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Hearing Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026 · Transcript · 21 transcript matches
THE HONORABLE JONATHAN GOULD "Thank you, Congressman. Yes, and specifically, I would note that we lacked competent bank supervision in the lead up to Silicon Valley Bank. Is that to me,"
Hearing Hearings to examine the Semiannual Monetary Policy Report to the Congress.
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026 · Transcript · 10 transcript matches
LUMMIS, CYNTHIA M. "Thank you, Mr. Chairman, and welcome, Mr. Chairman. I have a couple questions about bank supervision before we go to monetary policy. The first one is Vice Chair Bowman has ordered an independent review of the supervision of Silicon Bank and signature banks, and I think that's a really good thing. I applaud her and support her efforts there. The first one is Vice Chair Bowman has ordered an independent review of the supervision of Silicon Bank and signature banks, and I think that's a really good thing. I applaud her and support her efforts"
Hearing Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026 · Transcript · 9 transcript matches
SPEAKER_01 "Thank you for your question. I think I just want to level set a little bit. The protections exist. It's just what you're suggesting is that there aren't law enforcers, I think, to actually enforce them or supervise banks or non-banks to ensure that they are complying with these laws. And so I think that's where the problem comes,"
Hearing Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining the Structure of the Federal Reserve System
house Financial Services Committee · Jun 12, 2026 · Transcript · 8 transcript matches
MS. ESTHER GEORGE "including in the Kansas City Feds region, where thousands of communities rely on small Likewise, the Reserve Banks are able to gauge the local effects of financial market conditions and economic drivers through their delegated role in supervising banks. Their connections to thousands of financial institutions and 50 state banking departments provide essential information about the economic health of small business credit conditions and the impact of broader regulatory issues. Finally, the decentralized structure brings a wide range of perspectives and independent thought to monetary policy..."
CRS Report
Bank Supervision by Federal Regulators: Overview and Policy Issues
Reports · Dec 28, 2020
To identify and mitigate risks, bank regulators have the authority to monitor bank activities, condition, and performance. Bank supervision creates certain benefits, including safer banks, a more...
CRS Report
Introduction to Bank Regulation: Supervision
Resources · Dec 20, 2018
To identity and mitigate risks, bank regulators have the authority to monitor bank activities and, if necessary, direct a bank to change its behavior. Bank supervision creates certain benefits (e.g.,...
CRS Report
Bank Failures and Congressional Oversight
Resources · Jul 21, 2023
The failures of three large banks in spring 2023—Silicon Valley Bank (SVB), Signature, and First Republic—has resulted in congressional attention on how the federal banking agencies—the Federal...
Hearing The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026 · Transcript · 5 transcript matches
TIMMONS, WILLIAM R. "Thank you for that. More broadly, the issue of mission creep has challenged many federal agencies over time, and the Federal Reserve has not been immune. Following the financial crisis of 2008, the Federal Reserve assumed an increasingly expansive role through extraordinary in matters such as climate-related financial supervision, digital asset regulation, and the application of reputational risk in bank supervision, leading many to question whether these activities extended beyond the responsibilities Congress intended the Federal Reserve to perform. Mission creep carries meaningful..."
Hearing Business meeting to consider an original bill entitled, "GENIUS Act of 2025", and S.875, to curtail the political weaponization of Federal banking...
senate Banking, Housing, and Urban Affairs Committee · Mar 13, 2025 · Request transcript
Testimony BARR, ANDY
Priced Out of the American Dream: Understanding the Policies Behind Ri...
house Financial Services Committee · Feb 10, 2026
"Your point that non-banks currently originate the large majority of all mortgages, while banks originate the remainder, and most of those loans wind up on government-related balance sheets with only about 10 percent of mortgage credit risk borne by the private sector, I think is a very important point. You highlight two causes, first, Dodd-Frank's disincentivizing mortgage lending, and then second, bank supervision leading banks to be wary of lending to apartment owners and developers and the..."
CRS Report
Bank Holding Companies: Background and Issues for Congress
Reports · Dec 5, 2024
Companies that control banks are required to be regulated and supervised by the Federal Reserve (Fed) as bank holding companies (BHCs). The BHC structure is widely used by both small community banks...
CRS Report
Bills Affecting Bank Regulators in the 118th Congress
Posts · Jul 2, 2024
This insight discusses legislation that has been reported or ordered reported by the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs that would...
CRS Report
Technology Service Providers for Banks
Resources · Jun 20, 2019
Surveys suggest that convenience is the primary reason why consumers select a bank or credit union. Features such as mobile and online banking have become an important contributor to consumer...
