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 Consumer Financial Protection Bureau is seeking comment on how to engage the public in field hearings and town hall meetings as part of a broad review of all of the bureau's processes.
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.
The full Senate will now consider the nomination of Jelena McWilliams to lead the FDIC, as well as nominees to sit on the Federal Reserve Board and the Financial Stability Oversight Council.
Treasury Secretary Steven Mnuchin said the Financial Stability Oversight Council will propose SIFI criteria before executing changes, and provided comments about the Volcker Rule, Orderly Liquidation Authority and housing finance.
Four financial trade associations sent a letter to Senate leaders touting the regulatory relief bill as "example of how our elected leaders can advance necessary solutions by working together and across the aisle."
Analysts believe a bipartisan coalition supporting limited regulatory relief will hold, but the toxic political environment and more looming budget battles to come could obstruct the banking bill's path.
Readers react to Mick Mulvaney launching a public review of the Consumer Financial Protection Bureau, weigh in on the Senate’s bill to ease some Dodd-Frank rules, opine on how the wave of GOP departures will affect banks and more.
Mark Calabria, chief economist to Vice President Mike Pence, said passage of the regulatory relief bill could be delayed as policymakers deal with other items such as budget deadlines and an infrastructure bill.
