Three hearings on regulatory reform – including legislation addressing the structure of federal financial institution regulation and effectiveness of anti-money-laundering laws – will be held in the House and Senate Tuesday, according to schedules posted by key committees.
In the House, subcommittees of the Financial Services Committee will hold hearings in the morning and afternoon, respectively, on evaluating the operations of the Committee on Foreign Investment in the United States (“CFIUS”), and on Legislative Proposals for a More Efficient Federal Financial Regulatory Regime: Part II.” The morning hearing begins at 10.
The afternoon hearing (at 2) will look at specific legislation proposed to (among other things): exempt “community financial institutions” (defined as is insured depository institutions or credit unions having less than $50 billion in consolidated assets) from Consumer Financial Protection Bureau (CFPB) rules; clarify the exclusion for seller-financers from the definition of mortgage originator; and provide a one-year safe harbor for financial institutions from having to comply with the data collection and reporting requirements, respectively, issued under the CFPB’s amendments to the Home Mortgage Disclosure Act (Regulation C). The legislation also restricts the bureau’s ability to make any of the new data collected and reported publicly available.
Meanwhile, the Senate Banking Committee has also scheduled a 10 a.m. hearing on reforming and strengthening Bank Secrecy Act (BSA) enforcement to combat money laundering and “other forms of illicit finance.”