Banking & Finance

Road ahead: Public impeachment hearings begin
Senate set to confirm new Homeland Security secretary

The first open impeachment hearings in over 20 years begin on Wednesday. (Bill Clark/CQ Roll Call file photo)

The public phase of the House impeachment inquiry begins this week, with three witnesses set to air concerns Wednesday and Friday that President Donald Trump attempted to tie Ukrainian military aid to an investigation of former Vice President Joe Biden, a potential Democratic rival in 2020.

Much of the attention on Capitol Hill will be focused on the House Intelligence Committee as it opens up to televised questioning and testimony an investigation that so far had been conducted in a secure closed-door facility in the basement of the Capitol.

Fintech Beat explains how open banking is poised to revolutionize financial services
Open Banking 101, Ep. 28

Open banking is shaking up financial experiences for customers across the globe (iStock).

Open banking is set to shake up financial experiences for customers across the globe, enabling customers to allow third parties to access financial information needed to develop new apps and services. Fintech Beat sits down with the head of policy at Plaid, a unicorn fintech sitting in the middle of the revolution, to discuss the process of information sharing and how regulation shapes it.

House to take up CR, Export-Import Bank and voting rights legislation in November
Hoyer outlines floor schedule for November, says action on prescription drug bill delayed to December

House Majority Leader Steny Hoyer, D-Md., said Friday he’s hopeful “that we can finish our work and fully fund the government before the end of the year.” (Tom Williams/CQ Roll Call file photo)

The House will take up a stopgap funding bill, legislation to reauthorize the Export-Import Bank, and a voting rights measure in November, House Majority Leader Steny Hoyer said in a “Dear Colleague” letter Friday.

The House has been on recess this week and will return Tuesday after the Veterans Day holiday for two consecutive weeks of legislative sessions before recessing again for the week of Thanksgiving. 

Fintech Beat and FRT team up to cover all things fintech in DC
Fintech Beat, Ep. 27

An attendee at Fintech Week 2019 asks a question during a panel. (Photo by CQ Roll Call)

Brad Garlinghouse speaks to Fintech Beat about all things crypto
Fintech Beat, Ep. 25

Brad Garlinghouse (left), CEO of Ripple, sits with Chris Brummer, co-founder of Fintech Beat, at last week's Fintech Week. (Photo by CQ Roll Call)

 

Brad Garlinghouse, CEO of Ripple, sits down with Fintech Beat's Chris Brummer about the state of his company, XRP, Facebook's Libra, Cryptocurrency, and the vast universe of the regulatory unknown.

Senators seek GOP support for bill to crack down on anonymous shell companies
Bill seeks to make it harder for criminals and terrorists to hide assets and launder money

Senate Banking Chairman Mickael D. Crapo, R-Idaho, and ranking Democrat Sherrod Brown of Ohio say they are working on a version of the bill they hope can gain more GOP support than its House counterpart. (Tom Williams/CQ Roll Call file photo)

After only 25 House Republicans voted for passage of a bill that would curb the use of anonymous shell companies, the bipartisan drafters of a Senate version are negotiating tweaks designed to win more GOP support.

The House on Tuesday voted 249-173 to pass its version of the bill, sponsored by Democratic Rep. Carolyn B. Maloney of New York, after adding the text of another bill from Democratic Rep. Emanuel Cleaver of Missouri that would update the nation’s anti-money laundering laws.

Zuckerberg threatened with Facebook breakup
At hearing, lawmakers press founder and CEO over Libra cryptocurrency plan

Mark Zuckerberg arrives to testify at House Financial Services hearing on its cryptocurrency proposal. (Bill Clark/CQ Roll Call)

Duo seeks to bridge information divide in fintech industry
Group calls for using data to achieve better credit access

Kelly Thompson Cochran, deputy director of FinRegLab, left, and Melissa Koide, CEO of FinRegLab. The startup research group is credited with drawing attention to fintech's ability to improve Americans' lives. (Caroline Brehman/CQ Roll Call)

When a diverse coalition, including big banks and a civil rights group, this summer called for speedier deployment of cash-flow data to widen Americans’ access to credit, it was a little-known startup research organization that brought them together.

FinRegLab is a new Washington research group led by two women with deep ties to the financial technology industry as well as to Capitol Hill. They are credited with drawing attention to fintech’s ability to improve Americans’ lives. 

Blockchain technology may help streamline the flow of $550 billion dollars this year
Fintech Beat, Ep. 24

Remittances are poised to grow to $550 billion this year, making them the single biggest source of external funding for recipient economies, according to the World Economic Forum. More money is pumped into developing countries this way than by direct investment. But it's often costly and inefficient. Fintech, specifically blockchain technology, may be able to help.

Rise of fintech weakens law to prevent lending discrimination
The number of bank branches with a Community Reinvestment Act obligation to provide loans and other services is falling

The growth of online banking has poked some holes in the Community Reinvestment Act. (Ali Balikci/Anadolu Agency/Getty Images file photo)

As online banking threatens to make in-person banking at brick-and-mortar branches as archaic as video rental stores, it may do the same to a 1977 law created to counteract decades of underinvestment in minority neighborhoods.

The Community Reinvestment Act was Congress’ response all those years ago to redlining — the practice of discriminatory lending that denied or offered more expensive credit to minorities and the poor and led to urban blight and white flight from city centers.