A bipartisan group of U.S. Senators urged the FDIC to grant "fair consideration" of applications for deposit insurance made by industrial loan companies and voiced their opposition to regulatory actions that target lawful ILC applications.
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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 Congressional Research Service compiled and organized a list of its prior published reports on legal issues related to regulating major technology companies.
The OCC Acting Deputy for the Office of Financial Technology Donna Murphy testified on the agency's "analysis and evaluation of financial technology innovations, trends, emerging risks, and implications for OCC’s supervised banks."
In its Semiannual Risk Perspective, the OCC reported increased credit, market, operational and compliance risks during the first half of 2023.