A key Democrat on the House Financial Services Committee, Rep. Carolyn Maloney has a slim lead over a primary challenger, Suraj Patel, a progressive political activist and New York University Professor.
A trade group says suspending so-called beneficial owner rules would help financial institutions make more small-business loans through the Paycheck Protection Program.
The 2020 elections and a potential new chair of the Senate Banking Committee in the next Congress could put a deadline on passage of a bill to ease a key anti-money-laundering requirement for banks.
Beneficial-ownership legislation is within the banking industry’s reach, but the prospect of new regulatory burdens for small businesses is forcing lawmakers to choose sides.
The Corporate Transparency Act would require companies to report their true owners to the Financial Crimes Enforcement Network, removing the burden of banks to collect beneficial ownership information about their clients.
With policymakers casting doubt on Facebook's cryptocurrency and some of the social media giant's partners pulling out, a Federal Reserve governor continued the drumbeat of criticism.
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.
