House Financial Services Committee Chair, Patrick McHenry (R-NC) reintroduced a bill to "promote innovation in financial services" by establishing Financial Services Innovation Offices (FSIO) across various agencies.
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House Financial Services Committee Chair Patrick McHenry asked the FDIC to explain its financial innovation strategy as well as the agency's examination and supervisory actions toward financial institutions and fintechs.
The House Financial Services Committee marked up legislation offered by Democrats to advance targeted reforms in response to the failures of Silicon Valley Bank, Signature Bank and First Republic Bank.
A bipartisan group of Senators on the Banking, Housing and Urban Affairs Committee revised a bill to provide that "the Federal Deposit Insurance Corporation and appropriate Federal regulators have the authority to claw back certain compensation paid to executives."
The Senate Banking Committee considered testimony on legislative options for holding bank executives and regulators accountable following the failures of Silicon Valley Bank and Signature Bank.