Cmte Financial Services (R) RSS Articles

HEARINGS NOTICE: House Financial Services Committee Schedule for September 2026

Wed, 19 Aug 2026 04:00:00 GMT

Today, the House Committee on Financial Services, led by Chairman French Hill (AR-02), announced the following Committee activity for September 2026:

Full Committee Hearing Entitled: “Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity”

Time: 10:00 AM ET

Date: Wednesday, September 2, 2026

Place: 2128 Rayburn House Office Building

Full Committee Hearing Entitled: “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System”

Time: 10:00 AM ET

Date: Tuesday, September 15, 2026

Place: 2128 Rayburn House Office Building

Markup of Various Measures

Time: 10:00 AM ET

Date: Wednesday, September 16, 2026

Place: 2128 Rayburn House Office Building

Financial Institutions Subcommittee Field Hearing Entitled: “Main Street Capital Access Act: Empowering Community Banks to Drive Economic Growth”

Time: 12:00 PM ET

Date: Friday, September 18, 2026

Place: Richmond, KY

Full Committee Hearing Entitled: “Oversight of Prudential Regulators”

Time: 10:00 AM ET

Date: Wednesday, September 23, 2026

Place: 2128 Rayburn House Office Building

Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Hearing Entitled: “Examining the Future of Central Banking”

Time: 2:00 PM ET

Date: Wednesday, September 23, 2026

Place: 2128 Rayburn House Office Building

Fraud losses for seniors have surged. They need help | Rep. Ann Wagner

Mon, 10 Aug 2026 04:00:00 GMT

Subcommittee on Capital Markets Chairman Ann Wagner (MO-02)

July 22, 2026

Fraud losses for Americans aged 60 and older surged nearly 400% between 2020 and 2024.

Rep. Ann Wagner's Financial Exploitation Prevention Act allows financial institutions to temporarily delay transactions suspected of fraud.

The bill passed the House with nearly unanimous bipartisan support last month.

For millions of seniors across this country, retirement isn’t given – it is earned through years of hard work and dedication. It is the result of overtime shifts, vacations postponed and contributions made even when budgets are tight. Retirement is the reward for decades of discipline, and for those who have made personal sacrifices to build up a nest egg, financial independence and peace of mind should be the payoff.

Unfortunately, for a growing number of seniors, this promise is under attack.

Seniors and vulnerable investors need our help, which is why I got to work and drafted the Financial Exploitation Prevention Act to give them simple and commonsense protections from fraud that has become all too commonplace and ruined too many lives.

According to the Federal Trade Commission (FTC), annual fraud losses reported by Americans aged 60 and older surged nearly 400% between 2020 and 2024, reaching almost $2.5 billion every year. One in five senior investors will fall victim to financial fraud in their lifetimes, and, in many of these cases, individual financial losses total over $100,000.

For retirees who rely on their hard-earned savings and investments to pay the bills, keep the lights on and put food on the table, fraud can be absolutely devastating. Sadly, with every day that passes, these crimes are becoming more frequent and even more sophisticated.

Bad actors have begun deploying artificial intelligence to create deepfake videos and cloned voices that can mimic trusted sources like children or grandchildren. By combining fake investment platforms with promises of exclusive offers and massive returns, fraudsters create a counterfeit legitimacy that can be nearly impossible for everyday investors to distinguish from the real thing.

The consequences for investors are real, painful, and in too many cases, irreversible.

Under current regulations, financial institutions that should be in the best position to intervene instead have their hands tied, only to watch from the sidelines as Americans are swindled out of their lifetime savings. Even if a firm recognizes and identifies a case of financial fraud, they are left with a stark choice: process a potentially fraudulent transaction, or delay and risk legal liability for not following a client’s order.

This is the opposite of how our laws should work. Regulations should empower good actors to prevent fraud, not disincentivize help when it is needed most. Firms that make a good-faith effort to protect their most vulnerable clients should not need to worry about facing punishment for doing the right thing.

This is a clear gap that needs to be addressed. And I have a solution.

My bill, H.R. 2478, the Financial Exploitation Prevention Act, allows financial institutions, including investment companies like mutual funds, to temporarily delay a transaction if they have a reasonable belief that the transaction is the result of financial exploitation.

By allowing for this pause, the bill creates a crucial window of up to 15 days that will provide the time necessary to investigate the situation and notify the appropriate authorities.

This important change gives vulnerable investors like our seniors, as well as individuals with certain disabilities, a crucial, extra layer of defense that will help preserve the hard-earned savings they have built up over decades.

