FEDERALhearing transcript

Hearing on Federal Financial Regulatory Efficiency

Original title: LEGISLATIVE PROPOSALS FOR A MORE EFFICIENT FEDERAL FINANCIAL REGULATORY REGIME: PART II

January 1, 2017

financial regulation banking credit unions mortgage lending federal oversight

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The Frame

What this does

This hearing explores potential changes to federal financial rules that could alter the operational requirements for banks, credit unions, and mortgage lenders, potentially affecting the availability and cost of financial services for consumers.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Financial Institutions

These entities are subject to the federal regulations being discussed for potential reform.

Consumers

Consumers may experience changes in the availability and types of services offered by financial institutions based on regulatory shifts.

What changed

Last recorded activity January 1, 2017.

What's next

Next step not available in the current record.

Summary

The House on Financial Institutions and Consumer Credit held a hearing to discuss legislative proposals aimed at streamlining federal financial regulations. Industry representatives and policy experts provided testimony on how current regulatory requirements impact financial institutions and their customers.

Key Facts

The hearing took place on December 7, 2017, in the Rayburn House Office Building.
The session was the second part of a series titled 'Legislative Proposals for a More Efficient Federal Financial Regulatory Regime'.
Chairman Blaine Luetkemeyer stated that current regulations are allegedly driving financial institutions to merge, exit business lines, and discontinue services.
Four witnesses provided testimony: Anthony Cimino, Brian Ducharme, Christopher M. George, and Marcus Stanley.
Written statements were submitted for the record by the American Bankers Association, Credit Union National Association, and the U.S. Chamber of Commerce.

Why It Matters

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to gather testimony on legislative proposals intended to make federal financial regulations more efficient.

Who testified at the hearing?

Witnesses included representatives from the Financial Services Roundtable, the National Association of Federally-Insured Credit Unions, the Mortgage Bankers Association, and Americans for Financial Reform.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

policy shift90% confidence

Regulatory Efficiency Focus

The hearing highlights a 2017 legislative push to reduce the regulatory burden on financial institutions, citing industry complaints about consolidation and service reduction.

Subcommittee on Financial Institutions and Consumer Credit

Connected Entities

personBrian Ducharme“CEO, MIT Federal Credit Union”Map →

personAnthony Cimino“Senior Vice President, Financial Services Roundtable”Map →

organizationSubcommittee on Financial Institutions and Consumer Credit“Congressional body conducting the hearing”Map →

personMarcus Stanley“Policy Director, Americans for Financial Reform”Map →

personBlaine Luetkemeyer“Chairman of the Subcommittee on Financial Institutions and Consumer Credit”Map →

personChristopher M. George“Chairman Elect, Mortgage Bankers Association”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance60
How much this matters to a regular citizen
Controversy40
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz15
Current news / social attention level

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