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FEDERALhearing transcript

Senate Oversight Hearing on Financial Regulators

Original title: OVERSIGHT OF FINANCIAL REGULATORS

January 1, 2019

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The Frame

What this does

This hearing established the public record for how federal agencies supervise banks and credit unions, directly influencing the regulatory environment for financial institutions and the services they provide to consumers.

Who is mentioned in the record

Potentially affected actors named in the source documents. Mention is not a position.

Financial Institutions

These entities are subject to the regulatory and supervisory policies discussed and implemented by the agencies represented at the hearing.

Credit Unions

These institutions are overseen by the National Credit Union Association, which provided testimony on its regulatory plans.

What changed

Last recorded activity January 1, 2019.

What's next

Next step not available in the current record.

Summary

The Senate Committee on Banking, Housing, and Urban Affairs held a hearing on December 5, 2019, to review the activities and plans of federal financial regulatory agencies. The committee heard testimony from the leaders of the Federal Reserve, the FDIC, and the National Credit Union Administration.

Key Facts

  • The hearing took place on December 5, 2019, in the Dirksen Senate Office Building.
  • The committee received testimony from the Federal Reserve, the FDIC, and the National Credit Union Administration.
  • The hearing focused on the regulatory and supervisory activities of these agencies regarding financial institutions and credit unions.
  • Witnesses provided written responses to follow-up questions from multiple Senators, which are included in the official record.
  • Statements were submitted for the record by the Credit Union National Association (CUNA) and the National Association of Federally-Insured Credit Unions (NAFCU).

Frequently Asked Questions

What is the purpose of this hearing?
The hearing was held to conduct of federal financial regulatory agencies, specifically examining their plans and activities regarding the supervision of banks and credit unions.
Who testified at this hearing?
The witnesses were Randal K. Quarles (Federal Reserve), Jelena McWilliams (FDIC), and Rodney E. Hood (National Credit Union Association).

Why It Matters

This hearing established the public record for how federal agencies supervise banks and credit unions, directly influencing the regulatory environment for financial institutions and the services they provide to consumers.

News Coverage

No news coverage found yet. Articles are indexed twice daily.

Lobbying Activity

A16Z Capital Management LLC (f/k/a AH Capital Management L.L.C., d/b/a Andreessen Horowitz)

on behalf of A16Z Capital Management LLC (f/k/a AH Capital Management L.L.C.)

$880,000

2026

BANKINGCOMMODITIES (BIG TICKET)HEALTH ISSUESFINANCIAL INSTITUTIONS/INVESTMENTS/SEC

Digital assets and anti-money laundering proposals

CHECKMATE GOVERNMENT RELATIONS

on behalf of GPD HOLDINGS LLC D/B/A COINFLIP

LEAGUE OF SOUTHEASTERN CREDIT UNIONS

1607 STRATEGIES, LLC

on behalf of Cyberlux Corporation

2024

FINANCIAL INSTITUTIONS/INVESTMENTS/SECDEFENSE

Regulations and oversight related to over-the-counter traded companies. Issues related to capital markets. Issues related to drone capabilities.

1607 STRATEGIES, LLC

on behalf of Cyberlux Corporation

2024

FINANCIAL INSTITUTIONS/INVESTMENTS/SECDEFENSE

Regulations and oversight related to over-the-counter traded companies. Issues related to capital markets. Issues related to drone capabilities.

1607 STRATEGIES, LLC

on behalf of Cyberlux Corporation

2024

FINANCIAL INSTITUTIONS/INVESTMENTS/SEC

Regulations and oversight related to over-the-counter traded companies. Issues related to capital markets.

1607 STRATEGIES, LLC

on behalf of Cyberlux Corporation

2024

FINANCIAL INSTITUTIONS/INVESTMENTS/SEC

Regulations and oversight related to over-the-counter traded companies.

1607 STRATEGIES, LLC

on behalf of Cyberlux Corporation

2023

FINANCIAL INSTITUTIONS/INVESTMENTS/SEC

Regulations and oversight related to over-the-counter traded companies.

Ally Financial Inc.

$980,000

2013

FINANCIAL INSTITUTIONS/INVESTMENTS/SECHOUSINGINSURANCETELECOMMUNICATIONS

Proposals regarding financial regulatory reform implementation- relating to consumer loans, regulatory oversight and consumer products, implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 including HR 613 The Systemic Risk Mitigation Act of 2013; S.451 Dodd-Frank Wallstreet Reform and Consumer Protection Technical Corrections Act of 2013; Financial Literacy & Education Efforts.

Ally Financial Inc.

$370,000

2012

FINANCIAL INSTITUTIONS/INVESTMENTS/SECHOUSINGINSURANCETELECOMMUNICATIONS

Proposals regarding financial regulatory reform implementation- relating to consumer loans, regulatory oversight and consumer products, implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010; Financial Literacy & Education Efforts.

Sponsors

Discoveries

Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.

cross reference100% confidence

Extensive Follow-up Record

The document contains a significant volume of written responses to questions from Senators, indicating a high level of post-hearing engagement between the committee and the agencies.

Connected Entities

personRodney E. HoodChairman, National Credit Union AssociationMap →
personSherrod BrownSenator, Ranking Member of the CommitteeMap →
personRandal K. QuarlesVice Chairman for Supervision, Board of Governors of the Federal Reserve SystemMap →
personJelena McWilliamsChairman, Federal Deposit Insurance CorporationMap →
personMike CrapoChairman of the Senate Committee on Banking, Housing, and Urban AffairsMap →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100
  • Significance60
    How much this matters to a regular citizen
  • Controversy20
    Intensity of disagreement among stakeholders
  • Entertainment5
    Compellingness for a non-policy-wonk reader
  • Buzz10
    Current news / social attention level

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