Financial Services

Fed’s proposal for faster payments raises question of fraud
‘FedNow’ won’t be available for four years, but how will it handle unauthorized payments?

The Federal Reserve expects to launch a real-time payment service in four years. Fintech experts are already questioning how it will handle fraud. (Caroline Brehman/CQ Roll Call file photo)

The Federal Reserve’s announcement last month that it would compete with private industry to launch a 24-hour-a-day real-time payment service has fintech experts raising an alarm: How will it handle fraud, which they say is inevitable with any financial system.

The Fed’s real-time gross settlement service, to be known as “FedNow,” is not scheduled to be available for at least four more years. Yet some financial services attorneys are already pondering who should bear the loss if it processes unauthorized payments.

Fintech Beat explores the ABC's of fintech investing
Fintech Beat, Ep. 19

Stock market data growth chart graph investment finance analysis fintech financial district

Road Ahead: House to consider stopgap measure to fund government, Senate plays catch-up
Appropriations could be a focal point this week

House Majority Leader Steny H. Hoyer touted his chamber passing 10 of its annual spending bills, but final House-Senate products are nowhere in sight. (Tom Williams/CQ Roll Call file photo)

As the Senate rushes to move fiscal 2020 spending bills, the House will consider a continuing resolution to keep the government running before the Oct. 1 fiscal year deadline hits.

House Majority Leader Steny H. Hoyer said the chamber would consider a stopgap measure to fund the federal government this week.

Comedian Hasan Minhaj rankles, entertains at student debt hearing
Congressional hearings can be dry but not today

Things got a little testy between Rep. Sean Duffy, seen here, and Hasan Minhaj at Tuesday's hearing. (CQ Roll Call Screenshot)

You may not think a hearing on solving the $1.6 trillion student loan debt crisis would provide many laughs, but comedian Hasan Minhaj racked up a few, to the annoyance of some Republicans, while testifying before the House Financial Services Committee.

Tuesday’s hearing wasn’t short on tense exchanges, either, even from the jump.

Hasan Minhaj testifies at student loans hearing

Hasan Minhaj testified at a House hearing Tuesday on student loans.(Graham MacGillivray via House Financial Services Committee/CQ-Roll Call)

Comedian and host of the Netflix show “Patriot Act” Hasan Minhaj testified at a House Financial Services Committee hearing Tuesday. He was part of a five-person panel to brief lawmakers on issues with the federal student loan program. In February, Minhaj dedicated a 27-minute episode of the show to the issue.

Opening Statement: 

Term limit rules targeted by Trump aren’t tipping scale on House GOP retirements
POTUS wants to discourage retirements, but life in the minority is also a factor

President Trump blamed the wave of retirements on a GOP conference rule that term limits committee chairmen. Rep. Mike Conaway, R-Texas, is one member who said losing his top committee spot impacted his choice to not seek reelection. (Bill Clark/CQ Roll Call file photo)

President Donald Trump has an idea he thinks would quell the growing list of House Republicans who say they won’t run for another term, but the president’s proposal might not get to the root of the GOP retirements.

In a tweet early Monday, Trump urged House GOP leaders to alter conference rules to allow committee chairs (and ranking members if in the minority) to hold their posts for more than six years.

Retiring lawmakers will face tough market on K Street
‘K Street is not hungering for former members,’ senator-turned-lobbyist Norm Coleman says

In most cases, it’s congressional staff members who K Street really clamors for. (Bill Clark/CQ Roll Call file photo)

K Street recruiters are poring over the list of 21, and counting, lawmakers planning to exit Congress, but the lobbying sector may offer a shrinking supply of big-money gigs heading into the 2020 elections. 

As more House members and senators consider making their escape from Capitol Hill, the realities of the K Street economy and the well-worn revolving door will be among their considerations, say insiders at lobbying firms and downtown headhunters.

The Comptroller of the Currency
Fintech Beat, Episode 17

Joseph Otting, Comptroller of the Currency, prepares to testify during a House Financial Services Committee hearing in Rayburn Building titled "Financial Industry Regulation: the Office of the Comptroller of the Currency," on June 13, 2018. (Photo By Tom Williams/CQ Roll Call)

Fintech Beat explores the relationship between hip-hop and crypto
Fintech Beat podcast, Ep. 16

Grammy award winning hip hop star T.I. (a.k.a. Clifford Joseph Harris Jr.) talks to the media as he arrives on the "green carpet' at the 9:30 Club to participate in the Hip Hop Caucus' event to launch their get out the vote campaign on Monday, July 28, 2008.

Former Rep. Gary Ackerman faces sexual assault allegation from the 1960s
Plaintiff sued under state’s new Child Victims Act, which lifted statute of limitations for sexual abuse cases

Former Rep. Gary Ackerman, D-N.Y., faces an allegation of sexual assault in a new lawsuit. (CQ Roll Call file photo)

A man identified in court records as “John Doe” alleges in a new lawsuit that former New York Rep. Gary Ackerman sexually abused him when he was a teenager. 

The plaintiff says Ackerman exploited him in 1966 when the former Democratic congressman was a director at Ten Mile River Scout Camp, a 12,000-acre Boy Scout reserve, according to the complaint filed in the Supreme Court of the State of New York. The suit also names the camp and the Greater New York Council of the Boy Scouts of America as defendants.