This bill would also create a “safe harbor” for financial institutions that make a good faith effort to prevent exploitation. By removing the fear of litigation and the potential reputational harm that could come to the firm as a result, this legal clarity will empower the financial system to stop fraudsters in their tracks with timely, decisive action.

Finally, this bill will require the Securities and Exchange Commission to provide a report to Congress on additional legislative steps that we can take to further combat financial exploitation and fraud.

There is strong, bipartisan support for this effort. Last month, this bill passed on the House floor with a nearly unanimous vote, and now I’m working with my colleagues in the Senate to get this legislation across the finish line and to the President’s desk.

Too many Americans on both sides of the aisle know a loved one who has fallen victim to one of these schemes. There is a clear fix that has bipartisan support in both chambers of Congress. We need to get this done and protect the promise of a dignified, secure retirement.

WTAS: Financial Services Highlights Support for Committee’s Bipartisan Main Street Capital Access Act

Fri, 24 Jul 2026 04:00:00 GMT

There is strong and widespread support for the Committee’s bipartisan Main Street Capital Access Act, which passed the House on Tuesday by a bipartisan vote of 270-155-1. To date, over 100 organizations have expressed support for the bill.

For a one-pager on the bill, click here.

For a section-by-section on the bill, click here.

For more information, click here.

Here is what they are saying:

“The Main Street Capital Access Act is an important step toward modernizing the bank regulatory and supervisory framework to ensure financial institutions can better meet the needs of their customers, clients and communities while driving economic growth. We applaud Chairman French Hill and Subcommittee Chairman Andy Barr for their leadership in promoting greater efficiency, encouraging new bank formation and reducing community bank regulatory burdens and urge the House to pass this critical legislation,” said Rob Nichols, President and CEO, American Bankers Association (ABA).

Read ABA’s letter of support HERE.

“To maintain a strong and diverse banking system across Arkansas, our regulatory framework must fit the actual risk profile and size of local institutions. The Main Street Capital Access Act modernizes supervisory standards and improves access to capital so community banks can stay competitive and resilient. By supporting new bank formation and cutting through unnecessary red tape, Congressman Hill’s legislation protects local credit access for families, farmers, and entrepreneurs across every corner of our state for generations to come,” said Lorrie P. Trogden, President & Chief Executive Officer, Arkansas Bankers Association.

Read the Arkansas Bankers Association letter of support HERE.

“ICBA and the nation’s community bankers commend House passage of the Main Street Capital Access Act, which includes policies that will transform the regulatory environment to support community banking and economic growth in rural, suburban, and urban markets. We thank House Financial Services Committee Chairman French Hill and Financial Institutions Subcommittee Chairman Andy Barr for their leadership on this critical legislation and encourage the Senate to take up and pass this measure to amplify the value that community banks bring to local economies nationwide,” said Rebeca Romero Rainey, President and CEO, Independent Community Bankers of America (ICBA).

Read ICBA’s letter of support HERE.

“The Kentucky Bankers Association appreciates the efforts of Chairman Hill and Chairman Barr in advancing the Main Street Capital Access Act. The Act will allow more flexibility with keeping deposits local, tailoring regulation appropriate with a bank’s size and risk profile, and halting uncertain methods and practices in supervision, all of which significantly benefit Kentucky’s community banks and the communities they serve,” said Ballard W. Cassady, Jr., President & Chief Executive Officer, Kentucky Bankers Association.

Read the Kentucky Bankers Association letter of support HERE.

The following organizations have also expressed support for the bill:

