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The Next Megabank? SunTrust & BB&T CEOs Testify Before FSC
On Wednesday, the full Committee convened for a hearing
to examine the proposed merger of SunTrust and BB&T.
Click here to learn more and click here to see the Chairwoman’s
opening statement.
Tweet of the Week
House Passes Budget Deal; Waters Calls for Homelessness Funding
Following the House passage of a $2.7 trillion budget deal, Chairwoman Waters sent a letter to senior Members of the House Committee on Appropriations, applauding their recent bipartisan agreement to lift FY2020 discretionary spending limits and requesting that the additional discretionary funds provided by the agreement be used to address the ongoing homelessness crisis.
Click here to see the full text of the letter.
Weekend Reads
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Building a Sustainable and Competitive Economy
On Thursday, the Task Force on Financial Technology, chaired by
Congressman Stephen Lynch (D-MA), convened for a hearing
entitled, “Examining the Use of Alternative Data in Underwriting
and Credit Scoring to Expand Access to Credit.”
Click here to learn more about the Task Force and proposed
legislation discussed during the hearing.
Taskforce on Financial Technology Hearing Witnesses from L to R: Chi Chi Wu, National Consumer Law Center; Aaron Rieke, Upturn; Ms. Kristin Johnson, Tulane University Law School; Lawrance Evans, Government Accountability Office (“GAO”); Dave Girouard, Upstart.
Member Spotlight
Congressman David Scott (D-GA
Financial Services Legislation to Ensure Affordable Mortgages
for Veterans Signed Into Law:
On Thursday, the Protecting Affordable Mortgages for Veterans Act
of 2019, bipartisan legislation led by Rep. David Scott (D-GA) and
Rep. Lee Zeldin (R-NY), Members of the House Financial Services
Committee, was signed into law.
This legislation addresses unintended administrative complications
that resulted from implementation of Section 309 of S. 2155, the
“Economic Growth, Regulatory Relief, and Consumer Protection Act.”
“Our bill, H.R. 1988, is a bipartisan bill to correct this, and it will
preserve critical VA refinancing protections for our veterans while at
the same time allowing for these veteran loans to be securitized,
which means rolled into securities into investments into market
securities,” said Congressman Scott.
Click here to learn more.
Chairwoman's Corner
New Bill Alert: On Thursday, Chairwoman Waters, introduced H.R. 3958, The FHA Foreclosure Prevention Act of 2019, legislation that would help prevent foreclosures for borrowers with Federal Housing Administration (FHA) mortgages by strengthening requirements for and increasing oversight of FHA mortgage servicers so that every homebuyer with an FHA mortgage is given a fair chance at avoiding foreclosure.
Click here for more information.
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