Congress eyes 'too big to fail,' CFPB discrimination claims

GAO report
The first part of a GAO report a Senate Banking subcommittee reviewed in January. The panel will examine a new report Thursday.

July 30, 2014 – NAFCU will be monitoring congressional hearings this week dealing with “too big to fail,” financial products available to students and the ongoing discussions of discrimination and retaliation claims, with CFPB Director Richard Cordray slated to testify.

Cordray is set to testify this afternoon before the House Financial Services Subcommittee on Oversight and Investigations on the allegations of discrimination and retaliation at CFPB. The subcommittee has heard testimony from employees and managers at the bureau in recent months on the issue.

On Thursday, the Senate Banking Subcommittee on Financial Institutions and Consumer Protection will examine a Government Accountability Office report on expectations of government support for bank holding companies requested by subcommittee Chairman Sherrod Brown, D-Ohio, and Sen. David Vitter, R-La. Witnesses will include Lawrance Evans, GAO’s director of financial markets and community investment, and finance professors from Virginia Tech, Boston College and Stanford University.

Also on Thursday, the full Senate Banking Committee will hold a hearing on the issues and challenges associated with financial products for students.

NAFCU will also be monitoring the following hearings today:

  • in the Senate Banking Subcommittee on Housing, Transportation and Community Development, lessons learned and potential improvements to flood insurance claims by evaluating the process used in communities after Hurricane Sandy;
  • in the House Ways and Means Select Revenue Measures Subcommittee, the macroeconomics of the tax reform discussion draft from committee Chairman Dave Camp, R-Mich.;
  • in the House Judiciary Subcommittee on Courts, Intellectual Property, and the Internet, on the America Invents Act and domestic and international policy goals of the U.S. Patent and Trademark Office.

 

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