News & Analysis as of

Senate Banking Committee

PHH files supplemental response to CFPB’s rehearing petition; opposes state AGs’ motion to intervene

by Ballard Spahr LLP on

This past Friday, PHH filed a supplemental response to the CFPB’s petition for en banc rehearing and a response opposing the motion filed by Democratic Attorneys General of 16 states and the District of Columbia to intervene...more

Democratic lawmakers, consumer advocacy groups seek to intervene in PHH appeal

by Ballard Spahr LLP on

This past Monday, the Democratic Attorneys General of 16 states and the District of Columbia filed a motion with the D.C. Circuit seeking to intervene in the PHH appeal. Today, two more motions to intervene were filed. One...more

President Trump, the Ex-Im Bank and Aircraft Finance

by Holland & Knight LLP on

The Export-Import Bank of the United States has been embroiled in a considerable amount of political controversy in recent years. Created in 1934 by a presidential executive order to finance and facilitate the export of U.S....more

Who is Responsible for a Company’s Mood in the Middle? – the Wells Fargo Fiasco

by Michael Volkov on

Wells Fargo’s cultural tone is not easily segregated between “top,” “middle” and “bottom.” Despite the recent cross-selling scandal, in which the CFPB led an enforcement action whose fines total a whopping $185 million,...more

Wells Fargo Week: Part V – Compliance is the Answer

by Thomas Fox on

I want to end this week’s review of the Wells Fargo scandal by considering what is at issue and what is at stake in this imbroglio. Unlike a Foreign Corrupt Practices Act (FCPA) violation, Wells Fargo paid the relatively...more

Wells Fargo Week: Part IV – Senior Management, the Board and Corporate Governance Issues

by Thomas Fox on

At least he fessed up that it was not the (non) rogue 5,300 employees that were responsible for defrauding Wells Fargo customers. At the Senate Banking Committee hearing, held on Tuesday 20th September, Wells Fargo Chief...more

Your daily dose of financial news - The Brief – 9.21.16

by Robins Kaplan LLP on

Testifying before the Senate Banking Committee yesterday, Wells Fargo CEO John Stumpf admitted that the illegal sham-account-creation activity at the heart of its recent SEC fine may have begun earlier than first reported....more

Wells Fargo Week, Part III-the Bank Knew All Along

by Thomas Fox on

You know it is going to be a very bad day when, as a company’s Chief Executive Officer (CEO), you receive a letter asking the following, “Specifically, the committee should thoroughly examine this issue, including: How it is...more

Senators Ask Banking Agencies to Outline FinTech Oversight

by Morrison & Foerster LLP on

On July 21, 2016, Senators Sherrod Brown (D-Ohio) and Jeff Merkley (D-Ore.) sent a letter to the heads of five federal agencies requesting that they outline the steps they are taking to “ensure effective oversight” of the...more

US Consumer Financial Protection Bureau Director Richard Cordray Presents Agency's Semi-Annual Report to Congress

by Shearman & Sterling LLP on

US Consumer Financial Protection Bureau Director Richard Cordray presented the CFPB’s Semi-Annual Report at a hearing before the Senate Committee on Banking, Housing and Urban Affairs. Under the Dodd-Frank Wall Street Reform...more

Financial Services Weekly News - April 2016 #2

by Goodwin on

Regulatory Developments - Cordray Testifies before Senate Banking Committee - On April 7, Consumer Financial Protection Bureau (CFPB) Director Richard Cordray testified before the Senate Banking Committee during the...more

Director Cordray defends CFPB positions in appearance before Senate Banking Committee; comments on small business lending and...

by Ballard Spahr LLP on

Much of Director Cordray’s testimony in his appearance before the Senate Banking Committee yesterday consisted of his predictable defense of various CFPB positions. While the hearing was much less contentious than last...more

Director Cordray to appear before Senate Banking Committee on April 7

by Ballard Spahr LLP on

Director Cordray is scheduled to appear before the Senate Banking Committee on April 7, 2016 for a hearing entitled “The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress.” (The CFPB’s most recent...more

Dodd-Frank Act Criticized at American Bankers' Association Conference

by Shearman & Sterling LLP on

At an American Bankers’ Association Conference in Washington, DC, US Senate Banking Committee Chairman Richard Shelby and US House of Representatives Financial Services Committee Chairman Jeb Hensarling both raised concerns...more

Senators ask President to Appoint NARAB Board Members

by Locke Lord LLP on

Seven members of the Senate Banking Committee sent a letter to President Obama on December 15th requesting an update on when the thirteen nominations for the Board of Directors of the National Association of Registered Agents...more

Cordray’s Appearance Before Senate Banking Committee Renews Debate on CFPB Restructuring Proposals

Consumer Financial Protection Bureau (CFPB) Director Richard Cordray appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs on Wednesday, July 15, 2015....more

Democrats release alternative regulatory relief bill

by Ballard Spahr LLP on

Democrats on the Senate Banking Committee have released a regulatory relief bill intended to be an alternative to the bill released by Senator Richard Shelby. While Senator Shelby’s bill is entitled the “Financial Regulatory...more

Senate Finance Committee Holds Hearing Regarding Medicare Appeals Backlog

by King & Spalding on

On April 28, 2015, the Senate Finance Committee held a hearing titled “Creating a More Efficient and Level Playing Field: Audit and Appeals Issues in Medicare.” The hearing included testimony from Office of Medicare Hearings...more

Blog: Will Congress Shorten The 10-Day Window Applicable To Filing Schedule 13D?

by Cooley LLP on

Several public watchdog organizations have sent a letter to the leaders of two congressional committees urging that Congress take action to shorten the 10-day filing period applicable to Schedule 13D....more

Senate Banking Committee to hold April 16 hearing on mortgage credit availability

by Ballard Spahr LLP on

On April 16, 2015, the Senate Committee on Banking, Housing and Urban Affairs will conduct a hearing entitled, “Regulatory Burdens to Obtaining Mortgage Credit.” The witnesses scheduled to appear are...more

On the Hill this Week….

On March 24th, the U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Securities, Insurance and Investment will hold a hearing on “Capital Formation and Reducing Small Business Burdens.” Information...more

Financial Services Weekly News Roundup - February 2015 #3

by Goodwin on

The Impact of Regulation on Community Banks: Harvard Study and Senate Banking Committee Hearing Highlight Differing Views. FDIC Director of Risk Management Supervision Doreen Eberley testified last week before the Senate...more

Financial Services Weekly News Roundup - February 2015 #2

by Goodwin on

Editor’s Note - FDIC Highlights Efforts to Provide Regulatory Relief for Community Banks: On February 10, 2015, Doreen Eberley, Director at the Federal Deposit Insurance Corporation (FDIC), testified before the U.S....more

"Insights Conversations: Cybersecurity"

This past year has been called the "year of the massive data breach," with many high-profile attacks on well-known companies. Skadden partners Cyrus Amir-Mokri, Patrick Fitzgerald, Marc S. Gerber, Stuart D. Levi and Timothy...more

Sharing is Caring: The OCC Testifies Before the Senate Banking Committee

by McGuireWoods LLP on

On December 10, 2014, Valerie Abend, Senior Critical Infrastructure Officer for the Office of the Comptroller of the Currency (OCC) testified before the U.S. Senate Committee on Banking, Housing, and Urban Affairs on the...more

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