WASHINGTON — The House Financial Services Committee is scheduled to hold a hearing Tuesday morning with senior regulatory officials to explore the costs of recent rulemakings and other agency actions.
The banking panel will hear from the chief lawyers of the National Credit Union Administration, Consumer Financial Protection Bureau, Federal Deposit Insurance Corp., Federal Reserve Board and the Office of the Comptroller of the Currency.
"This hearing will examine the economic consequences of recent rulemaking, supervisory, and enforcement actions" at the agencies "on consumers, community financial institutions, the U.S. economy, and our domestic job-creating businesses," according to a memo circulated by the committee on Friday.
NCUA General Counsel Michael McKenna is scheduled to testify for the credit union regulator, according to an agency spokesman. He declined to elaborate on what McKenna's testimony will focus on.
Lawmakers will focus on how regulators the evaluate costs and benefits of their rules and actions, including "the steps federal regulators take to measure the impact on consumers if they no longer have access to specific products or services as a result of regulatory action," the memo said.
The banking panel will also investigate how the agencies determine whether to undergo formal rulemaking under the Administrative Procedure Act.
-Marian Raab contributed to this article.
