Federal Reserve Chair Jerome Powell largely hewed close to his predecessor's positions in his first congressional testimony as the top central banker, but also signaled important changes when it came to paying banks interest on reserves and other topics.
Acting CFPB Director Mick Mulvaney dismissed concerns by Sen. Elizabeth Warren, D-Mass., about his leadership of the consumer agency while supporting a lighter regulatory touch for credit unions.
Credit union executives talked up a pending regulatory relief effort while endorsing a radical shift in direction by the Consumer Financial Protection Bureau during a meeting with President Trump and other top White House officials on Monday.
The Federal Reserve Board's vice chairman for supervision said he did not foresee the agency’s regulatory review as significantly reducing capital levels.
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.
The clock starts ticking this week on a busy agenda of financial services priorities on Capitol Hill, including passing reforms to Dodd-Frank, overhauling the housing finance system and confirming key regulators.
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.
Acting Consumer Financial Protection Bureau Director Mick Mulvaney is discarding many of the policies of his predecessor but none as important perhaps as the agency's targeting of "unfair, deceptive or abusive acts or practices."
Nonbank mortgage firms are seeking formal assurance from the Consumer Financial Protection Bureau that they will not become subject to surprise audits or enforcement without involvement of a state regulator.
