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Lawmakers grill Wells Fargo CEO about scandals
Mar 12, 2019
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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 A...
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Ranking Member McHenry: Congress Created One of the Most Powerful and Unaccountable Bureaucracies Ever
Mar 7, 2019
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WASHINGTON – Today, the House Financial Services Committee held its semi-annual hearing to receive testimony from the Consumer Financial Protection Bureau (CFPB) Director, Kathy Kraninger. Republican leader of the Committee, Patrick McHenry (NC-10), began by highlighting the flawed organization of t...
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Republican Priorities Included in Financial Services Committee Views & Estimates Document
Mar 6, 2019
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WASHINGTON – Today, the House Financial Services Committee held a markup to consider and approve the views and estimates for matters within the committee’s jurisdiction for fiscal year 2020. Republican committee members offered 7 amendments to the Democrats’ proposed views, including multiple amendm...
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Republicans Press Powell on Balance Sheet & Economic Outlook
Feb 27, 2019
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WASHINGTON – Today, Federal Reserve Chairman Jerome Powell testified before the House Financial Services Committee at the semiannual hearing entitled: Monetary Policy and the State of the Economy. Republican Leader of the House Financial Services Committee, Patrick McHenry (NC-10), began by highligh...
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Financial Services Republican Leader Examines Lack of Innovation, Competition in Credit Reporting System
Feb 26, 2019
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WASHINGTON – Today, CEO’s of the three major Credit Reporting Agencies, Equifax, TransUnion, and Experian North America, testified before the House Financial Services Committee at a hearing entitled: Who's Keeping Score? Holding Credit Bureaus Accountable and Repairing a Broken System. Republican Le...
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Waters, McHenry slam`broken' credit reporting system in face-off with executives
Feb 26, 2019
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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...
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House banking panel bemoans credit bureaus' 'oligopoly'
Feb 26, 2019
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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 be...
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Republicans Push for Comprehensive Approach to Addressing Homelessness
Feb 13, 2019
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WASHINGTON – Today, the House Financial Services Committee held its first full committee hearing of the 116th Congress entitled Homeless in America: Examining the Crisis and Solutions to End Homelessness. Ranking Member Patrick McHenry (NC-10) delivered an opening statement highlighting the far-reac...
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Financial Institutions Subcommittee Examines Proposed Cannabis Banking Legislation
Feb 13, 2019
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WASHINGTON – Today, the Subcommittee on Consumer Protection and Financial Institutions held its first hearing of the 116th Congress entitled Challenges and Solutions: Access to Banking Services for Cannabis-Related Businesses to consider the Secure and Fair Enforcement (SAFE) Banking Act of 2019. Th...
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McHenry investigates Ex-Im Bank's fraud prevention efforts
Feb 7, 2019
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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 prevent...
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