Senate Banking Committee Chair Sherrod Brown warned that "scammers and fraudsters have ramped up their efforts to take people’s money" through peer-to-peer payment apps, and criticized banks and financial service companies for standing "on the sidelines."
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House Financial Services Chair Patrick McHenry challenged a CFPB proposed rule to expand its regulatory authority into the market for digital consumer payments.
Federal Reserve Board Vice Chair for Supervision Michael S. Barr reviewed developments in payment system innovation and emphasized the importance of "carefully weigh[ing]" the benefits and risks of the new technologies as to stablecoins and central bank digital currencies.
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."