Senate Banking Committee

New CEO, same drubbing for Wells on Capitol Hill


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.


Equifax, Wells and CFPB: Banking's momentous week on Capitol Hill


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.


Corker’s retirement may change GSE reform calculus


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.


Memo to Equifax CEO: Don’t follow Wells’ lead


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.


GOP undeterred on arbitration rule repeal despite Wells, Equifax


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.


Are Cordray’s political ambitions holding up reg relief bill?


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.


Equifax breach sparks congressional free-for-all


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.


Small lenders fear GSE reform would resurrect bulk discounts for big banks


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.


GOP efforts to repeal CFPB arbitration rule off to rocky start


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.


Bipartisan flood insurance reform bill unveiled by Senate Banking leaders


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