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U.S. Congressman Barry Loudermilk
 
  A Message from Rep. Loudermilk: Democrats continue their quest for impeachment  

 
  In the News: House Financial Services Committee Pokes Holes in Controversial Consolidated Audit Trail
  
  From Financial Advisor IQ:

"SEC Commissioner Hester Peirce questioned Tuesday whether the watchdog should proceed with its planned Consolidated Audit Trail, despite Chairman Jay Clayton’s desire to avoid more delays.

The CAT is a single comprehensive database expected to store an unprecedented amount of sensitive trade data and personally identifiable information.

National securities exchanges, Finra, alternative trading systems and broker-dealer firms will be required to submit information on trading activities to the CAT daily."

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  In the News: Republicans press Otting on 'solution' for fintechs post-Madden  
  From PoliticoPro:

House Republicans are calling on Comptroller of the Currency Joseph Otting to come up with an administrative workaround to a 2015 court decision that complicated the business model of online lenders.

In a letter to Otting, every Republican on the House Financial Services Committee told Otting that "administrative solutions" to ease the consequences of the Madden v. Midland Funding case are "available and achievable."

At issue for the lawmakers is the ability of non-bank online lenders to acquire loans from federally chartered banks. The 2015 2nd Circuit Court of Appeals ruling created new hurdles for that model by finding that the transactions did not preempt state usury laws.

In the letter led by Financial Services ranking member Patrick McHenry (R-N.C.) and Ted Budd (R-N.C.) , the lawmakers said the OCC has the authority to update its interpretation of the definition of interest under the National Bank Act "to ensure that our nation's policies governing usury laws are applied on a clear, consistent basis nationwide."

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  In the News: What Georgia lawmakers say about impeachment inquiry  
  From the AJC: 

"Barry Loudermilk, District 11, Republican

'I have thoroughly read the transcript, and I could not find anything that gives evidence to the Democrats accusations of quid pro quo or that President Trump 'pressured' the Ukrainian President to investigate anyone in return for military aide. What I did see is the President of the United States asking the President of Ukraine to work together to root out corruption in both countries, including potential interference in our elections.' Email statement, Sept. 25."

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  Social Media of the Week: Pro-Second Amendment press conference   

 
  Social Media of the Week: Rep. Loudermilk speaking at the Georgia Chamber Fly-In in Washington, D.C.   

 
Graphic of the Week: It's time to pass USMCA!

 
Graphic of the Week: Record job numbers for Georgia

From Our Constituent Services' Desk…

Georgia’s 11th Congressional District is home to a large number of federal employees. At times, we receive inquiries about a federal employee’s retirement/disability retirement process. The Office of Personnel Management (OPM) oversees federal employee issues and offers extensive information for those starting the retirement process.

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