CRS Report
Federal Reserve: Policy Issues in the 119th Congress
Report · Jan 14, 2026
The responsibilities of the Federal Reserve (Fed) fall into four main categories: monetary policy, regulation of certain banks and other financial firms, provision and oversight of certain interbank...
Testimony THE HONORABLE JONATHAN GOULD
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"Thank you, Congressman. Yes, and specifically, I would note that we lacked competent bank supervision in the lead up to Silicon Valley Bank. Is that to me,"
Hearing Hearings to examine the Financial Stability Oversight Council's Annual Report to Congress.
senate Banking, Housing, and Urban Affairs Committee · Feb 5, 2026 · Transcript · 3 transcript matches
WARREN, ELIZABETH "day one. Those were his words, over and over. But 381 days into his term, Trump's economic policies have driven prices up. Grocery prices are up, electricity prices are up, health care prices are up, the cost of building housing is up. President Trump's economic agenda is failing families, but boy, it is working great for Wall Street and Trump's billionaire buddies. There have been massive tax cuts for billionaires, big bank supervision has been cut to the bone, and sidelining the cops who go after white-collar crime. Meanwhile, middle-class families get the short end of the stick...."
Hearing Hearings to examine the nominations of Kevin Warsh, of Florida, to be a Member and Chairman of the Board of Governors of the Federal Reserve System.
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026 · Transcript · 3 transcript matches
TILLIS, THOMAS "They're impeccable. I think the way you're dealing with the ethics issue is strong. The problem I have is where we are right now, and we start—I start by saying I love your opening statement. I love your focus on the independence of the Fed. I love the idea of Fed independence with respect to achieving the dual mandate, but Fed transparency on so many other things that the Fed does that, frankly, we're all frustrated with, bank examination, supervision being some among them that I think we should have more insight into. Mr. Chair, I'd like to submit for the record two executive orders under..."
Hearing The Semi-Annual Report of the Bureau of Consumer Financial Protection
house Financial Services Committee · Jul 15, 2026 · Transcript · 3 transcript matches
SPEAKER_10 "We have continued our supervision enforcement activities, and I would just say with regard to the non-banks, many of the legal theories that were used to supervise and enforce on non-banks were extrapolations that were quite novel from anything that you had ever passed. So our issue is not whether we're willing to regulate non-banks. The issue is the extent to which the legal theories and the statutes do not allow and need to go through Congress to the extent to which we need to have that debate here in the people's"
Testimony SPEAKER_17
Priced Out of the American Dream: Understanding the Policies Behind Ri...
house Financial Services Committee · Feb 10, 2026
"Ginnie Mae, or the VA. At this point, only about 10 percent of mortgage credit risk is actually borne by the private sector. Dodd-Frank is partly to blame, since it imposed a series of rules that disincentivized mortgage lending as a banking line of business, but separately, bank supervision, including by my old agency, the OCC, led banks to be very wary of lending to apartment owners and developers. Time and again, those of you who speak to community banks will hear the story of how, over the..."
CRS Report
Fintech: Overview of Financial Regulators and Recent Policy Approaches
Reports · Apr 28, 2020
New technologies in the financial services sector can create challenges for the various federal agencies responsible for financial regulation in the United States. As these regulators address the...
CRS Report
Bank Use of Cloud Technology
Resources · Dec 3, 2021
The banking industry has been a prominent, if sometimes skeptical, adopter of cloud technology. Proponents promise scalability, flexibility, and cost savings, among other benefits. However, the...
Testimony TIMMONS, WILLIAM R.
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"Thank you for that. More broadly, the issue of mission creep has challenged many federal agencies over time, and the Federal Reserve has not been immune. Following the financial crisis of 2008, the Federal Reserve assumed an increasingly expansive role through extraordinary in matters such as climate-related financial supervision, digital asset regulation, and the application of reputational risk in bank supervision, leading many to question whether these activities extended beyond the..."
Testimony MS. ESTHER GEORGE
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"including in the Kansas City Feds region, where thousands of communities rely on small Likewise, the Reserve Banks are able to gauge the local effects of financial market conditions and economic drivers through their delegated role in supervising banks. Their connections to thousands of financial institutions and 50 state banking departments provide essential information about the economic health of small business credit conditions and the impact of broader regulatory issues. Finally, the..."
CRS Report
Industrial Loan Companies (ILCs): Background and Policy Issues
Reports · Sep 9, 2020
Industrial loan companies (ILCs)—financial institutions chartered by a small number of states—operate in almost every way like a commercial bank, including taking deposits insured by the Federal...
