Politically motivated jabs at banks risk distracting lawmakers from addressing serious threats to the U.S. economy, from China's debt bubble to Brexit, the top Republican on the House Financial Services Committee said today.
In a speech at the Chamber of Commerce, Rep. Patrick McHenry (R-N.C.) said that while the next big threat to the global economy is difficult to identify, "if we… Read more »
Republican House Financial Services Committee members called last week for meaningful reform of the National Flood Insurance Program (NFIP).
During a recent hearing focusing on the program’s reauthorization, members highlighted the need to modernize the 51-year-old initiative that continues to accumulate debt.
Rep. Patrick McHenry (R-NC) called for programmatic reforms including… Read more »
Jim Nussle, CUNA president/CEO, released the following statement after Congressman Patrick McHenry (R-NC), spoke at the 2019 Credit Union National Association Governmental Affairs Conference (CUNA GAC):
“Congressman McHenry is a leading advocate for credit unions. He works to break through the struggles we face in Washington to reach fundamental regulatory… Read more »
Michigan representatives were among the lawmakers who blasted Wells Fargo CEO Tim Sloan on Tuesday for the company's recent scandals and its response to them.
Sloan told the House Financial Services Committee that the banking company has centralized its structure, beefed up its risk management profile and revised incentive pay for retail bankers that had led to previous… Read more »
After listening to Wells Fargo CEO Tim Sloan try to convince lawmakers the bank has undergone a “transformation,” Rep. Maxine Waters (D-CA) says it’s clear the bank has “failed to clean up its act.”
Waters said she plans to reintroduce her legislation, the “Megabank Accountability and Consequences Act,” to break up big banks with a record of consumer abuse.
Waters also said regulators… Read more »
Indignation toward the credit reporting industry united the top Democrat and Republican on the House Financial Services Committee Tuesday, with both calling for the shakeup of a business dominated by three giants: Equifax, Experian and TransUnion.
Financial Services Chairwoman Maxine Waters (D-Calif.) told executives for the firms at a hearing that they treated consumers like… Read more »
WASHINGTON — Nearly two years after the massive Equifax data breach, lawmakers made clear their criticism of the credit bureau industry has not abated.
But at a hearing Tuesday where House members grilled CEOs of the largest bureaus and discussed possible reforms, lawmakers from both parties went beyond concerns about the companies' security protocols, suggesting that root of their… Read more »
Rep. Patrick McHenry (R-N.C.) today asked the Export-Import Bank for information about the agency's efforts to combat fraud.
In a letter to acting Ex-Im Bank President Jeffrey Gerrish, McHenry cited a July 2018 GAO report that made recommendations about how the agency could improve its fraud prevention efforts.
"In light of GAO's findings, the committee is concerned about the adequacy… Read more »
House Democrats armed with subpoena power are vowing to follow the Trump money trail through the German lender Deutsche Bank — a target that Republicans say they want to investigate as well.
Instead of fighting Democrats over their probe, GOP lawmakers are pursuing their own inquiry. The top Republican on the House Financial Services Committee, Rep. Patrick McHenry (R-N.C.), has asked… Read more »
The ranking GOP member of the House Financial Services Committee requested Boeing Co.BA +0.24% turn over documents about its relationship with a Chinese-backed satellite startup, adding to pressure on the aerospace giant after a Wall Street Journal investigation.
In the letter sent Thursday, Rep. Patrick McHenry told Boeing that the committee was trying to… Read more »
