Senate Banking Committee Ranking Member Pat J. Toomey (R-PA) urged the CFPB to stop using disparate impact theory as guidance for evaluating whether racial discrimination occurred, saying the theory is misguided and encourages regulators to abuse authority.
Senate Banking Committee Chair Sherrod Brown (D-OH) urged regulators to work with one another as well as with Congress on a coordinated approach to crypto regulation.
The Senate Banking Committee and the House Financial Services Committee heard testimony on economic and regulatory developments from FRB Vice Chair for Supervision Michael S. Barr, FDIC Acting Chair Martin Gruenberg, Acting Comptroller Michael J. Hsu and NCUA Chair Todd M. Harper.
Senator Elizabeth Warren (D-MA) urged the CFPB to take action against the "rampant fraud" on the peer-to-peer instant payment platform Zelle.
In separate hearings, the Senate Banking Committee and the House Financial Services Committee heard testimony from CEOs of the largest U.S. banks on a broad range of public policy and compliance matters.