Newsroom

September 23, 2016

NAFCU watching Wells Fargo, Yellen hearings this week

NAFCU this week will closely monitor two House Financial Services Committee hearings, one on Wells Fargo's creation of more than 2 million unauthorized accounts and another on Federal Reserve Chair Janet Yellen's testimony on the Fed's role in bank supervision and regulation.

Also this week, NAFCU's regulatory affairs team will lead a webcast Thursday, "What's New and What's Next with NAFCU's Regulatory Affairs Team," delivering updates on recent rulemakings from the CFPB, NCUA and other regulators. The team will also note expected rulemakings that will affect credit unions' compliance and lending departments.

And don't forget, NAFCU's third-quarter member call-in is Wednesday, featuring industry updates from NAFCU President and CEO Dan Berger, and other senior staff. This call will include CFPB staff and will address, among other things, the Wells Fargo scandal and other important industry news. Registration is free, but required.

Thursday's hearing on Wells Fargo is expected to be much like the Senate Banking Committee hearing held Tuesday on the bank's actions. During that hearing, John Stumpf, Wells Fargo's chairman and CEO, faced hours of intense grilling and criticism.

Eight Democratic senators are now asking the Labor Department to investigate whether the Wells Fargo violated wage and working hour laws by failing to pay overtime to those working late to meet the bank's sales demands.

Yellen will give her testimony before the House Financial Services Committee Wednesday.

In other Hill activities:

  • A hearing Tuesday by the House Financial Services Committee will examine legislative proposals to address consumer access to mainstream banking services.
  • Also on Tuesday, the Senate Commerce, Science, and Transportation Committee will hold an oversight hearing on the Federal Trade Commission.

Also, presidential nominees Hillary Clinton and Donald Trump will participate in their first debate tonight. The debate is slated to begin at 9 p.m. Eastern at Hofstra University in New York.