Financial Services

Luetkemeyer Introduces the Secure Payments Act of 2024

| Posted in Press Releases

Today, Congressman Blaine Luetkemeyer (MO-3) introduced the Secure Payments Act of 2024 directing the Federal Reserve Board of Governors to perform a thorough economic analysis of its proposed changes to Regulation II before finalizing the rule. Specifically, the analysis must measure the impact on consumers, including access to affordable debit accounts, and a review of the primary…

Rep. Luetkemeyer Responds to CFPB Credit Card Late Fee Rule

| Posted in Press Releases

Today, Congressman Blaine Luetkemeyer (MO-03) responded the Consumer Financial Protection Bureau (CFPB) rule regarding credit card late fees. “Once again, the Biden Administration has picked campaign messaging over working families. Like nearly every action taken by the CFPB under Rohit Chopra this rulemaking will result in higher upfront costs for accessing credit and eliminate…

Blaine’s Bulletin: Demanding Due Diligence on New Debit Card Rules

| Posted in Columns

You’ve likely heard the term swipe fees or interchange fees regarding the use of debit cards and credit cards. In short, interchange fees are small fees merchants pay to card companies or banks for the ability to accept card payments and use their network. The fees cover everything from data security to points programs. For example, if you’ve ever had a fraudulent purchase show up on your…

Luetkemeyer Sounds Alarm on AI Threat, Calls for Tools to Prevent Bank Runs

| Posted in Press Releases

Today, Congressman Blaine Luetkemeyer (MO-3) raised concerns over artificial intelligence-spurred bank runs. During a House Financial Services Committee hearing, the representative referenced his proposed legislation that would create tools for banking regulators to contain crises from devastating the broader banking system. Watch the full…

Luetkemeyer Calls Out FinCEN for Targeting Law-Abiding Americans

| Posted in Press Releases

Today, Congressman Blaine Luetkemeyer (MO-3); chair of the Subcommittee on National Security, Illicit Finance, and International Financial Institutions; delivered opening remarks at the House Financial Services Committee Hearing, “Oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence (TFI)”   …

Luetkemeyer Questions Sec. Yellen on AI Risk, Oversight

| Posted in Press Releases

Today, Congressman Blaine Luetkemeyer questioned Treasury Secretary Janet Yellen on banking regulators’ lackluster efforts to prepare banking models for artificial intelligence-spurred banking crises.  Watch the full exchange HERE. Rep. Luetkemeyer: “As we saw with Silicon Valley, social media, and…

Luetkemeyer Questions Experts on Effectiveness of U.S. Sanctions

| Posted in Press Releases

Today, Chairman Blaine Luetkemeyer (MO-3) questioned trade experts as part of the Financial Services Subcommittee on National Security hearing entitled, “Better Investment Barriers: Strengthening CCP Sanctions and Exploring Alternatives to Bureaucratic Regimes.” Rep. Luetkemeyer: “We need to understand how we can curtail investment in China in a way that protects the United States as…

Luetkemeyer Leads Hearing on Nuclear Energy

| Posted in Press Releases

Today, Congressman Blaine Luetkemeyer (MO-3), chair of the Financial Services Subcommittee on National Security, Illicit Finance, and International Financial Institutions, led the hearing entitled, “International Financing of Nuclear Energy.” “Clean nuclear power, such as that produced back in my district at Ameren’s Callaway nuclear plant, accounts for over a quarter of the world’s…