Financial Services

U.S Federal Reserve Urged to Create National Digital Currency for Effective Financial Policy Coinspace 10/03/19 Cryptocurrency has posed a major challenge to governments around the world, most of which are looking for means to stay on top of their game and compete favorably with the technology. The primary way to deal with this is to create a national digital fiat currency which… Read more »

Two U.S. Congressmen have written to the Federal Reserve, on the possibility of tokenizing the dollar. The Congressmen believe that such a move is inevitable. Coinspeaker 10/18/19 Even as the U.S. Congress bites down hard on Facebook and the social media giant’s grand plans of issuing its own digital currency, a recent event has corroborated the general idea that the problem with… Read more »

Fed Requested by Congress to Consider Developing a Digital Dollar Cryptoglobe 10/03/19 U.S. Federal Reserve chairman Jay Powell has been asked by two Congressmen to consider developing a national digital currency. In a letter dated September 30, French Hill, member of Congress for Arkansas, and Illinois Congressman Bill Foster, began by saying the nature of money is changing.… Read more »

Libra Labeled a ‘Monetary Threat’ By Senior US Bank Executives Crypto Currency News 10/03/19 Libra, the underfire planned cryptocurrency from Facebook (NASDAQ:FB), has been described as a monetary threat by senior US bank executives in a meeting with the Federal Reserve. Senior Bank Execs Opposed to Libra Libra has been heavily scrutinized by regulatory bodies and financial… Read more »

Developments in eCommerce, Privacy, Internet Advertising, Marketing, and Information Services Law and Policy Venable October 2019 Introduction In this issue, we cover hearings convened by the House Appropriations Subcommittee and the House Financial Services' Task Forces on Financial Intelligence and Artificial Intelligence. We report that National Institute of Standards and… Read more »

U.S. Reps. Hill, Womack vote for bill allowing banks to serve cannabis industry KNWA  9/30/19 The U.S. House of Representatives has passed a bill allowing banks to provide services to businesses in the country’s legal marijuana industry. Two of Arkansas’ four Congressmen voted for the bill, which now heads to the U.S. Senate. HR 1595, sponsored by U.S. Rep. Ed Perlmutter,… Read more »

Congress Presses Fed On Real-Time Payments Plan PYMNTS 9/27/19 The Federal Reserve’s buildup to faster payments innovation came to a head in August when it announced FedNow, its proposed real-time payments infrastructure under the draft Payments Modernization Act of 2019. Reception toward the initiative was not, however, universally positive. The U.S. House Committee on… Read more »

Advocating for Regulatory Guidance on Capitol Hill ACA International 9/26/19 ACA International advanced the accounts receivable management (ARM) industry’s advocacy message on the need for balanced regulations for consumers and businesses from the Consumer Financial Protection Bureau during a hearing with the House Financial Services Committee Thursday. Modernizing the Fair… Read more »

House Financial Services Committee Pokes Holes in Controversial Consolidated Audit Trail Financial Advisor IQ 9/25/19 SEC Commissioner Hester Peirce questioned Tuesday whether the watchdog should proceed with its planned Consolidated Audit Trail, despite Chairman Jay Clayton’s desire to avoid more delays. The CAT is a single comprehensive database expected to store an… Read more »

Debt Collection Legislative Agenda Announced for House Financial Services Committee Hearing ACA International 9/24/19 Ten legislative proposals are on the docket for discussion Thursday during a House Financial Services Committee hearing where ACA member John Bedard, owner of the Bedard Law Group, and Sarah Auchterlonie, shareholder at Brownstein Hyatt Farber Schreck, will testify… Read more »