Testimony HILL, J. FRENCH
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"The gentleman yields back. Thank you all for your opening statements. When I'll turn to member questions, I recognize myself for five minutes for some questions. I referenced in my opening statement that among our core work on improving bank supervision and echoing some of the good work you're doing in each of your agencies, that we've been advancing a series of bills under our Main Street Capital Access Act, which we hope to bring to the House floor in coming weeks. And you've touched on it in..."
Testimony MEEKS, GREGORY W.
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"Let me make this quote, folks. The business of banking is built on trust and confidence. Competent bank supervision is a prerequisite to restoring that trust and confidence. Does that statement sound familiar to"
Testimony MEEKS, GREGORY W.
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"And would you stand by that today? Okay, good. So you would probably also agree that competent bank supervision requires holding everyone to the same standard, regardless of who they are. Is that also"
Testimony THE HONORABLE JONATHAN GOULD
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"Obviously, the president's spoken to this issue recently with an EO that came out, I think, just a couple of days ago. In terms of the OCC, you know, we view AI as both a potential opportunity, both to improve how we manage our own agency as well as how we supervise banks, including larger banks, where it is very hard for us to do enough kind of statistical sampling and credit file reviews to get direct experience of the risks in those"
Testimony THE HONORABLE MICHELLE BOWMAN
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"That proposal includes a provision on mark to market for AOCI, and that may have some impact on that. We look forward to comments. The other issue is you mentioned liquidity. Together, the regulators are working toward putting together a proposal to address liquidity weaknesses and requirements that we could look at going forward. The Federal Reserve is uniquely positioned in that we're both responsible for bank supervision but also for monetary policy. So it seems as though these things, while..."
Testimony WATERS, MAXINE
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"President's demands. His administration continues to try to remove your colleague, Governor Lisa Cook. I hope we hear from you today how exactly you will defend your colleagues and the Federal Reserve. You should also take no comfort in the Supreme Court's shielding the Fed when it turned Humphrey's executor. The court vastly expanded presidential authority over independent agencies, and it is likely to still come for other functions of the Fed, like bank supervision next. Committed Democrats..."
Testimony MS. ESTHER GEORGE
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"representation, the Federal Reserve Act also called for reserve banks to be located across the country. This decentralized design is not simply about geography. It also provides for private citizens from communities across the nation to serve as members of the regional banks' boards of directors. These individuals represent broad and varied sectors of our economy, and their expertise contributes meaningfully to operational oversight, budget discipline, and monetary policy deliberations. The..."
Testimony MR. GARY KELLY
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"At the Dallas Fed, we represent the 11th District, and that includes Texas, southern New Mexico, and northern Louisiana. And like other reserve banks, we carry out core responsibilities such as cash operations, payments, lending, credit risk, and bank supervision. And just as important, we bring regional insight into the national monetary policy"
Testimony MR. THOMAS HOENIG
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"it's funded. I mean, we created the Department of Defense, too, I mean, in 1947. So – but they're clearly subject to executive orders. Are you guys subject to executive orders? Well, we have – we do have an executive order in terms of how bank supervision is carried out today. That, I think, is complied with. I think when Congress created the Federal Reserve, it created it to be independent of political influence. I think there are many examples, but usually it's most apparent when there's a..."
Testimony MOORE, TIM
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"Thank you, Mr. Chairman. And by the way, you're a great host having us here in Oklahoma. It's been a wonderful visit. I want to thank our witnesses as well. You know, unlike most central banks around the world, the Federal Reserve was intentionally designed as a decentralized system as has been testified to previously, you know, one that combines the national policymaking with regional representatives. Congress recognized the economic conditions in New York may look different than those, for..."
Testimony MOORE, TIM
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"Thank you, sir. Just a question, and this really switches more to the banking supervision side of things. What steps can the Fed take to, through the banking supervision side, allow more access to credit? What steps can the Fed take to, through the banking supervision side, allow more access to"
Testimony LUMMIS, CYNTHIA M.
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"Thank you, Mr. Chairman, and welcome, Mr. Chairman. I have a couple questions about bank supervision before we go to monetary policy. The first one is Vice Chair Bowman has ordered an independent review of the supervision of Silicon Bank and signature banks, and I think that's a really good thing. I applaud her and support her efforts there. The first one is Vice Chair Bowman has ordered an independent review of the supervision of Silicon Bank and signature banks, and I think that's a really..."
Testimony LUMMIS, CYNTHIA M.
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"So have you instructed your staff, including the attorneys in the legal division, to cooperate with this independent review? You know, there are rumors that there may have been destruction of records by some of the staff at the Division of Bank Supervision. And of course, that's a crime. So if records relating to the supervision of these banks were intentionally deleted by staff before you were at the Fed, before you ever became chairman, will you order your staff to assist in recovery of these..."
Testimony LUMMIS, CYNTHIA M.
