Senate Banking Committee

Do lending algorithms discriminate? Congress seeks answers

06/26/19

After years of largely standing on the sidelines, lawmakers are taking a closer look at whether algorithms used by banks and fintechs to make lending decisions could make discrimination worse instead of better.

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Lawmakers spar over whether Fannie, Freddie are SIFIs

06/25/19

There is bipartisan agreement in the Senate that Fannie Mae and Freddie Mac are "too big to fail" but some lawmakers are skeptical that a SIFI designation is appropriate.

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Before they regulate AI, Congress needs to define it

06/25/19

As lawmakers meet this week to discuss artificial intelligence, they should work with regulators to create universal and workable definitions.

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Why Washington mobilized so quickly against Facebook's crypto plans

06/24/19

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

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Senate Banking panel sets hearing on Facebook's Libra

06/19/19

Senators will examine the social media giant’s plan to offer a digital currency. House Financial Services Committee leaders have already criticized the idea.

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CFPB chief’s equal-opportunity calendar

06/17/19

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.

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Warren, Jones press regulators on fintech lending discrimination

06/12/19

Sens. Elizabeth Warren, D-Mass., and Doug Jones, D-Ala., cited research that found algorithmic lending can lead to higher interest rates for minority borrowers.

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Legalizing pot may be only way to lift cloud over pot banking

06/11/19

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.

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Brown blasts data brokers' refusal to testify to Senate banking panel

06/11/19

The top Democrat on the Banking Committee suggested the absence of data brokers at a hearing on privacy legislation was "cowardice."

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Cheat sheet: What Senate AML bill means for financial industry

06/10/19

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.

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