Items Tagged with 'Senate Banking Committee'

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  • Senate Banking Committee approves Powell to lead Fed

    All but one Senator voted for his nomination
    As expected, the Senate Banking Committee overwhelmingly approved Jerome Powell Tuesday to lead the Federal Reserve. All the panel’s Republican and Democrat members voted for Powell except one single Democrat, and now, this bipartisan support all but seals Powell’s future as Federal Reserve Chair.
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  • Senate Banking Committee introduces repeal of Dodd-Frank Act

    Housing industry stands in support of bill
    The Senate Banking Committee is set to begin its repeal of the Dodd-Frank Act, changing key aspects with a bill sponsored by Banking Committee Chairman Mike Crapo with nearly 20 co-sponsors on both sides of the aisle. But while most members of the housing industry support the bill, some say it encourages the finance industry to engage in the type of reckless lending that caused the Great Recession.
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  • Senate Banking Committee approves Brian Montgomery to lead FHA

    Votes to send nomination to full Senate vote
    Brian Montgomery is now one step closer to leading the Federal Housing Administration for the second time. On Tuesday, the Senate Banking, Housing, and Urban Affairs Committee advanced Montgomery’s nomination to serve as FHA commissioner by an 18-5 margin.
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  • OCC nominee will fight against affordable housing budget cuts

    Otting wants to keep around Neighborhood Reinvestment Corporation
    Affordable housing groups were dealt a terrible hand in President Donald Trump’s budget proposal, with one of the biggest groups, the Neighborhood Reinvestment Corporation, getting cut completely. However, after listening to the Senate Banking Committee’s hearing on Thursday on the nomination of Joseph Otting to serve as the next Comptroller of the Currency, all hope is not lost for the affordable housing group.
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  • Small lenders to Congress: Here’s the GSE reform we don’t want to see

    Testify before Senate Banking Committee
    The Senate Banking Committee on Thursday held a hearing entitled Housing Finance Reform: Maintaining Access for Small Lenders. During the hearing, lenders urged Congress to enact new legislative reform, but cautioned them against pitfalls which would hurt small and mid-sized lenders. In short, here’s the kind of reform they don’t want to see.
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  • Treasury Secretary Mnuchin: Expect GSEs to continue paying dividend

    Says second half of the year will focus on GSE reform
    Treasury Secretary Steven Mnuchin addressed the Senate Committee on Banking, Housing and Urban Affairs on the future of housing reform. He explained while tax reform has taken up most of his time until this point, the second half of the year will see a higher focus on GSE reform. And what about the FHFA director’s proposal to suspend the dividends? Mnuchin said that’s a no-go.
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  • NAFCU reiterates calls to Congress to lighten regulatory burdens for credit unions

    Dodd-Frank pushing credit unions out of market
    Credit unions have focused a lot of their efforts after the financial crisis fighting to make sure they aren’t suffocated by regulation put in place to fix problems they didn’t participate in. National Association of Federally-Insured Credit Unions President and CEO Dan Berger wrote a letter to the Senate Banking Committee, highlighting the economic benefits that credit union regulatory relief would create.
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  • Wells Fargo CEO, former executive forfeit millions as bank launches investigation

    Bank's board answers calls to claw back executive compensation
    When Wells Fargo CEO John Stumpf appears before the House Financial Services Committee on Thursday for his next legislator-led beat down, he will do so with a lot less money in his wallet. The bank's board of directors announced Tuesday evening that it plans to claw back millions in stock options, bonuses, and other financial benefits from Stumpf, although the moves apparently weren’t enough for Stumpf’s loudest critic in Capitol Hill.
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  • Labor Department launches "top-to-bottom" review of Wells Fargo

    Answers call from eight senators to open investigation
    Wells Fargo has its hands full these days. The beleaguered megabank is already facing a $185 million fine for the recent fake account scandal, which subsequently led to ongoing investigations from the House Financial Services Committee and the Department of Justice, not to mention a rough appearance before the Senate Banking Committee for Wells Fargo CEO John Stumpf. And now, the bank is facing a thorough review of its labor practices.
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  • Bernie Sanders: Wells Fargo's business model is fraud

    Vermont senator joins Elizabeth Warren in skewering megabank
    In what some might consider as much of a foregone conclusion as when Sen. Elizabeth Warren, D-Mass, expectedly lambasted Wells Fargo CEO John Stumpf when given the chance, Sen. Bernie Sanders took to the internet this week to share his views of Wells Fargo, and let’s just say the former Democratic presidential candidate isn’t a fan of the megabank either.
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