FEDERALhearing transcript

Congressional Hearing: The Future of the Banking System

Original title: THE FUTURE OF BANKING: HOW CONSOLIDATION, NONBANK COMPETITION, AND TECHNOLOGY ARE RESHAPING THE BANKING SYSTEM

January 1, 2021

banking financial technology market consolidation consumer protection nonbank competition

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The Frame

What this does

The hearing serves as a formal record of legislative inquiry into how evolving financial technologies and market shifts impact consumer access to banking services and the stability of the financial system.

Who is mentioned in the record

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

Banking Industry

The industry is subject to ongoing legislative review regarding how technology and consolidation affect their operations and regulatory environment.

Consumers

Consumers are affected by changes in how banking services are delivered, the cost of financial products, and the availability of credit.

What changed

Last recorded activity January 1, 2021.

What's next

Next step not available in the current record.

Summary

This document is a transcript record of a September 2021 House subcommittee hearing regarding how technology, industry , and non-bank competitors are changing the U.S. banking landscape. The hearing featured testimony from industry experts, bank executives, and consumer advocates.

Key Facts

The hearing took place on September 29, 2021, in the Rayburn House Office Building.
The session focused on three primary drivers of change in banking: consolidation, nonbank competition, and technology.
Five expert witnesses provided testimony, including representatives from academia, banking institutions, and consumer advocacy groups.
The record includes written statements from various industry associations, including the American Financial Services Association and the Bank Policy Institute.
The hearing was held under the 117th Congress, Serial No. 117-49.

Frequently Asked Questions

What was the purpose of this hearing?

The hearing was held to examine how the banking system is being reshaped by new technology, the rise of non-bank financial companies, and the of traditional banks.

Who testified at the hearing?

Witnesses included Paulina Gonzalez-Brito (California Reinvestment Coalition), Makada Henry-Nickie (Brookings Institution), Sarah Jane Hughes (Indiana University), Desiree Jackson (Beneficial State Bank), and Jim Reuter (FirstBank/American Bankers Association).

Why It Matters

News Coverage

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

Discoveries

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

policy shift90% confidence

Focus on Nonbank Competition

The hearing highlights a shift in legislative focus from traditional bank oversight to the impact of fintech and non-bank entities on the financial ecosystem.

Subcommittee on Consumer Protection and Financial Institutions

Connected Entities

organizationSubcommittee on Consumer Protection and Financial Institutions“The body conducting the hearing”Map →

personPaulina Gonzalez-Brito“Executive Director, California Reinvestment Coalition”Map →

personSarah Jane Hughes“University Scholar and Fellow in Commercial Law, Indiana University”Map →

personMakada Henry-Nickie“Fellow, Governance Studies, Brookings Institution”Map →

personBlaine Luetkemeyer“Ranking Member of the Subcommittee”Map →

personEd Perlmutter“Chairman of the Subcommittee on Consumer Protection and Financial Institutions”Map →

personDesiree Jackson“Assistant Vice President, Beneficial State Bank”Map →

personJim Reuter“CEO, FirstBank, representing the American Bankers Association”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance40
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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