Legislative Activity

Senate Banking Committee Markup Not Yet Scheduled

This week, the Senate Banking Committee was expected to hold a markup regarding proposals to provide regulatory relief to small banks. However, the markup has not yet been scheduled, as Senate Banking Committee Chairman Richard Shelby (R-AL) has not agreed to limit the upcoming markup to bills aimed at providing regulatory relief for community and regional banks – despite concerns expressed by some Democrats about considering legislation that would amend or repeal portions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As we have previously highlighted, achieving regulatory relief for community and regional banks will not necessarily be an easy task.

House to Vote on Multiple Financial Services Bills

As lawmakers return to Washington, the House is slated to vote on several bills “focused on stemming the growing avalanche of Washington red tape and regulatory overreach that harms consumers and taxpayers, reduces their choices and makes it harder for them to achieve financial independence.”  The bills, which House Majority Leader Kevin McCarthy (R-CA) says will “promote a healthier economy, preserve consumer choice, and help our fellow Americans achieve the dream of financial independence,” include:

• H.R. 299, Capital Access for Small Community Financial Institutions Act of 2015;

• H.R. 601, Eliminate Privacy Notice Confusion Act;

• H.R. 1195, Bureau of Consumer Financial Protection Advisory Boards Act;

• H.R. 1259, Helping Expand Lending Practices in Rural Communities Act;

• H.R. 1265, Bureau Advisory Commission Transparency Act;

• H.R. 1367, Applying the Expedited Funds Availability Act to American Samoa and the Northern Mariana Islands;

• H.R. 1480, SAFE Act Confidentiality and Privilege Enhancement Act;

• H.R. 650, Preserving Access to Manufactured Housing Act of 2015; and

• H.R. 685, Mortgage Choice Act of 2015

This Week’s Hearings:

• Tuesday, April 14: The House Agriculture Subcommittee on Commodity Exchanges, Energy, and Credit will hold a hearing titled “Reauthorizing the CFTC Commissioners’ Perspectives.”

• Wednesday, April 15: The House Financial Services Subcommittee on Monetary Policy and Trade, together with the House Oversight and Government Reform Subcommittee on Health Care, Benefits, and Administration, will hold a hearing titled “Oversight of Efforts to Reform the Export-Import Bank of the United States.”

• Wednesday, April 15: The House Financial Services Committee on Financial Institutions and Consumer Credit will hold a hearing titled “Examining Regulatory Burdens on Non-Depository Institutions.”

• Thursday, April 16: The House Financial Services Subcommittee on Housing and Insurance will hold a hearing titled “The Future of Housing in America: Increasing Private Sector Participation in Affordable Housing.”

• Thursday, April 16: The Senate Banking Committee will hold a hearing titled “Regulatory Burdens to Obtaining Mortgage Credit.”