House Financial Services Committee Chair Maxine Waters (D-CA) challenged FDIC Chair Jelena McWilliams to cite the legal authority relied on for halting a review of the bank merger process.
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CFPB Director and FDIC Board Member Rohit Chopra criticized FDIC Chair Jelena McWilliams for preventing an FDIC Board vote to publish a Request for Information on the FDIC's Bank Merger Act regulations, even though the Request had support from a majority of the FDIC Board.
The FDIC refuted a joint statement made by CFPB Director Rohit Chopra and FDIC Board member Martin J. Gruenberg that the FDIC Board had approved a request for information and comment on bank merger transaction rules, guidance and statements.
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.
Federal Reserve Bank of New York President William C. Dudley argued that "aggressive action" is needed across the financial industry to address market-wide issues concerning the global market transition away from LIBOR.