Financial Services Lawmakers Set Agenda for 2016 and Look for Solution to Puerto Rico’s Debt Crisis; CFPB, SEC, OFR All Hold Meetings | The National Law Review

House Financial Services Committee Sets Agenda for the Year Ahead As Senate Banking Committee Largely Silent

Following the recent House Financial Services Committee retreat, we expect financial services lawmakers – at least in the House – to begin moving forward with their 2016 policy agenda. Among their priorities for this year (many of which are priorities from last year that were not finalized): (1) limiting the Financial Stability Oversight Council’s (FSOC) authority to designate financial institutions as systemically important; (2) repealing the Volcker Rule, which placed limits on the types of investments banks can make; (3) changing the Consumer Financial Protection Bureau’s (CFPB) single Director structure to a bipartisan commission that is subject to the appropriations process; and (4) repealing Dodd-Frank’s orderly liquidation authority.  Additionally, there remains a possibility that Chairman Jeb Hensarling (R-TX) may actually introduce a Dodd-Frank alternative, which would, among other things, potentially remove Dodd-Frank requirements for those financial institutions maintaining higher capital levels.

On the Senate Banking Committee, there has been relatively little activity since last fall, as Chairman Richard Shelby (R-AL) remains focused on his reelection bid. Though there is a subcommittee hearing on market structure issues scheduled for next month, there are no plans – at least publicly – to move forward with any financial services reform issues or the myriad of nominees presently pending before the Committee.

– See more at: http://www.natlawreview.com/article/financial-services-lawmakers-set-agenda-2016-and-look-solution-to-puerto-rico-s-debt#sthash.drU19Tfb.dpuf

Source: www.natlawreview.com

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