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."
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."
The House Financial Services Committee, Subcommittee on Financial Institutions and Monetary Policy, considered testimony on whether the Federal Reserve should limit or expand its function as lender of last resort.