Oversight of Prudential Regulators (EventID=117736)

Video Description

Connect with the House Financial Services Committee Get the latest news: https://democrats-financialservices.house.gov/ Follow us on Facebook: https://www.facebook.com/HouseFinancialCmte Follow us on Twitter: https://twitter.com/FSCDems ___________________________________ On Wednesday, November 20, 2024, at 10:00 a.m. (ET) full Committee Chairman McHenry and Ranking Member Waters will host a hearing entitled, “Oversight of Prudential Regulators." ___________________________________ Witnesses for this one-panel hearing will be: • The Honorable Michael Barr, Vice Chairman for Supervision, Board of Governors of the Federal Reserve System • The Honorable Martin Gruenberg, Chairman, Federal Deposit Insurance Corporation • The Honorable Todd Harper, Chairman, National Credit Union Administration • The Honorable Michael Hsu, Acting Comptroller, Office of the Comptroller of the Currency ___________________________________ Background: Section 1108 of the Dodd-Frank Wall Street Reform and Consumer Protection (Dodd-Frank) Act created the position of Vice Chairman for Supervision for the Federal Reserve Board (Federal Reserve) and requires the Vice Chairman to testify before the Committee at semiannual hearings.1 The Federal Reserve Board’s (FRB’s) Supervision and Regulation Report summarizes banking conditions and the Federal Reserve’s supervisory and regulatory activities, and is issued in conjunction with the Vice Chairman’s semiannual testimony before Congress.2 The Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the National Credit Union Administration (NCUA) do not have similar statutory testimony requirements but participate as a matter of Committee practice. This hearing will examine supervisory and regulatory developments, rulemakings, and activities the agencies, with focus on those undertaken in the period since the last hearing on November 15, 2023.3 Notices of proposed rulemakings, final rules issued, and regulatory actions since last hearing include: Date | Agency | Action 10/8/2024 - FDIC - FDIC Announces Extension of Comment Period for Proposed Changes to its Brokered Deposit Regulations 10/8/2024 - FDIC - FDIC Extends Comment Period on Request for Information on Deposits 9/17/2024 - OCC - OCC Approves Final Rule and Policy Statement on Bank Mergers 9/17/2024 - FDIC - FDIC Proposes Deposit Insurance Recordkeeping Rule for Banks’ Third-Party Accounts 9/17/2024 - FDIC - FDIC Board of Directors Approves Final Statement of Policy on Bank Merger Transactions 9/13/2024 - FDIC, FRB, OCC - Agencies Extend Comment Period on Request for Information on BankFintech Arrangements 9/3/2024 - FRB - Federal Reserve Board requests comment around operational practices of the discount window 8/2/2024 - FRB - Federal Reserve Board issues final joint guidance to help certain large banks further develop their resolution plans 7/30/2024 - FDIC - FDIC Board Approves Request for Information on Deposits 7/30/2024 - FDIC - FDIC Board Approves Proposed Rule to Amend the Agency’s Regulations Governing Parent Companies of Industrial Banks and Industrial Loan Companies 7/30/2024 - FDIC - FDIC Board Approves Proposed Rule to Revise Brokered Deposit Regulations 7/30/2024 - FDIC - Final Guidance for Title I Resolution Plan Triennial Full Filers and Extension of Submission Deadline 7/30/2024 - FDIC - Proposals regarding the Change in Bank Control Act Regulations and Procedures 7/30/2024 - FDIC - Final Rule on Revisions to the FDIC’s Section 19 Regulations 7/30/2024 - FDIC - Interim Final Rule - Clarification of Deposit Insurance Coverage for Legacy Branches of U.S. Banks in the Federated States of Micronesia, the Marshall Islands, and Palau... Hearing page: https://democrats-financialservices.house.gov/events/eventsingle.aspx?EventID=412757