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Senate Banking panel eyes 'too big to fail'
Senate Banking panel eyes 'too big to fail'
July 28, 2104 – NAFCU will monitor a Senate Banking subcommittee hearing on a Government Accountability Office report on “too big to fail” banks Thursday and a House committee mark-up tomorrow of several bills.
The Senate Banking Subcommittee on Financial Institutions and Consumer Protection will examine a GAO report requested by subcommittee Chairman Sherrod Brown, D-Ohio, and Sen. David Vitter, R-La., Thursday afternoon. 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.
Tomorrow morning, the House Financial Services Committee will mark up several measures, including:
H.R. 5018, the “Federal Reserve Accountability and Transparency Act,” which would require the Federal Reserve to do a cost-benefit analysis for any new rule;
H.R. 3240, the “Regulation D Study,” which would require a thorough GAO study to study the impact of Regulation D’s reserve requirements on depository institutions, consumers and monetary policy;
H.R. 3913, which would require agencies to make certain considerations relating to efficiency, competition and capital formation before issuing or modifying certain regulations;
H.R. 4042, the “Community Bank Mortgage Service Asset Capital Requirements Study Act,” which would delay the implementation of Basel III regulations on mortgage servicing assets until an impact study could be conducted.
NAFCU witness and Dover Federal Credit Union President and CEO David Clendaniel
in favor of H.R. 3240 and H.R. 3913 before the House Financial Services Subcommittee on Financial Institutions and Consumer Credit earlier this month, and urged the inclusion of NCUA’s risk-based capital proposal in H.R. 4042 so that a similar study could be done on the proposal’s potential impact before being implemented.
Also this week, the Senate Banking Subcommittee on Housing, Transportation, and Community Development will hold a hearing on the flood insurance claims process, and the full Banking Committee will hold a hearing on financial products for students.
"Clendaniel welcomes Reg D review, more," 7/16/14