Rep. French Hill (R-AR) was recently elected to be the chair of the House Financial Services Committee, and that’s likely to be positive for the payments industry.
Rep. Hill spoke at the Institute for Portfolio Alternatives (IPA’s) annual conference in 2019, and while we need to be careful about making predictions based on anything from the pre-pandemic era, his talk does offer some clues as what we might see going forward.
At the time, Hill said that Congress needed to focus on a number of issues including:
Data aggregation and consumer use of third-party apps
Data privacy and breach notification
Developing a faster payments system
Streamlining compliance
These issues all remain relevant as we go into 2025, and they are joined by new ones including a renewed interest in cryptocurrencies and the growth of artificial intelligence.
In addition, Rep. Hill laid out some of his plans for community banking in a