FEDERALhearing transcript

Congressional Hearing on Regulatory Burdens for Non-Bank Financial Firms

Original title: EXAMINING REGULATORY BURDENS ON NON-DEPOSITORY FINANCIAL INSTITUTIONS

January 1, 2015

financial regulation non-depository institutions mortgage lending consumer credit regulatory compliance

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The Frame

What this does

This hearing examined whether existing federal oversight rules for non-bank financial institutions—which provide services like mortgages and short-term loans—should be modified, potentially affecting the cost and availability of credit for consumers.

Who is mentioned in the record

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

Non-depository financial institutions

These firms are subject to the federal regulations discussed, which impact their operational compliance costs.

Consumers

Changes to regulatory burdens for lenders can influence the availability and cost of credit products for borrowers.

What changed

Last recorded activity January 1, 2015.

What's next

Next step not available in the current record.

Summary

The House Subcommittee on Financial Institutions and Consumer Credit held a hearing on April 15, 2015, to discuss the impact of federal regulations on s, such as mortgage lenders and consumer finance companies. Industry representatives and consumer advocates provided testimony regarding the costs and operational challenges associated with current regulatory requirements.

Key Facts

The hearing took place on April 15, 2015, in the Rayburn House Office Building.
The session focused on 'regulatory burdens' specifically for non-depository financial institutions.
Five primary witnesses provided testimony representing various industry and consumer advocacy groups.
The hearing record includes prepared statements from 14 different organizations, including trade associations and consumer advocacy groups.
The subcommittee is part of the House Committee on Financial Services, 114th Congress.

Why It Matters

Frequently Asked Questions

What is a non-depository financial institution?

These are financial firms that provide services like lending or title insurance but do not accept traditional consumer deposits like a bank.

What was the purpose of this hearing?

To gather information and testimony on how federal regulations affect the operations and costs of non-bank financial service providers.

News Coverage

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Discoveries

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

policy shift90% confidence

Focus on Non-Bank Oversight

The hearing highlights a 2015 legislative interest in balancing consumer protection with the operational costs of non-bank financial entities.

Subcommittee on Financial Institutions and Consumer Credit

Connected Entities

personRandy Neugebauer“Chairman of the Subcommittee on Financial Institutions and Consumer Credit”Map →

organizationCommunity Financial Services Association of America“Represented by witness W. Dennis Shaul”Map →

organizationAmerican Land Title Association“Represented by witness Diane Evans”Map →

organizationCommunity Mortgage Lenders of America“Represented by witness Paulina Sepulveda McGrath”Map →

organizationAmerican Financial Services Association“Represented by witness Justin G. Friedman”Map →

organizationSubcommittee on Financial Institutions and Consumer Credit“House committee conducting the hearing”Map →

organizationCenter for Responsible Lending“Represented by witness Mitria Wilson”Map →

Sources

Open source document

www.govinfo.gov

Analysis Score

0–100

Significance40
How much this matters to a regular citizen
Controversy30
Intensity of disagreement among stakeholders
Entertainment10
Compellingness for a non-policy-wonk reader
Buzz10
Current news / social attention level

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