On December 13, 2023, the Congressional Research Service issued a report titled How the Credit Card Competition Act of 2023 Could Affect Consumers, Merchants, and Banks highlighting potential issues for Congress. 

As we previously blogged, Senator Dick Durbin and Representative Lance Gooden introduced “The Credit Card Competition Act of 2023” (a/k/a Durbin 2.0) to regulate interchange fees on credit cards by requiring certain credit card issuers with over $100 billion in assets to enable at least two credit card networks on their credit cards, and at least one of those networks must be a network other than Visa and Mastercard.… Continue Reading

The Senate Banking Committee has announced that it will hold a hearing on March 12, 2019 entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress” at which CFPB Director Kraninger is scheduled to appear.

Director Kraninger is also expected to appear at the hearing of the House Financial Services Committee scheduled for March 7, 2019 entitled “Putting Consumers First?… Continue Reading

In addition to his scheduled appearance before the House Financial Services Committee this Wednesday, April 11, CFPB Acting Director Mick Mulvaney is scheduled to appear before the Senate Banking Committee this Thursday, April 12.

The hearings can be viewed on the Committees’ websites.  The official subject of both hearings is the CFPB’s recently-issued semi-annual report but Mr.… Continue Reading

The Senate Banking Committee announced that it would be holding a hearing on June 10, 2014 on the CFPB’s fifth Semi-Annual Report to Congress. CFPB Director Richard Cordray is the only witness scheduled to testify.

The hearing is expected to cover a range of topics, including the CFPB’s recent issues regarding discrimination in employee reviews, and the Senate’s recent hearings on student loans.… Continue Reading

Today, the full Senate voted (53-45) to block President Obama’s nomination of Richard Cordray as the first Director of the CFPB. Scott Brown, who is facing a challenge for his Senate seat from Elizabeth Warren, was the only Republican to vote in favor of the nomination.

The Senate’s rejection happened despite a strong push by the White House and Treasury Department.… Continue Reading