In his first of two Capitol Hill hearings this week, Democrats hammered the acting director of the Consumer Financial Protection Bureau for ignoring what they view as the agency's core purpose.
Small financial institutions are eager to see the Senate’s reform bill signed into law, but House efforts to amend the legislation risk stalling the effort.
Momentum to overhaul the mortgage finance system had been slipping, and with Democrats divided over the Senate's banking relief bill there's virtually no chance more bipartisan deals can be worked out.
Burdensome regulation has made it hard for community institutions to operate alongside bigger rivals, leaving consumers with less choice and more expensive banking options.
One purpose of the Senate bill was for small banks to rein in skyrocketing costs, but some bankers question whether the changes will save them money, and adapting to the reforms may even increase spending.
The regulatory relief bill frees some regional banks from the tough supervision reserved for larger companies, but regulators still can subject them to onerous requirements.
With the Senate finishing its work on a regulatory relief package, a showdown in the House still looms while critics of Dodd-Frank weigh whether this is their last shot at unwinding it.
Former Rep. Barney Frank rejected concerns voiced by other Democrats that a Senate bill rolling back some provisions of the Dodd-Frank Act will fuel another financial crisis.
Unable to come to an agreement on which and how many amendments will be offered to a Dodd-Frank regulatory relief bill, the Senate will have to return next week before voting on the legislation.
