Examiners focus too much on how many suspicious activity reports banks file and too little on the true riskiness of their activities, according to lawmakers and industry representatives.
Sen. Mark Warner, D-Va., said Tuesday that policymakers need to take a hard look at cryptocurrencies. Senate Banking Chairman Mike Crapo agreed the issue was ripe for a hearing.
The Senate Banking Committee is expected to soon release a bipartisan bill that would significantly reshape the housing finance market, but key issues – and whether whatever legislation it produces can be squared with other players – remain unclear.
Dueling blockchain stories — one arguing it was virtually useless, the other saying it could change real estate lending — seized the top spots this week, while readers also focused on tax reform aftermath and a key Senate retirement.
The announcement Tuesday by Sen. Orrin Hatch that he will retire at the end of the year could have a ripple effect throughout the Senate, including the leadership of the Banking Committee.
Over the past year, the focus of several banking policymakers has been how much the regulatory pendulum might swing back toward the industry’s liking. That theme will likely continue in 2018.
A regulatory relief package is likely to come out of the Senate in the new year, and lawmakers could follow it up with a housing finance reform push. But the midterm election could cause some reform initiatives to grind to a halt.
Legislation advanced by the Senate banking panel has a good shot at passage, as long as lawmakers remain focused on helping community banks — not Wall Street.
