U.S. Senate Committee on Banking, Housing and Urban Affairs publishes Chair Tim Scott’s first-seven-months recap highlighting GENIUS stablecoin law and CFPB overdraft rule repeal

The U.S. Senate Committee on Banking, Housing and Urban Affairs released a majority update summarizing legislative, nominations and oversight activity during Chairman Tim Scott’s first seven months leading the committee. The recap highlights enactment of Banking Committee provisions in the One Big Beautiful Bill, signed into law on July 4, 2025, and President Trump’s signing of a Congressional Review Act resolution overturning the Consumer Financial Protection Bureau’s final rule on overdraft fees, alongside the July enactment of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act creating a regulatory framework for payment stablecoins. Other items cited include committee passage of the Financial Integrity and Regulation Management (FIRM) Act to remove “reputational risk” references from safety-and-soundness assessments, after which the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation and Federal Reserve announced they would stop using the measure in supervision, and unanimous advancement of the Renewing Opportunity in the American Dream (ROAD) to Housing Act of 2025. The update also lists confirmations of administration nominees including the Securities and Exchange Commission chair, the Comptroller of the Currency and the Federal Reserve’s vice chair for supervision, and describes oversight work on Federal Reserve renovation spending, proxy advisors ISS and Glass Lewis, and engagement with the Federal Housing Finance Agency on waste and mission focus; it also notes release of an initial discussion draft on digital asset market structure with a Request for Information seeking stakeholder feedback.