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."
The CFPB reopened the comment period on a Request for Information issued to Amazon, Apple, Facebook, Google, PayPal and Square regarding how each firm uses personal payment data and manages data access.
In a letter to the DOJ, House Financial Services Committee Ranking Member Patrick McHenry (R-NC) and Republican members of the Digital Asset Working Group asserted that the "Federal Reserve does not have the legal authority to issue a central bank digital currency ('CBDC') absent action from Congress."