February 18, 2020

February 18, 2020

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February 17, 2020

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Senate Banking Committee Markup Not Yet Scheduled; House To Vote On Multiple Financial Services Bills

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.”

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About this Author

Brandon Roman, Corporate Attorney, Squire Patton Boggs Law Firm

Brandon Román advises domestic and international clients on a range of legal, legislative, and regulatory issues. Mr. Román helps clients develop comprehensive strategies to address legislative and regulatory interests as well as legal concerns. His work includes identifying client needs and helping them navigate the legal, legislative, and regulatory landscape, focusing primarily on government investigations, financial services and products, tax, and real estate. 

Matthew B. Kulkin, SquirePattonBoggs, legislative, financial market, broker
Senior Associate

Matthew Kulkin counsels financial market participants, including banks, broker/dealers, non-bank financial institutions, and financial market utilities in financial market and product regulation.

Mr. Kulkin focuses his practice on legislative and regulatory initiatives before the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Reserve, the Consumer Financial Protection Bureau, the U.S. Treasury Department, the Federal Deposit Insurance Corporation (FDIC), the Federal Insurance Office, the Financial Stability Oversight Council, and other agencies that promulgate and implement Dodd-Frank Act regulation.  He also advises clients on creating strategies to convey complex business issues to Congress and the relevant committees of jurisdiction.

Mara C. Giorgio, Financial Services Attorney, Squire Patton Boggs, Law firm

Mara Giorgio advises international and domestic clients on a wide range of cross-border issues related to financial services and foreign policy and regulatory matters.

Ms. Giorgio assists financial institutions in navigating legislative and rulemaking developments resulting from financial services reform. Ms. Giorgio has expertise in advising derivatives market participants and newly created and regulated registered entities on issues such as enhanced prudential standards, regulations on shadow banking, and cross-border extraterritoriality...