Senate Banking Committee Chair Sherrod Brown urged Cameron Fowler, the CEO of Zelle, the instant payment platform co-owned by seven "Big Banks," to clarify the firm's policies protecting consumers from scams.
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Senate Banking Committee Chair Sherrod Brown warned that "scammers and fraudsters have ramped up their efforts to take people’s money" through peer-to-peer payment apps, and criticized banks and financial service companies for standing "on the sidelines."
House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.
Senate Banking Committee Ranking Member Senator Tim Scott (R-SC) and 10 other Republican Senators urged Treasury and the Office of the U.S. Trade Representative to examine the impact of Chinese Communist Party payment networks on the U.S. financial system.
The House Financial Services Committee heard testimony from witnesses regarding the implications of the issuance of a Central Bank Digital Currency on the U.S. financial system.