Senator Blumenthal's entreaty to the CFPB to investigate dispute resolution practices concerning fraud claims from Zelle users should be seen as the latest part of a continuing campaign by legislators to require banks to indemnify Zelle users who are the victims of scams. In his letter, Senator Blumenthal took issue with testimony by the three banks that own EWS and participate in the Zelle Network, describing their responses as "deflections and excuses." The bankers have been pushing…
Chair McHenry's effort to overturn President Biden's veto of H.Res. 109, which itself seeks to overturn SAB 121, is a demonstration of Republicans' determination to push back against an increasingly aggressive Securities and Exchange Commission. By trying to overturn the veto, Chairman McHenry seeks several things:
1) Place a political marker against SAB 121 to be overturned by legislation in the next Congress, should Republicans control Congress;
The GAO's decision that SAB 121 is a "rule" under the Administrative Procedure Act ("APA") was a substantial development that changed the political and legal consequences for enforcement of this SEC guidance. Congress clearly indicated its opposition to this rule by passing the Resolution of Disapproval. Now that President Biden vetoed the Resolution, the ball is back in Congress' court.
President Biden's veto is unlikely to be overturned, as that would require a two-thirds…
The Congressional Review Act is an increasingly used tool that enables Congress, on simple majority votes, to nullify recently enacted regulations by administrative agencies like the SEC. Once passed by Congress, if the President signs the Resolution of Disapproval, the agency rule is invalidated as if it never went into effect.
There are complex time constraints, known as the “lookback” period, during which Congress can invalidate a rule under this Act. It is estimated that any rule…
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Senator Blumenthal's entreaty to the CFPB to investigate dispute resolution practices concerning fraud claims from Zelle users should be seen as the latest part of a continuing campaign by legislators to require banks to indemnify Zelle users who are the victims of scams. In his letter, Senator Blumenthal took issue with testimony by the three banks that own EWS and participate in the Zelle Network, describing their responses as "deflections and excuses." The bankers have been pushing…
Chair McHenry's effort to overturn President Biden's veto of H.Res. 109, which itself seeks to overturn SAB 121, is a demonstration of Republicans' determination to push back against an increasingly aggressive Securities and Exchange Commission. By trying to overturn the veto, Chairman McHenry seeks several things:
1) Place a political marker against SAB 121 to be overturned by legislation in the next Congress, should Republicans control Congress;
…The GAO's decision that SAB 121 is a "rule" under the Administrative Procedure Act ("APA") was a substantial development that changed the political and legal consequences for enforcement of this SEC guidance. Congress clearly indicated its opposition to this rule by passing the Resolution of Disapproval. Now that President Biden vetoed the Resolution, the ball is back in Congress' court.
President Biden's veto is unlikely to be overturned, as that would require a two-thirds…
The Congressional Review Act is an increasingly used tool that enables Congress, on simple majority votes, to nullify recently enacted regulations by administrative agencies like the SEC. Once passed by Congress, if the President signs the Resolution of Disapproval, the agency rule is invalidated as if it never went into effect.
There are complex time constraints, known as the “lookback” period, during which Congress can invalidate a rule under this Act. It is estimated that any rule…