March 13, 2024

Top Lines President Biden signed into law the Consolidated Appropriations Act, 2024, a group of six spending bills, in advance of the partial government shutdown deadline. The Consolidated Appropriations Act partially funds the government through September 30, 2024, when the U.S. government’s fiscal year ends. Congress will direct attention to a second appropriations package prior […]

March 8, 2024

Top Lines The House of Representatives passed (by a vote of 339-85) the Consolidated Appropriations Act, 2024, a group of six spending bills, in advance of today’s partial government shutdown deadline. The Senate will vote on the legislation today. The Consolidated Appropriations Act partially funds the government through September 30, 2024, when the U.S. government’s […]

March 6, 2024

Top Lines The Consumer Financial Protection Bureau (CFPB) finalized its rule affecting credit card late fees, primarily for larger card issuers. The rule sets an $8 late fee safe harbor threshold for card issuers with over one million open accounts and eliminates higher fees for subsequent violations within six billing cycles. The rule also amends […]

March 1, 2024

Top Lines The House Financial Services Committee advanced five pieces of legislation out of Committee. The bills include: H.J. Res. 109, which overturns the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. SAB 121, introduced as staff-level guidance in March 2022 and implemented the following month, but later found to be a […]

February 28, 2024

Top Lines Senate Minority Leader Mitch McConnell (R-KY) announced that he will step down from his position in November. Senator McConnell has been the leader of the Senate Republican Conference since 2007 and is the longest serving Senate party leader in U.S. history. Midweek Update The U.S. Department of the Treasury (Treasury) hosted a roundtable […]

February 23, 2024

Top Lines Today, Judge Alan Albright of the U.S. District Court for the Western District of Texas presided over a hearing in which he directed the Texas Blockchain Council and Riot Platforms, a digital asset mining company, (the “Plaintiffs”) and the Department of Energy and Energy Information Administration (EIA) (the “Defendants”) to discuss the terms […]

February 21, 2024

Top Lines Acting Comptroller of the Currency Michael Hsu discussed banking and commerce, regulatory effectiveness, and financial stability in remarks at Vanderbilt University. He also offered thoughts on the potential for the Financial Stability Oversight Council’s (FSOC) recently adopted analytic framework to identify and address financial stability risks, particularly regarding payments and private credit/equity, as […]

February 16, 2024

Top Lines House Financial Services Committee Chair Patrick McHenry (R-NC) said that Republicans “have an understanding” with Ranking Member Maxine Waters (D-CA) on stablecoin legislation. The next steps are to work with stakeholders in the Biden Administration, the Federal Reserve (the Fed or FRB) and Treasury, Senate, and House of Representatives. Politico reported. Rep. McHenry also […]