The Senate Banking Committee Tuesday postponed its Thursday hearing featuring leaders from the three federal banking agencies and the federal credit union regulator. No reason was given for the postponement, and no new date was set for the hearing.
Scheduled testify for the now-postponed Sept. 13 hearing were Joseph Otting, Comptroller, Office of the Comptroller of the Currency (OCC); Randal Quarles, Vice Chairman for Supervision, Federal Reserve Board; Jelena McWilliams, Chairman, Federal Deposit Insurance Corp. (FDIC); and J. Mark McWatters, Chairman, National Credit Union Administration (NCUA) Board.
Lawmakers in the hearing were expected to grill the officials on progress – or lack thereof – toward implement the regulatory relief statute, whose provisions set effective dates ranging from 30 days following enactment to late 2019.
EGRRCPA, enacted May 24, removes or eases numerous financial institution regulatory and supervisory requirements, including many that were created by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). It reduces the number of banking institutions subject to enhanced supervision requirements; exempts some from the Volcker Rule against proprietary trading; provides limited exemptions from certain mortgage disclosure requirements; removes a past restriction on credit union lending to small businesses (already implemented by NCUA); and makes more banks eligible for an extended, 18-month exam cycle (implemented under a recent interim final rule from the Fed, FDIC and OCC).