Government

The Consumer Financial Protection Bureau on Thursday published the first in a new series of monthly reports that highlight key trends found in the complaints the consumers submit to the Bureau. The monthly reports will provide the public and the marketplace with insight into the hundreds of thousands of complaints the CFPB receives from consumers on financial products and services.

Regulators are hindering much-needed competition in the banking industry and placing consumers and taxpayers at risk, according to a report released on Thursday from the Competitive Enterprise Institute (CEI) titled "A Bird in the Hand and No Banks in the Bush." The report also noted that this lack of competition in banking furthers the same too-big-to-fail rationale that led to past bank bailouts.

Prominent Democrats on the Senate Banking and House Financial Services Committees recently brought concerns about the a Federal Housing Administration lending proposal that could make it easier for lenders with a criminal history to continue accessing taxpayer-backed mortgage insurance.

The director of the controversial Consumer Financial Protection Bureau (CFPB) testified before the Senate Banking Committee on the Bureau's perceived lack of oversight and accountability in a full committee hearing titled "The Consumer Financial Protection Bureau’s Semi-Annual Report to Congress" on Tuesday.

The Federal Housing Finance Agency (FHFA) recently issued an advisory bulletin that offers guidance on Federal Home Loan Bank's (FHLBank) core mission achievement. The bulletin also describes how FHFA will assess the banks' core mission achievement, as well as FHFA's expectations about the content of the strategic plans for banks with core mission assets below specified levels.

Federal Reserve Chair Janet Yellen served as the lone witness in a House Financial Services Committee hearing on Wednesday titled "Monetary Policy and the State of the Economy.” In the semiannual report to Congress, Yellen was questioned about the highly anticipated rate increase, among other topics such the overall state of the economy, inflation, employment, and monetary policy. She maintained her position on the uncertainty of the rate increase until further economic improvement occurs.

In an effort to bring diversity, inclusion, and equality to their forefront agency, the Federal Housing Finance Agency (FHFA) released their Office of Minority and Women Inclusion (OMWI) Strategic Plan for FY 2016 to FY 2018 on Tuesday. The plan is the result a strategic planning process to develop effective strategies to fulfill OMWI’s role in leading diversity and inclusion (D&I) and equal employment opportunity (EEO) efforts at the FHFA.

Two hearings examining the activities of government agencies and two hearings covering the nation's monetary policy and economy will take place in Congress this week. Federal Reserve Chair Janet Yellen will be the lone witness in the two hearings on monetary policy.

Today, Federal Reserve Chair Janet L. Yellen delivered a speech at the City Club of Cleveland in Cleveland, Ohio speaking on the recent developments within the Federal Open Market Committee (FOMC) and the economic outlook moving forward. Yellen addressed issues like recession recovery, labor market conditions, inflation developments, economic outlook, monetary policy, long-run economic growth.

Witnesses at a recent House Financial Services Committee hearing testified the Dodd-Frank Act has "reduced financial stability" and made Americans worse off financially in the controversial law's first five years of existence. The hearing, titled "Dodd-Frank Five Years Later: Are We More Stable?" was the first in a series of three full Committee hearings to examine the impact Dodd-Frank has had on American consumers and the country's financial system and economy since President Obama signed it in to law in July 2010.