As speculation persists that President-elect Donald Trump will fire Consumer Financial Protection Bureau (CFPB) Director Richard Cordray once Trump takes office, lawmakers on both sides of the aisle are pleading their respective cases as to why Cordray should either stay or go.
Read More »Industry Sounds Off on Pending Carson Hearing
The question of whether the U.S. Senate will confirm Dr. Ben Carson as the new HUD Secretary will likely be answered on Thursday, January 12. What did stakeholders in the industry have to say about how the former presidential candidate would handle the Department if he is confirmed?
Read More »Congress Grills Wells Fargo CEO Over Controversy
Wells Fargo Chairman and CEO John Stumpf sat before the Senate Banking Committee on Tuesday and profusely apologized for the controversy that has rocked all sectors of the financial industry in the last two weeks.
Read More »Bank Regulation: Is it for Better or for Worse?
Are the post-crisis liquidity regulations for banks helping the financial system, or will they lead to another crisis? it depends on whom you ask.
Read More »Congress Continues Sparring Over Dodd-Frank and CFPB
Financial reform under Dodd-Frank has taken some heat and even encountered a few setbacks lately, namely the removal of the Financial Stability Oversight Council’s “systemically important financial institution” (SIFI) from MetLife and the Consumer Financial Protection Bureau’s pending trial from PHH Corp.’s appeal of a $109 million penalty handed down last June.
Read More »Lawmakers at Odds Over CFPB Effects
Now almost five years old, the CFPB remains the subject of a heated debate among lawmakers: Is the Bureau an organization vital to the financial well-being of consumers, or is it simply a government bureaucracy that abuses its power?
Read More »Senate Subcommittee Discusses Ways to End ‘Too Big to Fail’
With many institutions still designated as "systemically important" or "too big to fail" even seven years after the financial crisis, a subcommittee of the Senate Banking Committee convened for a hearing on Wednesday to discuss ways in which bankruptcy reform could end "too big to fail."
Read More »Fed Likely to Raise Rates By Year’s End Pending Economic Improvement
Federal Reserve Chair Janet Yellen had a busy week, making semi-annual appearances before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday. In both hearings, Yellen addressed the subject of the much-anticipated federal funds range increase.
Read More »CFPB Director Questioned on Lack of Oversight by Senate Banking Committee
The director of the controversial Consumer Financial Protection Bureau (CFPB) testified before the Senate Banking Committee on the Bureau's perceived lack of oversight and accountability in a full committee hearing titled "The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress" on Tuesday.
Read More »Senators Request Information from FHFA Concerning Credit Risk Transfers
A bipartisan group of Senate Banking Committee members wrote a letter to the Federal Housing Finance Agency (FHFA) requesting that the agency expand and provide better transparency of the development of the credit risk transfer programs. These programs shift credit risk from Fannie Mae and Freddie Mac to the private sector, according to a press release.
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