Following the State of the Union speech Tuesday night, members of the House and Senate banking committees said they were intent on trying to address the biggest unresolved piece of financial services policy: housing finance reform.
Though banks are generating more revenue from interchange and annual fees, those gains have been offset by declines in income from cash advances and late fees.
Recent developments give the impression that the administration and lawmakers are in direct competition, but the ultimate framework may rely on coordination from both branches of government.
A top official at the Office of the Superintendent of Financial Institutions defended tougher underwriting rules blamed recently for a slump in the nation’s housing market, but left open the possibility that regulations could ease if conditions change.
