The U.S. House Financial Services Subcommittee on National Security, International Development and Monetary Policy considered legislative proposals aimed at addressing fraud and cybersecurity vulnerabilities.
U.S. Department of Housing and Urban Development Secretary Benjamin S. Carson and Federal Housing Finance Agency Director Mark A. Calabria testified on recent departmental initiatives to support the housing market.
In testimony before the Senate Banking Committee, Federal Reserve Board Chair Jerome H. Powell and Secretary of the Treasury Steven T. Mnuchin reviewed government actions taken pursuant to the Coronavirus Aid, Relief, and Economic Security Act.
Federal Reserve Board Vice Chair for Supervision Randal K. Quarles and OCC Comptroller Joseph M. Otting described supervisory and regulatory actions to support "consumers, households and businesses" and ongoing efforts to strengthen the banking system.
Several congressional members urged Treasury Secretary Steven Mnuchin to address liquidity challenges facing mortgage servicers in order to prevent an "impending crisis" within the mortgage servicing sector.
On July 17, 2019, members of the U.S. House Committee on Financial Services considered testimony on the potential impact of Facebook's proposed cryptocurrency on consumers, investors and the global financial system.
In testimony before the House Financial Services Committee, OCC Comptroller Joseph M. Otting defended proposed amendments to the Community Reinvestment Act designed to encourage banks to provide more qualified lending, investment and services.
The U.S. House of Representatives passed a bill that would require banking regulators to provide an annual report on their efforts to strengthen cybersecurity supervision and regulation of financial institutions.
The House Financial Services Committee considered (i) testimony from federal banking regulators on a broad range of concerns and (ii) several proposed bills imposing additional requirements on financial institutions.