Alabama Bankers Association, Alaska Bankers Association, America’s Credit Unions, American Fintech Council, Americans for Tax Reform, Arizona Bankers Association, Bank Policy Institute, BankPlus, California Bankers Association, Colorado Bankers Association, Commerce Street Holdings, Community Bankers of Illinois, Community Development Bankers Association, Community Development Financial Institutions Coalition, Community Financial Services Bank, Connecticut Bankers Association, Defense Credit Union Council, Delaware Bankers Association, Eagle Bank and Trust Company, Florida Bankers Association, Georgia Bankers Association, Hancock Whitney Bank, Hawaii Bankers Association, Idaho Bankers Association, Illinois Bankers Association, Independent Bankers Association of Texas, Independent Community Bankers Association, Indiana Bankers Association, International Bancshares Corporation, Iowa Bankers Association, Kansas Bankers Association, Louisiana Bankers Association, Maine Bankers Association, Maryland Bankers Association, Massachusetts Bankers Association, Michigan Bankers Association, Minnesota Bankers Association, Mississippi Bankers Association, Missouri Bankers Association, Montana Bankers Association, National Association of Home Builders, National Bankers Association, Nebraska Bankers Association, Nevada Bankers Association, New Hampshire Bankers Association, New Jersey Bankers Association, New Mexico Bankers Association, New York Bankers Association, North Carolina Bankers Association, North Dakota Bankers Association, Ohio Bankers League, Oklahoma Bankers Association, Opportunity Finance Network, Oregon Bankers Association, Pennsylvania Bankers Association, Renasant Bank, Rhode Island Bankers Association, South Carolina Bankers Association, South Dakota Bankers Association, StoneCastle Partners, Tennessee Bankers Association, Texas Bankers Association, Trust Bank, Trustmark Bank, U.S. Chamber of Commerce, Utah Bankers Association, Vermont Bankers Association, Virginia Bankers Association, Washington Bankers Association, West Virginia Bankers Association, Wisconsin Bankers Association, Wyoming Bankers Association, and Zions Bancorporation, among others

House Financial Services Committee Requests Feedback on CFPB Reform Discussion Draft

Fri, 24 Jul 2026 04:00:00 GMT

Following the recent Full Committee hearing focused on the future of the Consumer Financial Protection Bureau (CFPB), the House Committee on Financial Services is requesting feedback from the public on a discussion draft of legislation to reform the structure and powers of the CFPB.

Interested members of the public may send their comments and answers to the questions below by August 21, 2026, to fsc119@mail.house.gov.

Title I – Reforming Bureau Governance

Title I reforms the CFPB’s structure and governance. The title brings the CFPB under the congressional appropriations process, reforms the use of civil penalty funds, strengthens cost-benefit analysis and small business impact assessments for rulemakings, requires periodic retrospective reviews of major regulations, and establishes a dedicated CFPB Inspector General.

What additional structural reforms could reduce regulatory uncertainty resulting from changes in administrations and promote a more consistent, predictable, and durable framework for consumer financial regulation?
How could the CFPB improve the quality and transparency of its rulemaking process while maintaining an efficient regulatory framework?
Are there additional reforms to improve retrospective reviews of CFPB regulations to ensure outdated rules are removed?

Title II – Restoring Clarity and Procedural Fairness

Title II provides greater legal certainty by clarifying key statutory authorities, particularly the CFPB’s authority to regulate unfair, deceptive, or abusive acts or practices (UDAAP). Title II also adds procedural safeguards for enforcement actions, clarifies statues of limitations, and addresses jurisdictional boundaries involving attorneys and state-regulated insurance companies.

Are there additional statutory definitions that should be clarified to improve regulatory certainty?
What procedural safeguards best promote fairness and predictability in CFPB supervision and enforcement?
Are there additional areas where Congress should clarify the CFPB’s jurisdiction?

Title III – Promoting Innovation in Consumer Financial Markets

Title III supports innovation and consumer access to financial products and services. The Title provides clarity for certain small-dollar loan products offered by depository institutions and requires agencies to clearly distinguish non-binding guidance from legally enforceable requirements.

What regulatory barriers most limit innovation in consumer financial products and services?
Are there additional changes to regulatory frameworks that encourage more small dollar loan offerings and promote competition and consumer choice?
What further requirements help to distinguish between guidance and binding regulatory requirements?

Title IV – Promoting Effective, Predictable Supervision

Title IV modifies the CFPB’s supervisory framework by adjusting supervisory thresholds for banks and credit unions, allowing certain institutions to elect prudential regulator supervision and examination for consumer compliance, strengthening coordination among financial regulators, and tightening the CFPB’s authority to supervise nonbanks.

How can Congress further improve coordination among the CFPB, prudential regulators, and state regulators?
Are the proposed supervisory thresholds and the supervisory election framework appropriately calibrated?
Are there additional reforms that could make CFPB supervision more risk-based, efficient, and predictable?
How should Congress approach the CFPB’s supervisory and examination authorities to balance effective consumer protection with minimizing duplicative regulatory oversight?

Title V – Preventing Regulation by Enforcement?

Title V reduces reliance on the enforcement process as a means of establishing regulatory policy. The title reforms civil money penalties, market monitoring authorities, indexes regulator thresholds, and improves the CFPB’s complaint procedures.

