Tag Archives: Senate Banking Committee

The Federal Housing Administration (FHA) Solvency Act of 2013 (S. 1376) is headed to the Senate after receiving approval from the Committee on Banking, Housing, and Urban Affairs.

Citing the overwhelming presence of the GSEs in today's mortgage marketplace, Sens. Bob Corker and Mark Warner unveiled a new piece of legislation designed to wind down the enterprises.

Three industry analysts gave testimony before a Senate committee on housing finance reform Tuesday. While all three experts expressed support for more private capital and less government involvement, the proposed degrees of government support varied. Currently, about 90 percent of single-family mortgages have some form of government backing.

Richard Cordray's nomination to continue leading the Consumer Financial Protection Bureau (CFPB) is headed to the Senate following a vote from the Committee on Banking, Housing, and Urban Affairs Tuesday. The committee confirmed Cordray's nomination by a party-line vote of 12-10, with Republican members keeping to their vow to not support any potential leader until CFPB's structure is fundamentally changed. Ranking member Sen. Mike Crapo specifically criticized the agency's spending, which he says is not as transparent as it should be.

Richard Cordray, director of the Consumer Financial Protection Bureau (CFPB), sat once again on Tuesday in front of the Senate Banking Committee, this time to present his case to continue leading the consumer agency. While some had expected a contentious round of questioning from Republicans critical of CFPB in its current form, the proceedings were generally cordial, with Cordray and commitee members agreeing to work together to maximize transparency and accountability at the bureau.

As the year draws to a close and many of us reflect on its events, make predictions, and set goals for the new year, the Securities Industry and Financial Markets Association (SIFMA) is doing the same. In an interview included in SmartBrief's 2012 Best Of reports, SIFMA CEO Tim Ryan spoke of the regulatory progress and the lack thereof that has taken place in 2012 and his organization's concerns and expectations for the year ahead.

Weeks after HUD Secretary Shaun Donovan defended her performance in front of a Senate banking committee, Federal Housing Administration (FHA) Acting Commissioner Carol Galante may have earned a new ally on Capitol Hill. Senator Bob Corker (R-Tennessee) announced he "feels comfortable supporting [Galante's] bid to become FHA commissioner after receiving a letter detailing her commitment to reforming FHA's underwriting requirements and restoring its Mutual Mortgage Insurance (MMI) Fund to health.

In a testimony before the Senate Banking Committee on Thursday, HUD Secretary Shaun Donovan defended the Federal Housing Administration's (FHA) recent role in the housing market and the steps the agency has taken to avoid a possible bailout. In an annual report issued to Congress in mid-November, HUD revealed the capital reserve ratio of FHA's Mutual Mortgage Insurance (MMI) Fund had fallen to -1.44 percent (representing -$16.3 billion) based on data from an independent actuary.

Richard Cordray, director of the Consumer Financial Protection Bureau, met with general praise and a few pointed concerns Thursday when he addressed the Senate Banking Committee when he presented the agency├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós semi-annual report. While most members of the committee praised the Bureau├â┬ó├óÔÇÜ┬¼├óÔÇ×┬ós progress thus far, a few questioned the extent of its authority and the implications of some of its actions. He said the agency has received 72,297 consumer complaints thus far, noting that complaints have ramped up over the past year.

The Dodd-Frank Act fell under scrutiny at a hearing of the Senate Banking Committee Wednesday, with lawmakers from the right charging that the reform law will impose arbitrary rules that limit consumer choice and prevent an economic recovery. Much of the light fell on interagency efforts to finalize the controversial Volcker Rule, a rulemaking requirement under Dodd-Frank that bans short-term proprietary trading by systemically important financial institutions like Chase. Witnesses included Consumer Financial Protection Bureau chief Richard Cordray.