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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Two House Financial Services Subcommittees considered the CFPB's latest actions on the proposed "Larger Participant Rulemaking" proposal and its proposal to limit "junk fees."
The U.S. House of Representatives passed the Expanding Access to Capital Act of 2023 in a party line vote. The bill is intended to build on the JOBS Act of 2012 by reducing the regulatory burdens on certain capital raising transactions.
Republican members of the House Financial Services Committee urged banking regulators to withdraw their Basel III Endgame proposal. The legislators argued that, as issued, the proposal "lacks justification, lacks rigorous quantitative analysis, and is procedurally flawed."
U.S. Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) introduced a bipartisan bill that would require the SEC to propose rules allowing regulated entities to deliver regulatory documents to investors using electronic delivery.