Are there additional reforms that reduce reliance on enforcement actions to establish regulatory expectations?
How should Congress encourage voluntary compliance and self-reporting while maintaining appropriate accountability?
Are there additional reforms that would improve the CFPB’s complaint process for both consumers and financial firms?
How can Congress best protect sensitive consumer data that the CFPB possesses?

Chairman Hill, Oversight Chairman Meuser Issue Staff Report on Financial Fraud and Scams

Wed, 22 Jul 2026 04:00:00 GMT

Today, House Committee on Financial Services Chairman French Hill (AR-02) and Oversight & Investigations Subcommittee Chairman Dan Meuser (PA-09) released a staff report titled “Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams.”

Over the past year, Committee Republicans have conducted an extensive investigation into the growing threat of financial fraud and scams targeting American consumers. The report outlines the scope of the problem, examines emerging fraud trends, and provides recommendations to strengthen consumer protections, improve coordination among law enforcement and regulators, and equip financial institutions with better tools to detect and prevent fraud.

Click here to view the report.

“Financial fraud is one of the fastest-growing threats facing Americans, costing consumers and financial institutions billions of dollars each year,” said Chairman Hill. “As fraudsters become more sophisticated, we must ensure law enforcement, regulators, and financial institutions have the tools they need to stay ahead of these evolving threats. I thank Subcommittee Chairman Meuser for his leadership on this issue and his work to develop a framework that strengthens fraud prevention, improves coordination among law enforcement, regulators, and the private sector, and better protects Americans’ hard-earned money.”

“Financial fraud and scams affect everyone. From veterans and small businesses to seniors and young people, everyone is vulnerable,” said Subcommittee Chair Meuser. “As Chair of the Oversight and Investigations Subcommittee, I’ve made it a top priority to address the threat of financial fraud and scams and provide the public the tools they need to secure their finances. However, as schemes become more elaborate and are increasingly perpetrated by transnational criminal organizations, our committee and other stakeholders must remain vigilant and address threats as they evolve. Over the past several months, I have convened roundtables with stakeholders, including banks, social media firms, telecom companies, the DOJ, FBI, Attorneys General, the Fed, State Department, FTC, and FCC to identify problems and determine solutions. This report highlights the need for an all-of-ecosystem approach to include a coordinated government response. I want to thank Chairman Hill for letting the Oversight & Investigations Subcommittee spearhead this Committee-wide initiative and look forward to advocating for implementation of the report’s recommendations.”

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National Security, Illicit Finance, and International Financial Institutions Subcommittee Reviews Financial Crimes Enforcement Network Operations and Anti-Money Laundering Reforms

Wed, 22 Jul 2026 04:00:00 GMT

Yesterday, the House Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Chairman Warren Davidson (OH-08), held a hearing to examine efforts to strengthen the national anti-money laundering framework, improve FinCEN’s effectiveness, and combat illicit finance while reducing unnecessary regulatory burdens.

On FinCEN’s Fraud Prevention and Enforcement Efforts:

Full Committee Chairman French Hill (AR-02) said, “"FinCEN sits at the center of our efforts to combat money laundering, terrorist financing, fraud, scams, and other illicit financial activity that undermines our financial system.”

Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity Chairman Frank Lucas (OK-03) questioned Financial Crimes Enforcement Network Director Andrea Gacki on FinCEN’s repatriation efforts, to which she replied, “Since I last testified before this [Committee], FinCEN has interdicted $152 million and recovered $83.5 million for 381 U.S. victims. Since the program began in 2015, we have interdicted more than $1.8 billion and recovered more than $1 billion for 6,000 or more U.S. victims.”

Director Gacki said, “In support of the White House Task Force to Eliminate Fraud, and under the leadership of Secretary Bessent, FinCEN has taken decisive action to identify typologies associated with fraud schemes, including those being perpetrated by organized crime groups and transnational criminal organizations against government healthcare and other benefit programs. We have alerted financial institutions, the public, and law enforcement to these schemes; provided expert analysis of potential fraudulent activity for law enforcement; trained government stakeholders on how to use BSA data in their investigations; and issued guidance making it clear how financial institutions can share information on fraud with each other in real-time.”

On Modernizing Anti-Money Laundering Reporting Requirements:

Subcommittee Chairman Davidson said, "Every year, financial institutions file nearly 5 million suspicious activity reports, or SARs, and over 21 million currency transaction reports, CTRs, with FinCEN. These reporting thresholds have never been adjusted for inflation. Worse, GAO reports that only 5.4 percent of CTRs are even looked at by law enforcement, while BSA enforcement drives financial institutions to file copious amounts of defensive SARs that serve no meaningful law-enforcement purpose. What does all this reporting achieve? Only 1 percent of laundered proceeds are ever intercepted. And it comes with real costs – the BSA compliance reportedly costs $52 billion each year.”

