Inside the Beltway

Federal Reserve Financial Services (FRFS) will be implementing its new message format for its Fedwire Funds Service on July 14. The transition coincides closely with FRFS’s recent integration of enhanced risk mitigation features into its instant payment service, FedNow. Read on »

The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, S. 1582, passed 68-30 in the Senate with bipartisan support for its aim of establishing a federal regulatory framework for U.S. dollar-backed stablecoins. Read on »

The Senate was divided over an amended budget bill provision proposing severe cuts to the Consumer Financial Protection Bureau’s annual funding ahead of its vote to pass the measure July 1, with Vice President J.D. Vance casting the tie-breaking vote. Read on »

Legislation aimed at prohibiting the use of “trigger leads” involving the sale of consumer credit information to solicit lending services to homebuyers moved a step closer to becoming law after both the Senate and House passed the Homebuyers Privacy Protection Act. Read on »

Lawmakers are being urged to support policies designed to help builders increase the production of quality, affordable housing. More than 1,000 builders, remodelers and associates of the residential construction industry brought their advocacy efforts to Washington, D.C. for the National Association of Home Builders 2025 Legislative Conference. Read on »

Community banking advocates across the country urged Senate leaders to include legislation to reduce loan interest costs for farmers, ranchers and rural homeowners in a letter endorsed by the Independent Community Bankers of America and 44 state affiliates. Read on »

The mortgage industry welcomed the passage of bipartisan legislation in the Senate prohibiting the use of “trigger leads.” The vote came shortly after nearly identical legislation passed the House Financial Services Committee with a minor amendment. Read on »

A myriad of trade advocates emphasized their support for legislation seeking to impose a widely supported prohibition on “trigger leads,” sold by credit agencies when consumers apply for residential mortgage loans, in letters to House committee leaders. Read on »

Legislation seeking to establish a clear regulatory framework for stablecoins has drawn pushback from the financial services sector over a requirement pertaining to credit card transactions. Critics claim this provision will increase fraud risk and increase credit costs. Read on »

Senators pressed the Department of Justice to investigate whether Department of Government Efficiency employees broke conflict of interest laws by cutting staffing at government agencies like the Consumer Financial Protection Bureau while holding hundreds of thousands of dollars in private companies. Read on »