Senate Banking Committee Chairman Tim Scott, R-S.C., has introduced a bill that would stop federal banking agencies from using reputational risk as a measure to determine regulated financial institutions’ safety and soundness. Scott was joined on the bill by all other Republicans on the Senate Banking...
A pair of Senate Democrats say they want to kick DOGE out of the Consumer Financial Protection Bureau (CFPB). The reasoning, as Bloomberg News reported Wednesday (Feb. 19), is that DOGE (the Department of Government Efficiency) staffers have ties to Elon Musk, whose still-in-the-works payments business would be...
Top banking executives have reportedly met with Republican senators over the issue of “debanking.” That’s a term, growing increasingly popular in conservative circles of late, for when a financial institution refuses someone’s business for political reasons. As Bloomberg News reported Thursday (Feb. 13), Senate Banking Committee Chairman Tim...
Senators Bernie Sanders, I-Vermont, and Josh Hawley, R-Missouri, introduced a bill Tuesday (Feb. 4) that would cap credit card interest rates at 10%. The Sanders-Hawley bill would cap the interest rates immediately and the legislation would remain in effect for five years, the senators said...
October 10, 2022
It’s a movie that everyone in the payments industry has seen at least once: Merchants challenging the card networks over interchange. The latest attempt, spearheaded by U.S. Senators Richard Durbin (D-Ill.) and Roger Marshall (R-Kan.), is intended to pass a law that challenges the interchange fees set by Visa and Mastercard. A challenge that does […]
March 13, 2025
A stablecoin bill, the GENIUS Act, is headed to the full Senate after being advanced by an 18-6 vote in the Senate Banking Committee. The Thursday (March 13) vote puts bill on a “fast track” in the Senate, as it is a priority of President Donald Trump, Bloomberg reported Thursday. The sponsor of the bill, Sen. Bill Hagerty, R-Tenn., […]
March 07, 2025
Senate Banking Committee Chairman Tim Scott, R-S.C., has introduced a bill that would stop federal banking agencies from using reputational risk as a measure to determine regulated financial institutions’ safety and...
February 19, 2025
A pair of Senate Democrats say they want to kick DOGE out of the Consumer Financial Protection Bureau (CFPB). The reasoning, as Bloomberg News reported Wednesday (Feb. 19), is that DOGE (the Department...
February 13, 2025
Top banking executives have reportedly met with Republican senators over the issue of “debanking.” That’s a term, growing increasingly popular in conservative circles of late, for when a financial institution...
