Category: Sherrod Brown

Senator Warns of ‘Digital-Only’ Fintech Companies Posing as Banks, People’s Money ‘At Risk’

Fintech companies that offer online banking services can be dangerous and cause users to lose their money, Sen. Sherrod Brown (D-Ohio), chairman of the U.S. Senate Committee on Banking, Housing, and Urban Affairs, warned in an interview with Business Insider. Users should be wary about fraud, privacy breaches, and hidden fees while using fintech services,…


Stablecoin Issuers and Exhanges Urged to Be Transparent on How They’re Protecting Consumers and Investors

The head of the U.S. Senate banking committee sent letters on Tuesday to stablecoin issuers and exchanges urging them to be more transparent about how they are protecting consumers and investors following multiple risks highlighted in the recent report by the President’s Working Group on Financial Markets (PWG). Sen. Sherrod Brown (D-Ohio), chair of the U.S….


Bank Regulator Nominee Tries to Detach from Her Bank Centralization Ideas During Hearing

Saule Omarova, nominated by President Joe Biden for the role of one of the top banking regulators, on Nov. 18 tried to portray her recently published proposal to centralize banking as merely an outline of one among many options to consider rather than her own preference. Her proposal, outlined in an October paper titled “The…


Senate Banking Chief Plans Bill to Address Fed Officials’ Stock Trades

The head of the U.S. Senate Banking Committee on Tuesday said he plans to introduce legislation that would ban ownership of individual stocks by Federal Reserve officials in the aftermath of revelations that two reserve bank presidents had been active investors. Democratic Senator Sherrod Brown of Ohio told Fed Chair Jerome Powell of his intent…