News Topic: House Financial Services Committee

Democrats called on the social media company to halt its Libra project, while Republicans said Congress should keep the door open to innovation. ... Read full article

Members from states threatened by storms say their proposal is better for consumers than recent legislation passed by the House Financial Services Committee. ... Read full article

David Marcus, who oversees Facebook’s digital wallet, plans to tell Congress that the company will roll out Libra only after it has "received appropriate approvals.” ... Read full article

Lawmakers circulated a bill just ahead of hearings on Facebook’s Libra cryptocurrency that would prohibit companies with over $25 billion in annual revenue from launching a digital financial asset. ... Read full article

Legislation backed by Democrats to reform the credit bureaus and allow consumers greater access to their information advanced without any Republican support. ... Read full article

The Fed chairman's exchange with House lawmakers Wednesday comes amid President Trump's criticism of Powell and the central bank’s policy decisions. ... Read full article

The chamber passed a bill that would clarify how certain loans backed by the Department of Veterans Affairs are securitized, and legislation encouraging first-time homebuyers to participate in counseling programs. ... Read full article

The rush to hold hearings in both the House and the Senate reflects broad skepticism across the political spectrum about the social network's plan to develop an alternative payment system. ... Read full article

The speed and the bipartisan nature of the demand for an investigation into Facebook's Libra are telling, giving ammunition to those who warned the cryptocurrency space is underregulated and unsafe ... Read full article

House Financial Services Committee Chairwoman Maxine Waters wants to examine the merger of BB&T and SunTrust, as well as Facebook's cryptocurrency plans. ... Read full article

Readers weigh in on big tech companies walking away from OCC's fintech charter, House committee wanting Facebook to halt Libra, calls to stop Congress from delaying CECL, and more. ... Read full article

House Financial Services Committee Chairwoman Maxine Waters and Rep. Patrick McHenry, the top GOP panel member, said Facebook must testify about Project Libra. ... Read full article

In her first four and a half months, Kathy Kraninger met with lawmakers more than twice as often as her predecessor, but her schedule demonstrates willingness to meet with industry and policy stakeholders from various camps. ... Read full article

Bills to fix the National Flood Insurance Program and combat the money-laundering risks from shell companies enjoyed bipartisan support during a House Financial Services Committee debate. ... Read full article

Recent legislation zeroes in on letting financial institutions serve cannabis businesses in states where the substance is legal, but banks may stay on the sidelines if the federal ban on pot remains in place. ... Read full article

The bipartisan House effort to delay the Current Expected Credit Loss standard comes less than a month after Republican senators introduced a similar bill. ... Read full article

The good news for financial firms is Congress has moved closer to reforming anti-money-laundering rules. But left behind in the effort is the reform most coveted by the industry. ... Read full article

Options include legislation to study the risk of leveraged loans, more aggressive action by the Financial Stability Oversight Council and additional capital buffers. Policymakers may also choose to do nothing. ... Read full article