Federal banking regulators to testify at House Financial Services Committee May 19 hearing

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On May 19, 2021, the House Financial Services Committee will hold a hearing, “Oversight of Prudential Regulators: Ensuring the Safety, Soundness, Diversity, and Accountability of Depository Institutions.”  The scheduled witnesses are:

  • Todd Harper, Chairman, National Credit Union Administration
  • Michael Hsu, Acting Comptroller of the Currency, Office of the Comptroller of the Currency
  • Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation
  • Randal Quarles, Vice Chairman of Supervision, Board of Governors of the Federal Reserve System

Acting Comptroller Hsu is expected to be questioned about the OCC’s Community Reinvestment Act rule, its special purpose national bank charter for nondepository companies, and its fair access rule.  Fed Vice Chair Quarles is expected to be questioned about the Fed’s proposed revisions to its Durbin Amendment rule regarding card-not-present transactions and FDIC Chair McWilliams is expected to be questioned about the FDIC’s rule regarding deposit insurance applications from industrial banks or industrial loan companies.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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