The Senate Banking Committee Wednesday rescheduled to Oct. 2 its hearing on the implementation by federal financial institution regulators of the new regulatory relief law enacted this spring.
The hearing had been set for Thursday, but was abruptly postponed Tuesday with no new date given.
The hearing (no new time was given) is expected to bring testimony from 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 are expected to question the regulators on progress – or lack thereof – toward implementation of the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA, S. 2155) 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).