U.S. Capitol Steps
As the Senate plans to continue to slog through its regulatory overhaul bill, the House is scheduled to consider legislation that would tighten examination procedures for financial regulators.
In addition, the House is scheduled to consider a bill that would stiffen the requirements that financial regulators tailor their rules for the business model and risk factors of institutions.
The Senate spent much of last week debating S. 2155, its regulatory overhaul bill. A slew of amendments to the bill have been filed, and while few are expected to pass, they could slow the legislative process.
On the other side of the Capitol, the House is likely to consider H.R. 4545, legislation that would establish deadlines for financial regulators to hold exit interviews and issue final examination reports.'
The legislation also would establish an Independent Examination Review director within the Federal Financial Institutions Examination Council.
Financial institutions would be permitted to have material supervisory determinations reviewed by that office.
The House also is scheduled to consider H.R. 1116, which directs financial regulators to tailor their rules based on the risk profile and business model of agencies.
Credit union trade groups and others have complained that the CFPB has adopted a one-size-fits-all attitude to rulemaking, but Acting Director Mick Mulvaney has vowed to change that.
In voting against the measure when the House Financial Services Committee, ranking Democrat Maxine Waters of California and several other Democrats said that Congress has monitored the Dodd-Frank Act and made changes to the regulatory regime when they are needed.
The House already has passed the Financial CHOICE Act, a huge overhaul of the Dodd-Frank regulatory regime. The legislation is far more comprehensive than the Senate bill; it would make a variety of changes to the CFPB that likely would not pass the Senate.
The Senate bill does not include largescale CFPB changes.
The House has chopped provisions of the Financial CHOICE Act that the Senate might accept into individual pieces of legislation and is considering those bills.
Ultimately, House and Senate negotiators will have to reconcile differences between their regulatory overhaul bills.
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