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"I share a concern that was expressed by my colleague, Mr. Haggerty, that monetary policy should enjoy the committee not having to be as transparent about its process. I agree with Senator Haggerty also that the bank supervision component should not enjoy that same level of non-scrutiny. I think we need to scrutinize bank supervision. I'm concerned that that area was sort of hidden from public view for too long. I think we need to scrutinize bank supervision. I'm concerned that that area was..."
Testimony SPEAKER_01
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"Thank you for your question. I think I just want to level set a little bit. The protections exist. It's just what you're suggesting is that there aren't law enforcers, I think, to actually enforce them or supervise banks or non-banks to ensure that they are complying with these laws. And so I think that's where the problem comes,"
Testimony WARREN, ELIZABETH
Hearings to examine the Financial Stability Oversight Council's Annual...
senate Banking, Housing, and Urban Affairs Committee · Feb 5, 2026
"day one. Those were his words, over and over. But 381 days into his term, Trump's economic policies have driven prices up. Grocery prices are up, electricity prices are up, health care prices are up, the cost of building housing is up. President Trump's economic agenda is failing families, but boy, it is working great for Wall Street and Trump's billionaire buddies. There have been massive tax cuts for billionaires, big bank supervision has been cut to the bone, and sidelining the cops who go..."
Testimony DEAN JULIE HILL
Hearings to examine ensuring fair access to banking, focusing on polic...
senate Financial Institutions and Consumer Protection Subcommittee · Dec 16, 2025
"system for years. Complaints come from both sides of the political aisle. These complaints threaten the trust that Americans have in banking supervision and potentially destabilize the banking industry. Everyone interested"
CRS Report
Banking, Data Privacy, and Cybersecurity Regulation
Reports · Mar 13, 2023
Financial data contains significant amounts of sensitive information, and ensuring the privacy of such data among financial institutions is a goal of many policymakers. In particular, Congress has...
CRS Report
Commercial Real Estate and the Banking Sector
Reports · Sep 12, 2024
Relatively high interest rates and increased telework opportunities have had significant effects on the commercial real estate (CRE) sector, specifically office buildings. High inflation in the years...
CRS Report
Bank Exposure to Commercial Real Estate
Posts · Nov 16, 2023
The economic turmoil resulting from the pandemic negatively affected commercial real estate (CRE), particularly by leading to a sharp, albeit temporary, increase in delinquencies among commercial...
Hearing Priced Out of the American Dream: Understanding the Policies Behind Rising Costs of Housing and Borrowing
house Financial Services Committee · Feb 10, 2026 · Transcript · 2 transcript matches
BARR, ANDY "Your point that non-banks currently originate the large majority of all mortgages, while banks originate the remainder, and most of those loans wind up on government-related balance sheets with only about 10 percent of mortgage credit risk borne by the private sector, I think is a very important point. You highlight two causes, first, Dodd-Frank's disincentivizing mortgage lending, and then second, bank supervision leading banks to be wary of lending to apartment owners and developers and the negative signal that that"
Hearing Hearings to examine ensuring fair access to banking, focusing on policy levers and legislative solutions.
senate Financial Institutions and Consumer Protection Subcommittee · Dec 16, 2025 · Transcript · 2 transcript matches
DEAN JULIE HILL "system for years. Complaints come from both sides of the political aisle. These complaints threaten the trust that Americans have in banking supervision and potentially destabilize the banking industry. Everyone interested"
Hearing Updating America’s Financial Privacy Framework for the 21st Century
house Financial Services Committee · Mar 17, 2026 · Transcript · 2 transcript matches
SPEAKER_22 "In the decades since the Graham-Leach-Flyley Act established federal privacy standards for financial institutions, many banking services have evolved from a brick-and-mortar, face-to-face experience to an always-on digital experience. But while the technology of banking has transformed, GLBA has consistently afforded consumers strong baseline privacy and information security protections. Banks operate under a comprehensive regulatory framework for privacy and data use. These requirements are implemented and enforced through continuous supervision by federal prudential regulators. That..."
CRS Report
Technology Service Providers and Credit Unions
Resources · May 10, 2024
This In Focus summarizes issues regarding the cybersecurity risks posed by third-party vendors that provide credit unions with technology services. It begins with background on the reliance on...
CRS Report
An Analysis of the Regulatory Burden on Small Banks
Reports · Apr 22, 2015
Since the financial crisis, policymakers have focused on addressing the failures that led to turmoil and ensuring that the financial system and the economy are better positioned to withstand future...
