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The Week Ahead: Increasing Regulatory Oversight on Main Street America

On Tuesday, November 15, the U.S. Senate Committee on Banking, Housing, and Urban Affairs will host a Hearing titled, "Oversight of Financial Regulators: A Strong Banking and Credit Union System for Main Street," at 9:00 a.m. Central in the Dirksen Senate Office Building 538.

Witnesses scheduled to deliver their testimony before the Senate Banking Committee include the Honorable Michael S. Barr, Vice Chair for Supervision, Board of Governors of the Federal Reserve System; the Honorable Todd M. Harper, Chair, National Credit Union Administration (NCUA); the Honorable Martin J. Gruenberg, Acting Chair, Federal Deposit Insurance Corporation (FDIC); and Michael J. Hsu, Acting Comptroller, Office of the Comptroller of the Currency (OCC).

Barr took office as Vice Chair for Supervision of the Board of Governors of the Federal Reserve System on July 19, 2022 for a four-year term. He also serves as a member of the Board of Governors for an unexpired term ending January 31, 2032. Prior to his appointment, Barr was the Joan and Sanford Weill Dean of the Gerald R. Ford School of Public Policy; the Frank Murphy Collegiate Professor of Public Policy; the Roy F. and Jean Humphrey Proffitt Professor of Law at the University of Michigan Law School; and the Founder and Faculty Director of the University of Michigan's Center on Finance, Law & Policy. At the University of Michigan Law School, Barr taught financial regulation and international finance, and co-founded the International Transactions Clinic and the Detroit Neighborhood Entrepreneurs Project. He served as the U.S. Department of the Treasury's Assistant Secretary for financial institutions, 2009-2010. Under President Bill Clinton, Barr served as the Treasury Secretary's Special Assistant, as Deputy Assistant Secretary of the Treasury, as a Special Advisor to the President, and as a Special Adviser and counselor on the policy planning staff at the U.S. Department of State.

Todd M. Harper was nominated to serve on the NCUA Board on February 6, 2019. The U.S. Senate confirmed him on March 14, 2019, and he was sworn in as a member of the NCUA Board on April 8, 2019. President Joseph R. Biden, Jr., designated him as the NCUA’s twelfth Chairman on January 20, 2021.

As NCUA Board Chairman, Harper serves as a voting member of the Financial Stability Oversight Council and represents the NCUA on the Federal Financial Institutions Examination Council (FFIEC) and the Financial and Banking Information Infrastructure Committee. Prior to joining the NCUA Board, Harper served as Director of the agency’s Office of Public and Congressional Affairs and Chief Policy Advisor to former Chairmen Debbie Matz and Rick Metsger. He is the first member of the NCUA’s staff to become an NCUA Board Member and Chairman. He previously worked for the U.S. House of Representatives as Staff Director for the Subcommittee on Capital Markets, Insurance, and Government-Sponsored Enterprises; and as Legislative Director and Senior Legislative Assistant to former Rep. Paul Kanjorski (D-Pennsylvania). In these roles, he contributed to every major financial services law, from the enactment of the Gramm-Leach-Bliley Financial Services Modernization Act in 1999 through the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010.

Gruenberg has been the Acting Chairman of the FDIC Board of Directors since February 5, 2022. Since mid-2018, he has served as a member of the FDIC Board. Prior to that time, Gruenberg also served as Chairman of the FDIC, receiving Senate confirmation on November 15, 2012, for a five-year term. Gruenberg served as Vice Chairman and Member of the FDIC Board of Directors from August 2005, until his confirmation as Chairman. He served as Acting Chairman from July 2011 to November 2012, and also from November 2005 to June 2006. Gruenberg joined the FDIC Board after broad congressional experience in the financial services and regulatory areas. He served as Senior Counsel to Sen. Paul S. Sarbanes (D-MD) on the staff of the Senate Committee on Banking, Housing, and Urban Affairs from 1993-2005. He also served as Staff Director of the Banking Committee's Subcommittee on International Finance and Monetary Policy from 1987-1992. In addition, Gruenberg served as Chairman of the Federal Financial Institutions Examination Council (FFIEC) from April 2017-June 2018.

Hsu became Acting Comptroller of the Currency on May 10, 2021, upon his designation as First Deputy Comptroller by Secretary of the Treasury Janet Yellen pursuant to her authority under 12 USC 4. As Acting Comptroller of the Currency, Hsu is the administrator of the federal banking system and CEO of the OCC. The OCC ensures that the federal banking system operates in a safe and sound manner, provides fair access to financial services, treats customers fairly, and complies with applicable laws and regulations. It supervises nearly 1,200 national banks, federal savings associations, and federal branches and agencies of foreign banks that serve consumers, businesses, and communities across the U.S. and conducts approximately 70% of banking activity in the country. These banks range from community banks serving local neighborhood needs to the nation’s largest most internationally active banks. Prior to joining the OCC, Hsu served as an Associate Director in the Division of Supervision and Regulation at the Federal Reserve Board of Governors. In that role, he chaired the Large Institution Supervision Coordinating Committee Operating Committee, which has responsibility for supervising the global systemically important banking companies operating in the U.S. He co-chaired the Federal Reserve’s Systemic Risk Integration Forum, served as a member of the Basel Committee Risk and Vulnerabilities Group, and co-sponsored forums promoting interagency coordination with foreign and domestic financial regulatory agencies.

Click here for more information or to register for the Senate Banking Committee hearing, "Oversight of Financial Regulators: A Strong Banking and Credit Union System for Main Street."

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About Author: Eric C. Peck

Eric C. Peck has 20-plus years’ experience covering the mortgage industry, he most recently served as Editor-in-Chief for The Mortgage Press and National Mortgage Professional Magazine. Peck graduated from the New York Institute of Technology where he received his B.A. in Communication Arts/Media. After graduating, he began his professional career with Videography Magazine before landing in the mortgage space. Peck has edited three published books and has served as Copy Editor for Entrepreneur.com.

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