Financial Services

Impeachment news roundup: Dec. 6
Trump asks the Supreme Court to temporarily halt enforcement of another congressional subpoena for Trump’s financial records

Speaker Nancy Pelosi, D-Calif., holds her weekly news conference in the Capitol on Thursday. (Bill Clark/CQ Roll Call)

As expected, President Donald Trump asked the Supreme Court on Friday to temporarily halt the enforcement of congressional subpoenas for financial records of the president and his business from Deutsche Bank and Capital One Financial Corp.

The president filed an emergency request with the justices to halt an order from the U.S. Court of Appeals for the 2nd Circuit for “prompt” compliance with the subpoenas — at least until the court can consider Trump’s appeal.

Appropriators seek to wrap up talks this weekend
But panel members acknowledge ‘hurdles’ as Dec. 20 deadline for bill passage looms

Sen. Patrick J. Leahy, the top Democrat on the Appropriations Committee, on Thursday said he was “more enthusiastic than I was a couple of days ago” that final negotiations on spending bills could be done this weekend. (Caroline Brehman/CQ Roll Call)

Spending bill negotiators set their sights on wrapping up a year-end deal by this weekend, but they differed on how realistic that deadline might be.

With only two weeks left before current funding runs dry, appropriators are hoping to finalize work on all 12 spending bills and pass them by Dec. 20 to avoid another stopgap measure or possible government shutdown. But unless a deal comes together in the next several days, lawmakers have warned, there likely won’t be enough time to write the bills and move them through both chambers before the holiday recess.

House will proceed with articles of impeachment against Trump, Pelosi says
Pelosi instructed committee chairmen to draft articles

Speaker Nancy Pelosi announces on the Speakers Balcony in the Capitol on Thursday that she is calling on the House Judiciary Committee to proceed with articles of impeachment against President Donald Trump. (Bill Clark/CQ Roll Call)

Speaker Nancy Pelosi announced Thursday that she has asked House committee chairmen to draft articles of impeachment against President Donald Trump.

“Sadly, but with confidence and humility, with allegiance to our founders and a heart full of love for America, today I'm asking our chairmen to proceed with articles of impeachment,” Pelosi said.

Impeachment news roundup: Dec. 5
Committee leaders to meet today on next steps toward impeachment, Judiciary members prepared to work over weekend

Speaker Nancy Pelosi, D-Calif., announces Thursday that she is calling on the House Judiciary Committee to proceed with articles of impeachment against President Donald Trump. (Bill Clark/CQ Roll Call)

House Judiciary Democrats have been advised to stay in Washington this weekend for impeachment strategy sessions, but members were unclear whether they’d be huddling to prepare for a Monday hearing or to begin debating the scope of articles of impeachment.

The committee announced Thursday afternoon that it will hold a hearing at 9 a.m. Monday to receive a presentation from Intelligence Committee counsel on its impeachment inquiry report, as well as a presentation from its own counsel. Members on the panel were not clear what the Judiciary counsel would be presenting.

Washington Democratic Rep. Denny Heck not running for reelection
Heck said investigating Russian election interference and impeachment ‘have rendered my soul weary’

Rep. Denny Heck, D-Wash., is not running for reelection. (Bill Clark/CQ Roll Call file photo)

Rep. Denny Heck announced Wednesday that he is not running for reelection. The Washington Democrat, a member of the House Intelligence Committee, cited the impeachment investigation as part of the reason for his retirement.

“The countless hours I have spent in the investigation of Russian election interference and the impeachment inquiry have rendered my soul weary,” Heck wrote in a Medium post.

House pushes ‘dozen bills or none’ approach to spending talks
GOP senators express doubts as House leaders insist on finalizing appropriations by Dec. 20

Senate Appropriations Chairman Richard C. Shelby says he doubts that all 12 overdue spending bills for the current fiscal year could be finalized before the Dec. 20 deadline. (Bill Clark/CQ Roll Call)

House Democratic leaders are insisting that all 12 overdue spending bills for the current fiscal year must be finalized before any of them can reach the floor, according to sources familiar with strategy talks.

The demand for some kind of grand bargain could complicate hopes for completion of at least a portion of fiscal 2020 appropriations before stopgap funding runs dry on Dec. 20 and Congress adjourns for the winter holidays. 

Big data poses big problems for banks, experts say
Risks to security and privacy cited as products and services develop rapidly

Minnesota Rep. Tom Emmer says big data systems generate “astounding” amounts of data. “This is the future, and there’s no going back from here,” he said at a Nov. 21 hearing. (Bill Clark/CQ Roll Call file photo)

The financial services industry’s use of big data and data aggregation tools has the potential to benefit millions of consumers but also could disproportionately affect the privacy and security of vulnerable populations.

That’s the take of experts who testified to the House Financial Services Committee’s Task Force on Financial Technology last month, hoping to convince lawmakers that more attention is needed on the issue.

Proposed foreign investment scrutiny adds to fintech deal risk
New rules would expand the types of transactions that come under CFIUS jurisdiction

New foreign investment rules proposed by the Treasury Department are compounding regulatory risks for mergers and acquisitions in the global fintech market. (Bill Clark/CQ Roll Call file photo)

New foreign investment rules proposed by the U.S. Treasury Department are compounding regulatory risks for mergers and acquisitions in the global financial technology market, analysts say.

The proposed rules, which are expected to be finalized and in force by early 2020, expand the types of transactions that come under the jurisdiction of the Committee on Foreign Investment in the United States, a Treasury-led interagency panel that probes national security issues in cross-border deals.

Road ahead: Public impeachment hearings begin
Senate set to confirm new Homeland Security secretary

The first open impeachment hearings in over 20 years begin on Wednesday. (Bill Clark/CQ Roll Call file photo)

The public phase of the House impeachment inquiry begins this week, with three witnesses set to air concerns Wednesday and Friday that President Donald Trump attempted to tie Ukrainian military aid to an investigation of former Vice President Joe Biden, a potential Democratic rival in 2020.

Much of the attention on Capitol Hill will be focused on the House Intelligence Committee as it opens up to televised questioning and testimony an investigation that so far had been conducted in a secure closed-door facility in the basement of the Capitol.

Fintech Beat explains how open banking is poised to revolutionize financial services
Open Banking 101, Ep. 28

Open banking is shaking up financial experiences for customers across the globe (iStock).

Open banking is set to shake up financial experiences for customers across the globe, enabling customers to allow third parties to access financial information needed to develop new apps and services. Fintech Beat sits down with the head of policy at Plaid, a unicorn fintech sitting in the middle of the revolution, to discuss the process of information sharing and how regulation shapes it.