Testimony MS. ESTHER GEORGE
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Jun 12, 2026
"I think all of those have contributed to trying to make sure that this is used. There are legitimate and reasons that you want that liquidity mechanism to work. And the Federal Reserve, I see, is working hard on trying to communicate that to the banks it supervises, to the broader banking community. It is essential that they understand there are legitimate reasons to use that discount window. And if Congress has ideas about how to do that, I'm sure there would be ways that the Board of..."
Hearing Hearings to examine the Consumer Financial Protection Bureau Semi-Annual Report, focusing on a new day at the CFPB through reform.
senate Banking, Housing, and Urban Affairs Committee · Jul 16, 2026 · Transcript
RICKETTS, PETE "can hire lots of compliance people. A small rural business in rural Nebraska doesn't have the ability to hire the same number of compliance people that a Fortune 500 company does. Take the Biden era 1071 small business lending rule through Dodd-Frank. Congress told the bureau to collect 13 points of data. The Biden era CFPB expanded that to 81 points of data and reached down to a hundred loans a year. My colleague Senator Kennedy led the CRA against that one. I appreciate the fact that you've revised that rule, so thank you very much. There was another 11th hour rule the Biden administration..."
Hearing Task Force on Monetary Policy, Treasury Market Resilience, and Economic Prosperity: Examining Derivatives’ Role in the Treasury Market
house Financial Services Committee · Apr 29, 2026 · Transcript
MR. TERRENCE DUFFY "In conclusion, given the critical nature of the U.S. Treasury market, I want to point out a concern I have about the risk of allowing a non-U.S. regulator to oversee any portion of this market. FMX, a U.S. exchange, self-certified last year with the CFTC to trade U.S. Treasury futures cleared by a London-based clearinghouse that is regulated and supervised by the U.K.'s Bank of England. While the clearinghouse is also registered with the CFTC, its dual registration with the U.S. and U.K. does not impact the fact that its ultimate guarantor is the Bank"
Testimony THE HONORABLE MICHELLE BOWMAN
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"What we want to make sure is that our banking system is positioned to adopt innovation where it's necessary for them to meet the expectations of their customers and consumers and to be able to be positioned to support the U.S. economy as it's growing and it's evolving to adopt some of these technologies. As we are looking at our supervision of banks under our purview at the Federal Reserve, we work closely with them to ensure that they're adopting innovation in a safe and sound"
Testimony THE HONORABLE MICHELLE BOWMAN
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"I think it's important to recognize that putting people in roles that are responsible for supervision of banks need to have some experience within the banking"
Testimony THE HONORABLE JONATHAN GOULD
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"concerns that we are seeing in terms of a rise in financial fraud, money laundering, et cetera. And from my perspective, as a safety and soundness supervisor, I do want to make sure that the banks I supervise understand the nature of the financial risks that their customers may pose. Ma'am, I would just say that this EO focuses us on a well-known and understood issue and directs us to issue guidance directly addressing it. The gentleman's time has"
Testimony WATERS, MAXINE
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"That's money that would have gone to harm the consumers, but instead is staying in the pockets of crooks. And with the agency largely shut down, the CFPB has not been supervising large banks or big tech payment providers to make sure they are following consumer protection laws. Meanwhile, consumer complaints about financial products and services have exploded with more complaints filed in the last 14 months than consumers filed with the CFPB in the agency's first 14"
Testimony SPEAKER_23
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"and the greater value you have when you expand that regulatory perimeter to responsible actors in this space who can develop technological innovation that can keep up with market demand and where the future is going. Anchorage Digital Bank is supervised by the OCC. And so, as I had mentioned before, the regulatory perimeter is a national asset. And the more that we bring institutions into the regulatory perimeter, whatever that is, the safer that we all"
Testimony TILLIS, THOMAS
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"They're impeccable. I think the way you're dealing with the ethics issue is strong. The problem I have is where we are right now, and we start—I start by saying I love your opening statement. I love your focus on the independence of the Fed. I love the idea of Fed independence with respect to achieving the dual mandate, but Fed transparency on so many other things that the Fed does that, frankly, we're all frustrated with, bank examination, supervision being some among them that I think we..."
Testimony TILLIS, THOMAS
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"And then lastly, if you can, I believe Silicon Valley Bank is a classic example of why the Fed needs to have its independence on monetary policy, but on bank examination and supervision, I believe a U.S. senator should minimally be able to go into a skiff and understand why banks like Silicon Valley Bank had multiple matterers requiring attention and then matterers requiring immediate attention well before they failed. And nobody knew, except some examiner and likely people in the San Francisco..."
Testimony THE HONORABLE MICHELLE BOWMAN
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"Yes. why that happened? Congressman, thank you for that question. I think it's very important that as we had the most costly bank failure in history of $42 billion at the cost to the DIF fund, that we understand exactly what the failures were in supervision and in bank management that led to the failures of that institution and several others soon thereafter. What's important is that we identify those actions that were taken by supervisors that kept us from understanding the condition of the..."
