banking-and-finance

The Building Buyer, Ep. 18
Fintech Beat explores a new way of investing in real estate.

A for sale sign advertising a row house on Constitution Avenue, NE, is pictured on Monday, August 26, 2019, in Washington D.C. (Photo By Tom Williams/CQ Roll Call)

The Comptroller of the Currency
Fintech Beat, Episode 17

Joseph Otting, Comptroller of the Currency, prepares to testify during a House Financial Services Committee hearing in Rayburn Building titled "Financial Industry Regulation: the Office of the Comptroller of the Currency," on June 13, 2018. (Photo By Tom Williams/CQ Roll Call)

Fintech Beat explores the relationship between hip-hop and crypto
Fintech Beat podcast, Ep. 16

Grammy award winning hip hop star T.I. (a.k.a. Clifford Joseph Harris Jr.) talks to the media as he arrives on the "green carpet' at the 9:30 Club to participate in the Hip Hop Caucus' event to launch their get out the vote campaign on Monday, July 28, 2008.

Elizabeth Warren is blasting Wells Fargo over fees, again
Latest criticism is over fees charged to allegedly closed accounts

Democratic presidential candidate and Sen. Elizabeth Warren is again criticizing Wells Fargo (Caroline Brehman/CQ Roll Call file photo)

Sen. Elizabeth Warren has another complaint about Wells Fargo.

This week, the Massachusetts Democrat and 2020 presidential candidate is taking issue with the bank allegedly charging fees on accounts that customers had believed to be closed.

Justice Department sides with Trump in subpoena fight
Lawmakers have not done enough to say why they need president's financial records, administration argues

President Donald Trump filed the suit seeking to prevent his accounting firm, Mazars USA, from complying with a House subpoena for his financial records. (Caroline Brehman/CQ Roll Call file photo)

The Justice Department sided with President Donald Trump on Tuesday in his fight to stop a congressional subpoena for eight years of his financial records, telling a federal appeals court that lawmakers had not done enough to say why they need the information.

“The House’s lack of responsibility is sufficient reason for this Court to declare this subpoena invalid,” the DOJ wrote in a brief in the U.S. Court of Appeals for the D.C. Circuit.

GOP senators uneasy with Fed pick on gold, deposit insurance
Questioning a return to the gold standard and eliminating federal deposit insurance

“I'm not convinced we should switch to a gold standard anytime soon,” said Sen. Patrick J. Toomey, R-Pa., (File photo by Bill Clark/CQ Roll Call)

Republican senators have expressed concerns about Judy Shelton, one of President Donald Trump’s picks for the Federal Reserve Board, over her support for a return to the gold standard and eliminating federal deposit insurance, but, so far, are holding back from publicly opposing her nomination.

Trump tweeted his intention in early July to nominate Shelton and Christopher Waller to the two vacant seats on the seven-member Fed board. Waller, an economist at the Federal Reserve Bank of St. Louis, is seen by most observers as a conventional pick, but Shelton’s decades-long advocacy for resurrecting the Bretton Woods monetary system has put her at odds with most economists and some Republican senators. The system pegged the dollar to the price of gold and other currencies to the dollar.

Capital One hack gets attention of Senate panel, New York AG
The breach affects at least 100 million Americans and 6 million Canadians, according to the company

Senate Banking Chairman Mike Crapo said he and Letitia James, New York state Attorney General, will probe the Capital One data breach that the company reported late Monday. (Caroline Brehman/CQ Roll Call)

Senate Banking Chairman Michael D. Crapo and New York state Attorney General Letitia James said they will probe the data breach suffered by credit card issuer Capital One, which the company reported late Monday.

“I have concerns about all aspects of this,” Crapo said about the Capital One breach during a Tuesday morning hearing on cryptocurrencies. “We want to understand how this happened, how other breaches happened ... and we want to know how vulnerabilities [appear] in systems and figure out what we must do to deal with them at a policy level. I don’t have answers yet, but yes, we need to figure that out and we do have concerns about those vulnerabilities.”

Facebook’s currency plan makes fintech a tough sell in Congress
Some members are conflating disdain for Facebook with other, more vital fintech innovation, Schweikert says

House Financial Services Chairwoman Maxine Waters has criticized Facebook’s new cryptocurrency offering, Libra, calling it an “unchecked expansion” into the lives of the company’s users. (Tom Williams/CQ Roll Call)

Members of Congress who support the development of new financial technologies say their job might have gotten tougher after Facebook announced its plan to issue a cryptocurrency.

Lawmakers used hearings in both chambers this month to roundly censure Facebook’s proposed Libra, which the social media company says could provide financial services to people who can’t rely on banks.

Lawmakers hint at regulatory models for Facebook cryptocurrency
Libra: ‘Which is it, fish or fowl?’

“This looks exactly like an exchange-traded fund,” said Rep. Jim Himes, D-Conn., (File photo by Bill Clark/CQ Roll Call)

House members suggested Wednesday that Facebook Inc.‘s proposed cryptocurrency could be deemed an exchange-traded fund, a currency or a commodity, all of which could require some degree of regulatory oversight.

“What we’re struggling with is: What are you?” said Democratic Colorado Rep. Ed Perlmutter summing up a four-hour House Financial Services Committee grilling of a company executive about the proposed cryptocurrency known as Libra.

Debt limit may be reached before end of August recess, Mnuchin says
Treasury secretary formally notified Congress of the uncertainty on Friday

Treasury Secretary Steven Mnuchin said the debt limit may be breached before Congress gets back from August recess. (Tom Williams/CQ Roll Call file photo)

Treasury Secretary Steven Mnuchin put his request on paper for Congress to act on the debt ceiling before the August recess, writing to congressional leaders Friday that there’s a chance Treasury could run out of cash in early September.

“Since there is a reasonable uncertainty in projecting government cash flows, it is impossible to identify precisely how long extraordinary measures will last,” Mnuchin wrote in his four-sentence letter, referencing accounting maneuvers Treasury can engage in to carve out room under the $22 trillion debt limit.