October 25, 2023
Top Lines Rep. Mike Johnson (R-LA) was elected Speaker of the House of Representatives on Wednesday, garnering unanimous support from Republicans. Rep. Johnson received 220 votes, and Democratic Leader Hakeem Jeffries (D-NY) received 209 votes. The White House on Monday, October 30, will host an event on “safe, secure, and trustworthy artificial intelligence,” and officials […]
October 20, 2023
Top Lines Rep. Jim Jordan (R-OH) lost an internal ballot to remain the GOP speaker nominee, hours after failing to win the speakership in a third round of floor voting on Friday. On the third ballot, 25 Republicans voted against Rep. Jordan, up from 22 in the second round and 20 in the first. Rep. […]
October 18, 2023
Top Lines The Senate voted 53-44 to approve S.J. Res. 32, a resolution overturning the implementation of the Consumer Financial Protection Bureau’s (CFPB) final rule under Section 1071 of the Dodd-Frank Act requiring lenders to report demographic data on small-business loan recipients. The House of Representatives must still act on the resolution. The White House threatened […]
FS Vector x Paul Hastings: Best Practices: Money Transmitter License Annual Renewals
October 13, 2023
Top Lines Following Majority Leader Steve Scalise (R-LA) announcing he is no longer running for Speaker of the House, House Judiciary Chairman Jim Jordan (R-OH) will run for Speaker again, after narrowly losing the nomination to Majority Leader Scalise, against Rep. Austin Scott (R-GA). End of Week Wrap Up The White House published a blog […]
October 11, 2023
Top Lines The Biden-Harris Administration announced broad new actions aimed at protecting customers from junk fees. The Federal Trade Commission (FTC) is proposing a rule that would ban businesses from charging hidden and misleading fees and require them to show the full price up front. The Consumer Financial Protection Bureau (CFPB), issued an advisory opinion […]
October 6, 2023
Top Lines Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra delivered remarks at the Brookings Institute’s event entitled “Making America’s payment system work for a digital century.” He announced that the notice of proposed rulemaking for consumer access to financial records (Section 1033 of the Dodd-Frank Act) will be released this month. The CFPB is […]
October 4, 2023
Top Lines On Tuesday, the U.S. Supreme Court held oral argument in the Community Financial Services Association of America Ltd. (CFSA) v. Consumer Financial Protection Bureau (CFPB), in which the CFSA argued that the CFPB’s “double insulated” funding structure is unconstitutional. According to reports, the Supreme Court Justices suggested they are not likely to declare […]
September 29, 2023
Top Lines The Treasury announced it released a report prepared in consultation with members of the Financial Literacy and Education Commission (FLEC), entitled “The Impact of Climate Change on American Household Finances.” Specifically, the report explores the impacts of climate hazards, i.e., climate-related events and conditions that cause harm or damage to people, property, resources, […]
September 27, 2023
Top Lines The Senate Committee on Banking voted 14-9 to advance the Secure And Fair Enforcement Regulation (SAFER) Banking Act, which would ensure that all businesses—including State-sanctioned cannabis businesses—have access to deposit accounts, insurance and other financial services, among other things. Next, the bill will head to the Senate floor where it is expected to […]