Democrats used a hearing with Fed Chair Jerome Powell to lay the groundwork for an intraparty debate over the merits of the Senate’s regulatory relief bill.
Banking Committee Chairman Mike Crapo said he is hopeful that a bipartisan deal to roll back certain Dodd-Frank Act regulations will soon have a vote on the Senate floor.
House Chief Deputy Whip Patrick McHenry, R-N.C., said House lawmakers are having discussions with the Senate about ways to go further on rolling back Dodd-Frank before the Senate is expected to hold a floor vote.
As a bipartisan regulatory relief bill approaches the finish line in the Senate, the House has stood relatively on the sidelines. But no one expects the lower chamber to just rubber-stamp the deal.
Commenting on the consumer bureau’s enforcement practices as part of a CFPB review could help shape regulatory reforms, but it could also draw attention to a firm’s run-in with the agency.
The Treasury Department struck a middle ground in recommendations for Dodd-Frank Act wind-down powers, resisting calls to repeal those powers but still addressing concerns that they are too generous to large firms.
The Trump administration on Wednesday refrained from proposing the elimination of authority to clean up failed financial behemoths, but the Treasury Department still wants substantial reforms to the resolution powers.
The CFTC will pay the award for tips received from one person in the case, in which the bank didn’t properly disclose that it was steering asset management customers into investments that would be profitable for the bank.
While small and regional banks are pushing for a rollback of the Dodd-Frank Act, big banks are largely supportive of the 2010 financial reform law, Bank of America CEO Brian Moynihan said Thursday.
