News Topic: Senate Banking Committee

Momentum is building to replace the hard-target $50 billion asset systemic risk threshold for banks with an indicator test, but it remains unclear whether it will be enough to get Congress to act. ... Read full article

The Dodd-Frank Act’s $50 billion threshold for determining which banks are systemically important should be scrapped and replaced with an indicator test, according to the Office of Financial Research. ... Read full article

Day two of Equifax hearing focuses as much on business model as on the data breach; Fed chair again says she supports bank rules that are not "unduly burdensome." ... Read full article

Congress may soon try to limit the personal identifiable information that companies and the government can collect on consumers based on their reaction to the massive data breach at Equifax. ... Read full article

Wells Fargo CEO Tim Sloan took heat from Senate Democrats, who questioned his fitness for the job, the bank's use of mandatory arbitration clauses and even whether its charter should be revoked. ... Read full article

The week of Oct. 2 is shaping up to be a significant one for the financial services industry on Capitol Hill, as lawmakers grill the top executives of Equifax and Wells Fargo, as well as the top regulator of Fannie Mae and Freddie Mac. ... Read full article

Sen. Bob Corker has been a key voice in the housing finance reform debate. His departure at the end of next year puts a deadline of sorts on his efforts to unwind and replace Fannie Mae and Freddie Mac. ... Read full article

A year ago, then-Wells CEO John Stumpf testified before two committees. It went so poorly Stumpf later resigned and his bank is still struggling to repair the damage. Here's how Equifax CEO Richard Smith can avoid the same fate. ... Read full article

Democrats have striven to paint recent scandals at Wells Fargo and Equifax as prime examples of why a regulatory rule banning mandatory arbitration agreements should be upheld, but Republicans are not wavering on their desire to overturn it. ... Read full article

Lawmakers may feel differently about some elements in a Senate regulatory relief bill depending on whether CFPB Director Cordray is remaining in office until his term expires in July. ... Read full article

A mismatch of lawmakers from different parties and committees are wading into the aftermath of Equifax’s megabreach, with some using it to advance their policy agendas while others are calling for possible criminal prosecution. ... Read full article

The discounts that Fannie Mae and Freddie Mac used to offer large originators for selling them bulk bundles of mortgages continue to haunt small lenders, who worry a new housing finance system could revive the practice. ... Read full article

House and Senate lawmakers formally filed resolutions on Thursday to repeal the Consumer Financial Protection Bureau's arbitration rule, but there were early signs that enacting them may prove challenging. ... Read full article

Senate Banking Committee leaders are hoping to pass the bill quickly ahead of a looming deadline of Sept. 30 when the program expires. ... Read full article

The renewed debate on reforming Fannie Mae and Freddie Mac is focused on how small and midsize banks would be affected. ... Read full article

The Main Street GSE Reform Coalition offered three principles: creating a capital buffer for Fannie and Freddie, continuing with reforms by their regulator and ending the conservatorship that began in 2008. ... Read full article

The Senate is set to begin teeing up housing finance reform discussions at a Banking Committee hearing on Thursday, but many are skeptical that Congress will be able to succeed where it has failed in the past. ... Read full article

The Fed is preparing to release the results of its annual stress tests in what is likely to be the last iteration of the post-crisis supervisory program before sweeping changes are made. ... Read full article