Testimony HAGERTY, BILL
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"I think it should be limited to monetary policy. For example, you think about bank regulations and supervision. That's entirely distinct from monetary"
Testimony HAGERTY, BILL
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"It's what it should be, which is an apolitical and independent central bank. In bank regulation and supervision, the Fed's focused on non-material and often politically charged areas. I'm thinking about climate change policy"
Testimony THE HONORABLE JONATHAN GOULD
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"including just among and within banks across the industry, and I know there's been some between larger banks and smaller banks, and the OCC has, given the fact that we supervise many of the largest banks, has been attempting to facilitate some of those disputes. Well, thank you very much for the question, and I think you hit the nail on the head in terms of striking the right balance between innovation and"
Testimony SPEAKER_10
The Semi-Annual Report of the Bureau of Consumer Financial Protection
house Financial Services Committee · Jul 15, 2026
"We have continued our supervision enforcement activities, and I would just say with regard to the non-banks, many of the legal theories that were used to supervise and enforce on non-banks were extrapolations that were quite novel from anything that you had ever passed. So our issue is not whether we're willing to regulate non-banks. The issue is the extent to which the legal theories and the statutes do not allow and need to go through Congress to the extent to which we need to have that..."
Testimony THE HONORABLE MICHELLE BOWMAN
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"The proposals clarify requirements, align them with actual risks, reduce overlaps, and support credit, while also preserving strong capital levels. Turning to supervision, we are using a risk-based, tailored approach that is calibrated to each bank's size, complexity, business model, and risk profile. Our supervision focuses on a bank's material financial risks and its overall strength. Our supervision focuses on a bank's material financial risks and its overall"
Testimony FOSTER, BILL
The Semi-Annual Report of the Bureau of Consumer Financial Protection
house Financial Services Committee · Jul 15, 2026
"This is not to mention the mess that you and the President have gotten us into with tariffs and the conflict in Iran, both of which are increasing cost and the economic stress on Americans and your administration has presented no intelligible strategy to end either one of these. And so one of the underappreciated aspects of the 2008 economy was the lack of supervision over non-bank financial institutions. Before the crisis, many mortgages were issued by non-bank lenders, and that percentage..."
Testimony TIMMONS, WILLIAM R.
The Semi-Annual Report of the Bureau of Consumer Financial Protection
house Financial Services Committee · Jul 15, 2026
"Do you believe that reducing overlapping examinations would free examiners to spend more time identifying bad actors instead of repeatedly reviewing institutions with established compliance programs? The same principle applies to the Bureau's supervision of non-bank financial companies. The CFPB's resources should be focused where the risks to consumers are greatest, not spread so broadly that responsible companies face unnecessary uncertainty while bad actors receive less"
Testimony THE HONORABLE JONATHAN GOULD
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"We've removed fixed examination requirements, tailored examinations to actual risk, and imposed workday limits on examinations. We also created a supervision group focused on community banks. These actions, among others, represent a down payment on future reforms to promote a more relevant and diverse banking"
Testimony SPEAKER_04
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"A bank charter, nevertheless, is a powerful tool, and there are several charter options available. A bank may be chartered and supervised either by a state or by the federal government. Within that dual system, the menu of charters is"
Testimony RICKETTS, PETE
Hearings to examine the Consumer Financial Protection Bureau Semi-Annu...
senate Banking, Housing, and Urban Affairs Committee · Jul 16, 2026
"can hire lots of compliance people. A small rural business in rural Nebraska doesn't have the ability to hire the same number of compliance people that a Fortune 500 company does. Take the Biden era 1071 small business lending rule through Dodd-Frank. Congress told the bureau to collect 13 points of data. The Biden era CFPB expanded that to 81 points of data and reached down to a hundred loans a year. My colleague Senator Kennedy led the CRA against that one. I appreciate the fact that you've..."
Testimony MR. TERRENCE DUFFY
Task Force on Monetary Policy, Treasury Market Resilience, and Economi...
house Financial Services Committee · Apr 29, 2026
"In conclusion, given the critical nature of the U.S. Treasury market, I want to point out a concern I have about the risk of allowing a non-U.S. regulator to oversee any portion of this market. FMX, a U.S. exchange, self-certified last year with the CFTC to trade U.S. Treasury futures cleared by a London-based clearinghouse that is regulated and supervised by the U.K.'s Bank of England. While the clearinghouse is also registered with the CFTC, its dual registration with the U.S. and U.K. does..."
