Interest rates nearly took center stage in this banking testimony as Chair Yellen noted that the domestic economy is “pretty strong” and the “gradual rise in rates should not derail the housing market. Employment is going up, income is going up, and If the labor market improves, inflation will move up. December sounds incrementally more likely, but hinges on jobs reports.”
Read More »House Committee Passes Bills Aimed at Increasing Accountability of Financial Regulators
The bills were directed at improving transparency and accountability of the Financial Stability Oversight Council (FSOC), an agency created out of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010.
Read More »Bills Seeking Regulatory Relief for Main Street Are Receiving Bipartisan Support
“Throughout this Congress, we have seen examples and heard testimony about how regulatory impediments prohibit job creation, cause consolidation of community financial institutions, and decrease choices for consumers,” said Randy Neugebauer, Chairman of the Subcommittee. “Some of the proposals we have already considered have received bipartisan support.”
Read More »CFPB Reform Bills Pass in House Financial Services Committee
H.R. 1266, known as the Financial Product Safety Commission Act of 2015 and sponsored by Randy Neugebauer (R-Texas), would remove the CFPB from the Federal Reserve System and re-establish it as a stand-alone agency governed by a five-member, bipartisan commission. This bill passed the Committee by the vote of 35-24.
Read More »CFPB Will Take a ‘Diagnostic’ Approach to Those Trying to Comply With TRID
Rep. Brad Sherman (D-California) questioned Cordray on the CFPB's much anticipated TILA-RESPA Integrated Disclosure (TRID) rule, which is scheduled to go into effect on Saturday, October 3, and has left those in the mortgage industry scrambling to be compliant in time with that date despite a two-month postponement from the rule's original effective date of August 1.
Read More »House Committee Finds That Americans Are Less Free as a Result of Dodd-Frank
The hearing, titled "The Dodd-Frank Act Five Years Later: Are We More Free?" was the third in a series of hearings examining the impact of the controversial legislation on the prosperity, freedom, and financial stability of American consumers.
Read More »House Committee Passes 14 Bills, Including Regulatory Relief and Fed Reform
Among the bills that passed in the Committee were H.R. 2243, the Equity in Government Compensation Act of 2015, which was introduced in May by Ed Royce (R-California). The bill passed by a vote of 57-1.
Read More »Members of Congress & Industry Leaders Weigh In on Dodd-Frank’s Progress Thus Far
The Dodd-Frank Wall Street Reform and Consumer Protection Act's fifth anniversary was acknowledged on Tuesday, July 21, 2015, marking five years since this reform act was enacted. As Dodd-Frank turns five, congress members and industry leaders examine just how effective the reform act has been within the government agencies to which it was applied.
Read More »Fed Likely to Raise Rates By Year’s End If ‘Economy Evolves’ As Expected
In both hearings, Yellen addressed the subject of the much-anticipated federal funds range increase; Thursday before the Senate Banking Committee, she reiterated that more economic improvement, particularly in the labor market, is needed along with confidence that the objective of 2 percent inflation can be met over the medium term. She said the Federal Open Market Committee (FOMC) would determine on a meeting-by-meeting basis if progress toward that goal is sufficient enough to raise the rates.
Read More »House Subcommittee Examines Fed’s Transparency and Accountability
One of the key takeaways from the hearing, according to the Subcommittee, is that the Fed's newly granted powers under Dodd-Frank call into question whether or not the central bank's accountability to Congress, the Judicial System, and the American people.
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