDIC) for information about how it will provide regulatory guidance for FinTech firms and other financial innovators. This request was driven by the FDIC’s dismantling of the external facing portion of its FDITech Office, according to...
Three members of Congress have urged the Consumer Financial Protection Bureau (CFPB) to reopen and extend the public comment period on its proposed rule that would allow it to supervise large nonbank companies that offer services like digital wallets and payment apps. They also urged the CFPB to reconsider...
FinTech firms’ products and services provide benefits that far exceed the risks they pose. So said Rep. French Hill of Arkansas, chairman of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion, during opening remarks delivered Wednesday (Oct. 25) before the hearing,...
A new Federal Reserve supervisory letter on the process for state member banks using dollar tokens, such as stablecoins, to facilitate payments has drawn the ire Monday (Aug. 28) of members of Congress. Earlier this month, the Fed released guidelines for state member banks to...
April 18, 2024
A top House Republican wants to overturn a recent federal regulation governing non-bank financial companies. Rep. French Hill (R-Ark.) introduced a resolution Wednesday (April 17) that would yank the approval of the Financial Stability Oversight Council (FSOC)’s guidance on non-bank financial company determinations, adopted last fall. “This guidance transforms FSOC into a roving regulator, aiming to bring entities under […]
February 02, 2024
Three members of Congress have asked the Federal Deposit Insurance Corp. (FDIC) for information about how it will provide regulatory guidance for FinTech firms and other financial innovators. This request was driven...
January 30, 2024
Three members of Congress have urged the Consumer Financial Protection Bureau (CFPB) to reopen and extend the public comment period on its proposed rule that would allow it to supervise large nonbank companies that...
October 25, 2023
FinTech firms’ products and services provide benefits that far exceed the risks they pose. So said Rep. French Hill of Arkansas, chairman of the House Financial Services Subcommittee on Digital...
