At a House Financial Services Committee hearing titled "Importing Global Governance: Examining the Dangers of Ceding Authority Over American Financial Regulation," witnesses from the principal banking agencies testified on the interactions between the regulators and global regulatory bodies.
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A bipartisan group of U.S. Senators urged the FDIC to grant "fair consideration" of applications for deposit insurance made by industrial loan companies and voiced their opposition to regulatory actions that target lawful ILC applications.
Two House Financial Services Subcommittees considered the CFPB's latest actions on the proposed "Larger Participant Rulemaking" proposal and its proposal to limit "junk fees."
An SEC final rule expanding the definition of "broker-dealer" under the Securities Exchange Act was published in the Federal Register.
Republican members of the House Financial Services Committee urged banking regulators to withdraw their Basel III Endgame proposal. The legislators argued that, as issued, the proposal "lacks justification, lacks rigorous quantitative analysis, and is procedurally flawed."