Testimony CASTEN, SEAN
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"So you'll be able to see deeper? So I guess then my next question is counter to that. What is the offsetting penalty? I know, you know, Chair Barr has raised concerns about, you know, our fraud, our AML system right now depends on a handful of large correspondent banks that the regulators have direct supervision into. Do you see an offsetting loss if that's a much more diffuse monitoring system from the regulator perspective, as opposed to the practitioner who obviously doesn't have the same..."
Testimony THE HONORABLE JONATHAN GOULD
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"Is that to me, Congressman? Well, Congressman, I would note that we do tailor our regulation and supervision based on the nature of the bank and the complexity of the business. Well, Congressman, the OCC's guidelines are established by statute and are detailed in exquisite"
Testimony SPEAKER_01
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"And in the absence of that, these companies that have the charter aren't required to invest in communities, and that is creating problems for communities that need money for investment in small businesses or housing or loans. So that is sort of one of the issues with respect to the national trust bank charter. ILC charters, as you know, they're not subject, the parent company, the non-bank parent company is not subject to consolidated supervision. And that raises, I think, consumer protection..."
Testimony SPEAKER_08
Hearings to examine the Financial Stability Oversight Council's Annual...
senate Banking, Housing, and Urban Affairs Committee · Feb 5, 2026
"Nation state actors and criminal groups continue to target our financial institutions and critical infrastructure. To address this risk, the council is supporting expanded information sharing, joint monitoring, and scenario-based exercises. And it is emphasizing the need for regulated firms to manage cyber risk tied to third-party service providers. Third, the council is committed to supporting efforts to modernize supervisory and regulatory frameworks for banks and credit unions. Going..."
Testimony FLOOD, MIKE
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"It's the lifeblood of agriculture. Can you talk about how you see supervision working and respecting the role of a community bank, especially in rural America? Thank you very much, Mr. Chairman. I yield"
Testimony HILL, J. FRENCH
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"The gentleman yields back. We're delighted today to welcome the testimony of our bank supervisory leaders, the Honorable Michelle Bowman, Vice Chairman of Supervision at the Board of Governors for the Federal Reserve System, the Honorable Jonathan Gould, our Comptroller of the Currency, the Honorable Kyle Hultman, the Chair of the National Credit Union Administration, and the Honorable Travis Hill, Chairman of the Federal Deposit Insurance Corporation. We thank all of you for participating with..."
Testimony SPEAKER_01
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"Well, they should care because there is concern about, you know, there's been talk about the various fraud on the system, and so consumers should be interested in who actually gets access to the payment rails and actually hope that they would ask that they would be subject to strict supervision and enforcement and be held to, you know, bank-like requirements. Thank you for your"
Testimony SPEAKER_08
Hearings to examine the Financial Stability Oversight Council's Annual...
senate Banking, Housing, and Urban Affairs Committee · Feb 5, 2026
"preempting crises, regulators have frequently reacted to them after the fact. They played the role of hazmat cleanup team instead of preventing dangerous spillovers in the first place. Regulation by reflex has led to a regulatory myopia that has undermined safety and soundness. Under President Biden, the bank regulators preoccupied themselves with reputation risk, now discredited climate-related financial risk, and other risk with no clear nexus to safety and soundness. At the same time, they..."
Testimony DEAN JULIE HILL
Hearings to examine ensuring fair access to banking, focusing on polic...
senate Financial Institutions and Consumer Protection Subcommittee · Dec 16, 2025
"points to another problem right which is the secrecy surrounding financial supervision makes it very easy for both the regulators and the banks to point at the other and cast blame and we never really know who's telling the"
Testimony THE HONORABLE KEVIN WARSH
Hearings to examine the nominations of Kevin Warsh, of Florida, to be ...
senate Banking, Housing, and Urban Affairs Committee · Apr 21, 2026
"Reserve is a beneficiary of the strength of the dollar. The U.S. financial system is the most important financial system in the world. And the central bank's been charged with really important responsibilities in overseeing it and supervising it. There are risks to the U.S. position in the world, including economic. The economic statecraft agenda led by Secretary Best and Secretary Rubio is an important one. On that, the Fed will play a supporting role in ensuring that the financial system is..."
Testimony SPEAKER_23
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"and compliance with laws and regulations, and its work is ongoing. From my experience with the OCC, the agency has been rigorous in its supervision and steadfast in its obligation to apply laws and regulations to crypto banking. We are regulated on the same footing as any other bank in the OCC's portfolio, and the agency is diligently investing resources to responsibly regulate digital asset activity as this industry"
Testimony BARR, ANDY
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"Thank you, Mr. Chairman. Thank you to our witnesses also for joining us today. It's and supervision back to their core mission of safety and soundness. To realize this goal, banks and credit unions must be evaluated on objective, clear standards. That's why I introduced the FIRM Act, which prohibits consideration of reputational risk in the supervisory process, ensuring regulators focus on material financial risks rather than subjective or process-oriented concerns. The same commitment to..."