Subcommittee on Financial Institutions Chairman Andy Barr (KY-06) said, “Despite FinCEN’s recognition that CTR and SARs thresholds are outdated and have produced millions of useless reports, FinCEN has consistently failed to update the thresholds.”

On Beneficial Ownership Reporting and Privacy:

Small Business Committee Chairman Roger Williams (TX-25) said, “The Biden administration's BOI reporting regulations required millions of small business owners to submit personal information to a federal database. And since taking office, the Trump administration has revised this disastrous rule, and American businesses are no longer required to submit this data. And FinCEN still holds the data collected under Biden's regulations. I, like many business owners, I'm a business owner in Texas, have concerns that large federal databases of private information present a privacy risk. If that database were ever breached or misused, the effects would be devastating for businesses across the country.”

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Chairman Hill and Subcommittee Chairman Barr Encourage Federal Reserve to Continue Streamlining Bank Merger Reviews

Wed, 22 Jul 2026 04:00:00 GMT

House Committee on Financial Services Chairman French Hill (AR-02), Subcommittee on Financial Institutions Chairman Andy Barr (KY-06), and all Subcommittee members sent a letter to Federal Reserve Vice Chair for Supervision Michelle Bowman, encouraging the Federal Reserve to continue improving the timeliness and efficiency of its review of bank merger and acquisition (M&A) applications.

In the letter, the Members emphasize that timely review of banking M&A applications promotes a stronger banking system, expands access to financial services, and provides greater certainty for banks, their employees, and customers. To that end, they encourage the Federal Reserve to implement the Office of Inspector General's recommendations, review long-pending applications, and expand its use of delegated authority to further streamline the review process.

Read the full letter here.

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Davidson: FinCEN’s Burdensome Reporting Regime Produces More Noise Than Results

Tue, 21 Jul 2026 04:00:00 GMT

Today, the House Financial Services Committee’s Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led by Subcommittee Chairman Warren Davidson (OH-08), is holding a hearing to examine FinCEN’s operations and efforts to reform costly, burdensome, and ineffective anti-money laundering and beneficial ownership reporting requirements.

Read Subcommittee Chairman Davidson's opening remarks as prepared for delivery:

" Our witness today is FinCEN Director Andrea Gacki. Director, welcome, and thank you for making time among all your travels to be with us today.

"This is the fourth hearing with the director of FinCEN, as required by Section 5336(c)(11) of the Corporate Transparency Act.

"Today provides a public forum to examine FinCEN's operations, the troubled status of the Beneficial Ownership Information reporting regime, the Anti Money Laundering Act of 2020, and the history and impact of the Bank Secrecy Act.

"The Bank Secrecy Act was enacted in 1970 to address organized crime's infiltration of our financial system. In the half-century since, it has grown into a bloated surveillance apparatus demanding endless reports without delivering proportional results.

"Every year, financial institutions file nearly 5 million suspicious activity reports, or SARs, and over 21 million currency transaction reports, CTRs, with FinCEN. These reporting thresholds have never been adjusted for inflation.

"Worse GAO reports that only 5.4 percent of CTRs are even looked at by law enforcement while BSA enforcement drives financial institutions to file copious amounts of defensive SARs that serve no meaningful law-enforcement purpose.

"What does all this reporting achieve? Only 1 percent of laundered proceeds are ever intercepted.

"And it comes with real costs – the BSA compliance reportedly costs $52 billion each year.

"That is why I was pleased to see FinCEN release its AML Program Notice of Proposed Rulemaking in April.

"While it is disappointing that the NPRM does not address CTR or SAR thresholds, and we hope you do in the final rule, this effort is a welcome attempt to shift away from check-the-box defensive compliance to recenter AML on true risk.

"Now I would like to turn to the Corporate Transparency Act. Under the Biden Administration, implementation followed the same pattern of growing the haystack of reports rather than finding the money-laundering needle.

"FinCEN issued overbroad rules that treated every mom-and-pop shop around the country as potential money launderers, forcing disclosure of personally identifiable information into a federal database that isn’t safeguarded against hacks or misuse. 30 million small businesses were required to file.

"To get a sense of how absurd this is, consider an HOA with a volunteer board and presidency that changes every few months.

