Originally reported by OGR Washington.

After a brief pause, Congress is back in session this week for a critical three-week stretch with major implications for the Republican majority and the Biden administration's legacy.

GOP Pushes for Budget Reconciliation Amid Debt Ceiling Concerns

With fiscal year 2025 in the rearview, Republican leaders are focused on advancing a partisan budget reconciliation package. Key negotiations between House Speaker Mike Johnson and Senate Majority Leader John Thune will attempt to bridge the still-wide gap between House and Senate versions. While President Trump has pushed for passage by Memorial Day, internal party divisions—particularly around including a debt ceiling increase—could delay progress. Many GOP lawmakers remain wary of backing a debt ceiling hike without significant spending cuts.

Executive Orders and Party Dynamics

In just over two months, President Trump has signed a staggering 96 executive orders—far outpacing his first term and President Biden’s pace during his tenure. These orders touch on government efficiency, DEI, trade, and immigration. While they deliver swiftly on campaign promises, concerns are emerging among Republicans about unintended consequences. Despite this, the GOP remains relatively unified around the president’s agenda.

Democrats, on the other hand, are regrouping after pre-recess friction over support for the continuing resolution (CR). Senate Democrats helped Republicans pass the CR through September, prompting criticism from the party’s base. Democratic leaders now face pressure to deliver a compelling counter-narrative to the Republican agenda.

Trade Strategy Unfolds as April Deadline Looms

As President Trump’s reciprocal tariff deadline of April 2 approaches, Treasury Secretary Scott Bessent revealed plans to assign country-specific tariff levels—focusing on a so-called "Dirty 15" list. While some deals are reportedly in the works to avoid tariff escalation, uncertainty remains. The administration is also considering industry-specific tariffs, adding to global trade tensions. A key House Ways and Means Trade Subcommittee hearing this week will further examine American trade priorities.

House Activity: Legislative Highlights and Special Elections

Floor action in the House will be light this week due to the funeral of Rep. Raul Grijalva (D-AZ). However, behind closed doors, Ways and Means Chairman Jason Smith is preparing for reconciliation by aligning committee Republicans. The House will also move to repeal late-stage Biden administration energy efficiency rules using the Congressional Review Act and take up the Deterrent Act to tighten foreign funding disclosures for U.S. universities.

Two House seats—vacated by the deaths of Reps. Grijalva and Turner (D-TX)—have slightly narrowed the GOP majority to 218-213. While Arizona has scheduled a special election for September, Texas has yet to do so. Republicans are expected to regain ground with upcoming special elections in Florida.

Senate Focus: Budget Talks and Nominations

The Senate returns from its longest work period in 15 years and turns its attention to reconciliation strategy and sub-Cabinet nominations. Leader Thune’s top priority will be negotiating a unified budget resolution with the House, amid behind-the-scenes meetings with the Senate parliamentarian. The chamber will also vote on several nominees, including positions at the Navy, State Department, NIH, FDA, and DOJ.

The landscape of financial services in the United States is evolving rapidly, and Open Banking is at the forefront of this transformation. That’s why we’re proud to support Open Banking Expo USA 2025, an event that will bring together leaders, innovators, and policymakers to discuss the future of consumer permissioned data sharing and Open Finance.

Scheduled for June 26 in New York City, the event will serve as a critical platform for banks, credit unions, fintechs, and technology providers to explore the real-world applications of Open Banking and its impact on financial inclusion, regulatory compliance, and data security.

Mastercard Leads the Charge as Headline Partner

We’re excited to share that Mastercard has been announced as the headline partner for Open Banking Expo USA 2025. A global leader in payments innovation, Mastercard is driving the next wave of Open Banking adoption, ensuring that financial services remain secure, inclusive, and seamless for consumers and businesses alike.

Bart Willaert, EVP of Open Banking at Mastercard, emphasized the potential of Open Banking, stating:

"Open Banking is transforming financial services, and the opportunities for growth are exponential. We look forward to convening at the Expo as we work together as an ecosystem to enable innovative and secure financial experiences that responsibly support all parties."

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As an official event supporter, we encourage our community to attend Open Banking Expo USA 2025 and be part of the conversation shaping the future of finance.

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A strong bank-fintech partnership can drive innovation, but a single misstep can lead to compliance headaches and regulatory scrutiny. What’s the one factor that separates successful partnerships from those that fail? As part of the pre-conference CLE sessions at the Innovative Payments Conference (IPC) 2025, Eli Rosenberg of Baird Holm will break down the key elements of risk management, regulatory alignment, and compliance strategies that help fintechs and banks work together successfully.

In this Q&A, Eli shares insights on some of the biggest challenges in bank-fintech relationships. But to get the full picture—and the solutions you need to navigate the regulatory landscape—don’t miss his session on April 29, 2025, at IPC 2025.

What’s one challenge that makes or breaks a bank-fintech partnership? 

Communication. A bank-fintech partnership has to have a foundation of strong communication and collaboration between the bank and the fintech in order to work. Whether it’s identifying and addressing emerging risks to the program, collaborating on new initiatives, or simply status updates on review of program collateral, regular and clear communication is the foundation of a successful partnership.  

What’s one regulatory issue that fintechs often underestimate? 

Fraud. Particularly for new programs and new bank / fintech partnerships, we see fraudsters immediately try to exploit these relationships in ways that are very costly and time consuming for programs to deal with. Most consent orders for fintech partner banks center around failures in the BSA/AML and fraud prevention area. 

What’s one strategy that helps banks and fintechs align on compliance? 

I think monitoring and reporting on emerging trends and threats to a program can really help in heading off issues before they start. I’d even suggest some regular touch point for the bank and fintech to review and discuss things like fraud trends. 

What’s one question every fintech should ask before partnering with a bank? 

Is the bank set up to support me for the long haul? Many banks want to partner with fintechs, far fewer banks want to put in the time and resources necessary to successfully partner with fintechs. As time consuming, difficult, and expensive as it may be to work with a knowledgeable bank partner that is set up to support a program for the long term, it is far more costly, expensive, and nerve wracking to have to switch banks mid-stream. 

What’s one reason this session is a must-attend for anyone in payments? 

Bank and fintech partnerships are the backbone of payments in the U.S. Understanding how these partnerships are structured to succeed can be the key to a successful payments program.