Tag Archives: Senate Banking Committee

Yellen Floats Possible Regulatory Changes in Senate Testimony

On Thursday, July 13, Federal Reserve Chair Janet Yellen testified before the Senate Banking Committee. During this hearing, Chair Yellen stated that the Federal Reserve (the “Fed”) is open to modifying the threshold for designating banks as systematically important financial institutions (“SIFIs”). She reiterated that the Fed would not oppose raising the current asset threshold—which … Continue Reading

Senate Banking Committee Holds Hearing on The Role of Financial Companies in Fostering Economic Growth

On March 28, 2017, the Senate Banking Committee held a hearing entitled “Fostering Economic Growth: The Role of Financial Companies.” Sen. Mike Crapo (R-Idaho), the Chairman of the Committee, delivered opening remarks emphasizing the contribution of financial companies to the economy. He noted that smaller financial companies are underperforming compared to larger companies in part … Continue Reading

House and Senate Panels Advance SEC Proposals

On March 9, 2017, the House Financial Services Committee and Senate Banking Committee conducted their first legislative mark-ups in the new Congress and approved bipartisan bills to amend several SEC-related laws.  Observers have speculated that the simultaneous advancement of this package of bipartisan bills in both chambers may indicate that key legislators are open to … Continue Reading

Congress Attempts to Counsel Trump Concerning Removal of CFPB Director Cordray, While PHH Petition for Rehearing Remains Undecided

Today Senators Chuck Schumer (D-NY), Sherrod Brown (D-OH), Elizabeth Warren (D-MA) and others voiced their opposition to any attempt by President-elect Donald Trump to oust Richard Cordray, the current Director of the Consumer Financial Protection Bureau (“CFPB”), before Cordray’s term ends in July 2018. They also sent a letter to Cordray outlining and praising his … Continue Reading

Senate Democrats Question OCC’s Proposed FinTech Charters

As discussed in our recent client alert, in a December 2, 2016 whitepaper, the Office of the Comptroller of the Currency (“OCC”) outlined its authority under the National Bank Act to grant special-purpose charters on a case-by-case basis to financial technology (“fintech”) companies that provide services equivalent to certain traditional banking activities. In the paper, … Continue Reading
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