"The Biden Treasury would have compelled that HOA to file personally identifiable information on all these officers, and update it every time it changed, in the off chance one of them was engaged in money laundering.

"Replicate that over the entire country and you get the sense that Big Brother is watching you.

"I am thankful that the Trump Administration has rolled this all back. And I’m grateful that my colleagues on this Committee voted to advance my Repealing Big Brother Overreach Act to codify the Administration’s rule.

"As we work on the legislation, we look forward to FinCEN finalizing the rule.

"But the BSA haystack doesn’t stop at beneficial ownership. For instance, FinCEN’s Residential Real Estate Rule would have added even more reports to its overflowing database, imposing a nationwide burden on title agents.

"It shouldn’t be hard for everyone here to agree that all these reporting requirements produce a lot of noise while burying the signal. The result is a costly and ultimately ineffective framework.

"I’m glad to see the Trump Administration taking some steps toward reform, and I hope you will ensure that they ultimately produce better outcomes for law enforcement while simultaneously reducing costs for financial institutions and the businesses and individuals who use their services."

Flood: Federal Home Loan Banks Strengthen Communities Through Liquidity and Housing Support

Tue, 21 Jul 2026 04:00:00 GMT

Today, the House Financial Services Committee is holding a Housing and Insurance Subcommittee hearing, led by Subcommittee Chairman Mike Flood (NE-01), to examine the Federal Home Loan Banks’ role in providing liquidity to financial institutions and supporting affordable housing and community development.

Read Subcommittee Chairman Flood’s opening remarks as prepared for delivery:

"Today, we will examine the dual roles of the Federal Home Loan Banks, both in providing liquidity to member institutions and their obligation to housing affordability.

"The Federal Home Loan Bank Act of 1932 created the Federal Home Loan Bank system. At the time, these institutions were created to address liquidity challenges experienced by mortgage lenders during the Great Depression.

"The eleven Federal Home Loan Banks are federally chartered cooperative financial institutions. Each Federal Home Loan Bank is privately owned and capitalized by its members, but the Federal Home Loan Bank System collectively constitutes a government-sponsored-enterprise.

"The Federal Home Loan Banks were capitalized by Treasury when they began, but they repaid that investment in 1951 and have not received direct federal financial assistance since then.

"However, the Federal Home Loan Bank System does enjoy some privileges due to its federal status. The system enjoys an implicit federal guarantee, which makes it easier for the banks to find buyers of their debt. Additionally, they are exempt from federal, state, and local taxes.

"Let’s talk about how the Federal Home Loan Banks actually provide liquidity to the market in practice:

"If a member institution requires liquidity, the Federal Home Loan Banks can provide advances, or short-term cash loans, to that member. Those loans are secured by collateral from the member institution.

"To fund these advances, the Federal Home Loan Bank system issues debt, and their debt is issued jointly—meaning that all eleven banks are liable to cover the debt together.

"That structure helps provide confidence to investors that the Federal Home Loan Banks’ debt is reliable and low-risk, driving demand for their debt.

"For member institutions, these advances can help bridge gaps with liquidity, and they can also help finance loans in the community, like mortgage loans. These advances serve as an additional funding source that provides stability in particular to community banks.

"Their mission has changed since their charter in the 1930s—most notably, they now have a requirement to provide affordable housing grants in their respective districts.

"Since 1995, the Federal Home Loan Banks are required annually to contribute 10% of their profits to affordable housing projects through what’s called the “Affordable Housing Program.” Additionally, many of the Federal Home Loan Banks contribute an additional 5% of their profits to affordable housing activities on a voluntary basis.

"These AHP grants are a large source of affordable housing development dollars. Last year, the Federal Home Loan Bank System committed more than $1.1 billion to support affordable housing and community development initiatives.

"To sum things up, the Federal Home Loan Banks serve important and related dual roles.

"They provide short-term liquidity to member institutions that can be used to provide more loans at the local level, and they provide direct assistance through grants in the Affordable Housing Program to communities across the country.

"I have seen first-hand in my district the important role of the Federal Home Loan Banks. I have found the Federal Home Loan Bank of Topeka’s housing programs to be more efficient and effective in getting capital out to communities than many other federal grant programs.

"In fact, I feel so strongly about the value of the Federal Home Loan Banks’ community development capabilities—that I have set up meetings between the Federal Home Loan Bank of Topeka and several communities in my district.

"Those meetings have helped facilitate more investment in my part of the state, and they have helped inform my view that the Federal Home Loan Banks are integral to communities across the country.

