Davis Polk partner and Financial Institutions practice co-head David Portilla’s testimony before the House Financial Services Committee was quoted in PYMNTS.

On June 24, 2026, David testified before the House Financial Services Committee at a hearing on “Future of payments: Promoting innovation and fair markets.” 

House Financial Services Committee Chairman Representative French Hill opened the policy discussion by asking David if the nation’s dual banking system still provides the right balance between innovation and oversight. He noted that state banking systems have historically functioned as laboratories for innovation, but asked whether payments have reached a scale that now requires greater national consistency.

David agreed that state regulators have fostered experimentation but noted that the current framework begins to break down once payments companies attempt to operate nationwide.

“I think that highlights the limitation of the state system,” he said. “At a certain scale, a business needs to operate nationwide under a uniform set of standards.”

When asked by Representative John Rose how Congress could encourage innovation while protecting community banks, David cited the market response to the GENIUS Act, saying the legislation demonstrated “the power of having … legislation to foster investment and innovation.”

“Stripe, Banks Tell Congress Payment Rules No Longer Fit Modern Commerce,” PYMNTS (June 26, 2026)

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