After a weeklong holiday recess, the House and Senate banking panels kick-off the week with several hearings on the Dodd-Frank Act and the Consumer Financial Protection Bureau.
It all begins Tuesday morning with the House Financial Services Committee's hearing on the CFPB's data gathering practices. "The House banking panel has refused to invite Richard Cordray, the agency's director, to testify this year, arguing that he's not legally appointed because of a court decision invalidating some recess appointments President Obama made the same day he named Cordray to the position," writes American Banker's Victoria Finkle.
The Senate Banking Committee will hold its own hearing on the Dodd-Frank law on Thursday. The hearing is likely to include such topics as the Financial Stability Oversight Council's designation of three nonbanks as systemically important and the ongoing concerns over whether certain financial institutions are "too big to fail."
Several other hearings will be held throughout the week to discuss capital formation, debt collectors, among other topics.
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