Testimony THE HONORABLE JONATHAN GOULD
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"seek economies of scale so they can cover the cost of that additional supervision and compliance. We are and have been and I think the other federal bank agencies as well have been keen to address this too, which is to reduce some of those regulatory and supervisory burdens at least where we have discretion to do so as authorized by Congress and statute to alleviate some of those pressures such that ultimately if banks want to merge or consolidate, that's a business decision for them. It's not..."
Testimony THE HONORABLE MICHELLE BOWMAN
Oversight of Prudential Regulators
house Financial Services Committee · Jun 4, 2026
"some of the restrictions that were put in place on banking activity kept them from being able to directly fund activities that have now migrated outside of the regulated banking space and into a more opaque market of non-bank financial institutions. What we're trying to do with some of the capital rules, especially with Basel III, was to bring some of that activity back into the banking system so that we have a much better view and an ability to supervise that activity. We did see from some of..."
Testimony THE HONORABLE KEVIN WARSH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"thousands of banks that are regulated in the United States. Explicit authority, and also authority when they knock on the door and they ask a series of questions. One of the great strengths of the U.S. economy is the diversity of institutions we have in the banking business. Most of the G20 counterparts we have, they have a handful of banks. They're implicitly backed by their government. One of the untold strengths of our economy is the diversity of our banking system. We've got regulators that..."
Testimony WARREN, ELIZABETH
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"In other words, no one gets some special insider information from the Fed. But shortly after your first FOMC meeting as chair, right in the middle of the blackout period, the Fed's vice chair for supervision, Michelle Bowman, was reportedly the featured guest at a secret dinner hosted by Bank of America for its hedge fund and Wall Street clients. At this closed-door dinner, she reportedly spoke about both monetary policy topics and regulatory policy. Now, I've called on the inspector general to..."
Testimony SPEAKER_24
Future of Payments: Promoting Innovation and Fair Markets
house Financial Services Committee · Jun 24, 2026
"the Fed to require the strictest BSA and AML and illicit finance controls and risk management requirements, as well as cybersecurity risk management requirements and data protection controls to ensure that consumer-sensitive financial data remains secure. BPI and its member banks comply with all consumer protection regulations, and in fact, BPI members are continuing to be supervised and examined by the CFPB. And in addition, as my colleague, Ms. Sandorica, said, the federal banking regulators..."
Testimony SCOTT, TIM
Hearings to examine the Semiannual Monetary Policy Report to the Congr...
senate Banking, Housing, and Urban Affairs Committee · Jul 15, 2026
"a deliberate effort that will have to be paced properly, not to create instability and volatility in our market. So thank you for taking that seriously. As AI reshapes the economy, the Fed should understand its impact on jobs, productivity, and prices, and the financial system without using technological change to expand its mandate. That same discipline should guide the Fed's approach to bank regulation. The U.S. banking system is sound and resilient, but we cannot take that for granted...."
Testimony SPEAKER_22
Updating America’s Financial Privacy Framework for the 21st Century
house Financial Services Committee · Mar 17, 2026
"In the decades since the Graham-Leach-Flyley Act established federal privacy standards for financial institutions, many banking services have evolved from a brick-and-mortar, face-to-face experience to an always-on digital experience. But while the technology of banking has transformed, GLBA has consistently afforded consumers strong baseline privacy and information security protections. Banks operate under a comprehensive regulatory framework for privacy and data use. These requirements are..."
Testimony SPEAKER_22
Updating America’s Financial Privacy Framework for the 21st Century
house Financial Services Committee · Mar 17, 2026
"Today, comprehensive state privacy laws are typically drafted for a broad universe of entities, some of which are in the business of monetizing data. Almost no other sector has the same responsibilities as banks in terms of using data to manage fraud and credit risk, or that is subject to the same degree of prudential supervision. Recognizing the distinct role of financial"
Testimony THE HONORABLE KEVIN WARSH
The Federal Reserve's Semi-Annual Monetary Policy Report
house Financial Services Committee · Jul 14, 2026
"The FDIC insurance cap should be binding. That is, we need to have a supervisory and regulatory system such that if a few banks get in trouble, either myself or the Treasury Secretary don't have to, in unusual and exigent circumstances, provide backstops for everybody, including depositors. So the way I think about it is deposit insurance reform and proper deposit caps should be of a piece with strong reform-oriented supervision and regulation. So the law that you decide should be the right..."