More on Financial Services Committee

Jul 27, 2018

Bill Targeting Digital Currency Safeguards Advances House Committee

A measure designed to combat potential terrorist use of digital currencies advanced the House Financial Services Committee passage ... “I want to thank my colleague from Massachusetts, Rep. Stephen Lynch, for leading this legislation with me. He said it best in committee our work on the Terrorism and Illicit Finance Subcommittee is truly bipartisan, and he is exactly right. I cannot thank him and his staff enough for their support on this.”

Jun 20, 2018

Wells Fargo Exhibit A in Democrats' case against tax law

Wells Fargo was the biggest beneficiary of a law cutting corporate tax cuts, House Democrats claimed Wednesday. Rep. Stephen Lynch, D-Mass., noted that under the Republican-passed tax bill, major corporations like Wells Fargo would receive permanent cuts, while individuals are only getting temporary breaks.

Jun 14, 2018

Other American banks may have misbehaved as Wells Fargo did. Which ones?

IF THERE is a single example of how dramatically the regulatory environment has changed for American banks in the past 18 months, it may be the trickle of information that has recently emerged about an inquiry into their sales practices.

Jun 13, 2018

Regulator found 20,000 bad accounts at major banks. We still don't know which ones

The nation’s top bank regulator told members of Congress on Wednesday that his agency found about 20,000 accounts that may have been opened without customers’ authorization or had other problems during a review of the nation’s largest financial institutions prompted by the Wells Fargo & Co. scandal.

Jun 13, 2018

Feds won’t name banks that opened 20K fake accounts

Wells Fargo was not the only bank opening accounts without customer consent, a top Washington banking regulator told Congress on Wednesday. Questionable account-opening activity was uncovered at 40 major banks, the Office of the Comptroller of the Currency told a House committee at a hearing.

Apr 17, 2018

Lynch Requests Hearings on Reports that Trump Campaign Chairman Offered Top Administration Job to Banker Who Loaned Him Millions in Return

Today, Rep. Stephen F. Lynch and Rep. Maxine Waters, the Ranking Member of the House Financial Services Committee, sent a letter to Rep. Jeb Hensarling, Chairman of the Financial Services Committee, and Rep. Steve Pearce, Chairman of the Terrorism and Illicit Finance Subcommittee, requesting the Committee and Subcommittee hold hearings to examine an alleged quid pro quo arrangement between Trump campaign chairman Paul Manafort and banker Stephen Calk.

Apr 17, 2018

Volcker rule is harmful to capital markets, Fed’s top regulator says

There is no question the Volcker rule, the controversial measure to prohibit banks from trading for their own accounts, has been harmful to capital markets, said Randal Quarles, the Fed’s vice chairman for financial supervision, on Tuesday. Rep. Stephen Lynch, a Democrat of Massachusetts, said he was worried by the Fed’s plans to “streamline” the rule.

Apr 11, 2018

‘I have not burned the place down’: Trump appointee defends his leadership of consumer watchdog

Mick Mulvaney defended his leadership of the Consumer Financial Protection Bureau — an agency he once called a “joke” — in front of a House committee Wednesday, dismissing criticism from Democratic lawmakers that he was weakening the watchdog agency. “You were clearly one of the people who was most hostile to the creation and operation of the Consumer Financial Protection Bureau,” said Rep. Stephen F. Lynch (D-Mass.). “It shouldn’t come as a surprise that many on our side of aisle … would see you sort of as the fox in the henhouse."

Feb 27, 2018

Federal Reserve Chair Jerome Powell answers questions from House Financial Services Committee

In front of the House Financial Services Committee, Federal Reserve Chair Jerome Powell answers questions from Committee Chair Rep. Jeb Hensarling (R-Texas) and Rep. Stephen Lynch (D-Mass.), about IOER interest rates, and growing popularity of exchange-traded funds.

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