"Both of their roles, providing liquidity to member institutions and directly supporting housing, are important parts of building stronger communities.

"My goal with this hearing is to better understand how the Federal Home Loan Banks operate, and better understand what, if any, changes to their charter would improve their operations and strengthen their impact.

"I yield back."

Financial Services Committee’s Main Street Capital Access Act Passes House

Tue, 21 Jul 2026 04:00:00 GMT

Today, the U.S. House of Representatives passed H.R. 6955, the Main Street Capital Access (“Main Street”) Act, by a vote of 270-155-1. Sponsored by House Committee on Financial Services Chairman French Hill (AR-02) and Subcommittee on Financial Institutions Chairman Andy Barr (KY-06), this bill revitalizes local bank formation and ensures that community lenders can focus on serving families, small businesses, and local economies, making life more affordable for Americans and empowering Main Street.

Chairman Hill said, "As a former community banker, I've seen firsthand how community banks drive Main Street's growth. For decades, Washington has forced these institutions to operate under rules built for the largest, most systemically important banks, stifling local lending and accelerating industry consolidation. This bill fixes that. It spurs the formation of new banks, restores common-sense tailoring to bank regulation, and removes barriers that have limited lending in communities across the country. Expanding access to capital means entrepreneurs can invest, businesses can grow, and families can build wealth. I want to thank Subcommittee Chairman Andy Barr for his partnership on this bill, and I look forward to the Senate taking up this important legislation.”

Watch Chairman Hill's floor remarks here.

Financial Institutions Subcommittee Chairman Andy Barr (KY-06) said, “Community banks are the backbone of Kentucky’s economy. They help our small businesses grow, support our farmers, and give hardworking families a chance to achieve the American Dream. House Republicans are keeping our promise to make that dream more attainable by advancing a regulatory framework that expands access to capital, promotes economic growth, and strengthens Main Street. I’m grateful to Chairman French Hill for his leadership, and I’m proud the House is passing this package to support community banks and the Americans they serve.”

Watch Subcommittee Chairman Barr’s floor remarks here.

Speaker Mike Johnson (LA-04) stated, “America cannot succeed if Main Street doesn’t, and for too long, unnecessary barriers have made it harder for small businesses to receive the support they need to thrive. The Main Street Capital Access Act offers commonsense solutions by helping local lenders better serve local businesses and the communities that rely on them. I commend Chairman Hill and Rep. Barr for their leadership on this issue and look forward to this important legislation supporting communities across the nation..”

Majority Leader Scalise (LA-01) added, “When community banks thrive, American workers on Main Street thrive. House Republicans are modernizing outdated regulations that have placed costly and unnecessary burdens on community banks and credit unions. The Main Street Capital Access Act will make it easier for local lenders to serve families and small businesses, and strengthen the communities they serve. I thank Chairman French Hill, Andy Barr, and the entire House Financial Services Committee for advancing this commonsense legislation.”

Majority Whip Tom Emmer (MN-06) said, “It’s time to bring commonsense back to banking, and the Main Street Capital Access Act does just that. This legislation will right-size federal bank regulations that currently treat local and mid-sized banks the same as the largest banks in the country. By cutting unnecessary red tape and expanding access to funding, we are going to keep community banks strong. We’re also pleased to see the Keeping Deposits Local Act included in this final bill. I want to thank Chairman French Hill and Congressman Andy Barr for their work on this legislation and helping keep community banks competitive.”

House Republican Conference Chairwoman Lisa McClain (MI-09) said, “The Main Street Capital Access Act cuts unnecessary red tape, promotes competition, and ensures smaller lenders can spend more time serving their customers instead of satisfying bureaucrats. That's exactly the kind of commonsense reform Republicans are fighting for to strengthen Main Street and keep the American Dream within reach.”

Additional Committee Members took to the Floor to express their support:

Watch Committee Vice Chairman Bill Huizenga's (MI-04) remarks here.
Watch Subcommittee on Oversight and Investigations Chairman Dan Meuser's (PA-09) remarks here.
Watch Rep. Barry Loudermilk's (GA-11) remarks here.

Click here for bill text.

Click here for a section-by-section.

Click here for a one-pager.

