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April 9,2019 – Recent Federal Updates

April 9,2019 – Recent Federal Updates

  • U.S. bank chief executives will reportedly tout a better capitalized, more strictly regulated and less risky banking system when testifying before the House Financial Services Committee tomorrow. The leaders of the nation’s largest banks will testify at the hearing, although Wells Fargo & Co. will not participate since CEO Tim Sloan has stepped down.
  • SEC Chairman Jay Clayton added his concern over mounting leveraged loans by banks to those previously expressed by other regulators worried about potential systemic risk. Clayton compared the leveraged loans sector to pre-2008 market expectations he said were “out of step with reality.” 
  • President Trump renominated Michelle “Miki” Bowman for a full term as a member of the Federal Reserve Board. She made history last fall as the first person to fill the Fed’s community banking seat instituted by Congress in 2015 due to ICBA’s (and IBANYS’) successful advocacy. She is currently serving a partial term that expires Jan. 31, 2020. If confirmed by the Senate, she would serve a full 14-year term beginning Feb.1, 2020.
  • President Trump plans to recommend Herman Cain to serve on the Federal Reserve Board. The businessman and former Kansas City Fed Chairman ran for president in 2012. He would join the President’s other recent nominee, the Heritage Foundation’s Stephen Moore, to fill the two open positions on the Fed’s board of governors. However, Cain’s nomination would reportedly face an “uphill climb” among Republican Senators.
  • Consumer Financial Protection Bureau Director Kathy Kraninger will reverse some of former Acting Director Mulvaney’s moves to make cuts at the agency by having four panels (the Consumer Advisory Board, Academic Research Council, Community Bank Advisory Council and Credit Union Advisory Council) meet more often. She will also lengthen the committee members’ terms to two years from one. 
  • Rodney Hood is the new Chairman of the National Credit Union Administration(NCUA) Board. He was nominated by President Trump in January and confirmed by the Senate in March. Former chairman J. Mark McWatters remains on the board until his term expires in August. 
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