The nation’s top financial regulators will testify before the Senate Banking Committee on Thursday regarding the progress of the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The hearing, titled “Wall Street Reform: Oversight of Financial Stability and Consumer and Investor Protections,” will include testimony from interim Securities and Exchange Commission Chairwoman Elisse Walter; Richard Cordray, director of the Consumer Financial Protection Bureau; Gary Gensler, chairman of the Commodity Futures Trading Commission; Tom Curry, comptroller of the Office of the Comptroller of the Currency, Marin Gruenberg, chairman of the Federal Deposit Insurance Corp.; Mary Miller, Treasury’s Under Secretary for Domestic Finance; and Daniel Tarullo, the Federal Reserve Board’s governor.
Walter said in mid-January that rules mandated by Dodd-Frank and the JOBS Act would be at the “top” of the SEC’s to-do list this year.
The law firm Davis Polk released its Dodd-Frank progress report in late January, finding that a total of 42 Dodd-Frank rulemaking requirement deadlines passed that month and 12 rulemaking requirements were met with finalized rules. No new rules that would meet rulemaking requirements were proposed.
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Rulemaking activity in January included the CFPB final rules on qualified mortgage standards, mortgage servicing and loan originator compensation. The CFPB, FDIC, Federal Reserve, FHFA, NCUA and OCC released a joint final rule that established new appraisal requirements for higher-priced mortgage loans.