Tag Archives: CFPB

Fiduciary Rule Under Scrutiny, Appropriators Continue Targeting Dodd-Frank

Legislative Activity Lawmakers Consider Dept. of Labor Proposed Fiduciary Rule Last week, the House Education and the Workforce Committee held its first hearing on the Department of Labor’s recently released Fiduciary Rule, which seeks to establish a new legal standard for brokers and require them to offer investors retirement advice that is in the investors’ best … Continue Reading

Financial Services Lawmakers Move on CFTC Reauthorization, Appropriators Push for Changes to Dodd-Frank

Legislative Activity Senate Banking Committee Likely to Let Export-Import Bank Lapse, Timing Unclear for Regulatory Relief Last week, Senate Banking Chairman Richard Shelby (R-AL) noted that he does not “see any crying-out need for a markup” of legislation to reauthorize the Export-Import Bank, making clear that he has no plans to markup the legislation that … Continue Reading

FY 2016 Labor-HHS-Education Spending Bill to be Released in Coming Weeks

Legislative Activity FY 2016 Labor-Health and Human Services (HHS)-Education Appropriations In the coming weeks, the House Appropriations Subcommittee on Labor-HHS-Education plans to release its FY 2016 appropriations bill to fund the Departments of Labor, Health and Human Services, and Education. When the draft bill is released, it will mark the first time the subcommittee has … Continue Reading

Senate Banking Committee Schedules Markup; Department of Labor Releases Fiduciary Rule

Legislative Activity Senate Banking Committee Schedules Markup on Regulatory Relief for Community and Regional Banks Chairman Richard Shelby (R-AL) has announced that the Committee will hold a markup on May 14 to consider proposals that would provide regulatory relief to community and regional banks. Despite earlier concerns to the contrary, it appears that Chairman Shelby … Continue Reading

Lawmakers to Consider Oversight of Several Agencies; SEC, CFTC to Hold Meetings

Legislative Activity Lawmakers to Consider Oversight of Several Agencies This week, both the House Financial Services Committee and the Senate Banking Committee are slated to hold several hearings focused on oversight efforts of several agencies.  The Senate Banking Committee will hold a hearing to review accountability of the Financial Stability Oversight Council (FSOC) as relates … Continue Reading

General and Financial Services Updates from the First Week of the 114th Congress

House of Representatives Leadership Speaker John Boehner (R-OH) was reelected as Speaker of the House. A small faction of the Republican Party – 25 Members – did not vote for him. As a result, two of those Members, Florida Congressmen Richard Nugent and Daniel Webster, lost their seats on the influential House Rules Committee. Scott … Continue Reading

House To Consider Amending Flood Insurance Bill & CFBP Legislative Proposals

Legislative Activity House To Consider Amending Flood Insurance Bill This Wednesday, February 26, and for the duration of the week, the House will consider amending the Homeowner Flood Insurance Affordability Act under suspension of the rules. The legislation would scale back flood insurance rate increases. According to Majority Leader Eric Cantor (R-VA), “the House will … Continue Reading

Request that New Mortgage Rules be Delayed & Bitcoin Captures Lawmakers Attention

Legislative Activity Over One Hundred Congressmen Ask for New Mortgage Rules to be Delayed On November 5, 118 House members, including 112 Republicans and six Democrats, sent a letter to Consumer Financial Protection Bureau (CFPB) Director Richard Cordray asking for the CFPB to extend the effective date of the qualified mortgage (QM) rules an additional … Continue Reading

CFPB Issues Annual Report Highlighting Concerns with Private Lenders

Legislative Activity Upcoming Hearings: Wednesday, October 30: A hearing and business meeting in the Senate Health, Education, Labor and Pensions (HELP) Committee to mark up legislation (including H.R. 2094, the School Access to Emergency Epinephrine Act) and review Department of Education nominations has been postponed until October 30. This is the second time the hearing … Continue Reading

GSEs Hold Hearing on Legislation to Further Reduce Impediments to Capital Formation

Legislative Activity This Week’s Hearings: Thursday, October 24: The House Financial Services Subcommittee on Capital Markets and Governments Sponsored Enterprises (GSEs) will hold a hearing titled “Legislation to Further Reduce Impediments to Capital Formation.” Thursday, October 24: The House Financial Services Subcommittee on Financial Institutions and Consumer Credit will hold a hearing titled “Examining Legislative … Continue Reading

Senate Nominations & SIFIs

Legislative Activity Senate Banking Committee Approves SEC, FHFA, CEA, and NCUA Nominees On July 18, the Senate Banking committee approved via voice vote the nominations of Ms. Kara Stein and Dr. Michael Piwowar to be Commissioners of Securities and Exchange Commission (SEC), of Mr. Richard Metsger to be a Member of the National Credit Union … Continue Reading