Further Background:

On March 5, 2026, the Committee advanced the Main Street Capital Access Act by a vote of 26-16.
On January 8, 2026, the Committee hosted a fireside chat for the introduction of the Main Street Capital Access Act.
On January 7, 2026, Chairman Hill and Subcommittee Chairman Barr unveiled the Main Street Capital Access Act with every Committee Republican as an original cosponsor. The Committee also hosted a press conference on the bill.
The Committee held several hearings to develop the Main Street Capital Access Act:
On December 11, 2025, the Subcommittee on Financial Institutions held a hearing entitled “Right-Sizing the U.S. Bank Capital Framework: A Return to Tailoring, Economic Growth, and Competitiveness.”
On September 5, 2025, the Subcommittee on Financial Institutions held a hearing entitled “Promoting the Health of the Banking Sector: Reforming Resolution and Broadening Funding Access for Long-Term Resilience.”
On July 15, 2025, the Full Committee held a hearing entitled “Dodd-Frank Turns 15: Lessons Learned and the Road Ahead.”
On May 14, 2025, the Subcommittee on Financial Institutions held a hearing entitled “Enhancing Competition: Shaping the Future of Bank Mergers and De Novo Formation.”
On April 29, 2025, the Subcommittee on Financial Institutions held a hearing entitled “Regulatory Overreach: The Price Tag on American Prosperity.”
On February 5, 2025, the Subcommittee on Financial Institutions held a hearing entitled “Make Community Banking Great Again.”
During the 118th Congress, on November 14, 2024, Chairman Hill released a set of principles which outlined his vision for invigorating community banking in America.

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Hearing Entitled: “Examining the Future of Central Banking”

Wed, 23 Sep 2026 18:00:00 GMT

Click here to view the livestream of this hearing.

Hearing Entitled: “Oversight of Prudential Regulators”

Wed, 23 Sep 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Field Hearing Entitled: “Main Street Capital Access Act: Empowering Community Banks to Drive Economic Growth”

Fri, 18 Sep 2026 14:00:00 GMT

Click here to view the livestream of this hearing.

Markup of Various Measures

Wed, 16 Sep 2026 14:00:00 GMT

Click here to view the livestream of this markup.

Hearing Entitled: “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System”

Tue, 15 Sep 2026 14:00:00 GMT

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Hearing Entitled: "Strengthening the American Economy: Promoting Growth, Opportunity, and Prosperity”

Wed, 02 Sep 2026 14:00:00 GMT

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Hearing Entitled: “Oversight of the Federal Home Loan Bank System”

Tue, 21 Jul 2026 18:00:00 GMT

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Witnesses

Ms. Jill Naamane, Director, U.S. Government Accountability Office
Mr. Ryan Donovan, President and Chief Executive Officer, Council of Federal Home Loan Banks
Mr. Barry Lockard, President and Chief Executive Officer, Cornhusker Bank, on behalf of Federal Home Loan Bank of Topeka
Professor Kathryn Judge, Harvey J. Goldschmid Professor of Law, Columbia University

Legislation

H.R. _____, the Federal Home Loan Bank Mortgage Asset Modernization Act
H.R. _____, the Federal Home Loan Bank Advances as Core Funding Act
H.R. _____, the Federal Home Loan Bank Membership Clarification Act
H.R. _____, the Federal Home Loan Bank Capital Clarification Act of 2026
H.R. _____, a bill to increase the mandatory contribution amount of Federal Home Loan Banks to the Affordable Housing Program, and for other purposes

Hearing Entitled: “Oversight of the Financial Crimes Enforcement Network”

Tue, 21 Jul 2026 14:00:00 GMT

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Witnesses

Ms. Andrea Gacki, Director, Financial Crimes Enforcement Network (FinCEN)

Field Hearing Entitled: “Building the Future of Finance: How the CLARITY Act Unlocks Innovation”

Fri, 17 Jul 2026 14:00:00 GMT

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Witnesses

Ms. Sarah Aberg, Chief Legal Officer, Nova Labs Inc.
Ms. Randi Abernethy, Head of Cleraing and Group Risk, Bullish
Mr. Ryan Louvar, Chief Legal Officer, WisdomTree
Mr. Jason Somensatto, Director of Policy, Coin Center

Legislation

H.Res. 111, Expressing support for blockchain technology and digital assets
H.R. 8957, the American Reserve Modernization Act

Full Committee Hearing Entitled: “The Semi-Annual Report of the Bureau of Consumer Financial Protection”

Wed, 15 Jul 2026 14:00:00 GMT

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Witnesses

The Honorable Russell Vought, Acting Director, Consumer Financial Protection Bureau

Legislation

H.R. __, the CFPB Reform Act of 2026