Senate Banking Committee

The heavy workload is not limited to implementing the financial regulatory reform bill enacted last spring, as the agencies also work to craft reforms of the Community Reinvestment Act and adjust key capital measures for the biggest banks.

National Credit Union Administration Chairman Mark McWatters called on lawmakers to further expand field-of-membership options for CUs and to permit the regulator to oversee third-party vendors, including fintech partners.

Financial regulators sought to walk a fine line Tuesday between reassuring Republican senators that they are quickly implementing regulatory relief and defending themselves against Democratic criticism that they are going too fast.

Fed Vice Chairman of Supervision Randal Quarles said in written testimony that the central bank plans to move quickly to determine how to regulate banks between $100 billion and $250 billion of assets, and that it may provide also relief for banks over the $250 billion threshold.

Seven Republican senators urged regulators on Monday to consider additional changes to the Volcker Rule's "covered funds" definition.

As NCUA Chairman Mark McWatters heads to Capitol Hill, credit unions are facing new threats at the ATM and CU trade groups are writing big checks in advance of midterm elections.

Republicans are calling on the central bank to relieve all banks with less than $250 billion of assets from enhanced supervision that was established after the crisis.

State regulators and advocacy groups say a federal breach notification standard could supersede state laws that already benefit consumers.

The tightening of Senate races in Republican strongholds has raised the prospects of Democrats having even more influence on regulatory appointments and the legislative agenda.

The Senate Banking Committee said it is postponing a hearing on the implementation of regulatory relief for "logistical reasons."