House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.
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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 CFPB asserted that restrictions imposed by dominant operating systems on point-of-sale payment methods may have an "outsized effect" and hurt the development of a "truly open ecosystem."
A CFTC Order requiring the use of a designated unique product identifier and product classification system for swap recordkeeping and data reporting became effective on February 24, 2023.
The CFTC designated a unique product identifier and classification system required to be used in swap recordkeeping and reporting.